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> I see crypto projects repeating the biggest failures of monetary history... > In physical economics, we still have those problems but we've built up regulati

> I see crypto projects repeating the biggest failures of monetary history... > In physical economics, we still have those problems but we've built up regulation and fluency to protect ourselves over hundreds of years... Those regulations are a kind of advanced technology, but it's not computer technology, so too many "technologists" are blind to it. Most cryptocurrency technologies are pretty analogous to making a car in 2022 without seat-belts and without an effective replacement, and selling that as a feature. Seat-belt technology is ubiquitous for good reason and discarding that technology is dumb (or at least blinkered).

horsawlarway 5y ago
I agree completely with this. The vast majority of the "regulations" that crypto advocates want to avoid are basically financial tools to facilitate dispute resolution. It turns out that even if you are not dealing with explicit crooks - there are MANY reasons to have a method of reconciliation: People will break contracts (intentionally or unintentionally) and when disputes occur over contracts - we use lots of regulations to resolve those disputes. Things like: garnished wages, Frozen accounts, asset seizure, cancelled transactions, etc... So - as someone who has been involved with crypto, who has had fraud occur directly, and who used bitcoin at one of the very few times when it really did facilitate mostly value exchange instead of pure speculation (I was using MtGox to buy cannabis on the Silk road when they went down, back when a bitcoin was about 4 bucks - I still get the legal proceeding emails) - I find most "crypto advocates" to basically be snake oil salesmen. They are morally repugnant - and they are only seeking to make a quick buck through speculation in the best case, and they are actively defrauding folks in the worst (and still insanely common) case.

horsawlarway 5y ago

I agree completely with this. The vast majority of the "regulations" that crypto advocates want to avoid are basically financial tools to facilitate dispute resolution. It turns out that even if you are not dealing with explicit crooks - there are MANY reasons to have a method of reconciliation: People will break contracts (intentionally or unintentionally) and when disputes occur over contracts - we use lots of regulations to resolve those disputes. Things like: garnished wages, Frozen accounts, asset seizure, cancelled transactions, etc... So - as someone who has been involved with crypto, who has had fraud occur directly, and who used bitcoin at one of the very few times when it really did facilitate mostly value exchange instead of pure speculation (I was using MtGox to buy cannabis on the Silk road when they went down, back when a bitcoin was about 4 bucks - I still get the legal proceeding emails) - I find most "crypto advocates" to basically be snake oil salesmen. They are morally repugnant - and they are only seeking to make a quick buck through speculation in the best case, and they are actively defrauding folks in the worst (and still insanely common) case.