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Author Topic: 2013-05-08 New Statesman - To Regulate Or Not To Regulate?  (Read 1163 times)
kiko
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May 08, 2013, 05:17:29 PM
 #1

http://www.newstatesman.com/business/2013/05/bitcoin-%E2%80%93-regulate-or-not-regulate

No new info, just an opinion piece on the absurdity of attempting to regulate a decentralised database.

Quote
With new regulatory scrutiny, proponents of the virtual currency might find themselves hard-pressed to maintain Bitcoins’ independence from the financial authorities.

But I can’t help but ask, are these latest moves by the American authorities, too little too late?

hat tip r/bitcoin.
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cypherdoc
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May 08, 2013, 07:35:45 PM
 #2

the cat is out of the bag, Bart.
kjlimo
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May 09, 2013, 12:24:13 AM
 #3

the regulation will help traditional businesses get on board as well as remove confusion on how it works.

regulation will be a good thing.

and the people worried about it are probably the people who won't follow it anyway, so why would they care???

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kiba
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May 09, 2013, 12:27:42 AM
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the regulation will help traditional businesses get on board as well as remove confusion on how it works.

regulation will be a good thing.

There's regulation that's good, and there's regulation that's absolutely a killer.

Tirapon
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May 09, 2013, 12:28:04 AM
 #5

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In March, the world’s first Bitcoin ATM was opened on Cyprus after banks had been closed for a week. The ATM allows customers to deposit “real money” into a Bitcoin ATM in exchange for bitcoins and vice versa – making the virtual currency, a very real option for those who didn’t have access to money during the Cypriot crisis.

Huh  Huh
MoonShadow
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May 09, 2013, 12:33:40 AM
 #6

It's too late to regulate.  The Bitcoin network is too big to suppress, the protocol is regulation resistant by design, and a large portion of the userbase would actively resist attempts by any government to annex bitcoin.

The only bitcoin users who are going to submit to regulations are the corporations that labor under such regimes already.  The common user will actively evade regulations whenever possible.  The common man already does so whenever he can using cash and barter transactions.  Have you ever heard of anyone paying taxes on a yard sale?  And the taxman hates the farmers' markets.  Bitcoin makes such evasions commonplace, almost trivial in nature.  Evasion of regulations and taxes within the bitcoin userbase will be more common than not.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
MoonShadow
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May 09, 2013, 12:37:01 AM
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In March, the world’s first Bitcoin ATM was opened on Cyprus after banks had been closed for a week. The ATM allows customers to deposit “real money” into a Bitcoin ATM in exchange for bitcoins and vice versa – making the virtual currency, a very real option for those who didn’t have access to money during the Cypriot crisis.

Huh  Huh

That's the most accurate part of the article.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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