bitcoin: unregulate-able?

[akam]

With the US announcing its desire to 'regulate' bitcoin, can anyone comment if this is even possible with the open-source/decentralized structure of the bitcoin set up?

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[tvbcof]

With the US announcing its desire to 'regulate' bitcoin, can anyone comment if this is even possible with the open-source/decentralized structure of the bitcoin set up?

They are going after the fiat exchange market, which is about all they can do without an outright ban or attack via extreme censorship.

Something I see as more likely than not eventually.  Probably taking the form of blocking all encrypted traffic for which no usable back-door can be readily verified.  Several 'cyber 911's and it's a done deal as I see it.  And of course some taxpayer money to subsidize DPI infrastructure...much of which would slosh out of the bucket into the waiting hands of the well connected.

[CharlesPonzi]

With the US announcing its desire to 'regulate' bitcoin, can anyone comment if this is even possible with the open-source/decentralized structure of the bitcoin set up?

They are going after the fiat exchange market, which is about all they can do without an outright ban or attack via extreme censorship.

Something I see as more likely than not eventually.  Probably taking the form of blocking all encrypted traffic for which no usable back-door can be readily verified.  Several 'cyber 911's and it's a done deal as I see it.  And of course some taxpayer money to subsidize DPI infrastructure...much of which would slosh out of the bucket into the waiting hands of the well connected.

Or they will just build internet2...

[franky1]

its nothing new. regulating the fiat side has always been a thing that most countries do. bitinstant already have stuff like this covered, as do the other legit exchanges.

its just now that governments are mentioning the terms "virtual conversion to legal tender" instead of the old "other currencies, digitial, or foreign to legal tender" blah blah. the SEC/FSA laws have been the same for ages..

so if you want to cash out to FIAT then expect more of the same from the likes of bitinstant, dwolla for amounts over a few hundred euro, dollar, pounds when using exchanges.

but if you wish to convert bitcoin to litecoin, name coin, dev coin or any other virtual. or vice versa.. you will remain unaffected.

[Elwar]

Moral of the story...the government can come after your dollars. Bitcoin is still untouched.

Stay out of fiat if you can.

[Timo Y]

Something I see as more likely than not eventually.  Probably taking the form of blocking all encrypted traffic for which no usable back-door can be readily verified.

That will work until some ingenious hacker finds a way to get into the back door or some corrupt government employee sells all the private keys to the Russian Mafia, and then you can say goodbye to e-commerce, full stop.

It's a stupid idea even for a government.

[tvbcof]

Something I see as more likely than not eventually.  Probably taking the form of blocking all encrypted traffic for which no usable back-door can be readily verified.

That will work until some ingenious hacker finds a way to get into the back door or some corrupt government employee sells all the private keys to the Russian Mafia, and then you can say goodbye to e-commerce, full stop.

It's a stupid idea even for a government.

It's certainly not a new idea.  Thankfully it has been rejected thus far (thanks in large part to the efforts of people like Hal Finney) but desperate times require desperate measures, as they say.