Ask Slashdot: Should Bitcoin Be Regulated?

Nerval's Lobster writes "Federal regulators are starting to make noise about Bitcoin, the digital currency that's gained in recognition and value over the past few years: the Treasury Department's Financial Crimes Enforcement Network (FinCEN) is offering up 'guidance' for digital currency and those who use it as part of commerce. But the Bitcoin Foundation, which is devoted to standardizing and promoting the currency, doesn't like that idea; as Patric Murck, the organization's general counsel, wrote in a March 19 blog posting: 'If FinCEN would like to expand its statutory authority over "money transmitters" to include brand new categories such as "administrators" and "exchangers" of digital currency it must do so through proper rulemaking proceedings and not by fiat.' If Bitcoin continues to gain in value, it could spark a rise in virtual currencies—and force some very interesting discussions over regulation. But here's the question: would regulation actually be good for Bitcoin, if it made organizations and businesses more comfortable with using it as a currency?"

Comments

Re:White paper on EXACTLY what a bitcoin is, pleas

[GrandCow]

I've looked, didn't find it. I just found some vague mumbo about cryptography with a ton of loaded buzzwords.

I want specifics.

1.) What is a bitcoin, EXACTLY?
2.) How divisible is a single bitcoin?
3.) All the specifics of any relevant protocols.

You looked at what? First result of a google for "bitcoin white paper" is http://bitcoin.org/bitcoin.pdf, the white paper originally released by the creator of bitcoin.