Canadian Senator CÉLINE HERVIEUX-PAYETTE has penned a diatribe against Bitcoin on Eurekablog.ca.
Payette’s issue seems to be that the Senate Committee on Bank, Trade, and Commerce recommended a light touch on Bitcoin regulation as a way to prevent in-depth study of two other bills that might have been affected.
That the Senator is advising people to approach Bitcoin cautiously and learn about it before taking the plunge is a laudable. Bitcoin is certainly new and innovative and all the ramifications of its use and abuse have not been fully worked out yet. That she’s doing so with seemingly lack of facts is less laudable.
Her first criticism of Bitcoin is that it has an “expiry date given the maximum limit of 21 million bitcoins.” True = Bitcoin rewards those verifying the ledger with a set amount of Bitcoins every ten minutes or so. The reward started at 50 BTC and is programmed to halve every four years or so until the ‘block reward’ becomes to miniscule to really matter – it will never be truly zero. False = There is no expiry and all bitcoins ever mined will remain available for use as long as someone knows