> Could you elaborate? The whole selling point of cryptocurrencies seems to be to start from scratch, without those pesky KYC/AML and tax laws.
> The set of people who like cryptocurrency is not small.
There are two sets of people who like cryptocurrency. First ones like crypto because of better yields than traditional bank accounts or investments. But they want to live in a miracle pinky unicorn world where they can have better yields risk-free by having government protections. Other than better yields, they're completely fine with traditional banking system.
Second ones like crypto because it allows for easy money transfer from A to B. These people don't care much about yields, they cannot transfer money via traditional ways for various reasons, and they want governments to stay away from crypto as long as possible.
> It's not different people. It's the same people at different times; the times they're affected and the times they're not.
That's your assumptions about some people. Sure, from my side it's also only assumptions and personal anecdata, but most of the guys I know that use crypto for something useful wants government to stay away from it as far as possible, despite all the scams around. Some of them lost money on FTX, and that didn't change their position.
I see what you mean. I guess in my mind "people who like cryptocurrency" like it for reasons other than its bigger-fool value proposition.
Yes, I agree that there are many many people out there who don't care one bit for e.g. bitcoin itself, but would be perfectly happy buying a regulated ETF that tracked the price of bitcoin.
I implicitly did not count these people as "liking cryptocurrencies". What they like is money, in particular fiat money.
> These people don't care much about yields, they cannot transfer money via traditional ways for various reasons, and they want governments to stay away from crypto as long as possible.
These are the people I was referring to, who want "no regulation" when they want to do something fine, but "full regulation" if and when they get screwed.
They want insurance only when things go poorly, and see insurance as a waste of money the days when they don't have accidents.
> The set of people who like cryptocurrency is not small.
There are two sets of people who like cryptocurrency. First ones like crypto because of better yields than traditional bank accounts or investments. But they want to live in a miracle pinky unicorn world where they can have better yields risk-free by having government protections. Other than better yields, they're completely fine with traditional banking system.
Second ones like crypto because it allows for easy money transfer from A to B. These people don't care much about yields, they cannot transfer money via traditional ways for various reasons, and they want governments to stay away from crypto as long as possible.
> It's not different people. It's the same people at different times; the times they're affected and the times they're not.
That's your assumptions about some people. Sure, from my side it's also only assumptions and personal anecdata, but most of the guys I know that use crypto for something useful wants government to stay away from it as far as possible, despite all the scams around. Some of them lost money on FTX, and that didn't change their position.