Japan regulates virtual currency after Bitcoin scandal

And the screws are tightened a bit more.

Nothing like new government regulations to start your morning.

What do you expect when someone at the top of the Bitcoin world proves to be an irresponsible loser? The Bitcoin world can't properly govern itself, so of course the government steps in: that's its raison d'etre.

What do you expect when someone at the top of the Bitcoin world proves to be an irresponsible loser? The Bitcoin world can't properly govern itself, so of course the government steps in: that's its raison d'être.

And if the leader is an irresponsible loser, then that is reflected in the value of Bitcoins. The market regulates itself with astonishing effectiveness if it is left alone to do so.

The government simply does not like independent currencies or other forms of trading the value of labor or goods, because this breaks their monopoly on a national currency.

And before you call someone at the top of the head of Bitcoin to be an irresponsible loser, take a look at those who are running the BOJ, ECB, and Federal Reserve. I can buy or not buy Bitcoins as I choose, such is not the case when it comes to the yen, euro, or dollar.

The government regulates its own system of money, people who want to use government regulated options are free to stick with them.

No one was forced to use cryptocurrency. Part of the attraction of it is that it isn't regulated by a bunch of central planners who think that reeling off loads extra is a genuine path to economic growth and prosperity. The flipside of freedom is personal responsibility though. Part of the package.

The regulation seems virtually pointless to me. If someone wants to buy cryptocurrency they can send money overseas and exchange it there, avoiding the Japanese regulations. So all the government regulation in Japan will do is put Japanese innovators in this space at a disadvantage.

What virtual currency. Do we live in a virtual world ?

What do you expect when someone at the top of the Bitcoin world proves to be an irresponsible loser? The Bitcoin world can't properly govern itself, so of course the government steps in: that's its raison d'etre.

The last thing we need is more government stepping in on people. The loser paid the price and the market is correcting itself. Leave bitcoin alone.

"The market regulates itself with astonishing effectiveness if it is left alone to do so."

LOL. Mt. Gox's massive collapse is real-world evidence that you are dead wrong.

Yeah, the idea that markets will self-regulate is about as ridiculous as it gets. That's like saying cancer doesn't need to be treated, because the body will self-adjust.

LOL. Mt. Gox's massive collapse is real-world evidence that you are dead wrong.

Really? The money was looted from Mt Gox, Mt Gox collapsed, and the value of Bitcoins fell; this was the market reaction. In other words, I am dead right, and is you, in fact, who are wrong.

Now the banksters will be able to legally steal from every one. They must love the idea of getting their claws into Bitcoin, bet they can't wait to out law neighbors swapping stuff with each other.