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Give any technology time to sit long enough weeds in the form of lawyers and regulators will grow over it and snuff it out. Rarely is society left with an effic
by josephagoss 9y ago
Give any technology time to sit long enough weeds in the form of lawyers and regulators will grow over it and snuff it out. Rarely is society left with an efficient technology after government is done with it.
Unfortunately most of my peers call for more and more regulation of business and all technology. More regulation is always good in their eyes.
I've explained how regulation should be viewed as a constant push and pull, as society needs to be willing to repeal a regulation if it's not logical or relevant.
Unfortunately the word repeal and regulation in the same sentence is dirty and I get looks for even mentioning how large unnecessary barriers to entry via regulation isn't always a good thing.
In some ways this is why I support crypto currencies. Not for the scams and pump and dumps of today, but rather the building of a decentralized internet that may survive the lawyers and usher in a new era of freedom and creativity. Of course we are still about 5 years from having a GitHub or a search engine on top of crypto currency at the current rate of development. Unfortunately the bubble craze attracted a lot of unsavoury characters that is currently doing this space a lot of harm. Thankfully the lawyers can't shut Bitcoin down so we're safe for now.
- thethimble 9y agoWait there's many examples of regulation overtly benefitting society and protecting its citizens from the harm of greedy corporations. Environmental protections, safety protections, financial/solvency protections, health/drug protections, etc... Surely, it's not "regulation" that's the enemy. What's stopping bad actors from foregoing these protections in an unregulated/decentralized world? The perfect example of this is what's going on with frivolous ICOs and crypto exchange "breaches" where consumers are losing because their ordinary consumer protections are not being enforced.
- proofofmoon 9y agoWe need to balance consumer protection with chilling effects on innovation. If regulators had applied strict interpretations of securities law to cryptoassets and exchanges, only accredited investors would have been allowed to invest and only big banks could have afforded to comply with exchange regulations.