Posted by: stiltsville | November 14, 2013

Your Bitcoin papers please?

The bitcoin logo

The bitcoin logo (Photo credit: Wikipedia)

Bitcoin is pseudo-anonymous, pseudo-private crypto currency. Each Bitcoin transaction is listed in a public ledger, but the parties to the transaction are not personably identified. Coin Validation wants to change that. According to this Forbes article, the Coin Validation idea came about during “a conversation about how to make Bitcoin more legitimate in the eyes of banks and the government.”

I say, this entire premise is wrong. Bitcoin users do not need to sacrifice their privacy in order to become “more legitimate” in the eyes of anyone outside the transaction. Bitcoin should not be neutered in order to make it fit into the existing Wall Street/Washington DC field of view.

Change is difficult. but Wall Street and Washington need to adapt to Bitcoin, not the other way around.

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