3 ms·

I don't get why regulation is needed. The whole thing is by definition very high risk investment, and I think it'd be silly for any "scam-victim" to claim he di

I don't get why regulation is needed. The whole thing is by definition very high risk investment, and I think it'd be silly for any "scam-victim" to claim he didn't know he's entering a high risk, and also high chance of scam, deal. In the end of the day, why is it the government's job to protect idiot people's money? And that's coming from the country where gambling is legal? The whole thing is based upon get-out-of-our-way-government exactly because of these ridiculous regulations. If someone got money to waste, and decided to bet on some ICO horse, I wish him luck. If he doesn't have money to waste, it doesn't stop him from gambling on a real horse (which is still legal, and yet has 0 meaning whatsoever), so why are we so bothered about him gambling on this new virtual horse? Sure, arrest those ICOs that are actually 100% clear scam because they left misleading expectations which they never had an intent of fulfilling.

regulation_d 9y ago
I mean, we need regulation because 1929. We need regulation because regulation promotes confidence in the market which increases participation in the market. Security regulation is among the easiest government regulation to justify from a market perspective.
- mindcrime 9y ago
  It isn't the government's job to "increase participation in the market".
  - Taniwha 9y ago
    Governments are political beasts, if they are working correctly they respond to the will of the people, and if the people decide that "something must be done about financial scams" they make laws. It's how democracies work
    - mindcrime 9y ago
      It's how democracies work And? "Democracies" aren't inherently good, just, noble or virtuous. As the old saying goes "Democracy is two wolves and a lamb voting on what to have for dinner. Liberty is a well-armed lamb contesting the outcome".
      - Taniwha 9y ago
        Not really an old saying, unless I guess you are really really young, the first part, often misattributed to Franklin first turned up in the popular literature in the 90's, the last sentence was tacked on later BT someone else
        mindcrime 9y ago
        That has absolutely nothing to do with the point at hand.
        Taniwha 9y ago
        You claimed an aphorism, implying it was valid because it was old,it isn't, it's made up poppycock by some American survivalist twit
  - regulation_d 9y ago
    We can have differing ideas of what a government's job is. In my opinion, one of the jobs of government is to address clear market failures. On the securities side of things, 1929 was a clear market failure. On the environmental side of things, Love Canal was a clear market failure. The government is in the best position out of any entity to address these failures, to prevent a horde of swindlers from tanking our economy or to prevent some corporate stooges from poisoning elementary school children. I'm actually fine with the government acting to "increase participation in the market". That's why we try to have a steady 3% inflation, to encourage market participation.

regulation_d 9y ago

I mean, we need regulation because 1929. We need regulation because regulation promotes confidence in the market which increases participation in the market. Security regulation is among the easiest government regulation to justify from a market perspective.

mindcrime 9y ago
It isn't the government's job to "increase participation in the market".
- Taniwha 9y ago
  Governments are political beasts, if they are working correctly they respond to the will of the people, and if the people decide that "something must be done about financial scams" they make laws. It's how democracies work
  - mindcrime 9y ago
    It's how democracies work And? "Democracies" aren't inherently good, just, noble or virtuous. As the old saying goes "Democracy is two wolves and a lamb voting on what to have for dinner. Liberty is a well-armed lamb contesting the outcome".
    - Taniwha 9y ago
      Not really an old saying, unless I guess you are really really young, the first part, often misattributed to Franklin first turned up in the popular literature in the 90's, the last sentence was tacked on later BT someone else
      - mindcrime 9y ago
        That has absolutely nothing to do with the point at hand.
        Taniwha 9y ago
        You claimed an aphorism, implying it was valid because it was old,it isn't, it's made up poppycock by some American survivalist twit
- regulation_d 9y ago
  We can have differing ideas of what a government's job is. In my opinion, one of the jobs of government is to address clear market failures. On the securities side of things, 1929 was a clear market failure. On the environmental side of things, Love Canal was a clear market failure. The government is in the best position out of any entity to address these failures, to prevent a horde of swindlers from tanking our economy or to prevent some corporate stooges from poisoning elementary school children. I'm actually fine with the government acting to "increase participation in the market". That's why we try to have a steady 3% inflation, to encourage market participation.