3 ms·
> The problem in today's space is that WE CANNOT KNOW! The infrastructure for documenting and fighting scams simply isn't there. We're not capable of resolving
by trunnell 5y ago
> The problem in today's space is that WE CANNOT KNOW! The infrastructure for documenting and fighting scams simply isn't there. We're not capable of resolving disputes...
This is an obvious problem to anyone familiar with traditional banking and finance. I feel bad for the cryptocurrency true believers who didn't see that coming. Even if you take as a given the most idealistic vision for permissionless money and smart contracts, the lack of legal oversight is ultimately a fatal flaw. Unfortunately it's a fundamental part of these ideas.
- timdaub 5y agoI didn't see it coming as I'm not from traditional banking. Yes, there's legal oversight: But what is much worse is that the legal system may often not be capable of correctly enforcing as e.g. they can't do anything against cryptography. So I think fundamentally compliance, oversight and regulation will have to come from within the space.