No, I don't think Bitcoin is a conspiracy theory. I think it was a genuine novelty that came out of tech. But at a certain point in its rise, it became clear that you could create an unregulated securities market with initial coin offerings, and it was off to the races.

The dynamic that I am describing is new technologies being used to circumvent regulation, with the excuse that this is something new and technical, and so should be exempt.

We've seen the pattern over and over again, from sales tax exemptions to cryptocurrency to taxi and hotel laws.