Author: Terrance Language: text
Description: Plan B Timestamp: 2013-06-04 16:31:06 +0000
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  1. Gentlemen, I have been listening to Plan B from the start and I really enjoy your show. I'm also a big fan of the Linux Action Show. I'm writing because I think you missing a very important point regarding Mt. Gox's Dwolla account being seized by DHS. I was pretty worked up about it too, until I actually sat down and read the indictment. The main thing I got out of it is this; the case against Mt. Gox cannot succeed unless the United States government officially recognizes Bitcoin as a legitimate currency in federal court. There is no way the folks at Mt. Gox didn't see this coming. At the time they created their Wells Fargo accounts they did not register with FINCIN as a currency exchange because Bitcoin was not a recognized currency, but it was only a matter of time until it was. Which is why I believe they used a shell corporation to insulate themselves from any real damage when something finally did happen. The reason I think Mt. Gox knowingly took the risk is two fold. First they have deep enough pockets to weather the storm and second, they're in a position to benefit the most from the spike in the market that will happen when Bitcoin does become a recognized currency. I do agree that Mt. Gox owns too much of the market and that currency exchange should have more competition or, better yet, be decentralized entirely. But, I do not think they are quite the stain on Bitcoin that you suppose. Ultimately they took a calculated risk that will move Bitcoin forward toward becoming a legitimate currency and in the end this will be a pivotal moment for Bitcoin. Just my two cents, keep up the good work.
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