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Yeah I agree. She was still my pick for dem candidate for president (full disclosure). I think they are trying to ban anything they can't trace. E. Warren in pa

Yeah I agree. She was still my pick for dem candidate for president (full disclosure). I think they are trying to ban anything they can't trace. E. Warren in particular likes regulating banks and wall street.

lordfrito 4y ago
I agree, fast forward a decade or two from now, and anything you can't trace/undo is illegal. Not sure having a centralized monopoly on financial power is a net good thing for society. Then again, if the crypto space has taught us anything, it's that Wall St. isn't nearly as bad as we thought it was. Turns out there are bigger villains in the world than Goldman Sachs. Part of the social contract is that we allow the government to have a monopoly on the use of force. Maybe that should extend to a monopoly on commerce. Which one is the lesser of two evils here?
- kodyo 4y ago
  There's no such thing as a social contract, such an idea is preposterous, and to advocate for it is creepy.
- DennisP 4y ago
  Bear in mind that Sam Bankman-Fried was a Wall Street guy before he started his exchange. Could be why so many other Wall Street guys trusted him with their money.
- cykros 4y ago
  A centralized monopoly on financial power hasn't been around since Nixon's days, if not prior. Once we left the gold standard and the Eurodollar market came about with unregulated cashless reserveless systems operating outside of the US responsible for more creation of credit (aka "money") than happens inside the US, the Federal Reserve has been demoted to puppetmaster in chief for a puppet show that keeps the plebs from panicking at the though that nobody is actually remotely in control of the monetary system, and that instability has been and will be doing nothing but grow as time goes on. The fun part is, they keep taking tips on how to manage a crisis from a country that has been in a state of financial crisis for the better part of 30 years -- Japan. You'd think after decades of dozens of rounds of QE and actually seeing their currency DEFLATE they'd take a hint that maybe it's time to rethink how we actually think about and approach the monetary system, but I'm sure not holding my breath at this point.

lordfrito 4y ago

I agree, fast forward a decade or two from now, and anything you can't trace/undo is illegal. Not sure having a centralized monopoly on financial power is a net good thing for society. Then again, if the crypto space has taught us anything, it's that Wall St. isn't nearly as bad as we thought it was. Turns out there are bigger villains in the world than Goldman Sachs. Part of the social contract is that we allow the government to have a monopoly on the use of force. Maybe that should extend to a monopoly on commerce. Which one is the lesser of two evils here?

kodyo 4y ago
There's no such thing as a social contract, such an idea is preposterous, and to advocate for it is creepy.
DennisP 4y ago
Bear in mind that Sam Bankman-Fried was a Wall Street guy before he started his exchange. Could be why so many other Wall Street guys trusted him with their money.
cykros 4y ago
A centralized monopoly on financial power hasn't been around since Nixon's days, if not prior. Once we left the gold standard and the Eurodollar market came about with unregulated cashless reserveless systems operating outside of the US responsible for more creation of credit (aka "money") than happens inside the US, the Federal Reserve has been demoted to puppetmaster in chief for a puppet show that keeps the plebs from panicking at the though that nobody is actually remotely in control of the monetary system, and that instability has been and will be doing nothing but grow as time goes on. The fun part is, they keep taking tips on how to manage a crisis from a country that has been in a state of financial crisis for the better part of 30 years -- Japan. You'd think after decades of dozens of rounds of QE and actually seeing their currency DEFLATE they'd take a hint that maybe it's time to rethink how we actually think about and approach the monetary system, but I'm sure not holding my breath at this point.