I forgot to finish my thoughts...inline below:
> In an anarcho-capitalist environment, each Exchange will create
> /enforce their own standards, rules and listing requirements. The
> reputation of the exchange will benefit or suffer based on the
> success these rules.
> In a minarcho-capitalist environment, the State (sometimes in
> coordination with "the" exchange) will do so.
> The benefit of former is that the Exchange has a vested interest
> in serving its clients and protecting its reputation, whereas the
> State may be more interested in lining its pockets with taxes and
> bribes.
Furthermore, multiple Exchanges can exist within a juridiction with
differing rules and standards, creating regulatory competition and
arbitrage. Subjecting rules and standards to market competition
creates an objective way of evaluating them (success or failure in
the marketplace), and allows them to evolve in a way that is simply
not possible thru legislative bodies.
> The benefit of the latter is that the Jurisdiction has a whole can
> establish and protect its reputation. When you think in terms of
> jurisdictional competition between island and micro-jurisdictions,
> this makes a lot of sense. For example, of someone else creates
> an exchange in Sealand that promotes HYIPs and frauds, how
> long before the public discounts any Sealand-based operation as
> a scam?
It seems to me that the best solution is a middle-ground, where the
State creates very broad and well accepted standards, and the
Exchange gets into the detail.
Problem is the State is inherently corruptible.
Adam
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