Let's get rid of all regulations, what can possibly go wrong

[Kakmakr]

Well, he is going to face some very strong litigation in court, because the Billionaire's lawyer is going to have a field day with this in court. If you want to see how a world will look like without regulations being enforced... then watch the old Western movies, where they shoot people left ..right and center.. over spilling a drink on their lap. 

A world needs regulations to retain order..... this is so in nature too.... just watch the animal programs on TV and see how the pecking order are enforced by animals. 

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[BenCodie]

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Afaik there was also a member of the team (was a scientist iirc?) that was kicked out because he warned the company about the risks of the submarine they were trying to dumbly push. I'm fine with companies, organizations, or anyone really experimenting. It's the leading cause of improvements in literally everything. Just remember to not be dumb enough to ignore the risks involved and push it to public use without any forewarning.

This is an extremely skewed view. I believe that regulations should exist when it comes to human life and safety. Otherwise, it is absolutely true that it stifles innovation.

In the case of the internet, if regulation didn't exist, yes there would be anarchy...but who cares? Doesn't anarchy already exist even with regulations? Wouldn't people learn and become vigilant faster if the internet was uncensored and unregulated?

That's my view anyway. As for this submarine saga - it's ironic about the wealth of the individuals on the submarine and the wealth of those on the titanic. Coincidence? I think not.

To be fair, regulation exists on the internet, but it isn't pushed forcefully because it doesn't directly involve the life of someone. On this submarine though? That's something that holds human lives.

I guess that it depends on your location. I believe that in recent years, the regulation and enforcement must of increased, in comparison to 10 years ago. At least innovation isn't yet massively stifled. Let's hope it gets better, not worse.

I agree 100℅ regarding the submarine though. Not following material regulations for the sake of being known for breaking rules, is ridiculous. I don't know how that all progressed to where it is now.

[savetheFORUM]

This should be a cautionary tale to people who dream about society without government and its regulations. Imagine if someone makes an "experimental and innovative" nuclear reactor that explodes and gives radiation sickness + cancer to hundreds of thousands. Or someone makes an "experimental and innovative" dam that collapses and floods houses. Invisible hand of the market won't be able to undo the damage or prevent it in the future from repeating again.

I believe it depends on what kind of regulations are being imposed or suggested by the government and governing authorities because people would know if a regulation is to protect them from something bad or if it's basically only for the benefit of the authorities themselves, those who are against regulations that are put ahead only for the safety of the people and the society are surely out of their minds and they should reconsider.

But those who are against regulations that they know aren't really for their safety since they don't see any threat in those things, an example would be Bitcoin and cryptocurrencies, I don't blame them because such regulations are not imposed for the safety of the society at all.

[icalical]

Society without regulation and government is totally non-sense, but society with different type of government and different way of how regulation were made than today is not impossible. All that being said, and however I said that today's government is not perfect and has many flaw, I still can't think of any different governmental form that could be applied instantly on todays society. A government when oligarch is not on top of them, and money and power is not always above everything, seems perfect but it definitely is utopian.

[Outhue]

What could possibly go wrong? You are right but many people won't have the same understanding like you do, why are news still affecting crypto today? It's because of the crypto adopters themselves, they can't do without panic, so, unfortunately, we can't change this or stop this from transpiring.

There are also tons of people waiting for the involvement of the government first before they start investing in crypto, for such people how will they get into crypto if we get rid of regulation? 

Wait till the ETF gets approved, you will see what crypto have been missing in the past years, many people will start getting involve at this point, big amount of money will flow easily into crypto.

[Synchronice]

Since this thread is opened in Economy board, I assume the main idea behind this title is that bitcoin should be regulated, right? But bitcoin is finance and submarine is a different case.

I have a feeling that on this forum there's a very common opinion that all regulations are bad, and if society gets rid of them and the government, everyone will get rich and the economy will be booming.

You are right, that's a very common opinion on this forum because it's easy to talk without any experience.

As for Bitcoin, it itself is impossible to regulate, and I don't think there has ever been any attempts to do so by pressuring devs, miners and full node operators. But Bitcoin ecosystem absolutely should be regulated, exchanges need to prove solvency; hyips, cloud mining and other scams need to be prosecuted; mining needs to be regulated to not cause disruptions to energy grid and to not contribute to environment pollution.

