this post was submitted on 01 Jun 2025
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A lot of scams are dependent on the presence of regulations.
Regulations aren’t perfect, but the banking industry has gotten vastly more full of scams since congress repealed Glass Steagall. Regulations offer a structure to punish fraud and scamming. We need clear defined rules to at least attempt to control markets from their worst possible outcomes.
Frankly movement is all that matters. Too deregulated looks like cryptocurrencies, too regulated looks like PSTN which every phreaker could own, because it relied upon laws for its defense, not technical robustness.
There's no system that remains working when just kept standing, all that matters is that we can quickly rebuild any part of it. Which is why modern legal systems and modern Web suck so much, they've lost that trait.
But a lot more are dependent on the absence of them.
That is almost a fundamental statement, requiring logical proof.
It's like with a computer program that can contain vulnerabilities - fixing vulnerabilities might introduce new ones, and new functionality intended for security can contain new vulnerabilities in itself, possibly making the whole even less secure than without it.