Let’s Cut Through the Bitcoin Hype

Bitcoin’s resilience comes from a property I refer to as Too Big To Regulate. Put simply, it’s easier to tell ten people to behave, than ten thousand. So if we want a system that’s impossible to regulate, get the power in the hands of ten thousand rather than ten. But there are some factors in Bitcoin that are not Too Big To Regulate. There’s only a few parties that turn bitcoin (which teleports) into dollars (which buy stuff). There can, and will be more, but the quantity of these critical nodes is not set by Bitcoin itself.

http://www.wired.com/opinion/2013/05/lets-cut-through-the-bitcoin-hype/