The problem is, Bitcoin's main purpose is to get 3rd parties and why are we not only integrating 3rd parties but also going to regulate it? I mean, we are destroying its main idea by doing that. We are even destroying its idea when we implement Coinbase ecommerce instead of BTCPayserver.
I think people shouldn't be stupid enough to invest in HYIPs, in cloud minings and in other scam projects. It doesn't need regulations, it needs education. And bitcoin mining isn't damaging our eco-system.

[darewaller]

Sometimes people forget the terrible consequences that will happen for the sake of the immediate benefits, like many regulations in life, they all have a way of seeing and approaching whether it is accepting or rejecting it, it is also a how to bring balance to life. As the story you mentioned really, I find that this problem comes from small numbers, but when they have the opportunity to rise up more with money, relationships cause influence they can influence think of the majority, and the thing to do is to always spread the right things in life without pursuing personal gain.
Today I just happened to read an article about Ronald Reagan speaking about the issue of aliens that will help people to unite, although this is just a hypothesis but I also think the point is that we need to more solidarity in the world, not competition as it is now, perhaps without the appearance of aliens, we have killed each other.

They are smart to invent those kind of things so I think they also know the consequences if they won't allow regulators to inspect their work. They still continue maybe because they are desperate to earn. I don't think they can influence the majority about their plans because I believe the majority will choose safety first.

As for the article that you read, I think that's crazy. I don't believe in aliens but even without aliens, it was still possible to attain unity and I think it already happened. Can't you see that there are now lesser wars than compared to before?

@OP Thanks for the info about that submarine issue but you forgot that they also use a cheap gaming control on top of that. Damn, imagine that?

[Halime Anatolia]

Also, he surrounded himself with yes men that contributed to this tragedy. There are so many things that could go wrong if there aren't any standards or regulations set into place by governing bodies. So even if we admit it or not, governments and their laws and regulations are still needed in order to keep chaos at bay.

This means that the stages that must be passed are in accordance with the applicable rules and regulations that have not been fully implemented.
Regarding this incident, it can be said that there were deficiencies and negligence, there could have been human factors or technical factors that were not known. which is certainly a lesson for all parties, both thinkers or entrepreneurs and the government so that in the future all of these factors can be minimized.

[hugeblack]

We cannot drop an incident like this on a violin sector, but it has intersections. when the FTX bankruptcy, it was the beginning of a strong regulatory wave, and perhaps it is the reason for all this legal tightening in the United States itself. The OceanGate incident may be the beginning of more clear laws that govern commercial diving and submarines that are being built for this purpose.
But with all these legislations and legal oversight, you will find that some banks have manipulated millions of dollars^[1][2][3] in money laundering and illegal trade.

[1] Danske Bank Pleads Guilty to Fraud on U.S. Banks in Multi-Billion Dollar Scheme to Access the U.S. Financial System
[2] Deutsche Bank's $10-Billion Scandal
[3] Five global banks to pay $5.7 billion in fines over rate rigging

[robattfield]

...This should be a cautionary tale to people who dream about society without government and its regulations. Imagine if someone makes an "experimental and innovative" nuclear reactor that explodes and gives radiation sickness + cancer to hundreds of thousands. Or someone makes an "experimental and innovative" dam that collapses and floods houses. Invisible hand of the market won't be able to undo the damage or prevent it in the future from repeating again.

Yes, similar to the problem today, people are always demanding rights and freedom in life and complain about their government's oppression, but they really don't understand that the government is always the place to calculate how a better society, a country without a well-functioning system the people will suffer, and there are many examples of such countries that I do not want to name. Even the fact that organizations connect across borders to have common regulations, honestly there are legal stories that are not satisfactory in life, but it is only a few, because not all of us are equal. Are you aiming for the common good of society? I think if any of us are high in the sharing of peace, everything will always be in the balance of yes, a happiness that I consider absolute in life.

[Velemir Sava]

I know it's a bit "harsh" to discuss..but that company better pay for the costs of the search and rescue mission.  That's not an economical hurdle the government should have to take on with what we now know about the situation.

True, every effort must be made. However, if they work somewhere, for example as entrepreneurs, I'm sure more or less they will follow the rules that have been set, so that they are not hampered in carrying out their respective activities, but they also expect that. everything that is made will be easy and not complicated from the stakeholders.

