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> How does this happen again 15 years later? It's human nature to create and participate in systems that are untenable over time but are tempting for short-ter
by marvin 4y ago
> How does this happen again 15 years later?
It's human nature to create and participate in systems that are untenable over time but are tempting for short-term speculation.
Normally, in advanced economies, we try to use regulation to prevent or limit these events. But crypto explicitly avoids regulation, so of course it's going to pop up there. It's got nothing to do with not cleaning up after 2008.
Cryptocurrency is a new asset class, of course it's going to go through some of the painful learning experiences that traditional finance has. I've been saying since 2013 that we're going to see the exact mistakes of finance repeated with cryptocurrency.
- unityByFreedom 4y ago> Normally, in advanced economies, we try to use regulation to prevent or limit these events. But crypto explicitly avoids regulation, so of course it's going to pop up there. It's got nothing to do with not cleaning up after 2008. The point I wanted to make is when you regulate too much you may encourage the growth of things that are unregulatable. Gambling and alcohol come to mind. I don't know that that's what happened, hence the question. Phrasing it another way, are we post-WW I (over regulated) or post-WW II (got it right, but you'll never be perfect)?