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The corpus of libertarian writing in social media about crypto and banking regulations and fractional reserve banking and FDIC would tend to disprove your state
by lanstin 4y ago
The corpus of libertarian writing in social media about crypto and banking regulations and fractional reserve banking and FDIC would tend to disprove your statement about libertarian beliefs.
No doubt in some academic tower of excellence, the arguments are tightly wound and full of data, but it isn’t propagating to the common discourse.
- olalonde 4y agoI meant to reference Block CEO Jack Dorsey in my comment. I'm pretty sure he knows the intended objectives behind AML regulations and so on. I doubt that he would go "oh! I didn't think about this" if someone were to explain their purpose to him. Plus, in case that was your point, Chesterton's Fence is about a lack of reasoning about the purpose of the rules, not a bad reasoning.
- kolbe 4y agoAt the Dorsey level, the "rule" could be something entirely different. The existing industry rule could be that human review is necessary to comply with AML laws. Dorsey thinks technology can take care of it while cutting costs, totally unaware of the decades and decades where existing money transfer businesses experimented with it, and saw how it didn't work.