BitCoin companies - can they refute the "bad things" CBs will charge with?

Reader comment on: Bitcoin

Submitted by Mark Michael (United States), Feb 13, 2014 10:39

The widespread adoption of BitCoin usage would break the monopoly of the Fed and practical money in the U.S. and I think it would be a great idea. One can already see the Political Class elite who specialize in the economy developing their arguments to marginalize BitCoin in order to protect their monopoly. What the BitCoin backers should do is anticipate those alleged weaknesses of BitCoin usage for the likely users and develop private standards, ways to protect against those weaknesses. "See, we've got it covered. The customers are protected."

What comes to mind is the usage of BitCoin by criminals to avoid detection by the police or international crime trackers (Interpol). Now, if such restrictions, protections make BitCoin too expensive for ordinary (non-criminal) users, it would be counterproductive to develop. Perhaps within the US itself, there could be voluntary protective measures to keep criminals (drug gangs, corrupt politicians!) from avoiding police detection. I'm sort of shooting in the dark here without having given a lot of thought to it, but these high tech people are very clever and perhaps can dream up ways to counter the guaranteed attempts by the Political Class vested interests to torpedo BitCoin. Making it a little more expensive is better than seeing it never make it IMO.

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