2 ms·

Interesting, we have different view points on similar industries. I work for an insurer and we see a lot cyber related theft and fraud, especially in the financ

by baxtr 5y ago

Interesting, we have different view points on similar industries. I work for an insurer and we see a lot cyber related theft and fraud, especially in the financial industry but also in other industries. Often the people are from outside the company, but very often they have people inside the company. In most cases the money can’t be recovered because it gets quickly wired to countries like Nigeria or HK. It’s a whole industry. Completely opaque because no company likes to talk about the losses. These things are handled quietly. On a different level: I believe many structured products purchased by private consumers are at least a rip-off and could be categorized as scam. Take for example life insurances sold by brokers with lifetime contracts yielding almost no interest whatsoever. There is a constant battle between regulators, lawyers and companies.

oblio 5y ago
The thing is, the incentives won't change. Whoever's going to push web3 will still want that opacity, it's a feature, not a bug. They'll want it to make money and to protect and hide their money. Plus you can't have it both ways, either cryptocurrencies are somehow, magically, privacy protecting and anonymous, or you have transparency. It's impossible to have both.
threeseed 5y ago
> There is a constant battle between regulators, lawyers and companies Which has unquestionably benefited consumers. If you look at the financial system 50 years ago and compare it to today consumers have far more rights and protections. And the system continues to learn and improve e.g. requiring banks to hold more reserve capital and increasing the amount of deposit insurance. Problem for Web3 is that governments, regulators and the legal system do not play a central role like in Web2. And so all of the safety nets built up over these years will evaporate and consumers will suffer.

by baxtr 5y ago

oblio 5y ago

The thing is, the incentives won't change. Whoever's going to push web3 will still want that opacity, it's a feature, not a bug. They'll want it to make money and to protect and hide their money. Plus you can't have it both ways, either cryptocurrencies are somehow, magically, privacy protecting and anonymous, or you have transparency. It's impossible to have both.

threeseed 5y ago

> There is a constant battle between regulators, lawyers and companies Which has unquestionably benefited consumers. If you look at the financial system 50 years ago and compare it to today consumers have far more rights and protections. And the system continues to learn and improve e.g. requiring banks to hold more reserve capital and increasing the amount of deposit insurance. Problem for Web3 is that governments, regulators and the legal system do not play a central role like in Web2. And so all of the safety nets built up over these years will evaporate and consumers will suffer.