4 ms·

What does this mean? (Libertarian here asking)

• screye 5y ago
  Libertarians often stand by the 'small govt' ideal, where the ideal size of a govt. is a set of the minimum and necessary regulations needed for basic functioning. Crypto started off with zero govt, and is speed running towards the same level of regulations that banks operate under. The implication is that libertarians usual complaint about overegulation in legacy systems may be misguided, and that legacy systems are adequately libertarian. Phrased another way, the seemingly crippling regulation in legacy financial systems might actually be the 'minimum' amount of regulations necessary to enable a financial system of the size we operate in today. A more charitable reading would be that during this speed run, we reach a much earlier and smaller set of regulations that are sufficient for functionality equal to todays legacy system. Crypto can simply 'stop' adding regulation at that point, and achieve the libertarians dream of a leaner and more effective regulatory body. To some degree, it will also accomplish some of original goals of Crypto pioneers of 'low regulation' finance.
  • jspaetzel 5y ago
    Oh I see. You're saying that crypto inverts the problem libertarians want to address with the financial system. Which is nifty! I think you might find libertarians would be split about this... In my case I'm against anything that would throw out the existing system to start over from scratch, I'd rather work from the existing system and tactically remove things when they can't be justified.
    • jl6 5y ago
      I expect most libertarians have identified the direction in which they wish to move the needle and would be content with a gradual, conservative reform programme towards that direction - rather than overnight revolution.