8 ms·

Don't worry free market will sort it out eventually. Dump money will run out after a few big project failures. Investors will be more sophisticated. It's a new

Don't worry free market will sort it out eventually. Dump money will run out after a few big project failures. Investors will be more sophisticated. It's a new market and what's happening now is natural, it's the same as dot-com bubble. Smart regulators can help free market to get rid of dishonest projects. But the common problems with regulators is that they are not smart and they are slow to fix their mistakes if they ever acknowledge them. Bad regulation can kill the market.

nukeop 9y ago
Mentioning the "free market" in any other context than a joke will make most people not take your post seriously.
- hal9000xp 9y ago
  I assume only die hard leftists like you downvoted my comment despite me writing: > Smart regulators can help free market to get rid of dishonest projects. I gave you one unrelated example of total stupidity of regulators - H1B visa. Instead of high salary requirement, it has bachelor degree requirement. Having bachelor degree tells absolutely nothing about qualification of employee. In fact, there are shitload of bachelor degree holders in computer science who don't know difference between O(n) and O(n^2) and have no idea what red-black tree is. H1B is abused badly. Large majority of H1B quota goes to very questionable body shops who flood the market with cheap labor. It can be ended very quickly if high skills determined by size of salary and bonus. Yet for years, regulators still can't figure it out. Not to mention that while high skilled indians and chinese wait green card for decades, some lucky and completely unskilled people get green card straight away by winning diversity lottery. There is endless list of stupidity of government. I'm sure there is a lot of people here in HN who just hate cryptocurrencies and just want to kill the market by government machine.
  - Angostura 9y ago
    If you want examples of where the free market you can look at any of the tragedy of the commons. In these situations, government helps. There is an endless list of the stupidity of the free market.
    - hal9000xp 9y ago
      Tragedy of commons perfectly applied to communism and socialism where shared resources are overused. Free market is quite opposite to tragedy of commons since it's based on private property, not on shared resources.
      - mnw21cam 9y ago
        Yet there are some resources that are hard to privatise, for instance the atmosphere. Government regulation is what turns the commons (which are open to tragedy) into either tightly regulated (for example, dumping of hazardous materials) or a free market (for example, emissions trading). Without the government interference, the market wouldn't exist. To some extent that goes all the way down to buying your groceries, because without some government, nothing would be stopping someone with a bigger gun coming in and stealing whatever groceries they want.
        hal9000xp 9y ago
        > nothing would be stopping someone with a bigger gun coming in and stealing whatever groceries they want That's why we need government - to prevent violence and stealing. Free market can work only in non-violence environment. However, government tries to do much more than that. And this I consider as a problem, namely excessive regulation.
        oldcynic 9y ago
        Even Hayek, so beloved of Thatcher and Reagan, sought to regulate and price externalities due to failures of the free market: “Nor can certain harmful effects of deforestation, or of some methods of farming, or of the smoke and noise of factories, be confined to the owner of the property in question or to those who are willing to submit to the damage for an agreed compensation. In such instances we must find some substitute for the regulation by the price mechanism.” (From Road to Serfdom)
        tarken 9y ago
        want a free market? move to Antarctica. you can be as free as you want. Here in society we'll keep building and cooperating. competition is for predators and chumps.
  - deadbunny 9y ago
    > leftists Well that's an easy way to gather downvotes.

nukeop 9y ago

Mentioning the "free market" in any other context than a joke will make most people not take your post seriously.

hal9000xp 9y ago
I assume only die hard leftists like you downvoted my comment despite me writing: > Smart regulators can help free market to get rid of dishonest projects. I gave you one unrelated example of total stupidity of regulators - H1B visa. Instead of high salary requirement, it has bachelor degree requirement. Having bachelor degree tells absolutely nothing about qualification of employee. In fact, there are shitload of bachelor degree holders in computer science who don't know difference between O(n) and O(n^2) and have no idea what red-black tree is. H1B is abused badly. Large majority of H1B quota goes to very questionable body shops who flood the market with cheap labor. It can be ended very quickly if high skills determined by size of salary and bonus. Yet for years, regulators still can't figure it out. Not to mention that while high skilled indians and chinese wait green card for decades, some lucky and completely unskilled people get green card straight away by winning diversity lottery. There is endless list of stupidity of government. I'm sure there is a lot of people here in HN who just hate cryptocurrencies and just want to kill the market by government machine.
- Angostura 9y ago
  If you want examples of where the free market you can look at any of the tragedy of the commons. In these situations, government helps. There is an endless list of the stupidity of the free market.
  - hal9000xp 9y ago
    Tragedy of commons perfectly applied to communism and socialism where shared resources are overused. Free market is quite opposite to tragedy of commons since it's based on private property, not on shared resources.
    - mnw21cam 9y ago
      Yet there are some resources that are hard to privatise, for instance the atmosphere. Government regulation is what turns the commons (which are open to tragedy) into either tightly regulated (for example, dumping of hazardous materials) or a free market (for example, emissions trading). Without the government interference, the market wouldn't exist. To some extent that goes all the way down to buying your groceries, because without some government, nothing would be stopping someone with a bigger gun coming in and stealing whatever groceries they want.
      - hal9000xp 9y ago
        > nothing would be stopping someone with a bigger gun coming in and stealing whatever groceries they want That's why we need government - to prevent violence and stealing. Free market can work only in non-violence environment. However, government tries to do much more than that. And this I consider as a problem, namely excessive regulation.
        oldcynic 9y ago
        Even Hayek, so beloved of Thatcher and Reagan, sought to regulate and price externalities due to failures of the free market: “Nor can certain harmful effects of deforestation, or of some methods of farming, or of the smoke and noise of factories, be confined to the owner of the property in question or to those who are willing to submit to the damage for an agreed compensation. In such instances we must find some substitute for the regulation by the price mechanism.” (From Road to Serfdom)
        tarken 9y ago
        want a free market? move to Antarctica. you can be as free as you want. Here in society we'll keep building and cooperating. competition is for predators and chumps.
- deadbunny 9y ago
  > leftists Well that's an easy way to gather downvotes.