The New York Department of Financial Services is holding a public examination of the crypto-coin explosion, specifically Bitcoin today and you can watch live online. I find these hearings far more interesting than anything else on cable or network television.
Strange how a prominent early proponent of Bitcoin was arrested last Sunday while trying to fly to a conference in Miami and charged with money laundering. The price of bitcoin dropped $50 overnight because this dude was also on the Bitcoin Foundation Board.
The lawyer representing the state today expressed his deepest concern: a Dr. Evil might get control of the system and tweak it to bring about a global apocalypse? And to gain control of the Bitcoin universe he estimated would cost a mere $300 million dollars right now? Man, I almost fell out of my chair laughing listening to this testimony. Forget about the fact you need 100,000 miners to sign off on any changes, just realize Bitcoin can survive a massive dump. Yes, you can crash the system if you hold tens of millions of dollars worth, but in a day or two, the system would start rebuilding itself, and your crash was really just a way to distribute coin more widely across the board, ending your influence on the system. Of course, this sinister meme plays into the myth Satoshi (who is likely Nick Szabo) is some devious entity and not the Adam Weishaupt of our time, another expert in law who likely launched a revolution or two.