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0 pointsd2312y ago0 comments

> not greedy government bureaucrats waiting to be bribed

Instead of greedy speculators who are willing to pump and dump or crash the economy to make money off of the ignorant?

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3 comments · 1 top-level

boon12y ago· 2 in thread

That only works so long. Eventually the actors in the economy figure out how to route around the damage being done.

dragontamer12y ago

http://en.wikipedia.org/wiki/Market_failure

Sometimes, the market does not figure it out... especially with a populace that is imperfectly educated (and not "perfectly logical, perfectly rational" beings in most theoretical economics)

But even with perfectly logical and perfectly rational beings however, there still are market failures. And it is up to the population to create Governments to deal with these market failures. (Usually through deregulation or regulation)

Case in point: LEXG, a 2010 stock that is widely considered "pump and dump". Despite all the regulations, and centuries of knowledge of pump and dump... it still happened.

BTC itself has a growing volume of trade... but a lot of smaller cryptocurrenies are simply pump-and-dump schemes.

boon12y ago

It's a good thing we're really good at electing people that do a good job of watching out for our well-being!

Do you think we'll always have an "imperfectly educated" populace? Do you consider yourself part of that sector of society?

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