Bank of Finland paper praises Bitcoin as 'revolutionary', says 'cannot be regulated'

Economists at the Bank of Finland recently analyzed the Bitcoin protocol and system, attempting to understand the economics of the Bitcoin network and how it could possibly be regulated. In a recently published paper, named "Monopoly without a Monopolist", they explain that Bitcoin is uniquely an efficient monopoly, with no miner able to extract excess value (higher fees) without being undercut by other miners. 

As a consequence of its structure, the writers say Bitcoin 'cannot be regulated', and conclude by writing: "Bitcoin’s design as an economic system is revolutionary and therefore would merit an economist’s attention and scrutiny even if it had not been functional. Its apparent functionality and usefulness should further encourage economists to study this marvelous structure."

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