Re:UST Stablecoin Loses Dollar Peg
by babypuncher on Tuesday May 10, 2022 @11:43AM
(#31328459)
The popular trend lately is to point out flaws in our regulated institutions in a feeble attempt to suggest that the solution is to abandon regulated institutions altogether in favor of some techno-libertarian hellscape. Because why fix a broken thing when you can throw it away and replace it with something even more broken.
[ Parent
| on HN ]
What was actually fixed after 2018? Which banksters went to prison?
The internet (just like crypto) is a global distributed network with only local regulations (that are easily bypassed, again, just like crypto) and I would argue this "techon-libertarian hellscape" is the most valuable and important invention mankind has ever created.
Re:UST Stablecoin Loses Dollar Peg
by babypuncher on Tuesday May 10, 2022 @01:30PM
(#31329828)
I used to feel far more optimistic about the internet. Today I see the social aspects of it as a net negative; Social media in general is a cesspool, user privacy means nothing to the big internet players, ads and tracking are absolutely pervasive, and the quality of online discourse has been on a steep downward trajectory for the better part of a decade.
I'm not seeing how using the internet as analogy is at all relevant to the discussion about corruption. The internet, if it has resistance to catering to special financial interests at all, is only so because it is far removed from that sector, not because of any special attributes from being a distributed network.