...the rest of the world is not that far behind. They are going to be watching the PBOC's grand experiment very carefully to see how the population goes along with it, or what kind of resistance is offered.
Bitcoin exchanges will continue under increasingly burdensome regulatory restrictions, but setting up accounts and transacting with others via exchanges will eventually be more time-consuming and annoying than setting up a bank account.
So is bitcoin really now more valuable than gold now? You might need to ask a philosopher. All I know is that people sure seem to be willing to pay a lot for it at the moment.
...the blockchain can be used to create digital currencies that represent the very vision of a totalitarian tyrant’s wildest wet dream.
What matters is that the world has transitioned from a pre-World Wide Web economy to a World Wide Web economy, and we are still dealing with the ramifications of that.
Our good friends at the CIA wrote a lengthy defense of the PAM project and prediction markets in general in 2007, so you can bet that it went ahead under a blanket of classification secrecy at some point.