2013-11-14 ZeroHedge - Meet the New York Superintendent Who Can't Wait To Regula

[cr1776]

2013-11-14 ZeroHedge - Meet the New York Superintendent Who Can't Wait To Regulate Bitcoin
http://www.zerohedge.com/news/2013-11-14/meet-new-york-superintendant-who-cant-wait-regulate-bitcoin [updated]


The final quote:

"That said, NYDFS also believes that it is in the long-term interest of the virtual currency industry to put in place appropriate guardrails that protect consumers, root out illegal activity, and safeguard our national security."
So, shouldn't he be looking at the dollar instead?

[symaxian]

Link:

http://www.zerohedge.com/news/2013-11-14/meet-new-york-superintendant-who-cant-wait-regulate-bitcoin

[lumierre]

Streisand effect incoming.

[Gabi]

Funny, they speak about "their national security"

Since i'm european, this is NOT for my national security  

Bitcoin is international, it is about their world, not about their small nation

[callem]

Bitcoin is not a single entity that can be regulated or shut down. As long as there's a single copy of the blockchain anywhere, on any hard drive in the world, the network will rebuild itself, even if every other node had been destroyed. It may seem unsettling, but there is actually nothing that can stop it, short of 'turning off the internet', which is of course impossible, since the internet itself was designed to reconfigure itself in the face of any disruption.

Bitcoin will prevail, its code does not permit any other outcome.

[cr1776]

It is like trying to regulate pi.

 

Funny, they speak about "their national security"

Since i'm european, this is NOT for my national security  

Bitcoin is international, it is about their world, not about their small nation

[symaxian]

It may seem unsettling, but there is actually nothing that can stop it, short of 'turning off the internet', which is of course impossible, since the internet itself was designed to reconfigure itself in the face of any disruption.

Bitcoin will prevail, its code does not permit any other outcome.

While it may seem poetic and pretty awesome all around, saying that the internet can reconfigure itself in the face of disruption is a bit of an overstatement, states can and have many times blocked full access to the internet, though small amounts of information have always gotten through in other ways.

I would argue that the biggest threat to Bitcoin adoption is by far the power of the state.

[callem]

It may seem unsettling, but there is actually nothing that can stop it, short of 'turning off the internet', which is of course impossible, since the internet itself was designed to reconfigure itself in the face of any disruption.

Bitcoin will prevail, its code does not permit any other outcome.

While it may seem poetic and pretty awesome all around, saying that the internet can reconfigure itself in the face of disruption is a bit of an overstatement, states can and have many times blocked full access to the internet, though small amounts of information have always gotten through in other ways.

I would argue that the biggest threat to Bitcoin adoption is by far the power of the state.

It could work in N. Korea and maybe even China, but such actions may well encounter a bit of resistance in the free world.

HAL: "I know that you and Frank were planning to disconnect me, and I'm afraid that's something I cannot allow to happen."

[aigeezer]

It is like trying to regulate pi.

 

Funny, they speak about "their national security"

Since i'm european, this is NOT for my national security  

Bitcoin is international, it is about their world, not about their small nation

They tried that (sort of) in Indiana in 1897.

http://en.wikipedia.org/wiki/Indiana_Pi_Bill

[cr1776]

I remember that now that you mention it!  The stupidity of people should not be underestimated. (Kind of like the famous PT Barnum quote)

It is like trying to regulate pi.

 

Funny, they speak about "their national security"

Since i'm european, this is NOT for my national security  

Bitcoin is international, it is about their world, not about their small nation

They tried that (sort of) in Indiana in 1897.

http://en.wikipedia.org/wiki/Indiana_Pi_Bill

[prophetx]

The world is overrun with idiocy.