Society pick up the bill when they bet the pension on a legal and regulated gambling site too. Or when they bet it all on leveraged tech stocks. Why stop you doing one thing and not the others?
I'm not particularly pro-crypto, but it's an interesting question that we haven't answered very well. It's clear to me that the state shouldn't stop you doing anything risky with your money - that also means stopping people starting businesses. But where do you draw the line? Problem gamblers often funnel every penny they have into betting sites - losing their house in the process. Wall street bets makes it clear that leveraged stocks can cause the same problems. Should we ban them too?
I'm not particularly pro-crypto, but it's an interesting question that we haven't answered very well. It's clear to me that the state shouldn't stop you doing anything risky with your money - that also means stopping people starting businesses. But where do you draw the line? Problem gamblers often funnel every penny they have into betting sites - losing their house in the process. Wall street bets makes it clear that leveraged stocks can cause the same problems. Should we ban them too?