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The notion that these anti-money laundering schemes and otherwise regular financial transactions are 'oppressive' is not only false, it's upside down. 'Poverty
by jollybean 5y ago
The notion that these anti-money laundering schemes and otherwise regular financial transactions are 'oppressive' is not only false, it's upside down.
'Poverty' is a system without trust, justice or regulatory oversight - that is a system of 'power by thuggery'.
The reason Singapore and Hong Kong flourished is because they had objective commercial law, you could put your money in a bank and know it wasn't going to be stolen. You could make business claims against others in court, instead of having to hire gunboats.
A rigorous financial system is a foundation of civility, not an oppression.
If we want to 'improve' we can look at remove VISA/MC monopolies, platform monopolies (Apple etc.), and of course reduce fictionalization of the economy by the Fed ...
... but good luck with the later, as those receiving a 'tiny bit of free money' from the government have difficulty realizing that they are actually being duped by the fact that everyone higher than them on the ladder is getting 'even more free money from the government' and that their ostensibly handouts are going to get more than eaten up by inflation of various kinds.
There is no magical solution to our problems, we need to more pragmatic and intelligent - there's nothing in the domain of crypto that's fundamentally going to change the equation other than as minor tool in support of something more broad and pragmatic.