alt Hacker News> This is why banks are regulated
Yes. Move fast and break things and forget governance... Cryptocurrency has always been dumb. You either con people out of their money or you lose yours.
I had someone approach me in 2017 or so because he wanted to do a rugpull coin operation. I said I was busy and didn't help, but I'd probably be much richer (and a piece of shit human) if I got involved.
Keep in mind banks are NOW regulated but the regulations came After the bad event not before.
Regulations probably help but they basically serve to keep evolutionary memory in place in a corporate ecosystem where companies can spawn from nothing.
Bad banks no longer exist but regulations, after an extinction event, perhaps try to make that evolutionary event permanent.
At least that is my mental model.
Regulations are very lagging. And they should be understood to create moats and friction. There is no free lunch. Regulations purposefully shrink or destroy markets. That is how markets work.
Something I wish tech folks would absorb more.
If it's not frustrating and stupid, (to you at the time) it's probably not really a regulation.