All forms of money are nothing but a confidence game, whether it be fiat, gold, or Bitcoin. Bitcoin is libertarian, non-centralized power base in nature, so you're effectively saying you want a centralized authority to make good on the value of your tokens, coins, magic beans, etc. There is an obvious paradox there. As for laws dealing with intent to scam people, that's another top-down solution that requires a huge central government granted tyrannical amounts of power to control everyone's lives.
At the end of the day, you can either have Bitcoin and anarcho-capitalism, or police state, no Bitcoin, and lots of federal reserve notes.
what he said - except
Bticoin is in effect a failure right now - they dropped the ball sorry guys.
apart from that - i can state the effect better like this :
- a system needs manual "Regulation" to the degree that it is effected by non market forces, so to example that :
Most Crypto currency are a pretty free market, however outside corrupt (as you would expect) influences do effect them, and to that degree they need manual "regulation" its very mild but its there.
now take for example say the "stock market" its totally rigged from the top to the bottom, so just to stop that system from literally wrecking the nation it needs extensive manual regulation, (with dubious consequences)
so the point here is the equilibrium that will be found - if non market forces effect it - then usually they need a non market counter balance to the similar degree.
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