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What do you guys think of recent Gov. acceptance of Bitcoin?

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sethster82

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California just passed legislation saying that Bitcoin is now legal (apparently it wasn't before). Now Russia's central bank is recommending a wait and see approach on crypto currencies as well.

It seems to me that trustless decentralized digital currency is the biggest threat to the states stranglehold on the economy, and our lives, through central banking. Does the state not see this? Does the state rather think that it can figure out how to use crypto to somehow control the people they way it does with fiat? Or am I just being paranoid?

Posted on July 2, 2014 at 11:39 AM

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• adam

  

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  Location: California, USA

  States are creatures of monopoly power. If they don't have it, they can't do anything people don't already want to do.

  Decentralized tech is immune to monopoly, but it's also REALLY inefficient compared to an efficient centralized system.

  Of course, where you have monopoly you have the opposite of efficiency and so we have very inefficient centralized systems.

  So there just isn't much that can be done about it outside of trying not to say anything too stupid or be so early as to attract the ire of the rest of the world.

  Just a matter of time...

  Posted on July 2, 2014 at 12:00 PM
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• sethster82

  

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  Good points Adam.

  I just can't see how the banker backed government isn't actively trying to figure out how to regulate Bitcoin back into the 20th century. I'd almost rather they were openly against it than be silent or for it. At least then we know their play and would be able to adapt. It feels like the calm before the regulation storm. Hopefully the delay will buy us enough time to keep any attempted centralized takeover from being more than a momentary hiccup.

  The banking cartel is either confidently ignorant, positioning for an overt power play, positioning for a covert co-opt, or rolling over while we press forward in making them obsolete. The last possibility is laughable so here's to hoping it's the first one.

  Posted on July 2, 2014 at 1:29 PM
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• MikeJohnson

  

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  Watching the USMS auction just further solidified the US won't take a stance against it most likely. They wouldn't sell them as an asset just to ban it.

  Posted on July 2, 2014 at 3:43 PM
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• sethster82

  

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  @coinfire Watching the USMS auction just further solidified the US won't take a stance against it most likely. They wouldn't sell them as an asset just to ban it.

  Yeah, I'm not so much worried about them banning it, but rather co-opting it and controlling it somehow. I know that there are tremendous hurdles to them being able to do such a thing, but that does not mean it is impossible IMHO. There was a time when society would have laughed at the silly notion that people would someday trade in their gold for paper.

  Posted on July 2, 2014 at 4:24 PM
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• MikeJohnson

  

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  @sethster82

  @coinfire Watching the USMS auction just further solidified the US won't take a stance against it most likely. They wouldn't sell them as an asset just to ban it.

  Yeah, I'm not so much worried about them banning it, but rather co-opting it and controlling it somehow. I know that there are tremendous hurdles to them being able to do such a thing, but that does not mean it is impossible IMHO. There was a time when society would have laughed at the silly notion that people would someday trade in their gold for paper.

  A valid point indeed on the paper for gold. Now that paper has no gold backing it. How crazy far we've come.

  Posted on July 2, 2014 at 4:30 PM
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• Doogy

  

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  Even though the government sort of legitimized bitcoin through this sale, that does not mean it can't be banned tomorrow. If we look at the government as a monopoly then we can assume that tthe monopoly can go ahead and ban it whenever they please. I do share your confusion to an extent Seth and would love to be the fly on the wall in those meetings where bitcoin is an agenda item. It would be so interesting to hear their perspective on the whole thing.

  Posted on July 2, 2014 at 7:30 PM
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• BTCBlue

  

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  I think also it would be foolish for any nation to ban or boycott bitcoin because it would be at their own peril. If you can't beat 'em, join 'em.

  Posted on July 2, 2014 at 9:09 PM
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• MikeJohnson

  

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  A ban would likely be very difficult to implement as well. We've seen that as governments try to limit Bitcoin it simply forces people to move to outside exchanges.

  I also would love to sit in on some of those behind close doors meetings where they discuss it though.

  I wish the lobbyist for The Bitcoin Foundation provided more updates as to what they are doing.

  Posted on July 3, 2014 at 12:55 AM
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• lainfinity

  

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  Through out history spirituality was corrupted by centralized religion, barter and exchange was corrupted by centralized finance, healing was corrupted by centralized health care, insurance and pharmaceuticals, knowledge was corrupted by centralized education and centralized publication.

  They will try their best to corrupt decentralization concept like Internet and crypto-currencies because state and monopoly equates to power and corruption in the long run.

  HISTORY ALWAYS REPEATS

  Posted on July 3, 2014 at 1:32 AM
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• sethster82

  

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  @lainfinity Through out history spirituality was corrupted by centralized religion, barter and exchange was corrupted by centralized finance, healing was corrupted by centralized health care, insurance and pharmaceuticals, knowledge was corrupted by centralized education and centralized publication.

  They will try their best to corrupt decentralization concept like Internet and crypto-currencies because state and monopoly equates to power and corruption in the long run.

  HISTORY ALWAYS REPEATS

  I agree that those in power will make some attempt to centralize the crypto currency market. They have everything to lose by not doing so.

  The main wild card in this instance though is the free and instant flow of information that we currently have. Will the crypto community use that unprecedented flow of info to identify history repeating itself and act quickly enough to change course?

  Posted on July 3, 2014 at 6:49 AM
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