Lion of the Blogosphere

Best bitcoin comment

Read at the NY Times:

So now the Bitcoin world is asking government to regulate it Wow. As with almost every business that exists, they start by demanding that government get out of the way and just let them do what they know best. They’ll make money and create jobs if they are simply left alone by those big bad governments. As soon as things get big and messy, as they always do, they want those same governments go come in and “stabilize” their industry by passing regulations since they can’t really control things themselves.

Sounds like repentant teenagers to me.

Written by Lion of the Blogosphere

February 28, 2014 at 2:42 PM

8 Responses

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  1. That is really dumb – the mtgox issue wasn’t due to lack of regulation – it was theft. The owner left with all the BTC that were deposited there.

    The regulation that BTC needs is a very simple one: make stealing them illegal.

    Don’t want to do that? Fine – BTC can still work but now it’s like the drug market where there is no legal recourse vs theft. People can adapt to that too.

    Steve Johnson

    February 28, 2014 at 3:45 PM

  2. If toos, who owns everything, are not interested in bitcoin (or any of its knockoffs) it is the same as not existing. Whoever invented bitcoin should had used a fancy WASPy nickname like Edward Hudson Lowell III and it might have caught the attention of the people who matter, instead of some Japanese name which sounds like a character in a cheap anime.

    Colmainen

    February 28, 2014 at 4:07 PM

    • “Whoever invented bitcoin should had used a fancy WASPy nickname like Edward Hudson Lowell III”

      Or, perhaps, a name like Leonard Rothstein.

      peterike

      February 28, 2014 at 4:49 PM

  3. Bitcoin is still in its “beta” development stage, so occasional problems like transaction malleability are going to crop up. Still, the price of bitcoin has not fallen much and is actually gone up since the Mt.Gox failure.

    As for it being hard to use, well right now it is hard to use, but in the future there will be software developments that make storing, sending, and receiving bitcoin easier. It is like when the internet began, sending an e-mail was difficult…yet now any idiot can send an e-mail easily.

    My big worry about bitcoin is scalability both in transaction volume and blockchain size. There are fixes for these problems but they involve a loss of decentralization (super nodes for miners and light clients for users). Decentralization is the main thing that makes it hard for governments to crack down on bitcoin. It is like trying to stop bit torrents, which governments have tried and tried over and over again to stop but failed. Any loss of decentralization will mean that governments will have an easier time clamping down on it.

    Jay

    February 28, 2014 at 4:34 PM

  4. The concept of bitcoin is too prole for SWPLs. The word coin automatically reeks proledom.

    JS

    February 28, 2014 at 4:49 PM

  5. I see. This is the same US Government that has lost or misplaced billions in its military spending alone.

    The NYT here like all extremists conflates honest businesspeople with a Ponzi scheme it now claims will be OK if regulated. Ah.

    rob

    February 28, 2014 at 6:18 PM

  6. I asked Marc Andreessen what problem Bitcoin solves and he pointed me to an NYT op/ed he wrote answering that question: https://twitter.com/pmarca/status/440007647878590464

    Except for the gratuitous bit about migrant workers, Marc’s vision sounds compelling. You might have been safer making the same prediction you made about the iPad: that it will be really big or not.

    Dave Pinsen

    March 2, 2014 at 1:50 AM

  7. I see nothing inconsistent about asking the government to support private property against theft. Of course, large corp’s often wish to regulate industries because favorable regulation can be used to entrench their position at the top of the food chain. That’s an excellent reason to be skeptical of over regulation. The fact people’s principles change to fit whatever is in their personal interests at the time has nothing to do with whether those principles have value.

    destructure

    March 2, 2014 at 7:05 PM


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