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Similarly savings accounts and loans are just messages that describe agreements between private parties. So how can we have bank regulation, when everything th
by pavlov 1y ago
Similarly savings accounts and loans are just messages that describe agreements between private parties.
So how can we have bank regulation, when everything that a bank does is just speech?
The answer is that the law is interested in the content of communications, and whether the messages are cryptographically peer-to-peer this-or-that is irrelevant. If your crypto messaging is about selling drugs or unregistered securities, it's not much of an excuse that you were doing it peer-to-peer.
- kjksf 1y agoThe difference is that bank has a CEO that can take your money or loose it by doing risky things with your money. Bitcoin network doesn't have a CEO. It is what it is and will always be that. Bitcoin network will not decide, at some point, to lend out your bitcoin at 100x leverage. There will never be a run on Bitcoin network because it always has the same amount of Bitcoin. Bitcoin network is already "regulated" by the code. Bitcoin regulations are merely governments trying to regain control they had with banks (they can get all the info they want about you, they can order banks to shutdown your account, like Canadian government did).