My comments: The analogy to PayPal is a bit misleading, because bitcoin is a two-way convertible, independent unit of account with a floating exchange rate in addition to being a payments platform. In this context, regulation is only a bad thing if it leads to crony capitalism OR if it suggests that still-in-beta cryptographic play money bitcoin requires regulation similar to a national political currency.

The takeaway from this story is that just as dollar users now have the choice of anonymous/ final transactions vs. credit card transactions, bitcoin users will also have the choice of acquiring bitcoin privately vs. going through a regulated AML/KYC-compliant payment services provider partnering with a bank. The marketplace of individuals and businesses will decide where bitcoin thrives.
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