zlacker

>>mikeyo+(OP)
Shouldn't all true crypto believers hate this news?

It's the government trying to enforce their opinion of who should own those Bitcoins, thereby taking power away from the owner that the network has decided on, which would be "whoever has the cryptographic keys".

>>fxtent+35
no. this is quite bullish for bitcoin. they're showing that bitcoin can't be used for criminal activity, whatever the government decides that should be (usually in favor of the general public). this helps to legitimize bitcoin. Protecting consumers of bitcoin is bullish for bitcoin. helping to prevent fraud in bitcoin is also bullish for bitcoin. All these things increase confidence in bitcoin as a legitimate way of storing wealth.

>>throw8+KC
It sounds like all the good things for bitcoin here are coming from the power of the central authority to provide confidence, legitimacy, protection, and legal recourse.

So why on earth is that a good thing for an asset which is all about the power of decentralized systems?

>>boc+6L
the power of "decentralized system" in this case is merely from the fact that more of it can't be created. When we're talking about the big movers, the institutional investors and the big money, they didn't run to bitcoin because it was cool tech, or cool to be decentralized. they're investing in bitcoin not because of bitcoin. they're investing in bitcoin because central governments have defaulted on their obligation of having a stable currency. You can't hold fiat currencies when they're loosing value at 6% to 12% or more per year, it's just too costly.

Bonds and cash are no longer viable investment asset classes. So all that leaves is Equities, Gold, real estate and bitcoin. It's all about TINA -> there is no alternative.