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Author Topic: 2013-08-21 The Hill - Bitcoin: Understated benefits and overstated risks  (Read 1186 times)
ArticMine
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August 21, 2013, 06:07:53 PM
 #1

A very good article stating many key advantages of Bitcoin

http://thehill.com/blogs/congress-blog/technology/317875-bitcoin-understated-benefits-and-overstated-risks

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August 21, 2013, 06:50:35 PM
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What’s more, Bitcoin may not be an ideal vehicle to commit these crimes. Bitcoin is not actually anonymous, but pseudonymous. Each Bitcoin transaction is verified and recorded in a public ledger by all computers running the Bitcoin network. Criminals using Bitcoin will leave a perpetual smoking gun in the public ledger that could tie their identities to the illegal transactions. For this reason, criminals may opt to continue using their favorite currency of choice, the U.S. dollar, instead of using Bitcoin.

Bingo. The more people who understand this before any possible attempt of terrorism or enterprise level criminal FUD, the better.
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August 21, 2013, 07:07:02 PM
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This is perhaps the most accurate interpretation Ive seen of the specific points made in this article...made to date! This is one well written fantastic peace and is exactly the type of thing that needs to be publicly known by everyone when it comes to bitcoin!

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August 21, 2013, 07:32:53 PM
 #4

Bravo to Andrea Castillo.

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Just as the public debate understates some of the benefits of Bitcoin, it also overstates some of the concerns. The hypothetical crimes that Bitcoin may enable are traditionally committed with cash, but policymakers would never dream of criminalizing cash. Instead, they regulate the use of cash. Regulations targeting Bitcoin could adopt this time-tested approach.

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August 22, 2013, 02:15:27 AM
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Excellent article!  (She is also one of the authors of that report).
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August 22, 2013, 05:22:30 PM
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I like the article, but crimes committed with bitcoin is not a "risk", it's a reality.

Bitcoins have made it easier to launder and buy illegal items.
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August 22, 2013, 05:49:36 PM
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I like the article, but crimes committed with bitcoin is not a "risk", it's a reality.

Bitcoins have made it easier to launder and buy illegal items.

Bitcoins have made it possible to buy illegal items over the internet without being obvious about it. It is still much easier for somebody to drive 5 minutes to their friendly neighbor pot dealer and pay him with cash.
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August 22, 2013, 06:12:55 PM
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I like the article, but crimes committed with bitcoin is not a "risk", it's a reality.

Bitcoins have made it easier to launder and buy illegal items.

Bitcoins have made it possible to buy illegal items over the internet without being obvious about it. It is still much easier for somebody to drive 5 minutes to their friendly neighbor pot dealer and pay him with cash.

Maybe for weed, but other less common but more dangerous drugs are now easier to get. With SR anyone can get any drug they can think of.
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