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 The Stuff Lame Venture Capitalists Say About Bitcoin: Libertarians Are Going To Hate It

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The Stuff Lame Venture Capitalists Say About Bitcoin: Libertarians Are Going To Hate It Vide
PostSubject: The Stuff Lame Venture Capitalists Say About Bitcoin: Libertarians Are Going To Hate It   The Stuff Lame Venture Capitalists Say About Bitcoin: Libertarians Are Going To Hate It Icon_minitimeSat Apr 05, 2014 6:18 am
If I were working on a “Stuff Venture Capitalists Say”-style video about Bitcoin, two memes would top the list: “Bitcoin reminds me of the early Internet” and “Libertarians are going to hate this thing when it gets big.”

Last month, Marc Andreessen, whose firm has put millions into Coinbase and Ripple, hit both memes during a chat at Bitcoin conference CoinSummit. After saying Bitcoin reminded him of early Internet and email protocols that changed the way information could be transferred (or value in Bitcoin’s case), he said, “My prediction is that the libertarians will turn on bitcoin. The libertarians will discover that the blockchain is public.”

I think most smart privacy-loving, government-limiting libertarian Bitcoin users are aware that the history of transactions in Bitcoin is open to scrutiny as it’s a critical component of how the cryptocurrency works. But perhaps this will indeed be annoying down the line if people get tied to their Bitcoin addresses, as might be more easily done for if they need to do a full reporting on their Bitcoin activities in order to pay their taxes. Andreessen is not alone in the prediction. At a dinner this week hosted by the not-yet-publicly-launched Bitcoin service Circle, Hemant Taneja — whose firm General Catalyst is among those who have put $26 million into Circle — also said Bitcoin’s early supporters are going to be unhappy with the monetary Frankenstein they’ve created.

Taneja talked about the way governments around the world have to now figure out what to do about Bitcoin given that, much like the Internet itself, it transcends borders. He predicts that countries will come together to come up with cryptocurrency controls.

“It’s the irony of Bitcoin,” said Taneja. “It will lead to greater government cooperation to regulate money.”

I don’t sense a groundswell of libertarian hate for Bitcoin yet, but we’ll see. Meanwhile, Boston-based Circle remained mysterious about how it will be different from other Bitcoin service providers already on the market. Founder Jeremy Allaire (who said first looking at Bitcoin gave him the feeling he had when he first looked at the Mosaic browser) says Circle will be different in in that it will use “language and metaphors” that an average user can understand.

http://www.forbes.com/sites/kashmirhill/2014/04/04/stuff-venture-capitalists-say-about-bitcoin-libertarians-are-going-to-hate-it/
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