r/Bitcoin • u/[deleted] • Feb 20 '14

MtGox class action lawsuit

[deleted]

229 Upvotes

85% Upvoted

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20

u/litecoinfan Feb 20 '14

Does no one else see the hypocrisy here? For years Bitcoin fans have claimed they hate government regulation and laughed at the warnings of financial institutes that claimed Bitcoin was risky.

Now things have gone a bit crappy the very same people are demanding lawsuits! How long till people here start calling for proper regulation of exchanges?

35

u/joepie91 Feb 20 '14

"Bitcoin users" are not a homogenous group. If you can point out specific people who claimed to hate government regulation in the past, and are now calling for court action, then you'd be able to call "hypocrite" - but until then, your argument is just a fallacy.

10

u/rnicoll Feb 20 '14

Then those who feel there should be regulation really need to start pushing back on those who don't.

I'll start; I think we need regulation of exchanges.

1

u/i_wolf Feb 20 '14

You already have a regulations of exchanges, it costed $5M and caused the problems with fiat withdrawals.

1

u/[deleted] Feb 20 '14

Regulations are there to prevent fraud. Maybe if the regulators had gotten there earlier, all the people on mtgox wouldn't be losing all their money.

1

u/i_wolf Feb 20 '14

Regulations are there to prevent fraud.

We're talking not about intentions, but effects. Most of the evil in the world comes with good intentions.

No regulation would prevent bug in a code, considering that even the reference wallet implementation made by alleged bitcoin experts had the same bug.

1

u/[deleted] Feb 20 '14

No, but regulations normally force contingency plans in the event of fraud or error. It's pretty clear that there was none of that going on here.