The first successful online payment system in the world was E-gold. The founders of E-gold were medical doctors who were extremely honest: But it had ONE drawback which was the reason for its downfall & Death -Permitting ANONYAMOUS transfer of fund from any person to any person without regards to the local Laws of the Land which led to Promotion of ANARCHY, CONFLICT & CRIME.Unethical people used E-gold for unethical transfer of funds. Poor Honest DOUGOLAS, founder of E-Gold is in JAIL today for violating Know ur customer Rules.BTC too has the same features of ANONYAMITY of E-gold,inviting the wrath of the central bank of every country.Thats the reason why BTC has a bad name and is being used for unethical activity. Any product service must b used for society's progress only and not for any negative purpose. Some experts are warning that BTC may go the E-gold way. Before this can happen, if the leaders of BTC Community give a thought about the Local Laws of the land, Know ur customer Rules, it will b nice.
The distinct difference here is that Bitcoin is not centralized, which seems to have been missed in that bit.
