>It'd be more realistic to just say that competent people are staying out because the regulatory environment results in an excessive cost of doing business for

>It'd be more realistic to just say that competent people are staying out because the regulatory environment results in an excessive cost of doing business for anyone who wants to make sure they're operating on the up-and-up That's exactly what I meant. Apologies if I made it sound like anything else. It costs millions to start up a money transmission business in all 50 states (like an online exchange would need to), and the federal government has been explicit that they consider a Bitcoin exchange a money transmitter.