I'm referring to this statement you made in 2011:
We’re working with the government to register bitcoin exchanges as MSBs (Money Service Businesses) to make sure that the long arm of the government can indeed reach bitcoin. A lot of bitcoiners are diehard Ron Paul libertarians, who might not necessarily agree with me but the only way bitcoins are going to be successful is working with regulation and with the government. And that’s what we’ve been doing specifically with the bitcoin exchanges, that’s where you exchange your US dollars or Euros to Bitcoins and back again, is that all of these are fully regulated with the government, fully complying with all the anti-money laundering and know-your-client laws. ~Jeff Garzik
The only reason bitcoin has become popular is because it offers a way to avoid the banks and not have to use them for transactions. That is what made them originally go up in price, which then attracts non-libertarian types. But the origin is a desire to avoid banks.
If DCG and the central banker types get their way and turn bitcoin into a regulated system that requires AML/KYC, no one will use it. People ok with banks will just use better systems like Visa, and libertarian types will just move to the hundreds of different alt-coins – essentially accelerating the demise of the banks. All those people who missed out on Bitcoin, but put lots of money in alts will be rich, meaning there will actually be even more crypto-millionaires that the banks have to deal with.
I guess if that was your long term strategy, then you're doing the right thing.
submitted by /u/GrumpyAnarchist
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