alt Hacker NewsIf you start from an assumption that there should be no regulation, then your conclusion will be that there should be no regulation.
That's not actually an argument for anyone who doesn't share your assumptions though and is largely just lazy thinking.
Cash also has physical limitations that make large cross-border transactions hard, which crypto does not.
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> If you start from an assumption that there should be no regulation, then your conclusion will be that there should be no regulation
To be fair, they argued against intermediation. Not regulation. Requiring a filing for every $100 cash transfer to one's mother would satisfy their requirement.
How about this:
Regulation is a controlling mechanism that puts constraints on what people can and can't do. Some constraints will enable more things to happen because it reduces certain risks (e.g. property rights and laws against stealing enable investment and development of property).
But when there is too much regulation it has the opposite effect, and instead of enabling progress it stifles it. It acts as a calcification that slows change and makes society less adaptable.
So it's not that regulation is bad, it's that too much regulation can be bad.
Now in terms of regulating people's abilities to transact specifically: in a health democracy putting some regulations on transactions will probably have a positive effect because it can limit abuse and risk, and therefore increase freedom for honest people to make transactions. However when a civilization reaches the point in its life cycle when it is transitioning from a healthy plurality into authoritarianism, the risk of over-regulation of transactions skyrockets and the elimination of privacy when transacting is extremely likely to lead to tyranny.
When someone acts like regulating transactions is inherently bad, they're either repeating something they heard and didn't question, or they're assuming the people they are speaking to are educated in history and have a healthy fear of tyranny.
If you start with the assumption there should be regulation, even then IDK how you get there.
You're regulating an "untraceable" utterance of a string of data.
Pragmatically it's worse than trying to stop fentanyl, which is already impossible, and even trying to stop it has just made the gangs that much more powerful because they now control whole small nation-state tier light-infantry militias funded by black-market profits induced from trying to ban it.
I honestly don't see any way to effectively ban cryptocurrency that has net positive utility. "Yay we caught some criminals, all it cost us was a dystopia!"
Start from the assumption of liberty and the freedom of association. Unfortunately, most people don't believe in human liberty and prefer varying degrees of slavery.