Bitcoin: virtual currency, real-world problems

AS we think about bitcoin (a splendid way to pass a weekend), a chance to quote The Good Wife presents itself: "Reality isn't idealistic. And when the two of them run into each other, only one of them gets hurt."

Now, as bitcoin runs up against the confines of the real world, the question of which side will yield more is worth considering. It is a complex one.

Bitcoin operators worldwide run the gamut from the suit-clad to the Bermuda-wearing - a metaphor for how the players also range from the respectable to the dodgy. (This is a problematic metaphor, as the largest crimes in history have been committed by men in suits.)

In Singapore, bitcoin outfits have veered towards the legitimate. The people behind them include ex-bankers, entrepreneurs with track…