[harapan]

Regulators will always come up with different allegations and arguments after a tragic incident. It is when people have lost their lives that these government agencies will tell the world how the firm or company broke regulatory rules. But they were around and were watching these firms engage in risky adventures without stopping them. These agencies will not deny that they are aware that OceanGate was risking the lives of people and making a profit from it. Government agencies are reactive and not proactive. These deaths would have been avoided if regulators had sealed the company and ensured they abide by the rules.

Actually, this is not entirely true.
When you say the government and agencies always act after the shit has happened.
There are times when agencies warn people time and again about a particular thing, but they just don't listen.
The regulations are there for a reason, but people always feel they know better. And that's the difference between a lunatic and a genius; the end product. If those guys have succeeded in their mission they would have come back as heroes of some sort. Their names would have been in history books, but since they didn't make it, it's a different story.
People warned about the failures of bank and people are still warning but only a few people listen.
The government and other bodies preaching the gospel of global warming and how we're killing the planet, but nobody listens. They when things go wrong and the government begin to look for a way to remedy the situation we'll say they're proactive and not reactive?

[Flexystar]

That is so bad tragedy and I’m so sorry for the people onboard man. Must have been horrifying incidence. Yes I agree that rules and regulations are for the controlled environment and they have their own benefits. People always feel restricted when they are under the influence of regulation but they are there for their own good. Just like an example given in the OP there is also another associated with the medical field. If someone is getting educated in the field of virology and bio engineering then they could just make bioweapon and make sick world. But this doesn’t happen because most of the clinical studies are strictly monitored by FDA or other relevant authorities. In similar ways trading, supply chain, import export and everything that can create chaos if not regulated is under the influence of government all the time. Definitely worth reading and keeping in mind.

[bestcoins1]

True, every effort must be made. However, if they work somewhere, for example as entrepreneurs, I'm sure more or less they will follow the rules that have been set, so that they are not hampered in carrying out their respective activities, but they also expect that. everything that is made will be easy and not complicated from the stakeholders.

Any stakeholder is more often heavily attached to their interests than entrepreneurs, who are always freer to work in several places with different jobs. This means that entrepreneurs only rely on two things to be able to work in several places for better income, while stakeholders will not be too free to make other jobs besides just one of them even though they have sufficient skills and capital.

That is why entrepreneurs always want to hone their skills after they have sufficient capital to set up several businesses in different places. If the choice is made for these two things, it is clear that I will prefer to be an entrepreneur rather than a stakeholder who is always attached. After all, in this world there are also not a few entrepreneurs who have been successful, so I don't want to see other professions other than just that.

[Argoo]

This case even violates the rules of science where it applies in every part of the earth that is without regulation though, this case isn't the right approach to get rid of regulation completely.
Generally, people just don't want administrative rules that actually have almost no impact when they're violated unless you have substantial need in the realm of bureaucracy.

Every human society and even the animal world has its own rules of behavior. They are based on the mistakes of previous generations and are generally necessary and useful. But since our rough physical world is imperfect, sometimes the rules set by people are stupid and useless. Therefore, not everything is so simple. Without general rules of behavior there will be chaos, war and violence. Therefore, rules are necessary, but they should not regulate people's lives too much, since they violate their freedom of choice.

[DrBeer]

In the army there is a saying "Military regulations are written in blood" - and it means that in this set of rules, there is a negative experience on the basis of which these rules were created.

And indeed, the rules are written not just to realize their fantasy, but to minimize possible risks known to the authors, at the moment, or anticipated risks.

But everyone has the right to manage risks in his own way Sorry for the cynicism here - but not the implementation of rules and instructions warning of danger, it is one of the options of natural selection ...

[Ucy]

Not a recent post but worth commenting on...
 Regulation is important but it has to be according to the right rules/standards which make the regulation a Right Regulation, otherwise a regulated product would be as bad as not passing through one.
Regulation doesn't have to be done by governments, but they can inspect for compliance... You could self-regulate by following rules or standards that are of better quality than what the governments have in place and they will simply look at your work/product and be speechless. What makes them speechless is their inability to find fault or issue in your work/product.  This is why it's important to go beyond the laid down rules if you wish to self-regulate with little to no issue.


The main purpose of a just law is to guide us to do what is right, not to take away our freedom.