The coming political battle over Bitcoin

[amandaceleroid]

Given that Bitcoin first broke into mainstream attention when Gawker explained how to use it to buy drugs, perhaps the surprise is that it took federal regulators this long to take action against it.

In the wake of the Gawker story two years ago, Sen. Chuck Schumer (D-N.Y.) described Bitcoin as an “online form of money laundering” and called for the authorities to shutter the Bitcoin-based drug market Silk Road. Yet until recently, the feds have taken a relatively hands-off posture. Agencies have issued guidelines and signaled that they are monitoring the situation, but none have taken active steps to force Bitcoin intermediaries to comply with federal regulations.

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/05/15/the-coming-political-battle-over-bitcoin/

[cryptoanarchist]

There's nothing they really can do. Most of the media hype about regulation is to psyche people out.

[yamancool63]

Yeah, it's going to be really interesting to see how they handle this... Especially because it is truly an internationally understood currency. I guess that's mostly due to its decentralization. It's hard for me to imagine a scenario where the US government shuts the operation down, but it seems like they're making an attempt already to regulate the exchanges in a reactive way.

[nails]

They can try to regulate it but there is no way for them to shut down a system spread across all the countries in the world. If they try it would be yet another failure like the civil war on drugs and spending reform.

[nagisa]

they can try it --- by switching off all internet connections 

[CairnisReed]

they can try it --- by switching off all internet connections 

Pretty sure people would find a way around even that

[ScrotumVoid]

They can try, but they can never fully eradicate Bitcoin. That's simply the nature of the network.

[NumberFive]

It'll be okay.

[mo_mo]

what is the future of bitcoins going to be? since u.s wants to shut down bitcoins

[nails]

they can try it --- by switching off all internet connections 

literally impossible

[nails]

what is the future of bitcoins going to be? since u.s wants to shut down bitcoins

us as a total has only made one big statement about bitcoin and that it isnt a currency so you only have to pay taxes if you turn it into usd ha