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Code is law. The entire crypto ecosystem is built on the idea that it stands outside the regulatory system because they’ve discovered this magic elixir which m

Code is law. The entire crypto ecosystem is built on the idea that it stands outside the regulatory system because they’ve discovered this magic elixir which means you don’t need government laws and enforcement anymore. You don’t get to then complain that people are suffering because you don’t apply government laws and enforcement anymore.

ETH_start 4y ago
Cryptocurrency replicates cash. A cash-based economy still needs government and the laws it enforces. The government's powers are just more limited due to cash, and its electronic corollary, not being easily surveilled, or controlled through intermediaries that can act as bottlenecks. Cryptocurrency holds the potential to restore the traditional balance of power between private citizen and state that existed when most financial transactions used physical bearer instruments like gold or cash bills. Ever since large financial intermediaries took over as the dominant force in the payment system, power has become extremely concentrated in the hands of a few corporations and governments.
- JustLurking2022 4y ago
  Cash doesn't require an internet connection to use or leave a uniquely traceable signature for every transaction. Crypto is nothing like cash so stop spreading this nonsense. Also, to the other commenter's point - don't complain about losing uninsured imaginary monopoly money when the entire sales pitch for crypto is "you don't need the traditional financial system with all it's corrupt government regulation and interference". Turns out, for most people who aren't doing something illegal, those protections are a good thing.
  - ETH_start 4y ago
    Of course there are differences between cash and cryptocurrency, but the latter's design aspires to make it similar to the former, especially with respect to making peer-to-peer transfers possible. Privacy-enhancements like mixer smart contracts using cryptographic zero-knowledge proofs further mimic cash, in jettisoning the naive blockchain transaction of its traceability. >>don't complain about losing uninsured imaginary monopoly money when the entire sales pitch for crypto is "you don't need the traditional financial system with all it's corrupt government regulation and interference". Firstly, it's not imaginary monopoly money when people assign a value to it, and it exists as real information in a persistent database. I think if you take some to think about it without your preconceived ideological presuppositions, you would see that. Secondly, the sales pitch of cryptocurrency is not that we need zero government or that we don't require laws against theft to be enforced. Surveillance and limits on contract freedom are not "protections" and people have a right to want to live without these encroachments without being told they're anarchists who deserve to be robbed.
    - Yizahi 4y ago
      Sure, we would love to have less surveillance. That's why tokenbros promote a system which allows even more control, even more surveillance and is basically 100% transparent for every single human forever. And then tokenbros wonder why people on HN and on programming subs hate tokens. ThEy DoN't UnDeRsTaNd It (c).
      - adultorata 4y ago
        In a way yes, you don't understand it completely, DeFi space is close to solving inflation, we're just really really early, yes, 99% of tokens will die, but that 1% that lives will be the building foundation of the future of smart money, novel winning economist Hayek proposed denationalisation of money and we are finally witnessing it, I do seriously think you don't understand it.
        Yizahi 4y ago
        Well, you didn't understand even my short comment, so there is that :) . Fundamentally all tokens have exact same issues, one of the which I have mentioned. That mythical 1% will also have them. Either it will be truly decentralised and be a surveillance dystopia, or it's authors will lie and it will be centralised. I don't pretend to understand world economic (unlike tokenbros claim so), but at least I understand enough to be horrified by the ultra centralised unaccountable and nonpunishable corporate dystopia which tokenbros promote. The fact that they claim their tokens help common people or help reduce inequality is even more infuriating.
        ETH_start 4y ago
        Are you familiar with https://tornado.cash https://tornado.cash? It negates your argument that decentralization/public-auditability inescapably enables a surveillance dystopia.
        Yizahi 4y ago
        Oh, great, now to have same baseline semi-privacy as with money, I need to funnel my tokens through the money laundromat, and then get ALL my tokens tainted and account banned by all major exchanges, reducing me to even more fraudlent no-name exchanges forever. You have no clue not only about world economics, but even about how your tokens operate in reality. Great job. Have fun staying rich as your cult says ;)

ETH_start 4y ago

Cryptocurrency replicates cash. A cash-based economy still needs government and the laws it enforces. The government's powers are just more limited due to cash, and its electronic corollary, not being easily surveilled, or controlled through intermediaries that can act as bottlenecks. Cryptocurrency holds the potential to restore the traditional balance of power between private citizen and state that existed when most financial transactions used physical bearer instruments like gold or cash bills. Ever since large financial intermediaries took over as the dominant force in the payment system, power has become extremely concentrated in the hands of a few corporations and governments.

JustLurking2022 4y ago
Cash doesn't require an internet connection to use or leave a uniquely traceable signature for every transaction. Crypto is nothing like cash so stop spreading this nonsense. Also, to the other commenter's point - don't complain about losing uninsured imaginary monopoly money when the entire sales pitch for crypto is "you don't need the traditional financial system with all it's corrupt government regulation and interference". Turns out, for most people who aren't doing something illegal, those protections are a good thing.
- ETH_start 4y ago
  Of course there are differences between cash and cryptocurrency, but the latter's design aspires to make it similar to the former, especially with respect to making peer-to-peer transfers possible. Privacy-enhancements like mixer smart contracts using cryptographic zero-knowledge proofs further mimic cash, in jettisoning the naive blockchain transaction of its traceability. >>don't complain about losing uninsured imaginary monopoly money when the entire sales pitch for crypto is "you don't need the traditional financial system with all it's corrupt government regulation and interference". Firstly, it's not imaginary monopoly money when people assign a value to it, and it exists as real information in a persistent database. I think if you take some to think about it without your preconceived ideological presuppositions, you would see that. Secondly, the sales pitch of cryptocurrency is not that we need zero government or that we don't require laws against theft to be enforced. Surveillance and limits on contract freedom are not "protections" and people have a right to want to live without these encroachments without being told they're anarchists who deserve to be robbed.
  - Yizahi 4y ago
    Sure, we would love to have less surveillance. That's why tokenbros promote a system which allows even more control, even more surveillance and is basically 100% transparent for every single human forever. And then tokenbros wonder why people on HN and on programming subs hate tokens. ThEy DoN't UnDeRsTaNd It (c).
    - adultorata 4y ago
      In a way yes, you don't understand it completely, DeFi space is close to solving inflation, we're just really really early, yes, 99% of tokens will die, but that 1% that lives will be the building foundation of the future of smart money, novel winning economist Hayek proposed denationalisation of money and we are finally witnessing it, I do seriously think you don't understand it.
      - Yizahi 4y ago
        Well, you didn't understand even my short comment, so there is that :) . Fundamentally all tokens have exact same issues, one of the which I have mentioned. That mythical 1% will also have them. Either it will be truly decentralised and be a surveillance dystopia, or it's authors will lie and it will be centralised. I don't pretend to understand world economic (unlike tokenbros claim so), but at least I understand enough to be horrified by the ultra centralised unaccountable and nonpunishable corporate dystopia which tokenbros promote. The fact that they claim their tokens help common people or help reduce inequality is even more infuriating.
        ETH_start 4y ago
        Are you familiar with https://tornado.cash https://tornado.cash? It negates your argument that decentralization/public-auditability inescapably enables a surveillance dystopia.
        Yizahi 4y ago
        Oh, great, now to have same baseline semi-privacy as with money, I need to funnel my tokens through the money laundromat, and then get ALL my tokens tainted and account banned by all major exchanges, reducing me to even more fraudlent no-name exchanges forever. You have no clue not only about world economics, but even about how your tokens operate in reality. Great job. Have fun staying rich as your cult says ;)