Quote:
Originally Posted by FS1992EG
I am not talking about regulation: regulation.
I am talking about Bitcoin self regulating. Transparency is key for all exchange. Bring in new customers and showing that the exchange is solid and liquid.
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Well when people say regulation, they usually mean by some governing body... That won't happen in bitcoin.
But yes, self regulation. The "good guys" will come out on top.
BECAUSE there is no regulation .
In other words, if a company is shitty like Gox, it dies. If there was regulation of some sort, the government would step in and bail them out. They will continue to run a shitty service, and possibly lose everyone's money again.
In this case, they just die. The market takes care of itself by moving to companies that aren't negligent. Some will get bigger, some will get smaller. But the end effect is that to succeed, they are going to have to have a certain amount of trust and credibility. You can't say that for the banks... Look at HSBC, who we know for a FACT deals with funds criminals and terrorists. They have been charged with it. However because "we can't let a big bank die" they get away with it. Gox can't. They die, better businesses take their place, and we move on.