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Will Bitcoin Regulate Itself Before It's Too Late? 2/27/2014 Will Bitcoin Regulate Itself Before It’s Too Late? | Fox Business Fox New s Fox Business uReport Fox New s Radio Fox New s Latino Fox Nation Fox New s Insider Login Search Stocks & Keywords Search Business of Boomer Retirement Pension Crisis: The Gathering Storm Trending Earnings Central Jobs Report Market CheckWhat's Hot Home Video Markets Industries Economy & Policy Investing Technology Personal Finance Business Leaders On Air Small Business Fed Chief Janet Yellen Testifies Before Senate Banking Committee Launch Live Player Will Bitcoin Regulate Itself Before It’s Too Late? By Matt Egan / Published February 26, 2014 / FOXBusiness REUTERS Print Bitcoin’s decentralized and unregulated nature has appealed to millions of people who are understandably skeptical about Email government interference in their finances. Share 0 Comments But the debacle surrounding Bitcoin exchange Mt. Gox serves as a RECOMMENDED VIDEOS Like 23 fresh reminder of the downside to this off-the-books, anti-regulation Don't sell your gold approach. In a blow that regulated banks would have likely avoided, Tw eet 17 Mt. Gox may have lost some $365 million worth of the crypto currency. Share 2 The incident raises serious questions about the ability of Bitcoin or a Security flaw in your rival digital currency to succeed without a government or industry- Apple device? RELATED VIDEO installed safety net in place to protect currency holders. Stuart Varney: Bugger off, Piers Morgan! Investor sees opportunity in Bitcoin http://www.foxbusiness.com/technology/2014/02/26/will-bitcoin-regulate-itself-before-its-too-late/ 1/6 2/27/2014 Will Bitcoin Regulate Itself Before It’s Too Late? | Fox Business RELATED STORIES “More assurance will be needed -- and should be demanded. I would Internet Chat Reveals Mt. not advise someone to jump into this Bitcoin currency with no Gox CEO Hasn't 'Given Up' regulatory oversight and no significant institution with a lot to lose Mt. Gox 'Working Hard' to standing by it,” said Moshe Cohen, a professor at Columbia Business Stem Grow ing Site Woes Bitcoin Exchange Mt. Gox School. MORE FROM FOX BUSINESS Takes Site Offline Obamacare Report: Prosecutors Look Already, regulators are swirling around Bitcoin in the wake of the Enrollment Hits 4 into Bitcoin Business Million apparent collapse of Tokyo-based Mt. Gox, which shut down its Can the Bitcoin Craze Outlast Looming Hurdles? website this week and has halted withdrawals since February 7, leaving the exchange’s customers in the dark about whether they will FDA Gives Bristol- ever see their money again. Myers' Hepatitis Drug 'Breakthrough' According to The Wall Street Journal, Mt. Gox received a subpoena Designation from federal prosecutors asking the company to preserve certain documents among other things. Japanese regulators are also taking Hired! a closer look at Bitcoin. The calls for greater oversight, whether it be public or private, is not a knock on the innovative nature of Bitcoin itself, which is sometimes H-P Lands $32M dragged down by the flaws of third parties like Mt. Gox. Cyber Security Contract From Dept. of Homeland Cohen compares Bitcoin with a Security technologically-advanced robotic “I think private firms will pop up to surgeon. FROM OUR SPONSORS deal with some of Say goodbye to 5 these shortcomings. “I’d prefer having a robot performing discontinued cars in That is probably a 2014 precise surgery on me than an old more efficient way Bankrate surgeon with shaky hands. But I do want to solve this issue.” oversight. I want the hospital there and the - Cam Harvey of Duke University doctor in some proximity because who What's this? knows how well the robot has been Tech Connect› programmed,” he said. No Fed Rescue Here But Bitcoin as it is currently structured lacks that oversight. That’s why The spy who loved Angry Birds security gaps or even potential fraud at a third party could cause How the Internet of Things Will Change Your Bitcoin holders to lose their entire investment and erode the Life currency’s value. What's in Store for Technology This Year? Despite the recent incidents, Bitcoin has proven itself a very efficient way to transact money, especially when considering the fees FOLLOW FOX BUSINESS associated with traditional payment methods. Get Our Free Newsletter Enter Email Address Sign Up Yet like most young technologies, Bitcoin has some serious drawbacks. Like 134k Follow @foxbusiness One shortcoming is incredible volatility, which makes it difficult if not impossible for businesses to hold the currency for any significant length of time. http://www.foxbusiness.com/technology/2014/02/26/will-bitcoin-regulate-itself-before-its-too-late/ 2/6 2/27/2014 Will Bitcoin Regulate Itself Before It’s Too Late? | Fox Business “It’s a very efficient way to transact, but it’s an unreliable store of Sponsored Topics value,” said Cam Harvey, a Duke University professor who teaches 1 Best Retirement Annuities about crypto currencies. 