With recent calls for more regulations over the Gamestop fiasco, we can only wonder what is in store for when regulators draft their 'solutions'.
The SEC already is combing through social media and message boards for evidence of potential market manipulation in the chatter among retail traders, Bloomberg News reported this week. But experts in securities law say it could be difficult to find illegal conduct.
As part of this will no doubt be the recent DOGE pump and dumps. Likely any sort of new regulatory mechanisms drafted in response to the age of social media will hamper innovation, as opposed to giving the space a clear path to move forward. We have already seen this with KYC laws and attempts to label all wallets with legal addresses and government IDs. Since most government regulation has only stifled the tech space, there's no reason why we should hope they change their tune anytime soon.
The best thing, then, is for them to leave it the hell alone.
The beauty of Bitcoin, aside from its absurd use of resources to mine, is that there is no corporate marketing board to meet and decide on what direction to push it in based on survey samples. There is no board room full of suits to meet and determine how to garner another 3% of blood out of a stone. Bitcoin remains one of the best version of a global, democratic currency.
It's not perfect. But it's the best we have right now.
It's up to the space, to you and me and everyone here, to keep it in our hands, and not theirs.
We should remain vigilant as the market continues to develop. Hold on to your private keys. Don't tell people you own Bitcoin, let alone how much. Maintain OPSEC in keeping your assets in your hands, and in your hands only.
We are living in unexpected times. The pandemic has sent the global economy in a state of limbo, and we can't expect things to stay peachy in the USA, politically speaking. Fiat might be taking a hit, but Bitcoin remains ours.
And while the West seeks to only find ways to control it, tax it, other places that are more welcoming to the technology will likely see further innovation instead. This means that, down the line, we will continue to see an uneven pace of technological development in the West and East. Bitcoin could be trapped in regulation hell.
