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Comment by ryanSrich | Hacker News Reader

Why do you want the government meddling in people’s individual financial affairs? Seems like an extremely odd thing to wish for.

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Yes, I want the government regulating the finance sector because far too many people are willing to trust someone who presents a complicated system as a way to take money.

Today the crypto scammers, tomorrow the hedge fund traders.

That's the entire premise of liberal democracy: that people have the right to make their own choices, even if they make bad ones, and that all parties are presumed innocent until proven guilty.

The centalized approach you advocate rejects this principle, and instead preemptively restricts an entire class of ostensibly voluntary interaction, with exceptions granted when someone proves to some centralized regulatory gatekeeper that they are innocent.

The result of course is economic power being concentrated at the top. VCs now monopolize early round token sales. In 2015, ordinary were able to get in on the ground floor of the Ethereum token sale, and saw 1000X+ returns as a result. But hey, at least poor people in your centralized paradigm have lottery tickets:

https://www.theatlantic.com/business/archive/2012/03/amazing...

And thanks to that bad attitude from liberal Democracy, we have pumped so much CO2 into our atmosphere that disaster is certain, and catastrophe seems unavoidable.

A well regulated and trusted financial sector is the foundation of a strong market economy.

People should be free to make their own mistakes. But companies should be forced to disclose relevant and honest information.

I'm not necessarily convinced by the criticism of stablecoins specifically. But regulation of honesty and risk disclosure in the financial sector as a principle is something that has strong support.

With all due respect, if you actually don’t know the answer to this (misleadingly worded) question, you should probably also know that you sound outstandingly tone deaf to large swathes of the population who learned about Keynesian economics in school and/or are proponents of government spending/regulations.

Are you trying to convince people or just trying to catch someone tripping up on your bizarrely biased trick questions?

Because I have knowledge of history, and specifically, what a shitshow it was before financial regulation occurred.

Consider reading a history book too.

What is odd about wanting governments to stop criminal and predatory behaviour? Yes, there is a libertarian cost to this, but when clearly defined and monitored, everyone benefits. Do you want people to have the freedom to exploit and harm others? Isn't that somewhat odd?

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