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Crypto enthusiasts start to have an understanding of the benefit of a regulatory system.


Crypto lovers begin to realize the benefit of a regulatory body.



Perspective Reddit by der_EnzigehLook at Source

18 replies on “Crypto enthusiasts start to have an understanding of the benefit of a regulatory system.”

*”But the online libertarian forums I like so much assured me that a laissez-faire free-market financial system would be inherently safe and self-regulating!”*

Lol.

Who could have POSSIBLY predicted that crypto would be fertile ground for scams and insider trading??? Lol

Sometimes regulators are there to protect the stupid from dumb decisions. Sure it might water down the fun, but they’re typically in place to protect you from making horrible decisions that you’ll be bitching to politicians about later.

Even our regulated market is highly manipulated. What the fuck did they think would happen with an unregulated one?

Coinbase’s ads made it pretty obvious the whole thing was a scam.

“Get paid just by joining! We’ve given away one bazillion dollars in crypto rewards!” Hmm, yes, very trustworthy business model.

Lmao, wait till they find out that coinbase doesn’t even have an official headquarters, or that Binance is headquartered in the fucking Cayman Islands.

Some comments are blaming the SEC for not doing anything. Feels like they don’t know what unregulated means

One of my friends died in September of last year. Still waiting for Coinbase to return the family’s calls about closing his account with them, 7 months later…

This is just a speedrun of libertarians working out why banking regulations exist in the first place. It’s really funny when you see people saying they got scammed out of their crypto and they want to report to the FBI so they could get their crypto back, then you look at their post history and it’s mostly just them complaining about banking regulations.

Libertarianism is such an easy and lazy political position to take. It makes you sound like you actually stand for something without having to make any hard decisions. Libertarians are either naive enough to not know that there are horrible people that will try to game the system, or they’re so smart that they know they will be doing the conning themselves.

Either way, the majority of people in the middle will lose.

People who hate regulations almost universally seem to think that regulations came down from on high apropos of nothing.

They fail to realize that all regulations exist for a reason.

In the event a regulation has outlived it’s usefulness, or the usefulness was bad to begin with, you provide evidence of *why* it’s not needed first.

But this kind of reasoning is too complex for the “deregulate everything” crowd (which, let’s be honest, is just the bigger tent crypto-bros live under). Which is why they live by the mantra of the simplistic “regulation always bad” without any idea or concept of *why* said regulations exist to begin with.

At least, that is, until they re-invent the wheel and do the thinking that they should’ve done to begin with.

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