“Certainly government can regulate exchange between government currencies and Bitcoin. It can also regulate income in Bitcoin the same as with other currency. This is not some tax-free nirvana in the making. The government can also oversee contractual regulations and securities activities in Bitcoin. However, Bitcoin itself is a peer-to-peer system of cryptographically guarded exchange, and it lives on a distributed server model. It is not a company. It is not a stock. It is not a product. It is a ledger that no one in particular runs or owns. It is not possible for Bitcoin as such to be destroyed any more than government can destroy algebra.”
