> Having a system of enforcing contracts is essential to having a working currency. You are basically saying that banks are being evil when they repossess and f

> Having a system of enforcing contracts is essential to having a working currency. You are basically saying that banks are being evil when they repossess and foreclose on property, but if they weren't allowed to do so, they wouldn't lend money in the first place. And like it or not, credit is essential to the functioning of a society; it's been around in some shape or form since the ancient Egyptians. We've come a long way from having a private army come to your house to sell your family into slavery, but it's the same thing in principle - we sign contracts and are held to them. These contracts need to be regulated with the force of the government. There's a large web of mutual obligations here - the government forces banks to lend responsibly, and in turn the government guarantees through the courts and the police that it will enforce these contracts. >Bitcoin doesn't have any of this. And that's why it's so volatile and why speculation drowns legitimate transactions. I don't understand. Bitcoins are just an asset so they have all of this under the law. You can't steal people's bitcoins legally anymore than you can steal someone's tv or gold or whatever.