20 May '13, 7pm

Bitcoin regulates itself. Crazy, I know.

Try to see the issue from a broader perspective, Jeff. The choice isn’t between Bitcoin with regulation and Bitcoin without regulation, but Bitcoin with regulation not influenced by Bitcoin users, and Bitcoin with regulation influenced by Bitcoin users. It’s not like if you don’t like a regulation, it won’t affect you. It will affect you whether you agree or disagree with it. It’s also not like if you promote a certain regulation, you must follow it. Mafia bosses do not hire lawyers, bribe politicians or cops in order to become regulated businesses (arguably, some might actually do it for the opposite reason, to remain illegal and keep barriers to entry high). It’s a long term “investment”. For example, due to political activism, EU avoided software patents, while US is plagued by them. Some recent privacy invasion extremism (SOPA, CISPA, …) was also stalled due to lobbyin...

Full article: http://lfb.org/today/should-bitcoin-be-regulated-like-dol...

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