Quote from: Puppet on September 30, 2013, 10:59:02 PM

OT, but I find it fascinating that time after time, this bitcoin experiment shows us the usefulness of so many existing regulations that die hard libertarians love to hate. Things like registering a security, so that potential investors know all the relevant facts about the people and the business they are investing in. Rules against insider trading and stock manipulation as hinted at above, and disclosure requirements that would force labcoin to come clean about the actual status of their business making this more an investment than a lottery. The need for an organisation that verifies and enforces this, since you cant trust the exchanges, let alone the issuers. We already learned what happens when you allow ponzi schemes (pirate) or known felons to play 'bank' (mybitcoin). BFL customers are finding out that FTC rules about shipping delays and refunds perhaps arent so daft. Heck, they are even learning that evil old Paypal has its uses too.

Many libertarians were or are convinced bitcoin would show just how good a totally free market can work. Its showing me the exact opposite: t doesnt work without some sensible regulation, it becomes a scammer's and gamblers paradise, not a functional economy.

I think of it as similar to being pushed into deep water and learning how to swim on the spot. We're used to rely on these regulations as crutches, and our common sense has atrophied due to lack of use. Over time I hope we'll learn how to operate efficiently in a less-regulated world (with some Darwin awards earned in the process).

Some rules will of course still be needed, though. I'm not a libertarian myself.