> The tech world is full of huge fails, yet we deal with them, learn from them, and move forward. Just look at the success story of Sand Hill Exchange! https:

> The tech world is full of huge fails, yet we deal with them, learn from them, and move forward. Just look at the success story of Sand Hill Exchange! https://www.bloomberg.com/view/articles/2015-06-19/bitcoin-bucket-shop-kicks-bucket https://www.bloomberg.com/view/articles/2015-06-19/bitcoin-b... As Matt Levine puts it: > Or maybe it is a story about the interaction of the tech and financial industries. Tech is an industry of moving fast and breaking things. Finance is an industry of moving fast, breaking things, being mired in years of litigation, paying 10-digit fines, and ruefully promising to move slower and break fewer things in the future. My generic view of tech businesses trying to disrupt finance is that they tend to think that they are solving a technical or data or customer service problem, but the problems of finance are always and everywhere regulatory problems. The value of a bank is not that it can raise money from savers to lend to borrowers; it's that it has special regulatory status to raise that money in the form of bank deposits. The raising-money-from-savers stuff can be replaced by a web page; the regulatory stuff is more complicated. Sand Hill Exchange found that out the hard way: It made a minimal product that some people liked, attracted users, iterated on the product, made it better and seemed to be on its way to building something useful and interesting. The Sand Hill kids thought that was what they were supposed to do. Now they've learned -- no thanks to me! -- that, in finance, it's not so simple. The thing about finance is, there's been literally no scheme, no way to cut corners, that hasn't been tried and probably regulated against. And the SEC isn't there to harsh your mellow, they'd love you to do well. They're there because every regulation has an actual scam/disaster that caused it to be there. Bitcoin has frequently been noted to be an iterative exploration of why each and every financial regulation exists. There is only old ground to be broken here, and by crikey cryptos are going to break it. Again.