[overthrow]

You're right, this is a job for the government... but the government isn't solving the problem. "Let's just" have the government do their job. Call me when that happens.

While we sit around waiting, the private sector stepped in with a (interim?) solution. What's wrong with that?

[arcticbull]

The (a) scams and (b) insane volatility.

The folks you are alluding to who fall into this category are the least sophisticated and most desperate. This makes them easy marks. They shouldn't be buying into unregistered securities to resolve their banking problems. That's how we got the Great Depression and why we not have an SEC.

Further, these folks are disproportionately affected by the insane volatility and high fees of the crypto space.

These so-called financial products are just proxies for US dollar liquidity in the global financial system. If we had to write a prospectus I don't know anyone who isn't a money manager who could figure out how to actually deploy this sensibly. Let alone a homeless person without an address. How are they to 'do their own research'?

Something that makes the problem worse isn't a substitute for a proper solution.

In the US you generally need an account at an AML/KYC exchange to buy crypto for dollars and a bank account, so already we're off to a bad start. Or you can use a bitcoin ATM, which costs like 20%, dramatically worse than predatory lenders.

[latchkey]

Everything of value has volatility, zoom out on that gold chart please.

[overthrow]

Maybe instead of saying what people should and shouldn't be doing, you should ask yourself why they're using it anyway despite the obvious downsides.

Lightning fees are less than $0.01 - much better than the alternative of $20 for cashing a check. And the volatility is a small price to pay for financial control, for someone who (with good reason) doesn't trust banks or the government that's failing them.

Actually the easiest way the government could kill crypto would be to get rid of the corruption and help those "undesirables" with their problems, instead of making them fend for themselves. I'm not holding my breath, but in a way I hope that happens.