There are some great quotes in this article:
But when the Cypriot banks unilaterally declared that a big chunk of all deposits accounts would be snatched, the premise of deposit security came up for re-evaluation; and not only in Cyprus and in Europe, but also in the U.S. and elsewhere.
Indeed.
The technology is there. Bit money is ready to roll. The market has just opened: The meteoric rise in the exchange rate of Bitcoin (even after a sharp correction) is a shouting proof that people are eager for a means to store, guard and secure their financial wealth without using the banks as safe keepers.
I agree!
The other option is to ride the tide. Bitcoin has flushed out the public readiness to deal with bits as carriers of tradable currency.
The policy conclusion is clear. Bitcoin should be disqualified as a functional tradable currency. However, a properly regulated, digitized option for the prevailing currency should be rushed to market. If not, Bitcoin will reign, suck in an enormous amount of wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.
Hang on. Isn't he saying: "bitcoin is a great technology but unfortunately it's not ours. Therefore we need to make it illegal so that only WE can use it." ??
