Senator Tom Carper (Del) chair, and only senator in the Nov 18 hearing on Digital Currency has de facto reduced the hearing to discussing Bitcoin, and then he did not raise the two critical questions: (1) is the cryptographic foundation of Bitcoin strong enough to recommend to laymen traders to trust it with their material assets? (2) is the US Senate OK with the emergence of a global currency that would relinquish monetary control from the Federal Reserve?
Even a quick browse of the Internet will show to any surfer that the cryptographic viability of Bitcoin is an unsettled matter, which means that lay traders who trust the technology are at risk of losing all their Bitcoin assets overnight. Is it not the Senate’s business to look after the people?
Money supply issues translate to socio economic stability. Off balance money supply will crash society, unleash wars, and invite catastrophe. Is society prepared to allow a dead algorithm to determine money supply?
The atmosphere in the hearing betrayed the ignorant fascination with the tantalizing new technology. It reminds one of the wave of enthusiasm that followed the publication of the Communist Manifesto in 1848 — a prescription to save humanity from the pitfalls of human nature. It did not work then, and it would not work with Bitcoin. Alas, a lot of agony came to the world until communism was finally discredited. One fears a lot of human agony on its way, if the Bitcoin euphoria is not curbed in time.
Digital currency is wonderful — no doubt, but we should simply digitize the fiat currencies: the dollar, the euro, the yuan, gold- That is what BitMint does.
Gideon Writes 
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