Regulation meets the wrong people

A look at the facts of today’s world: Asymmetric cryptography is here and remains. The logical implications and resulting technologies are also already developed and in the public domain. It is also impressive how fast innovation is progressing. Through the collaboration of globally distributed individuals, it will soon be possible to purchase online conveniently and completely anonymously. Already today there is an unstoppable method for people to network and trade with each other.

So what happens if a Bitcoin profit is nevertheless established?

The planned economy of the Soviet Union claimed several million lives and should be seen as a warning against state intervention in the Bitcoin profit economy. Such a system, which allows and desires total control over the subjects, is usually abused. Initially, the argument “who does nothing bad, has nothing to hide” secures the legitimacy of the Bitcoin profit control system. But ultimately it is up to the government to decide who they consider criminal.

Those who want to do bad things always have the means to do so – and will not let themselves be held back. Terrorist attacks can also be carried out with lorries – should they therefore be banned? What about kitchen knives? The reality is that the state cannot protect us from the evils of the world and any attempt will fail. Even if evil people want evil, a truck, a kitchen knife or a crypto currency are in themselves worthless. It depends on what people do with them.

Is a world in which every smallest part of life, every transaction is monitored desirable? “… then they fight you…” A fight against crypto currencies can be fought on many levels. Arguments like “terrorist financing” are among the social attacks. The technology itself cannot be stopped, so people want to be persuaded not to deal with it of their own free will. A similar example can be found in the United States in the 1930s, when Franklin D. Roosevelt forbade the population to store gold and described those who refused as unpatriotic.

At the technological level, for example, there is the 51% attack, but this is very expensive for Bitcoin and the system could not really be stopped even then.

The fight against Bitcoin profit is just starting

It is mainly conducted on an ideological level – “whoever uses Bitcoin profit et. al. is stuck with dirt”. Another approach is to ban the Bitcoin profit trade and acceptance of crypto currencies. But even then the currencies still exist and even then people can access foreign services with technical means like a VPN. It seems unlikely that a worldwide uniform regulation will ever be adopted, especially as smaller countries, such as Malta or Gibraltar, sense their chance for economic advancement.

“… then you win”
The truth is, however, that not every Bitcoin user is up to criminal machinations. Just as a kitchen knife is usually used to cut vegetables and not to kill. This may happen, but the blame lies not in the nature of the knife, but in the action of the murderer.

Similar to book printing, the Internet or smartphones, crypto currencies are also an invention of mankind that has a lasting effect on life. What is still new territory for us today will soon become standard. The next generation will not know a world without Bitcoin, just as we cannot imagine the Internet without it. Satoshi Nakamoto’s idea of a direct electronic payment system will mature and be able to fill a global economy with life. The “dirty argument” usually only holds true for those who have never used crypto currencies themselves.