4 ms·

There is a pretty big difference in my mind between the kind of over regulation people dislike and simple enforcement of basic fraud and theft laws.

DannyBee 9y ago
Could you explain, in detail, that difference?
- Analemma_ 9y ago
  Whether or not they profit him, obviously.
  - hitekker 9y ago
    Yep. When I need the law on my side, it's "simple enforcement". When the law is on the other side, it's overregulation!
- CryptoPunk 9y ago
  The former reflects classical liberalism, which is the belief that the government should get involved when fraud or aggression has occurred, and deter crime through deterrence. The current regulatory system reflects the belief that government ought to preempt crime by creating centralized gatekeepers that impose blanket bans on entire categories of voluntary exchange (e.g. securities issuance), that are only lifted on a case-by-case basis if one is approved/registered by/with that gatekeeper.
- fastball 9y ago
  Probably things like bailouts, the Fed insuring things it has no business insuring, etc. Basically he seems to be espousing libertarian economics - prevent people from actively harming me, but don't try to otherwise actively participate in the financial system.
giobox 9y ago
For sure that argument can probably be made, but that's not really the point I think myself or the parent comment is making. If you follow the kind of "code is law" style rhetoric of some crytpo-currency evangelists, we can supposedly build a system that doesn't require "laws" or regulations as we know them today at all. Reality it seems often disagrees, especially when disputes inevitably arise. I'm simplifying greatly, but there's some truth to this idea in practice I think.
CryptoPunk 9y ago
I know. The bizarre conflation between advocating for a free market and advocating anarchy is surprisingly common any time the topic of cryptocurrency comes up.

DannyBee 9y ago

Could you explain, in detail, that difference?

Analemma_ 9y ago
Whether or not they profit him, obviously.
- hitekker 9y ago
  Yep. When I need the law on my side, it's "simple enforcement". When the law is on the other side, it's overregulation!
CryptoPunk 9y ago
The former reflects classical liberalism, which is the belief that the government should get involved when fraud or aggression has occurred, and deter crime through deterrence. The current regulatory system reflects the belief that government ought to preempt crime by creating centralized gatekeepers that impose blanket bans on entire categories of voluntary exchange (e.g. securities issuance), that are only lifted on a case-by-case basis if one is approved/registered by/with that gatekeeper.
fastball 9y ago
Probably things like bailouts, the Fed insuring things it has no business insuring, etc. Basically he seems to be espousing libertarian economics - prevent people from actively harming me, but don't try to otherwise actively participate in the financial system.

giobox 9y ago

For sure that argument can probably be made, but that's not really the point I think myself or the parent comment is making. If you follow the kind of "code is law" style rhetoric of some crytpo-currency evangelists, we can supposedly build a system that doesn't require "laws" or regulations as we know them today at all. Reality it seems often disagrees, especially when disputes inevitably arise. I'm simplifying greatly, but there's some truth to this idea in practice I think.

CryptoPunk 9y ago

I know. The bizarre conflation between advocating for a free market and advocating anarchy is surprisingly common any time the topic of cryptocurrency comes up.