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Time To Regulate Bitcoin, Says UK Treasury Committee Report (theguardian.com)
Bitcoin and other cryptocurrencies are "wild west" assets that expose investors to a litany of risks and are in urgent need of regulation, MPs on the Treasury select committee have said. From a report: The committee said in a report that consumers were left unprotected from an unregulated industry that aided money laundering, while the government and regulators "bumble along" and fail to take action. The Conservative MP Nicky Morgan, the chair of the committee, said the current situation was unsustainable. "Bitcoin and other crypto-assets exist in the wild west industry of crypto-assets. This unregulated industry leaves investors facing numerous risks," Morgan said. "Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury committee strongly believes that regulation should be introduced."
Hurricanes are just getting way too destructive lately. It's time we started regulating how much destruction a hurricane is allowed to make.
You're right -- we can do so by taking steps to curtail things contributing to global warming.
Like cryptocurrency mining.
Normally an Ideology based on absolutism fails.
Government Regulation is Bad! However without it there is a lot of abuse in the system without any peaceful ways to reconcile it.
Government Regulation is Good! However too much regulation can stifle innovation and risk taking, because Regulation takes much to long to adapt.
The thing is there needs to be a balance, and to make it worse, the balance point is never in the same spot. Sometimes the needle needs to be towards the left and other times it needs to be at the right. Fixing it in the middle is just as bad as being fixed in either direction, because in the Middle no one is happy.
We see in history good times under a particular political direction, then we see bad times under that same direction. They switch to the other side then things are good again, then they fail.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
"You know, I don't really think we need to regulate this, do we?"
-Said no government body, ever.
-Styopa