RE: My thoughts on government regulations and cryptocurrency

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My thoughts on government regulations and cryptocurrency

in crypto •  2 years ago 

I think people are wanting to have their cake and eat it too, meaning they want the government to stay out of their crypto business but at the same time have them involved to protect retail investors. I believe people should be responsible for their own money, do a lot of research before actually investing a single dollar, and then invest. I recently saw someone in a YT video say they lost their life savings in bitconnect. (This man had a child with autism to take care of allegedly). In what world do you gamble your money away like this? Especially when you have someone to take care of? 100% peoples' faults in my opinion. When you come into this space, you know the risks involved. Why would you complain or blame someone else when your plans fell through and you lost all your money?

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I agree with you. I may add though, there are a lot of dangerous ICOs out there. There is no way to really do hardcore research on them because not many people understand the tech behind cryptocurrency. I believe that educating people on crypto currency is very import in order for people to have true responsibility.

Education is a great idea, but letting some agency decide what is a good investment or not, doesn't seem like "doing due diligence." If an investor cannot take the time to do some research, is a few regulations gonna actually help them?
While regulations of fiat, financial schemes is necessary, because their system rewards deceit and theft.
Crypto is based on faith and trust, ensured by math.

ICOs are inherently risky. It's no different than gambling. If someone bet their livelihood at roulette, would you blame the casino? People should be free to make stupid decisions, but not free from the consequences of their decisions.

I agree with you 100%

It's people's own responsibility to research before investing money. Always educate yourself! People should get out of that lazy, instant gratification mindset where everything is spoon fed to them. They should really start excising those little grey cells and start thinking for themselves again - take back your power.

I also don't understand how people can gamble with money they can't afford to lose. Take educated and calculated risks when you can afford them, otherwise just don't.

Lastly, getting the government involved to "manage" from a centralized position goes against the principle of what crypto stands for. It's paddling backwards - we need to figure this decentralized thing out and yeah, so what if it's the Wild West right now, the Wild West played it's part in where we are today. Things will work itself out over time.

But the big thing with crypto and everything else in life, is research, research and research and then make an informed and educated decisions.

Sorry for the ramble.