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They could still do that if significant regulation is put in place to enforce things like KYC/AML, and strictly regulate places where cryptocurrency touches the

by Nursie 5y ago

They could still do that if significant regulation is put in place to enforce things like KYC/AML, and strictly regulate places where cryptocurrency touches the 'real' economy. This twitter thread doesn't necessarily call for an outright ban, it criticises what he terms as "regulatory impotence" in this area.

CryptoPunk 5y ago
The reason why cryptocurrency has the benefits it does is that it is highly impervious to third party intervention, whether that intervention is repressive regulation (which by the way, I would count KYC/AML laws as, after experiencing the financial exclusion and privacy violation it causes), benevolent regulation or just some party seeking to engage in rent-seeking, as in the case of a company with a locked in customer base raising fees to above what is economically optimal. The only way to eliminate its negative effects is to obviate its core properties of permissionless-ness and decentralization.
- Nursie 5y ago
  If those have to be given up, then let it be so. I don't see that either of those qualities is essential to the benefits you proposed above.
  - CryptoPunk 5y ago
    The benefits I referred to come from the fact that people all over the world can count on the protocol remaining globally accessible and apolitical/neutral. Without that, there would be no global adoption of the value transmission protocol to make the assets issued on top of Ethereum useful at the global scale. We cannot count only on the political system to maintain liberties. We need non-political institutions like cash, and its electronic corollary, cryptocurrency, to ensure certain freedoms, even in the case where the political system fails.
jiriknesl 5y ago
When you put in KYC/AML in place, you lose ability to employ people in restricted countries easily. How do you employ someone in Iran if the US government or Iranian government is against? Bypassing regulations is a great perk.
- Nursie 5y ago
  Some folks would say that restricting such arrangements would be a good outcome. > Bypassing regulations is a great perk. For illegal arrangements, sure. You may think your government shouldn't inflict such restrictions, but empowering everyone to just ignore them is unlikely to lead to good outcomes.
  - jiriknesl 5y ago
    If a developer in Iran wants to work with a company in the US and they are prevented in doing so, it might be illegal, but it is ethical to bypass such a regulation.
    - Nursie 5y ago
      Why is it ethical? What if inflows of cryptocurrency to Iran are used to further a radical clerical agenda and foment war, torture and mass disruption?
      - jiriknesl 5y ago
        It depends on how you define ethics. I am for example deongological rational egoist. I can decide for myself if my acts of sending money to Iran are ethical. In my case, I send them to people who are aginst the regime, don't torture anyone and are secular. So I exchange good work of good people for value they otherwise couldn't get. This is what matters. Voters', politicians' ideas and opinions, etc. does not.

by Nursie 5y ago

CryptoPunk 5y ago

The reason why cryptocurrency has the benefits it does is that it is highly impervious to third party intervention, whether that intervention is repressive regulation (which by the way, I would count KYC/AML laws as, after experiencing the financial exclusion and privacy violation it causes), benevolent regulation or just some party seeking to engage in rent-seeking, as in the case of a company with a locked in customer base raising fees to above what is economically optimal. The only way to eliminate its negative effects is to obviate its core properties of permissionless-ness and decentralization.

Nursie 5y ago
If those have to be given up, then let it be so. I don't see that either of those qualities is essential to the benefits you proposed above.
- CryptoPunk 5y ago
  The benefits I referred to come from the fact that people all over the world can count on the protocol remaining globally accessible and apolitical/neutral. Without that, there would be no global adoption of the value transmission protocol to make the assets issued on top of Ethereum useful at the global scale. We cannot count only on the political system to maintain liberties. We need non-political institutions like cash, and its electronic corollary, cryptocurrency, to ensure certain freedoms, even in the case where the political system fails.

jiriknesl 5y ago

When you put in KYC/AML in place, you lose ability to employ people in restricted countries easily. How do you employ someone in Iran if the US government or Iranian government is against? Bypassing regulations is a great perk.

Nursie 5y ago
Some folks would say that restricting such arrangements would be a good outcome. > Bypassing regulations is a great perk. For illegal arrangements, sure. You may think your government shouldn't inflict such restrictions, but empowering everyone to just ignore them is unlikely to lead to good outcomes.
- jiriknesl 5y ago
  If a developer in Iran wants to work with a company in the US and they are prevented in doing so, it might be illegal, but it is ethical to bypass such a regulation.
  - Nursie 5y ago
    Why is it ethical? What if inflows of cryptocurrency to Iran are used to further a radical clerical agenda and foment war, torture and mass disruption?
    - jiriknesl 5y ago
      It depends on how you define ethics. I am for example deongological rational egoist. I can decide for myself if my acts of sending money to Iran are ethical. In my case, I send them to people who are aginst the regime, don't torture anyone and are secular. So I exchange good work of good people for value they otherwise couldn't get. This is what matters. Voters', politicians' ideas and opinions, etc. does not.