I may have made this point before, but I’m going to make it again.
Bitcoin is like a teenager that resents his parents for trying to control him. Just like a teenager bitcoin thinks he knows what’s good for him much better than what his more experienced parents think is good for him.
Just like a teenager bitcoin rebels and runs away from home seeking freedom. And just like a teenager, Bitcoin shouts and curses at his parents throughout the whole process, claiming all the while they are idiots who don’t understand the world today, and that he generally knows better about everything.
Unfortunately, after a while going it alone, Bitcoin realises that being independent and “free” isn’t necessarily what he thought it would be like at all. Independence it turns out comes with a whole new host of responsibilities, like finding work and shelter, looking after your surroundings and yourself, cleaning, cooking, paying bills. It’s certainly not the party he constantly imagined he’d be having.
After a while Bitcoin realises that he may have just replaced one control mechanism for another. His pride never allows him to admit it to himself, but he knows deep down inside he was probably more free under the care and supervision of his loving parents, than he is now fending for himself in the big mean world of life.
Bitcoin proceeds to go through all the same learning curves his parents already went through, and over time comes to pretty much the same conclusions they did so many years ago. Namely that some sort of control is inevitable. When Bitcoin has his own children he becomes just as oppressive to them as his parents were to him.
Unfortunately it isn’t until Bitcoin has matured significantly that he realises that his parents were probably right all along, and that had he listened to them he may have done better for himself in life than he actually did.
Point being — Nobody is trying to deny Bitcoin’s independence when he is ready for it. What they’re trying to do is offer support and guidance so that he doesn’t suffer too much when he encounters life’s hurdles. That means embracing the new generation while respecting what has come before.
Meaning, we can and should definitely work towards using modern connectivity to improve electronic money transfers. What we shouldn’t do is fall for the megalomaniac delusion that there is nothing from the old system that’s worth preserving or respecting.
The bitcoin system is not sustainable without regulation. Yet regulating the bitcoin system, or allowing it to regulate itself a) costs money (and eats into its transaction competitiveness) and b) turns it into a replication of the old system. The only difference is that there is a new 1 per cent at the top, and the Winklevoss become the effective Federal Reserve.