Dealbook reports on the hearings today called by NYS's top financial regulator, Benjamin Lawsky. Reading the post it appears that the major benefit for Bitcoins as provided by those testifying, was to avoid bank fees and move "money" around faster. But there are reasons for why money should not move so fast. Why is a person's life improved if they can move money from one account to another in 2 days as opposed to 3? And there is a cost to ensure that the movement of capital is not being used to facilitate illegal activities.
Seems to me that if paper money didn't exist today, 'we' would regulate scrip out of existence on these very grounds - for better or worse....
ReplyDeleteQuestion that I keep coming back to is, what problem does Bitcoin solve? Why is there a need?
ReplyDelete