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[–] Bleak_Morn ago
To answer that, I suppose I'd have to know what it means to be a Democrat.
From the name alone, I'd imagine that above all else they favor democratic solutions to non-democratic solutions - which is to say that they seek to legitimize force to further the desires of the majority - no matter how slim or fictitious the majority is (as in the case of taxes passed during special elections where a majority constitutes over 50% of 5% of the voter turn-out). In that sense, a Democrat couldn't be a Libertarian.
When we take a broader view though, I think that Libertarian is simply on a different axis than the other two. You really do find Democrats that are rather libertarian on a variety of issues - or maybe vote libertarian for non-libertarian reasons.
I don't think we're likely to have 33% of voters register and vote Libertarian overnight (one reason is that based on the people I know, the longer a person is a Libertarian, the less likely they are to care about voting at all). So the advance of the Libertarian movement rests most heavily on the spread of Libertarian sentiments. This has been happening... slowly... for most of my life - sometimes faster than others. I think it's inevitable - especially as technology spreads and enables people to coordinate activities without a strong central authority.
In the mean time, I'll settle for libertarian leaning R's and D's. I think you see Libertarian R's because they need to run on Libertarian principles to win their elections - or it gives them an edge at least. Democrats may not feel the need to do that. Also, Democrats seem to rely heavily on high taxation - it's really hard to be against the initiation of force for social and political goals and be in favor of taxation at all.
Recently in my town we had a 3-way race with a Republican, a Democrat who was the former Libertarian Party chairman for the county, and a Republican who was running as a Libertarian. Next time, I'd like all three to be Libertarians. After that, I'd like all races to be like that.
Of course, many of the races in my area are still uncontested, so there are a lot of opportunities for Libertarians to get elected - especially in smaller political subdivisions where campaigning is cheap and the races are non-partisan so it's harder for slate voters to have an impact.