2 ms·
That's certainly a valid point on the trade-off curve to choose. But you could make a similarly reductionist argument about free speech, guns, home chemistry se
by darawk 4y ago
That's certainly a valid point on the trade-off curve to choose. But you could make a similarly reductionist argument about free speech, guns, home chemistry sets, etc. I think the position that "money is too important to be open" is a potentially reasonable one!
But what I don't think is particularly defensible is the position that the gatekeepers of our monetary system should be the corporations who happen to occupy the current choke points. And I think if you wanted to build a democratically controlled financial system that doesn't have corporate gatekeepers, you'd actually want to start with something very much like a decentralized open blockchain. That is, if you want to build a democratically controlled permissioned system, you need to start with an open fabric, and place the gatekeepers and choke points with intention.
Personally I prefer an open fabric, but I do understand the appeal of walled gardens.
- Nursie 4y agoYeah don't get me wrong, I think there's loads of stuff that can change and be improved about the current system, including getting rid of various entrenched interests. But yes, finance is a walled garden, especially where retail is involved, and I think it should continue to be one. It's not just that money is too important, it's that we know it attracts people who will do anything to part joe public from his dollar, and we know that without sufficient regulation, said people can and do concoct all sorts of shonky, magical schemes to do it. We can see it happening in the cryptocurrency space at the moment. These schemes not only rip off their own marks but can, without oversight, create systemic risks on entire economies. So there should be oversight, licensing, monitoring and democratically accountable authorities that can correct and direct actions. As such I don't think any improvement here resembles a blockchain at all, because blockchain systems are designed specifically for (and really only provide benefit in) situations where these are not present. And the alternative is a world in which people are having to constantly be on guard over every little thing. I don't want to have to do due diligence on how I store my money, or whether somewhere I choose to deposit it might evaporate next week despite being assured by 'the community' that it's legit and 100% SAFU. Just like I don't want to have to be my own food standards inspector at a restaurant...