> Far from 'weakly enforced regulations' most Western nations have very well and strongly enforced regulatory regimes. There are rules upon rules about what is

> Far from 'weakly enforced regulations' most Western nations have very well and strongly enforced regulatory regimes. There are rules upon rules about what is allowed and what is not. They are as regulated as the system will allow. That is, companies dump lots of money into Congress to increase the chances of existing regulations being weakened and new ones neutered, and it works (see: Dodd-Frank [0]). And sadly, I don't see things changing anytime soon, as the American political landscape is basically divided into those who talk big on progress (but who, upon gaining control of Congress and the presidency, just barely uphold the status quo) and those who want to deregulate things even further. > The fallacy of 'Hard Currency' is that people think we can avoid these problems with some extant construct, like 'Gold' or 'Digital Proof' but that doesn't solve the problem at all. This is accurate. While cryptocurrencies might not allow for spending more than you have in your wallet, there are many ways you can trade on margin and "stable"coins which only have a fraction of their issued volume backed by any assets [1][2][3], including propping up an exchange with stablecoin funds [4]. I would not be surprised if someday there was a "bank run" on these unsecured stablecoins which caused huge knock-on effects. I think that the fundamental problem is greed combined with people who might not be very greedy but who are desperate to improve their financial situation. And unlike traditional financial institutions, crypto is quite difficult to regulate or provide any consumer protections for. [0] https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#Repeal_efforts https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street... [1] https://www.bloomberg.com/news/articles/2021-08-11/coinbase-drops-promise-of-token-s-cash-backing-that-wasn-t-true https://www.bloomberg.com/news/articles/2021-08-11/coinbase-... [2] https://www.ft.com/content/529eb4e6-796a-4e81-8064-5967bbe3b4d9 https://www.ft.com/content/529eb4e6-796a-4e81-8064-5967bbe3b... [3] https://www.singlelunch.com/2021/05/19/the-tether-ponzi-scheme/ https://www.singlelunch.com/2021/05/19/the-tether-ponzi-sche... [4] https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/ https://amycastor.com/2019/01/17/the-curious-case-of-tether-...