Regulation And Goverment Re Cryptocurrencies
Bitcoin Developer Jimmy Song joins me today to share his thoughts on the possibility that governments will put in place regulations around cryptocurrencies. We touch on the recent story out of Korea when government officials discussed banning them in general. We also touch on if governments will start their own cryptocurrency and limit the use of others.
(Audio length 00:13:07)
Disclosure: None.
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Enjoyed listening to this @[Cory Fleck](user:35164). You make a great point about #bitcoin being the only #cryptocurrency that is decentralized. However, you got me thinking. You mentioned how that all other currencies have a creator who can dictate the direction of that currency. But bitcoin does not since #SatoshiNakamoto disappeared.
So what WOULD happen if this mysterious creator returned? Couldn't that happen at any time?
I've always been concerned about two thinks when it comes to #cryptocurrencies. 1. Hackers who could steal the money and 2. That the creators of these bitcoins built in some backdoor where they could steal the money. Wouldn't that be the biggest joke of all?
Hackers is a real concern. Though if I were you, I'd be more worried about government regulation. What happens if the government outlawed cryptocurrencies? That would be just as detrimental as a hacker.
I wouldn't worry about the creators. They are so rich now, they don't need to steal anyone's money.
Excellent points. If I can't hold it in my hands, I'm not interested.
Good comments @[Doug Morris](user:14824). But the US is not North Korea or China, where that is a real threat. There would be too much outrage here if cryptos were outlawed. Besides too many people invested too much to allow that to happen and many of these same people have the politicians in their pockets.
Personally, I would like to see government regulation go the other way. How great would it be if bitcoins were FDIC insured, just like at the bank. Like Angry Old Lady's comments, my concern is that the digital money could get lost or stolen with no recourse.
That would never happen, Howie. To be FDIC insured, the government would have to get involved and there would need to be a paper money trail - crypto currencies were created to avoid all that.