Does the crypto market require more regulation?
It may seem attractive to have more regulation on a market up front, especially when corporate media spins it so that it’s to protect the public in some way. However as history has taught us government regulation in any market is a wolf in sheep’s clothing. It usually results in monopolisation of the market as it cripples other businesses or enterprises. Usually by reducing the ability to make profit by adding unnecessary restrictions that would normally provide a better service or product. A good recent example of this is the Obama care and the impact on the pharmaceutical industry and the resulting effect of retail drug prices. Even if the president or government official means well the result is still the same.
If we had a fair and robust government system then regulation can potentially be something positive. However the reality is government officials are usually persuaded or dictated by lobbyists working on behalf of large corporations to push legislation to suit their own needs. Sadly there is very little legislation that serves the public or market genuinely.
What history has taught us is that if you let the market dictate how it plays out. Not only will you see a highly competitive market that serves innovation and service for society, but it also has other advantages as it encourages self accountability and improved education. This in turn results in further innovation and service to society.
If I was to build an analogy on this that is also another example in itself. It’s comparable to a farmer trying to grow a crop and then using artificial fertiliser to increase growth then applying artificial weed killer and pesticides to prevent other life growing. As we all know this leads to an unsustainable environment with limited productivity. Yet if the same farmer applied natural growth alternatives to the environment it leads to self sustainability plus the added advantage of having a diverse range of plants or agricultural elements that can lead to more advantages such as medical or other product applications.
I would like anyone to challenge me on a genuine example of governmental regulation that encourages growth and innovation to a market. I’m sure there are exceptions well at least I hope so. But do they stand the test of time to serve the public I have yet to see it.
Don’t forget the founding principle of crypto is that it contains a mechanism for a decentralised system. So that the people owning it have the answer not another representative or third party promising outcomes and delivering nothing.
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