Despite what everybody likes to think, politicians aren't idiots.<p>When somebody disagrees with me, I like to assume that they're not idiots and that the disagreement might be based on some legitimate point that I've missed.<p>The truth is that Bitcoin is an existential threat to the United States government. As long as it's some third tier crypto currency only used by nerds on the Internet, it doesn't matter. But the infrastructure is being laid to push it as a (the) new global currency.<p>If that happens, we will witness an economic revolution with no parallel in history. It will literally be raining cats and dogs in the street.<p>Practically overnight, the US will lose the ability to borrow in its own currency, forcing a quick tightening of monetary policy, further exacerbated by foreign governments dumping their dollar reserves. The dollar <-> XX exchange rate would approach zero. Anyone holding dollars would no longer be able to afford any foreign goods. Dollar inflation would be rampant. A recession or depression would quickly follow.<p>Anyone not holding bitcoin will become the new underclass, and the new rich will be those who got in early. Essentially, the new world order will basically be made up of lottery winners.<p>Pensions would become practically worthless, as they would need to be converted to the new currency to be spent.<p>Etc, etc.<p>That's why I don't have any money in bitcoin. It can't succeed. The current world order won't let it.
Senator Manchin is doing what America does.<p>We live in a country where a Governor will ban large soda's for our protection.<p>Every bag comes with a warning "not a toy".<p>Houses come with disclaimers not to eat the paint chips.<p>Raw Milk (which I wouldn't touch) is illegal for public safety.<p>By all counts, Bitcoin is scarier than any of these things. If not banned it should have warnings. We don't have a good way to put warnings on it so we ban it. Right wrong or indifferent that is what America does. Manchin is just making sure he gets credit for an idea that was sure to come up.
Aren't you guys getting tired of all the annoying buzz around Bitcoin already? Do something good for this world and create something of essence, not yet another vehicle for speculators and ugly (personality) people like Barry Silbert and the Winklevii. When I look at those two (three?) alone, I see "greed" and "envy" in all caps! Fred Wilson really lost all my respect after I saw him during the hearing - he's a small little person! He and Paul Graham are like night and day!<p>It's beyond obvious that 2013 will be the year of Bitcoin growth and 2014 - the year of its demise. I have to agree that the technology has some decent niche applications, but world-changing it is not.
Congrats on the open letter. Have you also tried emailing, or writing a real letter? I have gotten a few personal responses from well reasoned emails I have sent, including one after seeing my senator publicly change his position in my favor. They really do listen.
An open letter is mostly just going to get other people on the internets to agree with you.<p>Oh, and if you are going to fight for less regulation you might want to wait for the only BTC news story in the popular media to blow over.