And the hilarious thing is that they see the absence of this regulation as a feature and don't even recognize just to what extent they are reinventing the wheel.
My favorite example is kleros.io, a "decentralized arbitration service". There's an app "Kleros Court". Can't wait for the "Kleros Supreme Court" version, for appeal processes and such.
Right, but they have to get through the robber baron and feudalism phases first.
Some googling found this article on the origin of the phrase "Chesterton's fence".
"Hey, grandma, run this command and press enter and I'll send you the Fountain of Youth™ creme tomorrow."
At least you kind-of-sort-of have a chance at reverting a transaction.
Heck, my bank completely blocks my transactions over a certain limit (I need to ask for temporary limit increases through a separate process) and frequently delays transactions larger than another limit and they call me to verify that I want to do them.
Sure, blockchains could do the same, through intermediaries, but then... they've reinvented banks.
Just like modern-day web development!
given enough time the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place