I agree that legal exchanges within a given jurisdiction are a positive, especially since there are still technical issues with implementing a viable decentralized p2p exchange structure. However, money service businesses and Know-Your-Customer rules vary among jurisdictions globally and in many cases they are less restrictive than the MSB regulations in the US. Also, it is jumping the gun to classify a 'crypto math puzzle' as a financial instrument and to suggest regulatory oversight. IMHO, the permitted US-based bitcoin exchanges will eventually become a single point-of-failure. Exchangers in other jurisdictions will mitigate that regardless of KYC rules.


I fail to see how maintaining the same features as a $100 bill is an ideological cause. Are you now opposed to people using $100 bills? I have no problems with the technological implementation because it can provide those features when structured correctly and safely.