>> The financial system did that already, hundreds of years ago. And it turned out that the most efficient way to iron out these bugs was through trust and reg

>> The financial system did that already, hundreds of years ago. And it turned out that the most efficient way to iron out these bugs was through trust and regulation. >> To an outsider, the entire crypocurrency world just looks like a giant exhorbitantly expensive not-invented-here syndrome recapitulating the entire early history of finance. > Did they, though? If I were to describe the finance industry, "trustworthy" and "well-regulated" would probably not be the first words I'd reach for. (EDIT: To be fair, I'm a pretty typical layman, and I might just be throwing stones at a strawman. Maybe EVIL GREEDY BANKERS are a rarity in an otherwise idyllic system, but that's not what's in the zeitgeist) The GP isn't claiming that the finance industry is "trustworthy" and "well-regulated" in an absolute sense, just that the cryptocurrency world is repeating a lot of old mistakes for no good reason (making it relatively less trustworthy and well-regulated in comparison).