The Fed sure isn't without its issues, but it was created to solve the exact problems that we're now seeing proliferate via the crypto space.
The FED was created in 1913 for a very specific reason - to counter the Panic of 1907 by creating a banker of last resort.
It did nothing to curb the banker speculation that led to the panic of 1907
Witness LTCM, Web bubble, Subprime crisis, all fueled by banks willing to lend and overextend themselves beyond margin. The 1913 ACT did not change that one bit except make the speculators never "lose"
The FED did nothing to resolve speculation, if anything, bubbles are worse and now they are worldwide thanks to them and their low rates.
This was addressed under Glass Steagall by creating the FDIC and ushering in the fractional banking system, which kept commercial and investment banking separate and imposing liquidity requirements and a review system on banks. This legislation was later repealed during the Clinton administration and was largely seen as one of the key mistakes that led to the 2008 crisis.
That doesn't mean that the Fed is failure now and should be completely done away with. The runs we're seeing on crypto exchanges are very similar to what the Fed was created to avoid.
Repealed by congress which was controlled by GOP at that time.
You understand that BTC, ETH, and every derivative non-privacy-coin is exactly what the regulators have been salivating for, right? Why regulate a non-repudiable chain-of-custody that mathematically proves your serfs'/slaves' assets that you can seize at will?
> libertarians were empowered(but not enough to be the main political power).
You should re-examine the GOP, particularly the tickets on today's ballots. This ain't your grandfather's GOP.
Well, actually it’s always the peoples behavior that is regulated. Obviously no one can stop you mixing chemicals in private but they can totally tell you what you can and can’t do in public with it. The same thing goes for crypto, you can calculate block hash all you want but they can intervene if you engage in a business deal with someone else.
Oh and regulation doesn’t mean ban, necessarily. It means rules on how you deal with it so that the risk of unwanted consequences is reduced. You can expect to have rules on how you keep the money if you run a stablecoin for example.
Many parts of the world e.g. Australia are heavily regulated in the financial sector and will not be looking to water them down just because its 'crypto'.
I think the whole endeavor may end up strengthening the traditional economy - crypto space repeating centuries of fraud in a decade is effectively a booster shot - suddenly it's obvious why all those laws ended up in the books in the first place.
> and libertarians were empowered(but not enough to be the main political power)
In a sense, they've discovered a novel way of attempting to gain power - I don't think many people expected someone could wish a parallel economy into being and leverage that to for political gain.
In the process, huge fortunes were created and libertarians were empowered(but not enough to be the main political power). Congrats to them but there's nothing anarchist left in crypto, they even end up consolidated and centralised. No interesting business models or financing came out of it except for ransomware.
The silver linings might be that the crypto regulations can be made with the current technology and globalisation in mind, hopefully.