Bitcoin is built on libertarian mistrust of regulations; indeed, much of the enthusiasm surrounding it comes precisely because it is such a powerful and elegant means of circumventing government control[...]the scoundrels have the head start, and the regulators are never going to be able to catch them. As a result, the entire bitcoin edifice is probably going to end up being shut down by the Feds at some point. It might well get replaced by some other cryptocurrency, but in the case of bitcoin, the regulatory arbitrage is already far too advanced. Which means that if the bitcoin economy continues to grow, the world’s financial regulators will eventually have no choice but to kill it.
Thursday, February 6, 2014
Felix Salmon: The Entire Bitcoin Edifice is Probably Going to End Up Being Shut Down
The CatFish writes:
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I'm glad to get such insight from "The Cat Fish". Excuse me while I continue working a low-rent job and survive on GMO vendortrash food to pay interest on the debt for those same bankers.
ReplyDeleteHow can bitcoin be shut down?
ReplyDeleteYou can't shut Bitcoin down any more than you can shut down file-sharing. All any government can do is make it illegal. EVERY government would have to do it in concert otherwise the capital and talent will leave to those more permissive governmental jurisdictions and those destinations will enjoy the economic prosperity while other jurisdictions would continue to just wallow along. Now, in the unlikely event that EVERY nation state declares Bitcoin illegal then it could possibly still exist in the black market. We shall see...
DeleteHey, we finally agree on something. They can't shut it down. They can just prosecute enough people that use it to make it absolutely worthless. Although, I'd say it's pretty much doing that on it's own. Trade in your shitcoins for gold before it's too late.
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