I guess it was inevitable. The Bitcoin ecosystem is now under full attack.
The worst part about blogging this is linking to a Forbes article riddled with ads. The regulators should investigate Forbes and the rest of the web for it’s awful layers of paywalls and ads. We are under attack to get a snippet of news.
But I digress…the Bitcoin ($BCOIN) joke is on the regulators.
Yes, there are thieves that use Bitcoin. Most have been spooked out of the currency months ago. The smart ones cashed out on the run to $200 and are back in US dollars. The ones left deserve a little aggravation.
Behind closed doors, I am sure the professional Bitcoin investors and companies are grumbling about the negative attention that the Winkelvoss twins have brought upon the industry with their corner the market and media mongering. They made some shekels though and they can afford the attorneys. No doubt they will be sporting some fantastic new iZod sweaters and gel products at courthouse photo shoots.
Peel the whole thing back a layer though and you have some heavyweight technologists and superstar investors that will take to the web and easily explain the technological legitimacies and the regulators will in time find little to fight anyway.
People want less friction and the technology has made it possible.
The markets have also been voting. Bitcoins are still trading north of $100. Price matters. If traders were really spooked, these would be trading at $30-$40.
I am tempted to buy any dips.