Re:Web3 doesn’t care about privacy
by threeseed on Sunday February 06, 2022 @05:54AM
(#30231330)
> There is a constant battle between regulators, lawyers and companies
Which has unquestionably benefited consumers.
If you look at the financial system 50 years ago and compare it to today consumers have far more rights and protections. And the system continues to learn and improve e.g. requiring banks to hold more reserve capital and increasing the amount of deposit insurance.
Problem for Web3 is that governments, regulators and the legal system do not play a central role like in Web2. And so all of the safety nets built up over these years will evaporate and consumers will suffer.
Which has unquestionably benefited consumers.
If you look at the financial system 50 years ago and compare it to today consumers have far more rights and protections. And the system continues to learn and improve e.g. requiring banks to hold more reserve capital and increasing the amount of deposit insurance.
Problem for Web3 is that governments, regulators and the legal system do not play a central role like in Web2. And so all of the safety nets built up over these years will evaporate and consumers will suffer.