4 ms·

Isn't "we have no plans to regulate bitcoin" just the least embarrassing thing they can say between that and "it is not actually possible for us to regulate bit

Isn't "we have no plans to regulate bitcoin" just the least embarrassing thing they can say between that and "it is not actually possible for us to regulate bitcoin"?

oleganza 13y ago
They can regulate the hell out of merchants and exchanges, if they want. (And there's a lot of restrictions already: http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-companies-and-entrepreneurs-cant-get-bank-accounts/ http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-c...) But I guess there's already a critical mass of very motivated and interested people on Wall st. who send a signal to legislators (whom they own) about importance of Bitcoin. If U.S. tries to shut down Bitcoin activity, it won't affect Asia, and Wall St. will have hard time going to that market. Instead, it's better if they can reap the benefits where they own infrastructure already.
retube 13y ago
No. Of course it can be regulated. Indeed it could be flat out made illegal. Just because you can't physically stop people from doing stuff doesn't mean a law can't (or shouldn't) be enacted. Having a "no murder" law in no ways stops people from comitting murder. As pointed out in the comment below you can certainly make it difficult to participate in the market - e.g making it illegal for companies to provide clearing into fiat currency. E.g in the UK right now altho there isn't currently a law no UK banks will provide deposit or clearing facilities for exchanges or market places for fear of reputational damage, e.g being at risk of accusuations of faciliating crime or terrorism financing. (Barclays have recently ended banking facilities with several hundred regular currency exchanges for exactly this reason - including a Somalian remittance service which has been in the news a bit [1]) 1. http://www.bbc.co.uk/news/business-24553148 http://www.bbc.co.uk/news/business-24553148
- YokoZar 13y ago
  I would assert that there has been at least one murder prevented by the law against murder.
  - tiziano88 13y ago
    which one?
  - andylei 13y ago
    and having a no bitcoins law would prevent at least one person from making a bitcoin transaction
unreal37 13y ago
The Internet itself is pretty regulated and monitored already.

Isn't "we have no plans to regulate bitcoin" just the least embarrassing thing they can say between that and "it is not actually possible for us to regulate bitcoin"?

oleganza 13y ago

They can regulate the hell out of merchants and exchanges, if they want. (And there's a lot of restrictions already: http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-companies-and-entrepreneurs-cant-get-bank-accounts/ http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-c...) But I guess there's already a critical mass of very motivated and interested people on Wall st. who send a signal to legislators (whom they own) about importance of Bitcoin. If U.S. tries to shut down Bitcoin activity, it won't affect Asia, and Wall St. will have hard time going to that market. Instead, it's better if they can reap the benefits where they own infrastructure already.

retube 13y ago

No. Of course it can be regulated. Indeed it could be flat out made illegal. Just because you can't physically stop people from doing stuff doesn't mean a law can't (or shouldn't) be enacted. Having a "no murder" law in no ways stops people from comitting murder. As pointed out in the comment below you can certainly make it difficult to participate in the market - e.g making it illegal for companies to provide clearing into fiat currency. E.g in the UK right now altho there isn't currently a law no UK banks will provide deposit or clearing facilities for exchanges or market places for fear of reputational damage, e.g being at risk of accusuations of faciliating crime or terrorism financing. (Barclays have recently ended banking facilities with several hundred regular currency exchanges for exactly this reason - including a Somalian remittance service which has been in the news a bit [1]) 1. http://www.bbc.co.uk/news/business-24553148 http://www.bbc.co.uk/news/business-24553148

YokoZar 13y ago
I would assert that there has been at least one murder prevented by the law against murder.
- tiziano88 13y ago
  which one?
- andylei 13y ago
  and having a no bitcoins law would prevent at least one person from making a bitcoin transaction

unreal37 13y ago

The Internet itself is pretty regulated and monitored already.