05 Jun '13, 11am

The futility of regulating Bitcoin - CoinDesk #bitcoin

The futility of regulating Bitcoin - CoinDesk #bitcoin

Historical precedents have shown that whenever the people have a means of obtaining items of currency (effectively) out of the ground, that governments will step in and not only demand a piece of the action, but will eventually shut it down. For example, the US government eventually made it illegal to use gold as currency , despite the gold rush that added so much to the country’s wealth. The same may well happen with Bitcoin, as governments become nervous of a currency being created that is beyond their control, regulation may be imposed to prevent Bitcoin mining. When Bitcoin began, it was easy to solve the cryptographic problems involved, so much so that CPU mining was practical. As the difficulty of these problems grew, the computation was handed off to graphical cards (i.e. GPUs) which are better suited to the type of calculations involved. At this point, Bitcoins wer...

Full article: http://www.coindesk.com/the-futility-of-regulating-bitcoin/

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