Re:Publication of Cryptocurrency Enforcement Framework
by __MatrixMan__ on Thursday October 08, 2020 @11:58PM
(#24726665)
(Supposing you're a banker...)
If you extract a fee in exchange for protecting me from fraudulent behavior that is only possible in the first place because your institution has failed to keep pace with modern security practices, are you really helping me?
If what I want is transparency, is doing additional paperwork to create a (hopefully accurate) second source of truth for what happened really a better alternative than just letting me see it right there in the ledger?
Suppose you maintain the ability of my government to freeze my assets in cases where it decides that I'm an enemy. Is the protection I receive from its enemies adequately offset by the corrupting factor that this power will have on my government?
You maintain a system where the cumulative interest on a house purchase is often several times the cost of the house. Do you think that this amplifying factor on class stratification is going to lead to a society that's stable enough for me to plan to retire?
Whatever problems bankers solve for society, they solve them because otherwise we'll notice how superfluous the bankers are. I'm not saying that we should abandon our current system just yet, but I am quite happy that in cryptocurrency it finally has something to compete with.
If you extract a fee in exchange for protecting me from fraudulent behavior that is only possible in the first place because your institution has failed to keep pace with modern security practices, are you really helping me?
If what I want is transparency, is doing additional paperwork to create a (hopefully accurate) second source of truth for what happened really a better alternative than just letting me see it right there in the ledger?
Suppose you maintain the ability of my government to freeze my assets in cases where it decides that I'm an enemy. Is the protection I receive from its enemies adequately offset by the corrupting factor that this power will have on my government?
You maintain a system where the cumulative interest on a house purchase is often several times the cost of the house. Do you think that this amplifying factor on class stratification is going to lead to a society that's stable enough for me to plan to retire?
Whatever problems bankers solve for society, they solve them because otherwise we'll notice how superfluous the bankers are. I'm not saying that we should abandon our current system just yet, but I am quite happy that in cryptocurrency it finally has something to compete with.