4 ms·
I disagree. Regulation has given people a false sense of security, leading to them trusting these unknown and untested entities. Instead of regulation what the
by bcl 15y ago
I disagree. Regulation has given people a false sense of security, leading to them trusting these unknown and untested entities.
Instead of regulation what they need is more transparency. Tell your customers who you are, how you are building your service, what you will do in the case of a disaster.
In this particular case you have someone who is playing with the technology without having even a basic understanding of how to build the required infrastructure.
- tghw 15y agoHow do you ensure transparency without regulation?
- Duff 15y agoAdam Smith's invisible hand will take care of it.
- jonknee 15y agoWhat's to prevent a firm from lying about who they are and what they are doing? Without regulations (and accompanying penalties for breaking the rules), it's the wild West. It sounds good on a libertarian check list, but in practice the people who can least afford it get absolutely destroyed.
- kiba 15y agoBankruptcy. Plus, backup is just a good policy. Practice it lest you end up homeless or have to find another job.
- icebraining 15y agoIn theory, you'd have trusted independent third-parties that would verify and vouch for your company if you asked them to. Rating Agencies are an example of those. We know how well they work in real life, though.
- bcl 15y agoThat's a good question. I don't think regulation really improves things though, it just adds another layer of obscurity and involuntary regulation (is there any other kind?) goes against my libertarian sensibilities. As for the people who 'can least afford it', well they need to learn how to be paranoid, the sooner the better. Reputation is, to me, the best way to ensure trust. Build a public reputation through transparency and actions. Of course this takes time, but in the end is better than than an external entity imposing regulations.
- Wentz 15y agoThere already are penalties for breaking the rules (ruined reputation), and probably far worse ones from a violator's perspective than even an ideal government regulatory fiefdom would provide. The government certainly ain't gonna be throwing people in jail for failing to back up some data, and it sure would be scary if they started. Instead...fines! ? Goverment and big, well-connected businesses have done a wonderful job of convincing people that regulations are what prevent companies from screwing people over, when they are merely a way for major corporations to keep out competition by making it harder small businesses to compete.