This conference is a huge success.
I can't count how many VC company execs and decision makers at various payment companies I spoke with today.
I set up more
blockchain.info mobile wallets than I can count, and gave each person 0.01 BTC to get them started seeing how easy it was to use.
Everyone was super interested and were brainstorming ideas on how they can use Bitcoin in their current business model.
I am sure lots of new products will come into existence thanks to this conference.
Does that sign say Bain Capital? Like Mitt Romney's company?
Yup, they actually took us to breakfast yesterday morning.
The president of Bain Capital Ventures has the blockchain app and loves Bitcoin!
Odds are, between this and the extortion letter, Romney knows something about Bitcoin.
During the first debate (sorry don't want to search out the timestamps):
Regulation is essential. You can’t have a free market work if you don’t have regulation. As a businessperson, I had to have — I need to know the regulations. I needed them there. You couldn’t have people opening up banks in their — in their garage and making loans. I mean, you have to have regulations so that you can have an economy work. Every free economy has good regulation. At the same time, regulation can become excessive.
-Mitt Romney
It made me think he was anti-bitcoin
But think about it. Why does he say that?
Bitcoin is a perfect example. What has happened to many of the unregulated banks and trusts and investment opportunities here? They've turned out to be scams, or at the very least, not very honest about their money management. Lots of people have lost a lot of money investing in these "banks", and a variety of other "business opportunities".
I don't like the idea of regulation, and I don't like the idea of protecting people from themselves. I think part of intelligence and learning is being able to decipher the good from the bad, and that includes learning what investments are good and what investments are bad. Heck, I've made a couple of bad choices with Bitcoin that have lost me significant portions of funds, but I have learned from that, and am now smarter because of it. I won't make the same mistake twice.
One could argue that regulation would allow for users to not have to even think about their investments, and I think that's the goal entirely, but for me personally, I would rather have the option to research and make prudent investments wherever I see fit, not just where the government thinks is a safe place.
All of that said, I agree with Mitt that at least some level of regulation is necessary to prevent people from getting scammed left and right, because some people just don't learn. And I don't see any reason why Bitcoin can't work with regulation, either.