Dear Unsystemers,

BBC called Friday, I was interviewed three times yesterday about Bitcoin
(World Business Report on 1030am and 1230pm, TV, Business Edition 9pm).

Each time they focused on BTC's alleged connection with illegal activity.

Some the points I made:

*) Any type of money can be used by criminals to store or transmit
illegal gains, majority of USD bills have trace amount of controlled
substances.

*) AML and other laws are already being enforced, Silk Road is
yesterday's news, regulators should look ahead to future issues.

*) Bitcoin technology is transparent and robust, leave the development
to the community and let the market decide what it likes about Bitcoin
and other virtual currencies.

*) Focus on regulating the ecosystem, esp, the systemically important
institutions, the major exchanges, major miners, etc, to prevent
traditional form of abuses including market manipulation, collusion,
insider trading.

*) There are several virtual currencies out there, Bitcoin is just the
current front runner.

*) Virtual currencies are a faster, simpler, cheaper way of transmitting
value globally than existing alternatives

*) Virtual currencies are to current finance like railroads were to
horsebuggies (perhaps a bit simplistic but for TV simple analogies are
sometimes required)

As Bitcoin go mainstream - and other virtual currencies hopefully as
well - there will be the usual confusion in media. Regulators and
traditional finance will react in unpredictable ways.

That is a good problem, means virtual currencies are becoming relevant.

When Amir organized Bitcoin London in September 2012, I helped Richard
Stallman get around. We discussed how some GNU/Linux distros included
non-free software, not being pure. In my view, that is a symptom of free
(open) software's success, sign of how much Stallman and other pioneers
of free software have achieved.

As with free (open) software, for virtual currencies some compromise
with current commercial and political structures is inevitable. The goal
should be to keep the core principles Bitcoin intact, decentralized,
robust, transparent (in a macro sense) network for storing and
exchanging value.

Hackers make great central bankers! My regards to Satoshi whoever and
wherever (s)he is.

Sveinn