What's the pirate@40 thing you're talking about. I don't think I've heard of this (even though I'm not a wet-dreaming libertarian anyway).
See the link I posted. Basically some Texas redneck in a wife beater T-shirt ran a ponzi using Bitcoin and the members of this forum lapped it up like chocolate ice cream. After they realized they all got fucked everyone ran to mommy government to "fix" the problem for them. Hence the reason for government oversight - the people demand it.