[nmj]

You're thinking small. Imagine a world where there aren't parasitic entities littered throughout a process. Imagine a world where I do not need to trust any third parties in order to exchange any sort of value. Imagine a world where you can exchange your stake in a company directly, with another person, P2P.

[geofft]

In such a world, I imagine a good number of investors will only want to trade when there's an overseer who can promise violence to right wrongs, because trading is historically a great way to get scammed. At the moment, given the state monopoly on violence, an organization like the SEC is a good way to do that. There are other ways to accomplish this without a state monopoly on violence, but the ones that come to mind don't sound like worlds I want to live in.

[nmj]

You trust violence more than mathematical improbability? Okay.

[geofft]

How is it mathematically improbable that someone will engage in insider trading?