Earlier quoted context omitted.
> I claimed that regulation is antithetical to free exchange -- if you restrict me from trading something then I am not free to trade it Not quite. If you buy something without knowing what you're getting, that's not free trade. An airline selling a ticket on an unsafe plane but calling it safe is fraud, and fraud is not free trade. A "perfect" regulation would only limit fraudulent trade, but allow all other types o…
> Not quite. If you buy something without knowing what you're getting, that's not free trade. As a matter of language, I disagree. If I want to bet that the man offering me a lottery ticket is accurately conveying the odds, and you don't want to let me make that decision because you just overheard him discussing the fraud he was about to commit against me, physically stopping us from making that exchange by use of fo…
If someone wants to sell your friend a lottery ticket, and you know with certainty that the seller has no intention of paying out a winner, this is not free exchange. It's just a lie and simple fraud. Furthermore, as a friend, you should probably at least try to intervene. The same is true of government (or any authority).
Making a fraudulent trade is not "free exchange", legally, morally, or linguistically.