by Dan Steinhart, Casey Research:
The US government’s bid to
eradicate regulate Bitcoin has much in common with the music industry’s drive to destroy Napster a decade ago.
Like Bitcoin, Napster was a revolutionary success. As the first person-to-person (P2P) file-sharing program to gain widespread acceptance, it transformed the music industry forever. By allowing people to share music directly with each other, it eliminated the need for the record industry as a middleman.
Also like Bitcoin, Napster infuriated some powerful people. Upon realizing that the unauthorized downloading of music would cripple its business model, the Recording Industry Association of America (RIAA) unleashed an army of lawyers to sue Napster.
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