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What Should Have Happened at the Cryptocurrency Hearings

Published by marco on

Updated by marco on

I think Austin Bragg and Andrew Heaton (of Reason Magazine) make pretty funny videos.[1] Their latest is about the recent the congressional cryptocurrency hearings. These are a good idea—you can’t just hand your economy over to a world of unregulated scamming without asking a few questions[2]—but some of the people seemed…unprepared, to be charitable.

What Should Have Happened at the Cryptocurrency Hearings by ReasonTV (YouTube)

[1] I will use a footnote as a parenthetical for the nigh-obligatory, “even though I don’t necessarily agree with all of their policy and economic stances.” They’re quasi-libertarians. They’re funny. I don’t make the rules.

I think it’s funny when people “in the crypto scene” get their hackles up at the thought of being regulated.

On the one hand, they want their favorite crypto-whatever-the-hell-it-is (it’s not really a currency) to be used for literally everything, but on the other, they bristle at any form of oversight. Only a fool thinks that their technology/software is so perfect and impenetrable that it needs neither regulatory oversight nor checks.

A fool or a scammer. A scammer definitely doesn’t want regulation because it might end the gravy train of free money provided by fleecing marks. Or maybe they’re afraid that, once the new hotness has been integrated to a degree that it helps a society (rather than just a very tiny segment), it won’t look any different than what we already have.

Or maybe they think that the people who established the last scam that funnels wealth upward at a prodigious rate won’t put up a fight? They’re scammers, just like you, crypto-people. Stop pretending you’re surprised that they’re going to go down fighting. Stop whining that they’re not giving you a chance to replace them with yourselves at the top of the heap. If you want to be the next mafia, you’re going to have to deal with the existing mafia.