I think the way I've started to think about Blockchain/Bitcoin is that it's just pure regulatory arbitrage. First Bitcoin was about being able to conduct illega

I think the way I've started to think about Blockchain/Bitcoin is that it's just pure regulatory arbitrage. First Bitcoin was about being able to conduct illegal transactions, now it's about being able to scam people and conduct market manipulation. So that's a bearish sign right? I don't think so, if you look at the history of silicon valley companies that pursue regulatory arbitrage models like Uber initially grow because it allows them to outcompete the incumbent, but as the regulations catch up, they are now the incumbent already and so the re-imposition of regulations doesn't destroy them, it just holds them in place, having already got to a strong position. Uber isn't worthless, but it's worth about as much as if you'd just added up all the taxi businesses they had replaced.