Earlier quoted context omitted.
>>they're trying to reign it in with gloved hands before it becomes one and it turns into a big economic mess that the government will have to foot the bill to eventually clean up. The government has no obligation to clean up anything. Claiming otherwise is just an excuse to prohibit people from investing into high-risk assets. >>common people like your grandparents and uninformed but good hearted relatives are provi…
> The government has no obligation to clean up anything. Sure they do. It's tasked with the ongoing operation and existence of the country, which can be threatened by economic instability. For example, Albania had a civil war literally over Ponzi scheme failures. https://en.wikipedia.org/wiki/Albanian_Civil_War > If the common good-hearted people are too stupid to control their own money, then they should be deprived…
Albania is a lawless country where people are murdered across generations in ongoing blood feuds. In such a setting, any major social crisis can trigger a civil war. The solution in Albania is not to restrict private economic exchange. It is to institute the rule of law, by consistently prosecuting crimes like homicide, so that people don't think that extra-judicial violence is an appropriate response to disputes.
There is no chance that a cryptocurrency dropping in value in the West would trigger a civil war, because the rule of law presides in the West.
You're using the violence inherent to Albanian culture, that is independent of any financial phenomenon, as an excuse for putting cryptocurrency traders in prison.
>>Slamming "Big Brother states" while advocating for the removal of the right to vote and legal personhood is... special.
Obviously the comment was not meant to be taken literally, as evident from the comment right after calling the approach "illiberal" and characterisic of police states.
My comment was meant to equate advocacy for removing the right to freely transact with advocacy for the removal of the right to vote. Both are the natural implication of the principle that the subject is too ignorant, stupid, gullible, etc to be given full agency.
Think of it this way: you want the good hearted and gullible people to not be allowed to transact without gatekeepers, but you want them to have the right to vote, without gatekeepers to protect them from demagogues? That's inconsistent.
In other words, I'm saying if you really think the typical person is so incompetent that there should be laws to prevent them from investing into assets that have not been vetted by a government agency, then you don't have enough faith in their competence to give them the right to vote.
Incidentally, the poorest households spend 9 percent of their income on lottery tickets. The fact that this is not only legal, but promoted by state-funded advertising, yet investing in securities issued by non-public companies is prohibited, shows that protecting the public is not the real motivation beyond laws against purchase of non-public securities.