Terrible idea.

US Congress and UK Parliament are starting to consider regulations on bitcoin.

Terrible idea.

1. Regulating after the fools have lost their money won’t help anyone. If you’re going to protect fools from voluntarily losing their money, you need to do it on the boom side, not the bust side. The bust itself cures many fools and gives them the information and backbone to resist the next boom. Some are incurable.

2. Legislation is bought by the worst criminals. We can be 100% certain that the regulations will GUARANTEE constant reward for the worst criminals, and will punish the stupid and desperate participants who did NOT intend to commit a crime.

3. The only meaningful regulation is a total ban on all stocks and derivatives and abstract financial shit. The Soviet system had it exactly right. No stock market at all. Gosbank decided where to put capital to benefit the skills and needs of the people. Gosbank sometimes emphasized the wrong industries, but it never intentionally made the peasants poorer, and never offshored entire industries to kill working men. The stock market murders working men. That’s the purpose.

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Since we’re too evil to follow the Soviet path, the best cure for scams and frauds is in media and schools, not in regulation. As I’ve repeated over and over, media formerly did a good job of dramatizing and clarifying how swindlers work. All the tricks used by bitcoiners are ANCIENT tricks, and all of them were demonstrated clearly by the old radio and TV programs.

The current media universe is purely operated by and for the swindlers. Searching Youtube for “blockchain fraud” or similar terms gives you 98% swindlers and 2% truth. Swindlers always use “fraud” or “scam” to describe OTHER BRANDS of swindle.

“Avoid frauds and scams! Buy MY HONEST COIN, not those other horrible fraudulent coins.”

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Later note: The Sucker Filter is one trick that WASN’T described and dramatized in those old shows. I’m sure it has always been used, but maybe it wasn’t quite as blatant before the web.