While many people see the recent crackdown as the government starting to find a way to regulate bitcoin, I would like to present it in a different light. Bitcoin is cracking down on it's competition and is using the US government to do so.
The old maxim "The enemy of my enemy is my friend" I think certainly applies here. Bitcoin being decentralised means it's a moving target that is difficult to hit, but it's strong record keeping system makes it appealing for governments who want to track any and every transaction, ever made.
The friends of bitcoin in high places may actually be cracking down on Bitcoin's competition because they actually WANT bitcoin to succeed. We have a common enemy in this situation. So far the news coverage I have been reading actually paints Bitcoin in contrast to services like Liberty reserve. The more the government can crackdown on Bitcoin's competitors that promote illegal activity, the faster we can become legitimate, regulated and open.
Of course, we still have to worry about when we no longer have any enemies in common.
Topic: Bitcoin's war against the competition (LibertyReserve, who's next?) - page 2. (Read 1896 times)
May 29, 2013, 04:40:58 AM
Jump to: