Recently, I listened to a show on the internet that had Musk and Tesla suddenly turned against bitcoins. Specifically, they were talking about the need to regulate the currency like the physical gold in order to protect investors, consumers, and the general public from fraud and other abuses of the monetary system. But, in the past, many people have made large sums of money with the help of bitcoins. Therefore, their contention is that regulating the currency would inhibit anyone from making large sums of money, which in turn, would hurt consumers, investors, and the general public.
In fact, I completely understand why these two entrepreneurs would be against virtual currencies. The whole point behind the financial crisis is because people are not educated enough to use the banking system for what it was intended – to keep people from having to bail out large corporations when they collapse, or to keep the government from spending too much in the form of taxes. If people knew that they could have their money protected, then the bubble burst, but as you know, those who knew the system was using it successfully. This is the same type of thing that happened with tulip bulbs, real estate bubbles, and other financial instruments that people did not understand when they were investing in them.
However, if you look at this from the point of view of an entrepreneur, what these two gentlemen are really saying is that regulation is bad, and regulation should be evaded. The truth is, there is some validity to their argument. It is true that there are some risks involved with investing in the virtual world of the internet, and there are certainly risks involved with any sort of high-risk industry. However, regulation is necessary to make sure that the industry follows safe practices, and protects consumers from being ripped off. Otherwise, society as a whole would be at risk.
Unfortunately, those who follow the industry closely will be quick to call people who are speculating on the bubble burst as “malicious” or “scam artists” for engaging in such behavior. While it’s hard to argue with their argument, it’s equally difficult to explain regulation as being a bad thing when it comes to the virtual world of the internet. That’s where the real problem lies. As we’ve seen, there are many risks associated with this industry, and regulation isn’t always bad, it just can be difficult to get. Therefore, you can understand why some people are criticizing regulation, especially when they don’t like the regulations because they feel it’s being forced on them.
This makes me wonder whether there really is such a thing as a free market when it comes to the Internet. Many people seem to think that it is controlled by large companies who control everything through the government and intervention. Of course, those things do happen in the real world, and those things do happen to create great businesses and entrepreneurs. However, the concept of capitalism and free markets doesn’t seem to apply to the internet, and that is why I think regulation can become a bad thing.
In conclusion, you have to ask yourself if regulation is a good thing or a bad thing. The question shouldn’t even need to be asked. If you want to make money from the industry you’re involved in, then you should follow whatever laws are required by your state. Otherwise, you can simply choose not to participate in something if it doesn’t meet your own ethical standards or if it threatens you or your family. That being said, I do believe that people should have the right to participate in whatever business they choose, and the fact that many people are upset at regulation is a clear sign that they shouldn’t be allowed to do so.