Some time ago, securities were invented, which allowed private people to invest in companies in return for ownership. After the crash of 1929, the Securities and Exchange Commission proposed rules, which were enacted into laws, that scrutinized public offerings and transactions in the market.
Suppose the government had outright banned securities as opposed to targeting bad actors. Legal and technological innovations would have been stymied.
For the most part, people's negative reactions to bitcoin have been caused by a fundamental misunderstanding of the technology. Bitcoin actually transcends money and exchanges, as it's a utility for property rights, based on possession of private keys associated with whatever value.
Its applications are potentially most profound in developing countries that lack decades of post-industrial infrastructure.
If mere possession is nine-tenths of the law, the bitcoin protocol can act as a safeguard when access to courts, governing bodies and functioning bureaucracies is nonexisting.
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from Bitcoin http://ift.tt/1ewaC2b
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