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Comment by josephagoss | Hacker News Reader

Edit: ok not 100% sure of the solution, but I think that there should be a way for the government to stop people putting their life savings into Bitcoin.

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Too much love for paternal government? Please let adults decide their own fate. Most people are smarter than you think. Ok, there are also idiots in tail of the curve but so what?

This, in fact, goes against what Cryptocurrencies represent and what scares me the most is that people, in this case governments, are trying to regulate the new with the old. Remember, innovation always win.

None of the proposed laws are unreasonable though. Anyone who thinks no regulation is coming to this space is delusional. Regulation is good. KYC and AML policies are good. That means regulators are taking proactive steps to keep these currencies in the system, rather than banning them.

Good regulations are good. Bad regulation is untested code, written to benefit lobbyists. Like the accredited investor regulation which is essentially codified class warfare.

> Remember, innovation always win.

Concorde and supersonic commercial flight, 3D TV, video phones...I could go on but those are the few that came to mind off the top of my head.

All of those lost against better tech, because they were but gimmicks. Cheap and efficient flight is better than supersonic, exclusive flight. High resolution, high contrast, high colorspace TV is better than 3D TV (IMHO VR is also better than 3D TV). And advanced text messaging is more convenient than video calls.

It'd be annoying if restricting "investment" into cryptocurrency also restricted the ability to use a cryptocurrency as a medium of exchange. Sure, stop people from buying $10k of a coin and holding it. But hopefully don't restrict people from buying $5 of it to immediately send to someone. (Though I'm honestly not sure how you would be able to legally have one without the other.)

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