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At this point I'm convinced Satoshi Nakamoto was actually a public administration professor trying to teach kids why financial institutions have the rules in pl

At this point I'm convinced Satoshi Nakamoto was actually a public administration professor trying to teach kids why financial institutions have the rules in place that they do given enough time the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place

arrow7000 5y ago
Chesterton's fence writ large
- ptha 5y ago
  I wasn't aware of the name of this. But often during code review have asked why some code is being removed, and asked the developer why that code was there in the first place. Some googling found this article on the origin of the phrase "Chesterton's fence". https://fs.blog/chestertons-fence/ https://fs.blog/chestertons-fence/
ckastner 5y ago
> given enough time the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place And the hilarious thing is that they see the absence of this regulation as a feature and don't even recognize just to what extent they are reinventing the wheel. My favorite example is kleros.io, a "decentralized arbitration service". There's an app "Kleros Court". Can't wait for the "Kleros Supreme Court" version, for appeal processes and such.
alex_suzuki 5y ago
> given enough time the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place Just like modern-day web development!
unfocussed_mike 5y ago
> given enough time the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place Right, but they have to get through the robber baron and feudalism phases first.
rafale 5y ago
Yeah but the regulations would be opt-in, for people who want a safe avenue. Anyone else will still be able to interact with the underlying permissionless blockchain network.
- oblio 5y ago
  Have you heard of social engineering? "Hey, grandma, run this command and press enter and I'll send you the Fountain of Youth™ creme tomorrow."
  - rafale 5y ago
    That works with the current banking system as well. That's what made the Nigerian scams so successful.
    - oblio 5y ago
      Yup, but the current system is not a decentralized, immutable database. At least you kind-of-sort-of have a chance at reverting a transaction. Heck, my bank completely blocks my transactions over a certain limit (I need to ask for temporary limit increases through a separate process) and frequently delays transactions larger than another limit and they call me to verify that I want to do them. Sure, blockchains could do the same, through intermediaries, but then... they've reinvented banks.
JaimeThompson 5y ago
But this time they get to be the ones who make money off the regulations. Modern crypto is about becoming the new banks, not getting rid of the concept of banks and such.

arrow7000 5y ago

Chesterton's fence writ large

ptha 5y ago
I wasn't aware of the name of this. But often during code review have asked why some code is being removed, and asked the developer why that code was there in the first place. Some googling found this article on the origin of the phrase "Chesterton's fence". https://fs.blog/chestertons-fence/ https://fs.blog/chestertons-fence/

ckastner 5y ago

> given enough time the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place And the hilarious thing is that they see the absence of this regulation as a feature and don't even recognize just to what extent they are reinventing the wheel. My favorite example is kleros.io, a "decentralized arbitration service". There's an app "Kleros Court". Can't wait for the "Kleros Supreme Court" version, for appeal processes and such.

alex_suzuki 5y ago

> given enough time the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place Just like modern-day web development!

unfocussed_mike 5y ago

> given enough time the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place Right, but they have to get through the robber baron and feudalism phases first.

rafale 5y ago

Yeah but the regulations would be opt-in, for people who want a safe avenue. Anyone else will still be able to interact with the underlying permissionless blockchain network.

oblio 5y ago
Have you heard of social engineering? "Hey, grandma, run this command and press enter and I'll send you the Fountain of Youth™ creme tomorrow."
- rafale 5y ago
  That works with the current banking system as well. That's what made the Nigerian scams so successful.
  - oblio 5y ago
    Yup, but the current system is not a decentralized, immutable database. At least you kind-of-sort-of have a chance at reverting a transaction. Heck, my bank completely blocks my transactions over a certain limit (I need to ask for temporary limit increases through a separate process) and frequently delays transactions larger than another limit and they call me to verify that I want to do them. Sure, blockchains could do the same, through intermediaries, but then... they've reinvented banks.

JaimeThompson 5y ago

But this time they get to be the ones who make money off the regulations. Modern crypto is about becoming the new banks, not getting rid of the concept of banks and such.