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Money and self-regulation is never a good mix and it has not even been 10 years since the last time we have all suffered the result. Of course, the point is no
by gutnor 13y ago
Money and self-regulation is never a good mix and it has not even been 10 years since the last time we have all suffered the result.
Of course, the point is not doing it too early to avoid chocking the potential of bitcoin, but eventually, as bitcoin grows, after the power has shifted from the original believer to greed-driven finance professional, you will need regulation to rein them in.
Of course, we can dream that communities will be strong enough. But let's be realistic - financial world has the money and it is their job to play with it, it would make no sense for them to ignore something as important as bitcoin is becoming.
- wyager 13y ago>Money and self-regulation is never a good mix and it has not even been 10 years since the last time we have all suffered the result. Unless you have unyielding cryptographic primitives to help. I'm at the Austin Bitcoin conference right now listening to a talk about Open Transactions and cryptographic exchange auditing. It sounds like exchange theft is pretty much a solved problem. Using crypto, we now have ways to make theft or coin loss pretty much a problem of the past, because we can make operating a fractional reserve exchange impossible and make stealing coins very, very hard. It seems like cryptographic regulation is drastically more effective than government regulation.
- czr80 13y agoSo, a prediction - stealing coins will always happen. Maybe no one will break your cryptography, but you will never close off all side channel attacks.
- tlrobinson 13y agoSo should we give up now?
- czr80 13y agoOf course not - but don't expect to be able to throw away lines of defense, like regulation and state enforcement.