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What makes you think Bitcoin is unregulatable?

deleted 13y ago
[deleted]
oleganza 13y ago
1. Politicians can't change the rules of the protocol. 2. Politicians can't print more bitcoin as they like. Only according to the protocol and in competition with others. 3. It's virtually impossible to censor Bitcoin transactions (unless you shut down the whole internet in the country).
- betterunix 13y ago
  1. So what? Politicians also cannot change the laws of physics that govern paper money transactions, yet paper money is regulated. 2. That is not an issue of regulation. 3. The same applies to paper money, and again, paper money is regulated.
  - oleganza 13y ago
    I was just listing aspects of Bitcoin that are "unregulatable". Regulation = laws = rules = instructions to cops when to apply rubber hose. 1. Cash transactions require meeting in person. This makes people more vulnerable to meeting with rubber hose. 2. The value of your paper cash is diluted when owners of rubber hose print more of it. Bitcoin reduces these threats by more than 90%.
- userulluipeste 13y ago
  I am sorry to break it to you, but: 1. Politicians make the rules, and the rules can dictate the seizure of the places that offer the government-free version of Bitcoin. (Well, for now the governments may not agree to cooperate on this, but the scenario has realistic prospects.) In this way the governments gets access to Bitcoin's evolution. After this, they can in time change it in wherever way they want and make it at some point incompatible with government-free versions. Mind you, that the bulk of the Bitcoin users will update their version from the most seemingly trusting source, which may be government's. 2. Don't underestimate people in this overly-motivating subject. And the motivated people can become very ingenious. 3. I am not sure if there can be a reason for censorship (a powerful actor can act in other ways against the undesired Bitcoin users), but what it is possible is to learn to filter out Bitcoin activity in particular or everything unknown in general. What is this binary stream? Encryption? Want privacy? Here's the government-provided solution that assures you (government-surveyed) privacy! ;)

deleted 13y ago

[deleted]

1. Politicians can't change the rules of the protocol. 2. Politicians can't print more bitcoin as they like. Only according to the protocol and in competition with others. 3. It's virtually impossible to censor Bitcoin transactions (unless you shut down the whole internet in the country).

betterunix 13y ago
1. So what? Politicians also cannot change the laws of physics that govern paper money transactions, yet paper money is regulated. 2. That is not an issue of regulation. 3. The same applies to paper money, and again, paper money is regulated.
- oleganza 13y ago
  I was just listing aspects of Bitcoin that are "unregulatable". Regulation = laws = rules = instructions to cops when to apply rubber hose. 1. Cash transactions require meeting in person. This makes people more vulnerable to meeting with rubber hose. 2. The value of your paper cash is diluted when owners of rubber hose print more of it. Bitcoin reduces these threats by more than 90%.
userulluipeste 13y ago
I am sorry to break it to you, but: 1. Politicians make the rules, and the rules can dictate the seizure of the places that offer the government-free version of Bitcoin. (Well, for now the governments may not agree to cooperate on this, but the scenario has realistic prospects.) In this way the governments gets access to Bitcoin's evolution. After this, they can in time change it in wherever way they want and make it at some point incompatible with government-free versions. Mind you, that the bulk of the Bitcoin users will update their version from the most seemingly trusting source, which may be government's. 2. Don't underestimate people in this overly-motivating subject. And the motivated people can become very ingenious. 3. I am not sure if there can be a reason for censorship (a powerful actor can act in other ways against the undesired Bitcoin users), but what it is possible is to learn to filter out Bitcoin activity in particular or everything unknown in general. What is this binary stream? Encryption? Want privacy? Here's the government-provided solution that assures you (government-surveyed) privacy! ;)