OP is right. Regulations are terrible.
I inspect my own food at restaurants to ensure I don't shit blood or die of a preventable bacterial infection.
I inspect any bridges and roads myself before I drive over them.
I inspect and audit my own FIAT bank to ensure they are still solvent and haven't run off with my money.
I don't understand why everyone can't just do this.
Topic: Regulation is not the answer-obviously - page 3. (Read 1739 times)
yeah right buddie your obviously part of this honeypot called gox go lick the honey of mark
regulation will do nothing negative but ensure sites like this can't harbour criminals like you
regulation will do nothing negative but ensure sites like this can't harbour criminals like you
Those of you crying to the state for regulation may be well intentioned but you are unfortunately looking in solutions for the wrong place. Regulation will do nothing to protect bitcoin users, it would only benefit entrenched interests and the "big boys". Consider how regulation completely failed to prevent the following calamities:
Enron
Worldcom
Libor Scandal
Bernie Madoff
The greatest theft in human history - the bailout of the "too big to fails"
The massive derivitaives banking scam
MF Global
-These are just the few i can remember and ones that relate soley to finance, there are many more financial examples from the past few years that regulation failed(purposefully) to prevent.
All of these terrible thefts were AIDED by regulation. Regulatory capture is a term that refers to the situation in which people demand company x to be regulated, as a result, company x colludes/infiltrades these regulatory positions and appoints previous company x employees or friends of company x to these positions. You can look at literally ANY corporation in america and see this phenomenon; from monsanto heads who are incharge of the FDA, to ex-bankers in charge of banking and finance regulation, defense contractor heads in charge of military budget regulation, the list goes no forever, it literally never ends. Regulator capture is very real, to think that regulation is created for the intention of protecting the little guy is naieve and akin to saying that the state exists to help people.
Regulation will only hurt bitcoin. Do you really believe giving the power to regulate bitcoin companies to the state is going to be good for us? Bitcoin is a dagger to the heart of all fiat currencies, it's intention is to free people from the tyranny of state ass-wipe paper which it does wonderfully. It is astonishingly stupid to thank that those bitcoin was created to destroy should have power over bitcoin companies.
The market can and will solve all the problems we are currently experiencing. I feel terrible for people who lost money in Gox, but seriously it was WELL KNOWN that gox has screwed people 5 times in the past. Why in the world would you keep your life savings on an EXCHANGE for christs sake? This is the same thing as keeping your money in a bank and then rioting when a bank run occurrs. I am no bitcoin expert, but i can quite easily do cold storage. The bitcoin protocol provides all the necessary security you need to keep your bitcoins safe, guides on cold storage are all over youtube and the internet.
Bitcoin places the responsibility of keeping your coins safe on YOU, it was built with tools in place for you to be your own bank. The age of trusting others with your money is over. If you want to have money in a hot wallet, import the full amount from cold storage, send a certain amount to your hot wallet and send the rest back to cold storage. This is the safe way to store your bitcoin, not in someone else bank who lost the communities trust 5 times before in the past.
The whole point of a free market is that there is no "too big to fail". Gox is dead, as it should be. There are already legitimate exchanges in the market like coinbase and others. It is up to you to do your research and not to leave your money just sitting in exchanges.
Regulators have failed us in every industry, without an understanding of the true purpose of regulation-to keep out small players, protect big players, extract wealth and power-you can't possibly see the natural solutions that will emerge in the market. Is it not obvious that we live in a fascist country? Corporations and the state collude to squash competition and enrich themselves, they are the last people that should be in control of bitcoin. The community of bitcoiners should be in charge of bitcoin by voting with the coins and the market should allow those who suck to fail-as it has in this instance. We do not have capitalism in America, we have crapitalism or crony capitalism. In true capitalism the market decides and those who fail don't get bailouts. It sucks people lost their money in a "magic the gathering" bitcoin exchange who repeatedly violated peoples trust and lied, but you are responsible for yourself in a free market and captured regulators will never gives a crap about you.
Enron
Worldcom
Libor Scandal
Bernie Madoff
The greatest theft in human history - the bailout of the "too big to fails"
The massive derivitaives banking scam
MF Global
-These are just the few i can remember and ones that relate soley to finance, there are many more financial examples from the past few years that regulation failed(purposefully) to prevent.
All of these terrible thefts were AIDED by regulation. Regulatory capture is a term that refers to the situation in which people demand company x to be regulated, as a result, company x colludes/infiltrades these regulatory positions and appoints previous company x employees or friends of company x to these positions. You can look at literally ANY corporation in america and see this phenomenon; from monsanto heads who are incharge of the FDA, to ex-bankers in charge of banking and finance regulation, defense contractor heads in charge of military budget regulation, the list goes no forever, it literally never ends. Regulator capture is very real, to think that regulation is created for the intention of protecting the little guy is naieve and akin to saying that the state exists to help people.
Regulation will only hurt bitcoin. Do you really believe giving the power to regulate bitcoin companies to the state is going to be good for us? Bitcoin is a dagger to the heart of all fiat currencies, it's intention is to free people from the tyranny of state ass-wipe paper which it does wonderfully. It is astonishingly stupid to thank that those bitcoin was created to destroy should have power over bitcoin companies.
The market can and will solve all the problems we are currently experiencing. I feel terrible for people who lost money in Gox, but seriously it was WELL KNOWN that gox has screwed people 5 times in the past. Why in the world would you keep your life savings on an EXCHANGE for christs sake? This is the same thing as keeping your money in a bank and then rioting when a bank run occurrs. I am no bitcoin expert, but i can quite easily do cold storage. The bitcoin protocol provides all the necessary security you need to keep your bitcoins safe, guides on cold storage are all over youtube and the internet.
Bitcoin places the responsibility of keeping your coins safe on YOU, it was built with tools in place for you to be your own bank. The age of trusting others with your money is over. If you want to have money in a hot wallet, import the full amount from cold storage, send a certain amount to your hot wallet and send the rest back to cold storage. This is the safe way to store your bitcoin, not in someone else bank who lost the communities trust 5 times before in the past.
The whole point of a free market is that there is no "too big to fail". Gox is dead, as it should be. There are already legitimate exchanges in the market like coinbase and others. It is up to you to do your research and not to leave your money just sitting in exchanges.
Regulators have failed us in every industry, without an understanding of the true purpose of regulation-to keep out small players, protect big players, extract wealth and power-you can't possibly see the natural solutions that will emerge in the market. Is it not obvious that we live in a fascist country? Corporations and the state collude to squash competition and enrich themselves, they are the last people that should be in control of bitcoin. The community of bitcoiners should be in charge of bitcoin by voting with the coins and the market should allow those who suck to fail-as it has in this instance. We do not have capitalism in America, we have crapitalism or crony capitalism. In true capitalism the market decides and those who fail don't get bailouts. It sucks people lost their money in a "magic the gathering" bitcoin exchange who repeatedly violated peoples trust and lied, but you are responsible for yourself in a free market and captured regulators will never gives a crap about you.
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