"bitcoin" itself is unregulated in the same way gold itself is unregulated.
bitcoin is a text file.
Gold persists.
(sorry, spend too much time on zerohedge...)
Bitcoin has practical applications as well, on the Internet as peer to peer cash. But like gold, it's value comes largely from speculators, not its practical applications.
Power changes with men with gens are empowered to enforce it.
Basically most smiths run an official registry. Even though a gold bullion is yours, most countries will forbid you from melting it into something else and destroying serial number in process, just like even if you own your house you cannot set it on fire. There are penalties including jail time. Its irrelevant if you put same serial number back on remelted PM.
Do you have some links for this? I did not know that and I'm not sure why would you get jail time for that.
I mean, what is the rationale? Is it about somehow preventing transfer from a legal market to an unregulated one?
I get that you can't mint your own gold coins or bars, but why not melt them? I'm very intrigued by this.
It is much easier and faster to sell 10 x 100g tabs than 1 x 1kg.
Its obvious whatever that such rules can hardly be enforced.
Sidestory: Argentina had an issue with inflation making coins worth less than their metal, and the bus lines (which were coin operated) turned out to be hoarding coins for reselling.