Awesome critique on Libertarian ideals

SA forums user Splicer posted this in the bitcoin thread and I just love it to pieces:

My favourite thing about BitCoin is seeing how Libertarian ideals interact with real world problems. While the forking thing is hilarious, I feel that the other data to come out of the Satoshi Dice experiment bears mentioning.

The Satoshi Dice blocksize issue could be seen as analogous to a polluting industry. There is a business (Satoshi Dice) that is having a negative effect on a communal resource (“excessive” transactions breaking the blockchain). The experiment is already weighted in the Libertarian Ideology’s favour, because three of the more dubious of Libertarian assumptions are pre-fulfilled; the information required to make an informed decision is readily available, the consumers care if this resource is damaged, and the consumers are in direct control of the success/failure of the business. According to Libertarian ideology, the issue should have been resolved by the invisible hand of the free market before any real damage was done.

Instead, things continued unchanged until there was an “environmental catastrophe”, Satoshi Dice is still doing business exactly as before, and a cabal of the powerful decided the ultimate outcome based on what was best for them short term rather over what would be good for the community in the long term.

So pretty much every criticism of Libertarianism made flesh, really.

FYGM, indeed.