I told you so, Governments of the world HATE Bitcoin

There’s all kinds of stuff happening in the regulatory world in attempt to shutdown the digital currency known as “BitCoin”.  The unregulated nature of BitCoin seems to be paying for a lot of Ferrari’s for lawyers these days and who have more-or-less declared war on the digital currency.

http://thegenesisblock.com/btc-trading-corp-shutters-operations-cites-regulatory-environment/

I’m not sure if BitCoin will hold up very long, nor gain legitimacy as a result, however, today the BitCoin is trading at $140USD, up from $126 a week ago.  It has always been known to be volatile, however.

 

2 Replies to “I told you so, Governments of the world HATE Bitcoin”

  1. Bitcoins are the new cryptocurrency everyone is talking about.But it is integral that you know what is the right and effective way for bitcoin mining profitability. Do you think investing in high budget consuming mining machines like ASICs itself is worth it?

    1. The point I was trying to make is that I don’t think that ASIC mining is profitable for the average joe. Unless the price of bitcoin goes up exponentially, I don’t really see the point. It wasn’t really ever designed to be long-term profitable for miners (that’s why they sweetened the pot and made the rule that transaction fees go to the original miner, but I am imagining that the operators of the mining pools probably take all those these days). I suppose it could go up in value exponentially, but I also question the true neutrality of it all… that’s the subject of another blog. In short, I will say that Bitcoin is NOT neutral, nor is it anonymous. Its rules are setup by the developers of BitCoin (how else can they charge transaction fees etc.) and those developers can change the rules of the network at will (as they often do). It has the potential to turn into something evil. I’ll write more when I know I’m not talking out my ass.

          1. Centralized policing contradicts crypto’s philosophy. Anonymity might require external non-invasive oversight. Thoughts?

          2. External oversight? Slippery slope, bro… could end in centralization, yeah? Keep crypto pure!

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