> If you steal my gold or other metal store of value, I can pursue you in court and recover my loss
Stolen property is stolen property. Not all stolen property is recoverable. Even stolen property with a paper trail may not be recoverable (ask Bernie Madoff fraud victims who have expensive lawyers) or may not be compensate-able. Cars, bikes, phones, etc. get stolen every day. If I meet someone to buy something for $1000 cash and they just run off with it, I've little recourse.
I'm a crypto proponent, and I'm pretty pro regulation.
The reason is because integrating current legal systems with crypto actually makes it more powerful and valuable. Existing legal frameworks can be used to link a purely digital world to the physical world; ex. for us to reliably trade tokens in physical assets (house, painting), we need courts and systems we can leverage for confidence and rule of law.
Therein lies a tradeoff and irony, by mixing such systems. You might say "just build it on a centralized system", and in an ideal world that would be great. The problem is that bureaucracy and politicization of systems make it impossible for innovation to occur: simply look at the friction facing car sharing (Uber), online betting/gambling, housing sharing (Airbnb), etc. Those things can't be the wild west, but society is clearly better off and wants those services.
I suspect some jurisdictions will be friendlier to crypto and more willing to explore those spaces. Innovation will flock there, and eventually everyone else will just follow.
Stolen property is stolen property. Not all stolen property is recoverable. Even stolen property with a paper trail may not be recoverable (ask Bernie Madoff fraud victims who have expensive lawyers) or may not be compensate-able. Cars, bikes, phones, etc. get stolen every day. If I meet someone to buy something for $1000 cash and they just run off with it, I've little recourse.
I'm a crypto proponent, and I'm pretty pro regulation.
The reason is because integrating current legal systems with crypto actually makes it more powerful and valuable. Existing legal frameworks can be used to link a purely digital world to the physical world; ex. for us to reliably trade tokens in physical assets (house, painting), we need courts and systems we can leverage for confidence and rule of law.
Therein lies a tradeoff and irony, by mixing such systems. You might say "just build it on a centralized system", and in an ideal world that would be great. The problem is that bureaucracy and politicization of systems make it impossible for innovation to occur: simply look at the friction facing car sharing (Uber), online betting/gambling, housing sharing (Airbnb), etc. Those things can't be the wild west, but society is clearly better off and wants those services.
I suspect some jurisdictions will be friendlier to crypto and more willing to explore those spaces. Innovation will flock there, and eventually everyone else will just follow.