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I think the larger issue here will eventually be that the concept of 'the code is law' breaks down when you need to rely on the actual law and law enforcement t

I think the larger issue here will eventually be that the concept of 'the code is law' breaks down when you need to rely on the actual law and law enforcement to to enforce your 'code law'.

nostrademons 8y ago
I think that's most likely true, but the wildcard is that "actual law" is breaking down for an increasing number of people. There is an increasing perception that existing government institutions and law enforcement are a tool for the wealthy & powerful to oppress the poor, and - whether I agree with that perception or not - when it comes to government legitimacy, perception is reality. This trend comes from outside of cryptocurrency, and is driven by things like international terrorism, perpetual war, drug cartels, state corruption, Occupy Wall Street and the continuing anger that few if any of the Wall Street Bankers that got us into the global financial crisis were punished for it, the Tea Party, police brutality, a legal system that's unaffordable for anyone that's not rich, increasing political polarization, filter bubbles, and the rise of authoritarian governments. Cryptocurrency's just stepping into the void left behind when institutions fuck themselves up; if they continue fucking up, it's only a matter of time before you start seeing crypto-legal systems with automated drone enforcement. If you suggested in the late 1990s that people would be spending real money for cryptocurrency, I'd think you were crazy. (Actually, Cryptonomicon did suggest exactly that, and I thought that particular plot point was crazy.) Now, I'd give it maybe an 85% chance of being a crazy passing fad and a 15% chance of being the social organizing principle of the 22nd century.
- api 8y ago
  > crypto-legal systems with automated drone enforcement. Or read Snow Crash by Neal Stephenson and experience it today. :)
  - nostrademons 8y ago
    I was thinking more Diamond Age, but yes.
- Animats 8y ago
  Well, actually the job of the SEC is to oppress the rich.

I think the larger issue here will eventually be that the concept of 'the code is law' breaks down when you need to rely on the actual law and law enforcement to to enforce your 'code law'.

nostrademons 8y ago

I think that's most likely true, but the wildcard is that "actual law" is breaking down for an increasing number of people. There is an increasing perception that existing government institutions and law enforcement are a tool for the wealthy & powerful to oppress the poor, and - whether I agree with that perception or not - when it comes to government legitimacy, perception is reality. This trend comes from outside of cryptocurrency, and is driven by things like international terrorism, perpetual war, drug cartels, state corruption, Occupy Wall Street and the continuing anger that few if any of the Wall Street Bankers that got us into the global financial crisis were punished for it, the Tea Party, police brutality, a legal system that's unaffordable for anyone that's not rich, increasing political polarization, filter bubbles, and the rise of authoritarian governments. Cryptocurrency's just stepping into the void left behind when institutions fuck themselves up; if they continue fucking up, it's only a matter of time before you start seeing crypto-legal systems with automated drone enforcement. If you suggested in the late 1990s that people would be spending real money for cryptocurrency, I'd think you were crazy. (Actually, Cryptonomicon did suggest exactly that, and I thought that particular plot point was crazy.) Now, I'd give it maybe an 85% chance of being a crazy passing fad and a 15% chance of being the social organizing principle of the 22nd century.

api 8y ago
> crypto-legal systems with automated drone enforcement. Or read Snow Crash by Neal Stephenson and experience it today. :)
- nostrademons 8y ago
  I was thinking more Diamond Age, but yes.
Animats 8y ago
Well, actually the job of the SEC is to oppress the rich.