2013-05-30 Guardian.co.uk - Bitcoin will continue to function beyond the reach o

[Stephen Gornick]

Bitcoin will continue to function beyond the reach of government and law
by James Ball

The real transformative power of Bitcoin, or something like it, lies not in a speculative bubble, but in its potential to put currency outside of the control of governments, or law enforcement agencies.
[...]
"Bitcoin makes Liberty Reserve look quaint – as unlike the alleged money launderer, Bitcoin is decentralised. There's no single company or entity controlling the currency, and so it's nearly impossible to shut down.
[...]
"Where real money is exchanged into Bitcoins is still a potential weak spot for authorities – and some Bitcoin exchanges are looking to sign up with regulators.
[...]
"If Bitcoin, or a currency working in a similar way to it, got a stable value and a large user base, it could take cash flows forever out of the hands of government. Whether that's a great thing or a terrible thing depends on what you're trying to do, what you think of government and what country you're talking about.
[...]
The prosecutors of the southern district of New York are very publicly celebrating their shutting down of the Liberty Reserve operation. They should enjoy it – it may be one of their last such victories.

 - http://www.guardian.co.uk/commentisfree/2013/may/30/bitcoin-beyond-reach-of-government

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1714054278

[Piper67]

Duplicate... not that it doesn't merit a second read, mind you. 

[Stephen Gornick]

Duplicate... not that it doesn't merit a second read, mind you. 

Ya, I see that now.  The timestamps are just a couple minutes apart.

As far as the article, the comments show how there's still so much about the basics of bitcoin that people aren't grasping.   But compare that to the comments from a year ago, or two years ago and the typical reader is much further along.   (I suppose since even infrequent readers have now seen a dozen articles about it they are starting to realize it isn't some ponzi / scam and will probably be with us for a while).

[Piper67]

Duplicate... not that it doesn't merit a second read, mind you. 

Ya, I see that now.  The timestamps are just a couple minutes apart.

As far as the article, the comments show how there's still so much about the basics of bitcoin that people aren't grasping.   But compare that to the comments from a year ago, or two years ago and the typical reader is much further along.   (I suppose since even infrequent readers have now seen a dozen articles about it they are starting to realize it isn't some ponzi / scam and will probably be with us for a while).

I agree... there were two articles on Bitcoin in the WSJ just today. I think critical mass is just around the corner now... finally.

[HBBZ]

The formal conversation between bitcoin and governments is a long way to go, something like 2 shadow boxers approaching each other with caution.

[TraderTimm]

The formal conversation between bitcoin and governments is a long way to go, something like 2 shadow boxers approaching each other with caution.

Nice imagery, but I prefer a rather more dramatic depiction.

Bitcoin is bureaucratic ebola. While the host is busy penning new legislation that favors the biggest lobbying effort, BTC-bola is zooming along its bloodstream, hijacking cells and producing more copies of itself. As the capillaries fill with the detrius of bursted cell duplicators pushed to the limit - our host starts to sweat and feel tired.

The end, when it comes, will have the host wondering what is wrong - why will the headache never end, that law that should've stopped BTC-bola didn't WORK, dammit - "Oh hell, my back hurts terribly. Think I'll lie down and have a rest."

BTC-bola continues to infect the host, until its heart stops from massive damage to its corrupted systems.

Yes, a bit over-the-top, but I couldn't resist.