Generally: if you’re trying to fix something, understanding how it works is usually a good start.
Specifically: pompous ignorance leads to gross negligence and criminality so stupidly brazen a B-list editor would send it back for being unbelievable. The sort that is rampant in crypto/web3.
Yes the fix is clear to me. Remove KYC+AML from the banking/monetary system. The expansion of crypto is in part a response to a pompous ignorance of government officials, attempting to impose a search of your papers merely for banking and the government implementing policies so stupid even a B-list editor wouldn't believe it.
The government failed so other actors came in, then everyone made a sad face that when the government failed alternatives were found.
Luna's downfall and Do Kwon's pending red notice have nothing to do with KYC or AML.
I disagree here. The 'killer app' feature of crypto is that it's basically imperfect banking without KYC/AML. Without crypto's popularity it's doubtful Do Kwon and Luna would have gotten such a foothold.
Pretty solid case for why these folks should go to jail. Or at the very least, be disgorged of their gains and banned from finance.
Excellent point.
The legislature ripped quite a bit of privacy and freedom from the banking system post 9/11 on an almost blind rampage, without doing much stopping and asking why things were they were. I admit it was the ultimate Chesterton's fence fail on the government's part and likely a big reason why a new fence seems to have been built with crypto.
Honestly even bitcoin the white paper seems to have had more thought poured into it than the Patriot Act, which kicked off much of the KYC reforms in the US. In reality I think many of the adopters of cryptocurrency realized exactly the dystopia that the banking system was going down and very deliberately tried to take some of the failures of government into account.
Don’t disagree, but throwing the baby out with the bath water and going full raw dog lets speed run the entire history of financial fraud is not a good idea.
America hasn't even discovered different colours for banknotes yet. It's parochialism, not regulation, holding you back.
Apart from that, nicely put.
"Expect for roads"
"And sewers"
"And protection from invaders"
"And enforced contracts"
And so on...
Transport on land? Yeah that's pretty much always done by horse. This has held true for millenia, over hundreds of different societies. But yeah, just a fluke I'm sure. Thank God mechanized vehicles are here to knock some sense into the world.
>Yeah that's pretty much always built by governments.
Yes definitely, that's why I can never find privately refined and delivered gasoline, have goods shipped internationally except through a nationalized shipping company, and can't find a private company to deliver my last-mile internet or cell-phone service.
The steady state of parts of the globe that don't have governments is 'government, but by cartels or warlords or revolutionary people's liberation armies'.
Which have all the powers of governments, without any of the self-constraints, legal processes, protected abilities for petition or redress, or mechanisms for peaceful transfer of power.
And the problem with that is what? State power and law failed us.