Technology will be our regulator.
In cryptography we trust.
In cryptography we trust.
Now there is a very good thought!
Of course it has gone right over the heads of the gaming types.
Exactly. Eventually, the radical transparency and funds-control offered by the blockchain and crypto will make much of what regulators do in the legacy financial system redundant. Proof-of-reserves, multi-sig, blockchain audits, etc, will allow consumers far more immediately verifiable information about the entities with which they choose to transact, plus more secure control of funds. Providing that sort of transparency and info to consumers was one of the main drivers for the existing regulatory body.
bitcoin is not money. governments have said it out loud in the US, UK, and multiple countries of Europe. so they and all of us agree that bitcoin itself will no be regulated by financial regulators, because its an ASSET! (which is a good thing)
so lets close the book on discussions of financial regulation of bitcoin.
now then, the oversight of BUSINESSES however will be apparent, for exchanges that use FIAT deposits/withdrawals they have to follow the current FIAT rules. also the business ethics side (consumer rights) there are already agencies in place such as BBB(better business bureau) OFT(Office of Fair Trading) etc.
so as long as businesses run ethically and control FIAT responsibly, then bitcoin can be left to do what it does best.
What are your thoughts on the recent Erik Voorhees SEC ruling and subsequent fines?
