This is precisely the absolute wrong understanding of Bitcoin. Bitcoin is
regulated - it is regulated by its own code. It has laws of operation. This
poor understanding is exactly what leads to poor design choices. Because
for a meaningful economic layer there is needed a new foundation. That is
precisely the power of Bitcoin, not just sending money from A to B. So
yeah, the global system of law, especially in finance is completely broken.
Does that mean that in a better future we will have no laws? Bitcoin is so
powerful precisely because it enforces "laws", but in new ways. We need a
system that works.

For example exchanges. I wouldn't use an exchange that does not follow some
basic principles. Bitfloor owes me 200$. I don't know what they have done
with that money of mine and how the government was involved, but having
money stolen is not something which I find valuable. Do I want exchange to
follow a 1000 page book of rules? No, but 5 good rules certainly.
Cold-storage for one. Network security. Etc. That principle applies to
every transaction. If I buy some goods I want to receive them. If I pay for
a service I want to have that delivered with high quality on a timely
basis. The current understanding of this aspect of the network is
underdeveloped, to put it mildly.


On Mon, Oct 28, 2013 at 7:59 PM, Tristan Winters <
tristan_winters@???> wrote:

> Guys,
>
> Check it:
>
> http://www.youtube.com/watch?v=0zgP4DdicGc&feature=youtube_gdata&utm_source=twitterfeed&utm_medium=twitter
>
> It’s Michael doing a speech to some finance types in London recently.
>
> TW.
>
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>
>