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Yes, the mayhem at the beginning is expected but I'm curious if the trial/error process could actually bring some sound stable system at the end. I'm inclined to think that this won't happen because most of the people in the bitcoin "economy" have some serious dislike for central authorities. And it's hard to design a stable monetary system without some kind of regulation and more transparency.

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Wanting to avoid single points of failure doesn't seem that strange to me. It's an engineering decision, not a political one. Central authority is just a central system to hack, or become corrupt.

You wouldn't let your business become reliant on a single-supplier part, why would you let it rely on a single-supplier currency?

Regulations are only worth as much as the authority regulating them, if that. Just look at the USA. All the laws required to stop the recent mortgage meltdown were already in place and could still be used, but won't be. What value do those unused regulations have? It's better to have less fake regulations and simply not depend on a non-existent safety net.

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