When you consider dollar bills what do you think it means. It means that the United states government has the authority to say that their paper money is backed by gold. Well these days I am pretty sure everyone knows this is no longer the case. It cannot be coincidence that this new currency with no centralized authority has risen right now. No one even knows the name of the guy who invented it. In terms of regulation is has become apparent that people have been using bit coins for illegal activities. Yes is it true that these can be tracked down after the fact. Firstly you need to be on someones tracks and know what you are looking for. Secondly though there is currently no way for any authority to stop such transactions from taking place. The Author makes a comparison between bit coins and the wild west.