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> They [Silicon Valley] see a regulation and they find a way around it. We don't like banking regulations? So we invent cryptocurrency and we're going to disrup
by switch007 7y ago
> They [Silicon Valley] see a regulation and they find a way around it. We don't like banking regulations? So we invent cryptocurrency and we're going to disrupt the entire financial system. We don't like limits on discrimination in lending? So we're going to use machine learning. Which is a form of money laundering for bias.
Could you expand on what you meant by this Maciej? The first sounds a bit like a conspiracy theory - that Bitcoin (I presume) was invented by Silicon Valley to avoid banking regulations? Or did I completely misunderstand?
EDIT: to be clear, I'm not contradicting or being nasty. I would just like to learn more as I've never heard that take on it before.
- idlewords 7y agoNo, I don't think Bitcoin is a conspiracy theory. I think it was a genuine novelty that came out of tech. But at a certain point in its rise, it became clear that you could create an unregulated securities market with initial coin offerings, and it was off to the races. The dynamic that I am describing is new technologies being used to circumvent regulation, with the excuse that this is something new and technical, and so should be exempt. We've seen the pattern over and over again, from sales tax exemptions to cryptocurrency to taxi and hotel laws.
- novok 7y agoWhat about ICOs make it unique in creating a securities market vs somebody just doing it with java, payment provider integration and a mysql database?
- pjc50 7y agoBitcoin was designed from the start to prevent either transactions being reversible, by anyone, or any actor in the network being able to prevent a transaction. This makes "systematic" regulation impossible. It doesn't say in the whitepaper "this is for making illegal transactions and circumventing security laws", but that's what the advocates picked up almost immediately.