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Comment by TeMPOraL | Hacker News Reader

> They’re complicated and stand to harm mostly those who inflicted it on themselves

They're about as "inflicted on yourself" as most fraud is. You could say that a grandma getting scammed by a person pretending to be a government official[0] also brought it on herself, and so did the guy scammed by an insurance MLM. The truth is, there's enough of buzz around cryptocurrencies that it starts to impact regular citizens[1]. It's becoming a public issue, and so it's a perfect moment for the government to step in and start dealing with the fraudlent part of the cryptocurrency ecosystem.

[0] - Recent subject of fraud prevention campaigns by the police in Poland, not just a stereotype.

[1] - Hell, I heard a story about cryptoexchanges in local radio news this very morning.

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This is becoming an issue of public financial safety:

"The other day my barber asked me whether he should put all his money in Bitcoin." - Paul Krugman

https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fr...

> It's becoming a public issue

Pardon me, I didn't mean to say it isn't something regulators should go after. I was merely commenting on their incentives.

If you're an ambitious regulator, an easy-to-explain high-profile bust is worth its career weight in gold. "I got Martin Shkreli convicted of securities fraud" is potent and messageable. "This cryptocurrency scheme...what's are cryptocurrencies?..anyway, this scheme in Hong Kong sold other cryptocurrencies called Tethers in exchange for Bitcoin...no, we're still fighting for extradition..."

That is messy. Maybe you get a promotion. It could also backfire if it's perceived as preferential treatment of Silicon Valley.

> This cryptocurrency scheme...what's are cryptocurrencies?

"Remember that fake computer money used to buy hard drugs and order assasinations on the Dark Web? Those ones. Also, they're currently being used to scam people by megadollars. And I'm about to bust some of them."

Maybe not Shkreli-level in media applause, but close enough, I think.

Probably bigger tbh. Suspect the guys behind Tether have printed themselves a lot more money than Shkreli was ever worth, and people will have vague recollections of the existence of a cryptocurrency Wild West long after they've forgotten why that securities fraudster who also dabbled in pharmeceuticals companies was so unpopular.

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