Should Shitcoins Even Be Regulated? \ stacker news ~Politics_And

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165 sats \ 7 comments \ @cascdr 26 Feb Politics_And_Law

I hate shitcoins. Still I have to admit Dave Smith made some really solid points here. The government already props up Wall Street backed shitcoins and effectively robs the public to force them to pile into the Wall Street Shell Game. Maybe it is better to just make it the wild west and have everyone scrutinize their own investments.

Dave goes on to point out that International Law is likewise a shitcoin - typically only used to justify American Imperial agenda. The US regularly flouts it but then turns around and uses it to bludgeon other countries.

What are your thoughts?

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82 sats \ 0 replies \ @freetx 26 Feb

Ideologically I'm opposed to regulating shitcoins from a first principles perspective. It should just be wild-west.

But I think its worthwhile to first ask: How did we wind up with an SEC in the first place? Short version is people in 1900s got rugged by shitstocks so all advocated for regulation to prevent it.

So we have a conundrum, if we are too wild west, and if enough people get rugged then they will advocate for strict regulations. Maybe far stricter than would have existed if they started with some "reasonable" regs. (disclaimer: I'm not advocating for regs, simply pointing out how process works).

The hilarity of the current situation is I'm not sure on what basis the SEC can even regulate the most degen of the shitcoins. Those shitcoins aren't "promising a return", nor is there even an inference that its a commercial enterprise.

Fartcoin and ObamaPregnantButt are something like collectibles? Should the SEC also regulate people selling pet rocks on eBay?

50 sats \ 2 replies \ @nullcount 26 Feb

Dave's deeper point is that Democracy (or any mode of government, for that matter) is fake.

Rules do not exist. Nobody can MAKE you do something against your will. They can only use their power/authority to put you in a circumstance where you decide to comply by your own volition (out of self-preservation or some other motive). Only powerful (authoritative) people exist.

Humans, with our tribal/monkey brains are easily controlled by any authority. The illusion of government and law emerges from "submission/compliance to the authority".

The question is not whether or how (we the compliant) will regulate. The only question is whether you (the sovereign) will become someone worth following or whether you will contribute to the illusion that oppresses you.

1 sat \ 0 replies \ @random_ 26 Feb

0 sats \ 0 replies \ @cascdr OP 26 Feb

Agreed. Whenever I hear conversations about "people are too stupid to think for themselves so they need us" type of arguments I constantly think of clips like this from John Taylor Gatto and based free stater Brett Venoitte.

21 sats \ 0 replies \ @TheMorningStar 27 Feb

Shitcoins are already regulated by companies which operate them.

0 sats \ 0 replies \ @scuffed 26 Feb

Nah. Let dumb people lose money. Same with casinos and sports betting. It helps stimulate the economy!

0 sats \ 0 replies \ @StillStackinAfterAllTheseYears 26 Feb

I hate shitcoins too, but while we all know the difference between Bitcoin and shitcoins, the fact is that most definitions in law (other than one that specifically calls out Bitcoin) would cover all of them. And just because I hate something doesn't mean it should be regulated anyway.