A common, tired take on HN: crypto bros will re-invent every piece of financial regulation they condemned.
I doubt it.
The reason is simple. If you think this latest round of panics and collapses is anything new, you haven't been paying attention. This is but the latest round in a 10+ year history of shenanigans. They come in waves spaced roughly 4 years apart. Regulation has not and never will fix it.
Nor did that highly-touted financial regulation do anything to stop the panics, scams, and financial idiocy of the 20th and early 21st centuries. Lots of regulation. Lots of oversight. Congressionally-empowered regulators with fancy degrees and highfalutin titles. None of it stopped the Great Depression, the S&L collapse, the crash of 2000, the GFC, or the current brewing crisis in the Eurodollar system.
Indeed, there's an argument to be made that regulation and regulators incited those catastrophes through moral hazard.
Clucking at all the rubes losing their shirts on exchanges is an old game with no reward. It leads nowhere and advances no new insights.
For those interested in a possibly more eye-opening perspective, consider that Bitcoin not only makes financial regulation unnecessary, but practically impossible.
I doubt it.
The reason is simple. If you think this latest round of panics and collapses is anything new, you haven't been paying attention. This is but the latest round in a 10+ year history of shenanigans. They come in waves spaced roughly 4 years apart. Regulation has not and never will fix it.
Nor did that highly-touted financial regulation do anything to stop the panics, scams, and financial idiocy of the 20th and early 21st centuries. Lots of regulation. Lots of oversight. Congressionally-empowered regulators with fancy degrees and highfalutin titles. None of it stopped the Great Depression, the S&L collapse, the crash of 2000, the GFC, or the current brewing crisis in the Eurodollar system.
Indeed, there's an argument to be made that regulation and regulators incited those catastrophes through moral hazard.
Clucking at all the rubes losing their shirts on exchanges is an old game with no reward. It leads nowhere and advances no new insights.
For those interested in a possibly more eye-opening perspective, consider that Bitcoin not only makes financial regulation unnecessary, but practically impossible.