Norway Authorities: U.S. Wants to “Remove” Bitcoin
Norway’s financial supervisory authority released a Risk and Vulnerability analysis in March of this year. The report analyzed information and communication technology in financial institutions. The report compares bitcoin to monopoly money, while at the same time noting that U.S. authorities have signaled they want to “remove this system.” If the authorities wish to view bitcoin as monopoly money, that is fine. But if they then attempt to “remove” the system from the market, they then put credits like facebook credits and “WoW-Gold” under the same sort of pressure.
The extract from the text reads as such:
2.4.3 Shadow Services on the Internet
2.4.3.1 Bitcoin
Bitcoin9 is a digital currency created in 2009. The name of the currency also refers to “open source” -
Bitcoin program used to send money. Maximum limit on the number bitcoins that can be
current is set at 21 million. There is also a static value after all bitcoins are dealt. Bitcoin is
person based on two person-technology (P2P), and operates without any central server or
intermediaries. All payments will be verified automatically through the nodes in the P2P network, and the system is
built up so that you can not create more money or steal someone else’s. This is ensured through a
“Block chain” that is stored by all nodes in the network.
Bitcoin can be compared with “Monopoly Money” where the individual players buying virtual
monetary values called bitcoin to make commercial transactions in a closed trading environment. Liquidity in
“Real” money should always be available if the players want to switch from bitcoins for
such as U.S. dollars or euros. Currently, this activity takes place outside the control of
authorities, and the risk is unknown.
The system is virtual and U.S. authorities have signaled that they want to remove this system before
unsuspecting users is too much involved. For such a system to function, it must have a “rich”
sponsor.