Bitcoin is not all that
Actually, we are more than capable of overseeing transactions. I have submitted an e-petition that would force UK bitcoin users to register receive addresses with HMRC. This would effectively allow for investigation / legal consequences for anyone found using unregistered receive addresses (possible tax evasion / illegal activities). Don't worry bitcoiners, you have nothing to hide, it's not political it's math.
It's ironic that many hardcore bitcoin users hold anti-establishment views and tell us how greedy and irresponsible bankers and politicians are, yet they don't ever want to talk about the sheer scale of wasted electricity to secure the bitcoin ledger and for all of it's copycats. Go ahead, ask them how computer intensive it is and therefore the damage to the environment... but hey, the miners are not greedy or anything.
The so-called "decentralised" structure is apparently it's strength. Yes, sure, you can hold it "cold storage" but that's like saying we can run our own email clients. Well we can and some do... but it's only to be expected, with a ledger that is already in the multi-gigs, users will - stupidly or otherwise - be attracted to centralised services.. and hence the collapse of Mt.Gox that handled an estimated 70% of transactions. Ah yes, the oh-so-clever currency that can't detect when it's running on bad software.
Biting the hand that feeds IT
