3 ms·
A free market isn't just one with lower amounts of regulation but also one where regulation is applied indiscriminately to all participants. Many bitcoin exchan
by krrrh 13y ago
A free market isn't just one with lower amounts of regulation but also one where regulation is applied indiscriminately to all participants. Many bitcoin exchanges have only been viable because a they did not yet have the same regulation applied to them as is applied to "fiat" exchanges. There are necessary regulations for how exchanges or ATMs work, what sort of reporting they need to do, and what sort of safeguards are in place to protect customers from fraud and loss. And there is a lack of financial professionals who believe in bitcoin enough to help adequately build these systems, and of course far more importantly, a huge lack of demand from the general population.
- fauvenoire 13y agoDear diary, Today, I made up what words mean. Hugs and Kisses, krrrh
- oleganza 13y agoBy your logic, if His Majesty The King applies his laws equally to everyone, then it's a free market? Any organization which is tax-funded has inequality and discrimination built in. Some are net tax payers, others are net tax receivers. Then, net tax receivers dictate why it's good and honest for them not to pay, but receive and why it's good and honest for them to extract payment from others. And under what "regulations". Obviously, tax-funded regulations cannot be applied indiscriminately to all participants. Free market is not about equality. It's about ability to protect property against anyone's opinion. Bitcoin and the internet themselves are a fine example of a nearly free market: no matter what you think of me and no matter what I think of you, we both can avoid each other and no one can take each other's coins. But if we don't have such technology and have to keep our cash in a bank, then we both depend on someone's opinion how the money should be used and how much we can spend and where.