Bitcoin Exchange Shutdown and Vultures Swarm Calling for Regulation

 Mt.Gox the largest Bitcoin Exchange has shut down causing an estimated loss of $300,000,000 plus worth of Bitcoin to go unaccounted for. This has left the Bitcoin market to fall about 50% of it's value currently trading at around $540 per 1 BTC. The closure of Mt.Gox has lead to a swarm of supporters, media, and politicians to call for regulations on Bitcoin.

"U.S. Treasury Department, for example, has suggested that bitcoin exchanges should follow anti-money-laundering rules that apply to money-transfer companies such as Western Union Co"

 I for one say no thanks. I was originally intrigued by Bitcoin because of the fact there is no oversight over what is being done with my money. Yes, you can launder money and yes you can buy illegal goods using Bitcoin but I say fuck you in telling me or watching where my money goes. This is a big blow for Bitcoin and I wouldn't be surprised if governments had something to do with it. I for one lost a small fortune due to this and for now my days in the BTC trade are over. The US Government is the largest holder of Bitcoin and they are scared to death of anything that can destroy their fiat banking system. I see this as an attempt to co-op the Bitcoin exchanges and turn this into their favor. Perhaps a One World Currency??

 We all take risks doing anything online we even take risks shopping outside. The recent Target credit card breach left over 10million of it's customers credit cards to become compromised. Everyday we become targets in both the digital and the real world. That is why we should protect ourselves and our money. I still feel BTC is the future and a good investment but I will feel the opposite if we let bureaucrats and regulators step in.

Even with my loss I still see anything outside the fractional reserve banking system as something to embrace so long as it's not issued or regulated by the same central banks.


                                                                                                               -Sodaghar 2/27/14

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