The Problem With Gondolas? Why Everyone Has An Opinion On Mt. Gox
So Senator Manchin has a list of names that he wants to ban Bitcoins, I hope his intentions are well thought out and that this is simply not just someone who doesn't want to the last to benefit from some publicity on the back of the shuttering up of Mt Gox. “I am most concerned that as Bitcoin is inevitably banned in other countries, Americans will be left holding the bag on a valueless currency.” Perhaps before politicians decide to take up a burning torch they would be advised to become familiar with the issues involved. Bitcoin cannot, in fact, be banned, as a matter of fact when we....
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At the end of the day, the fact that our opinion has no bearing on Bitcoin is a good thing.
We have a problem. There is a problem with cryptocurrency, How do we police crypto? A big problem, and that problem is that many members of the general public see it as just another scam. Why do they believe this? Well, the fiasco at Mt Gox is one reason, the well publicised losses at Fortress are another, Flexcoin and Poloniex are just two more and then there are the cryptocoins they can buy on sites such as eBay, completing the transaction just days before the value drops and yet another pump and dump scheme reaches its climax. Crypto is certainly getting bad press and to be fair it does....
The root cause of this problem is how a central bank is the “only player in town” to address economic turmoil. One thing most financial experts seem to agree on these days is how central banks find themselves in a precarious position. The Federal Reserve is sharing that opinion, as they feel central bank policy is doing more harm than good. In fact, 70% of bankers believe the monetary policy is a thing of the past. Central banks are on very thin ice, and more cracks start to appear every single day. Central banks have been using some interesting monetary policy options for several decades....
Sheng Songcheng of the People's Bank of China's PBOC financial survey and statistics division has had an opinion piece published this week on the topic of virtual currency titled "Virtual currency is essentially not money" (translated). "It is hard for the likes of Bitcoin to become a currency," Sheng writes in the piece. "Bitcoin is merely a Utopia for technology supremacists and absolute liberalists." It's a verbal blow, but the opinion has had little effect on anything bitcoin-related at the moment. The damage has already been done in China as of when the PBOC banned third-party payment....
To actually solve the problem of receiving funds without having secured liquidity from someone else's node requires protocol-level changes.