What isn't addressed is what regulation will end up doing.
If the USA becomes the "register all addresses used to transfer BTC" and other things, it will just "squeeze the balloon" of commerce and things will go elsewhere, while the US action remains in a complacent stupor. This will also enable those who have better business climates in regard to Bitcoin to take up the slack and gain advantage.
Just because the USA does something, not everyone has to toe the line or follow suit. The dominance of a bully that spends more on their military than the top 13 countries combined will eventually end - by the hand of international trade instead of violence.
Topic: 2013-05-18 Economic Policy Journal: 3-Part Report from Bitcoin Conference - page 2. (Read 1899 times)
May 22, 2013, 02:50:17 PM
May 22, 2013, 01:49:34 PM
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he's right in that i also detected this sentiment among the bigger actors on the panels to capitulate towards regulation. but what else are they going to say publicly?
certainly if you want to run a biz in the US you probably will have to follow all regs. but that won't stop the Buttonwood ppl.
he's right in that i also detected this sentiment among the bigger actors on the panels to capitulate towards regulation. but what else are they going to say publicly?
certainly if you want to run a biz in the US you probably will have to follow all regs. but that won't stop the Buttonwood ppl.
Agree with this, however if the reference client or even the protocol someday incorporates, say, taint tracking & blacklisting support (to use a topic seriously discussed at the event) in order to facilitate US regulatory compliance, then it becomes much easier for repressive regimes worldwide to piggyback on top of that to keep the average joe under their thumb. I love making money as much as anyone here, but personally I'd prefer that the planet's last chance at financial privacy not be sold down the river just so some guys in Sand Hill Road can buy themselves a second jet.
The vibe I got from Vessenes and several others was that they would attempt to steer Bitcoin in whatever direction was necessary to maximize business use scenarios, even if that meant changes and prioritizations at the expense of decentralization and privacy for individuals. My clear take after this event is that that the code & network will at some point fork between those who see Bitcoin as a vehicle for political change, versus those who want Bitcoin to be sanitized into just a cheaper PayPal/SWIFT. Those two visions are simply not compatible in the long run.
May 22, 2013, 12:46:58 PM
he's right in that i also detected this sentiment among the bigger actors on the panels to capitulate towards regulation. but what else are they going to say publicly?
certainly if you want to run a biz in the US you probably will have to follow all regs. but that won't stop the Buttonwood ppl.
certainly if you want to run a biz in the US you probably will have to follow all regs. but that won't stop the Buttonwood ppl.
May 22, 2013, 11:57:33 AM
AustroLibertarian Bob Wenzel reports on various topics including the quite evident ideological divide at the Bitcoin conference.
Part 1, May 18:
http://www.economicpolicyjournal.com/2013/05/the-not-so-impressive-winklevoss-twins.html
Part 2, May 19:
http://www.economicpolicyjournal.com/2013/05/reporting-from-bitcoin-conference-2013.html
Part 3, May 19:
http://www.economicpolicyjournal.com/2013/05/more-from-bitcoin-2013-conference-part-3.html
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The sense I am getting is that the Bitcoin world is going to end up very heavily regulated. Many of those involved with Bitcoin here at the conference are talking compliance with the government. Even the Winklevoss twins brought this up as something that will be necessary. The libertarian dream of anonymity seems like a distant memory to this crowd. It will be name and social security number in the not too distant future for anyone trying to open a Bitcoin account to buy or sell bitcoins through an exchange. Thus, Bitcoin, if it is not completely closed by government, will be no more than a faster PayPal type system, with a fluctuating value.
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I also had a good talk with Steve Michaels of Keep Your Assets. He sees Bitcoin developing on a two tiered level similar to what I have discussed. He compares it to the fiat based currency system, where we have many using bank accounts that can be tracked, while other transactions are done in cash. With bitcoins, there will be a registered world and an unregistered world.
Part 1, May 18:
http://www.economicpolicyjournal.com/2013/05/the-not-so-impressive-winklevoss-twins.html
Part 2, May 19:
http://www.economicpolicyjournal.com/2013/05/reporting-from-bitcoin-conference-2013.html
Part 3, May 19:
http://www.economicpolicyjournal.com/2013/05/more-from-bitcoin-2013-conference-part-3.html
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