People have different perception of "regulations" as a concept (as opposed to myriad different good, bad & ugly implementations). To some, "regulation" is a ba

People have different perception of "regulations" as a concept (as opposed to myriad different good, bad & ugly implementations). To some, "regulation" is a bad, 4-letter word. It's somebody else, some strange entity, infringing upon my freedoms. "Let us make our own decisions and use our own judgment and experience, and this will work better!". The naive view of "regulation" as a concept, to which I subscribe, is collective memory. Something bad happened, and we said "Well let's not do THAT again". Hence regulation against pyramid schemes in many countries; sure you can say "let me make my own mistakes", but that's basically what happened: pyramid schemes were allowed, we made a mistake, and said "well that sucks". A lot of financial rules, that may be inconvenient, go back to edge cases and bad actors and real-life scenarios. NOW... bureaucracy absolutely has a life of its own, and there are a lot of bad regulations, but the way I see it, from a high enough perspective, any fresh, naive system (whatever technology underlies it) will either: a) Actually and seriously not have any regulations ever, which means we'll all keep repeating same mistakes and have issue with same edge cases / bad actors forever; it'll be a wild wild west and some people will have high risk appetites and some won't. or b) will eventually have regulations making it same as old system but with different technology.