2 High Interest Savings Accts Harvey estimates Bitcoin is about 20 times more volatile than the U.S. 3 Best Cell Phone Plans dollar and 10 times more volatile than gold, itself a volatile form of 4 Top 10 Credit Cards currency. He noted that twice last year Bitcoin experienced swings of 50% in value in a week. 5 Safest ETF Investments 6 Fixed Income Funds The other major shortcoming of Bitcoin is the lack of insurance, which helps explain the very low fees. “If someone steals my debit card, that’s the bank’s problem. If someone robs the bank or causes it to collapse, then the FDIC will insure my deposits up to a certain amount. I’ve got multiple Signs on window advertise a bitcoin ATM machine. layers” of security, said Harvey. Fearing bank runs, the FDIC raised its deposit insurance limit during the financial crisis to up to $250,000 per account owner. “Mt. Gox reminds us of the downside of decentralized, unregulated currencies. There is no Federal Reserve or IMF to come to the rescue. There is no deposit insurance,” said Harvey. Industry-Led Safety Net? But the incident could also be the spark that forces Bitcoin to embrace a safety net that protects consumers. One possible solution would be for a private company to fill the void by providing insurance for Bitcoin accounts for a fee. Harvey bets there are probably half a dozen firms working on that kind of model right now. “Given that fees are so large with traditional transactions, there is so much room for something to be offered for a fee but far cheaper than what we pay today,” he said. “I think private firms will pop up to deal with some of these shortcomings. That is probably a more efficient way to solve this issue.” Cohen said an industry monitor could also be installed to ensure exchanges are being run in an organized way and fairly matching up buyers and sellers. http://www.foxbusiness.com/technology/2014/02/26/will-bitcoin-regulate-itself-before-its-too-late/ 3/6 2/27/2014 Will Bitcoin Regulate Itself Before It’s Too Late? | Fox Business “We want some blend. We don’t want this anarchy of development of a whole new world with no currency, no government and no banks. That’s a little presumptuous,” Cohen said. The Mt. Gox problems will clearly bolster the case of regulators like the New York Department of Financial Services, which has already been mulling a regulatory framework for Bitcoin. Benjamin Lawsky, the NYDFS superintendent, said on Twitter that problems at Mt. Gox underscore the fact that “thoughtful regulation could play” an important role in “protecting consumers with funds at virtual currency firms.” 'Can't Regulate Away Incompetence' But Bitcoin backers are sure to resist overbearing regulation. Even though his Bitcoin wallet Coinapult stands to lose $250,000 if Mt. Gox is insolvent, Erik Voorhees argues government regulation is not the answer. “Let’s be honest, you can’t regulate away incompetence and failure. That’s what people try to do in the U.S. and you’re left with these too- big-to-fail companies,” Vorhees told FOX Business. Harvey said one area government may be needed is to force greater transparency among Bitcoin exchanges. A clear look at how risky each exchange is would be tantamount to knowing why your bank is offering exceedingly high interest rates on deposits and CDs. “Ideally, this would be driven by industry, but that could fail,” said Harvey. Follow Matt Egan on Twitter @MattMEgan5 FROM AROUND THE WEB MORE FROM FOX BUSINESS Find Out Which Antivirus Softw are Received a Near Don't be fooled by another 'Obamacare horror story' Perfect Score (Beta News) Is Microsoft About to Make a Huge Mistake? Kaspersky Finds Over 98 Percent of Mobile Malw are is Why No One Know s Who Has Actually Paid for Aimed at Android (Maximum PC) ObamaCare Insurance The End of Window s XP: What You Need to Know (Work Why the Rich Use Credit Cards Intelligently) Bitcoin Plunges as Exchange Halts Withdraw als Due to The Top 5 Credit Cards If You Are Interested In Technical Problems Transferring A Balance (NextAdvisor Daily) Rebel Currency Taking Off Bit by Bit in the Northeast Tw o Technologies That Will Seriously Affect Your Business in Tw o Years (MasterCard Business Network) 7 Best Credit Cards For Those With Excellent Credit (NextAdvisor Daily) [What's This?] SHARE THIS ARTICLE FOX BUSINESS VIDEO 23 17 0 StumbleUpon Submit Like Tw eet http://www.foxbusiness.com/technology/2014/02/26/will-bitcoin-regulate-itself-before-its-too-late/ 4/6 2/27/2014 Will Bitcoin Regulate Itself Before It’s Too Late? | Fox Business Plan to Break California Former Apple CEO on into six states Samsung: Having good hardware isn’t enough Offers and articles from around the Web ADVERTISEMENT Stock Market Weird North Carolina DIVERSION POR Clever Joint Solution Explosion? 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