[jellicle]

The tech industry is driven by 20-year-olds who have zero education or practical experience to understand why a lot of things are the way they are.

It turns out there are real reasons why hotels are regulated, why banking is regulated, why cabs are regulated, why meat-packing is regulated (still waiting for a internet-based meat-packing startup - Mechanical Turk meets Tyson Foods! Just slice the side of beef we send you, in your kitchen, then pack it back into the cooler with the pre-addressed label...), and so on.

The reason always is: because the business has been PROVEN TO FUCK PEOPLE OVER WHEN UNREGULATED.

(Longer answer: there's a systemic power problem between the provider and user of these businesses. Tourists have no power to avoid being fucked over, for example. Meat with E. Coli looks the same as meat without.)

But the 20-year-olds have grown up in a world where the business does not fuck people over (because it is regulated) and so they do not see any reason why it might require regulation.

And the VCs, the only adults in the equation, don't act the part of grownups because they're hoping the regulators are slow enough for a lot of profits to be extracted before shutdown occurs.