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If you've constructed your financial system such that it relies on individuals running small miners/validators in their bedroom as integral parts of the system.
by danaris 4y ago
If you've constructed your financial system such that it relies on individuals running small miners/validators in their bedroom as integral parts of the system...
...then they get to be regulated as part of a financial system. Because that's what they are. You don't get to evade regulations just by going, "but, but, but, think of the poor individual who just wants to run a tiny little miner!" when that individual is, in however small a way, directly contributing to a system that, in practice, exists primarily to enable fraud and money laundering.
- kodyo 4y agoArrest people for fraud and theft, then. The medium through which their transactions flow isn't the problem.
- danaris 4y agoWhen you create a medium that invites fraud and theft, and it isn't regulated properly, there's too much crime to expect the proper authorities to be able to handle in a timely manner. If regulating the new medium the same ways as the old medium, for the same reasons, destroys the value proposition of the new medium...then the value proposition was only ever evading regulation to start with. That is to say, crime.
- kodyo 4y agoIf the medium was created to avoid specific risks that are introduced by "proper authorities" for the depraved benefit those authorities, then asking for the proper authorities to cripple that medium invites further depravity from the authorities. If theft and fraud are rampant within a certain medium, people will learn to use it in ways that they can't be defrauded or robbed from, or it will whither on its own.