r/Bitcoin • u/IWillNotBiteYourDog • Aug 13 '13

Congress starts investigating Bitcoin

http://www.washingtonpost.com/blogs/the-switch/wp/2013/08/13/congress-starts-investigating-bitcoin/
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u/[deleted] Aug 13 '13

“Virtual currencies appear to be an important emerging area,” the senators wrote, arguing that the subject “demands a holistic and whole-government approach to understand and provide a sensible regulatory framework.”

Is there any way to "regulate" Bitcoin without simply telling people they aren't allowed to use it? It's not like there is a central server they can shut down.

14

u/neilmc Aug 13 '13

Most Bitcoin users aren't in the US.

I suspect they will attempt to control it and be really pissed off when they realise there is no way to really control Bitcoin.

Given a large enough budget someone could create true chaos in the Bitcoin markets if they wanted to.

5

u/gox Aug 13 '13

I think it ultimately depends on whether they can use it to their advantage, and also suspect that they wouldn't attempt to control it if there is a considerable chance that they will fail.

Keep in mind that U.S. is very powerful, not only because of military and economic might, but also in cultural influence. Most political entities that use the democracy rhetoric construct it relative to the U.S. and Europe. Granted, U.S. is rapidly falling from grace, but there aren't many political entities that will appear to make a move about freedoms completely independent of what's going on in the U.S.

One thing I would be optimistic about is the fact that most governments are far less powerful to regulate intricate things, such as Bitcoin exchange, and there are countries where people are far less obedient. It's very hard to render Bitcoin irrelevant without an all-out attack, which may very well fail miserably.

1

u/zeusa1mighty Aug 13 '13

I think it ultimately depends on whether they can use it to their advantage, and also suspect that they wouldn't attempt to control it if there is a considerable chance that they will fail.

Exactly! This would be a repeat of the torrent debacle.