4 ms·

> It’s insane to think that people are ever going to be competent and experienced enough to run their own bank. It's also insane to think people are competent

by dvt 5y ago

> It’s insane to think that people are ever going to be competent and experienced enough to run their own bank. It's also insane to think people are competent enough to vote (this was a real argument in the 1700s), and yet here we are. Also insane to think they're competent enough to use guns, or drive cars, or whatever. I think that, throughout human history, the pattern here is that we'd rather prefer the tyranny of the masses as opposed to the tyranny of the aristocracy. That's why I think crypto is here to stay. It will be pseudo-regulated, but if DraftKings and Eaze/WeedMaps is any indication (who would've thought, just 15 years ago, that sports betting or marijuana would be legal in most US states?), people will have access to these risky financial instruments.

echelon 5y ago
This libertarian argument is somewhat disingenuous. It hides the fact that the whales stand to benefit tremendously. The peons will still be peons. You're asking for us to vote you into power, and so far all of the evidence says this is a bad thing. Power consumption, no restitution for hacks, pump and dump driving insane swings and pyramid scheme behavior, the emergence of ransomware, NFT artificial scarcity. KYC and AML are good. Regulations are good. The cowboy wild west without these protections is a nightmare that will lead to increased lawlessness, hacks, and thefts that will harm the poorest among us. I don't want the thought leaders in crypto being in charge. They've already shown what bad stewards they are by downplaying all of these points and continuing to ignore the problems. They're focusing on what they can gain rather than what others are losing.
- dvt 5y ago
  > This libertarian argument is somewhat disingenuous. I'm not really making any argument; in fact, I'm probably leaning towards the "philosopher king" ideal rather than the masses running the show (I mean, just look at how much of a societal disaster social media has been), but it seems to be where we're headed.
cultofmetatron 5y ago
> It's also insane to think people are competent enough to vote The last five years have made me seriously start reconsidering this premise

by dvt 5y ago

echelon 5y ago

This libertarian argument is somewhat disingenuous. It hides the fact that the whales stand to benefit tremendously. The peons will still be peons. You're asking for us to vote you into power, and so far all of the evidence says this is a bad thing. Power consumption, no restitution for hacks, pump and dump driving insane swings and pyramid scheme behavior, the emergence of ransomware, NFT artificial scarcity. KYC and AML are good. Regulations are good. The cowboy wild west without these protections is a nightmare that will lead to increased lawlessness, hacks, and thefts that will harm the poorest among us. I don't want the thought leaders in crypto being in charge. They've already shown what bad stewards they are by downplaying all of these points and continuing to ignore the problems. They're focusing on what they can gain rather than what others are losing.

dvt 5y ago
> This libertarian argument is somewhat disingenuous. I'm not really making any argument; in fact, I'm probably leaning towards the "philosopher king" ideal rather than the masses running the show (I mean, just look at how much of a societal disaster social media has been), but it seems to be where we're headed.

cultofmetatron 5y ago

> It's also insane to think people are competent enough to vote The last five years have made me seriously start reconsidering this premise