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“Bitcoin is still doomed” – Bloomberg | $641.23

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In Senate hearings Monday and Tuesday, an all-star roster of conscientious public servants — from the Treasury Department, Justice Department, Secret Service, Federal Reserve, Homeland Security, Securities and Exchange Commission and so on — all offered very respectful remarks about virtual currencies and their innovative potential.

Yet a common theme they all expressed was that such currencies were something they’ll be able to control — something that can be monitored and policed — and not an anarchic and impenetrable system that drug dealers and money launderers and tax evaders can hide behind. So: The feds are paying attention.

For future users of virtual currencies, that’s a good thing. It’ll offer consumer protections and predictability. For Bitcoin, it’s a problem.

To the extent using Bitcoin has any benefits now — convenience, cost-efficiency, putative anonymity — it’s because authorities haven’t been taking it very seriously. As officialdom becomes more assertive, Bitcoin will become more difficult and expensive to use, and less anonymous.

Eulogy made by Timothy Lavin

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Zsofia takes care of our readers’ questions. Zsofia started mining Bitcoin, then some altcoins with the available AMD GPUs together with her brother. Although her mining activity has stopped by now her passion for blockchain technology and cryptocurrencies remains.

View all Posts by Zsofia Elek

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