>>All the rules and regulations were created because someone was bad enough for people to agree on a rule to prevent something from happening again.
The rules and regulations were not created because they are in the public interest. They are there because control over an industry is profitable and appeals to the superficial analyses of an emotional and manipulable public.
Look at Elizabeth Warren saying cryptocurrency is dangerous because it's controlled by "shadowy super coders", when all blockchain code is open source, and developed in the open on Github, for maximum transparency, while regulatory bodies, legislative offices and traditional corporate bureaucracies are completely opaque to the public.
I mean no one in Congress has even fully read the trillion dollar plus infrastructure bill. New worrying provisions are being discovered in it every day. This is a bill that Warren had no scruples about voting for. And she has the audacity to call smart contracts "shadowy".
It's demagogues like Warren who bring regulatory restrictions, that transfer massive amounts of power to centralized bureaucracies, into force. It's not sound informed analysis. Their intervention leads to massive wealth inequality. Look at the impact of SEC involvement in token sales.
Ethereum, Cardano, Cosmos, PolkaDot, Tron, EOS and Tezos all had their initial token sale before the SEC's involvement in 2017, and consequently have majority public/community ownership of their tokens:
The rest of the platforms in the graphic, like Flow, Solana and Avalanche, had their initial token sale occur after SEC involvement, and the majority of their tokens are consequently owned by insiders, who got to monopolize the initial token sale and thus enjoy 1,000X+ gains.
This amounts to an obscene exacerbation of wealth inequality in the crypto space, due to SEC enforcement of securities regulations.
Look at the AML industry for an example of a sector that has grown to spend hundreds of billions dollars year, and impose trillions of dollars in costs in the form of financial exclusion and friction, with no evidence that it has had any effectiveness, and continues to grow unabated due to the institutional inerta that is sustained by the special interests that profit from it:
The rules and regulations were not created because they are in the public interest. They are there because control over an industry is profitable and appeals to the superficial analyses of an emotional and manipulable public.
Look at Elizabeth Warren saying cryptocurrency is dangerous because it's controlled by "shadowy super coders", when all blockchain code is open source, and developed in the open on Github, for maximum transparency, while regulatory bodies, legislative offices and traditional corporate bureaucracies are completely opaque to the public.
I mean no one in Congress has even fully read the trillion dollar plus infrastructure bill. New worrying provisions are being discovered in it every day. This is a bill that Warren had no scruples about voting for. And she has the audacity to call smart contracts "shadowy".
It's demagogues like Warren who bring regulatory restrictions, that transfer massive amounts of power to centralized bureaucracies, into force. It's not sound informed analysis. Their intervention leads to massive wealth inequality. Look at the impact of SEC involvement in token sales.
Ethereum, Cardano, Cosmos, PolkaDot, Tron, EOS and Tezos all had their initial token sale before the SEC's involvement in 2017, and consequently have majority public/community ownership of their tokens:
https://i.ibb.co/qCjJWJb/FAK6ao-HVc-AAg-V-i.jpg
The rest of the platforms in the graphic, like Flow, Solana and Avalanche, had their initial token sale occur after SEC involvement, and the majority of their tokens are consequently owned by insiders, who got to monopolize the initial token sale and thus enjoy 1,000X+ gains.
This amounts to an obscene exacerbation of wealth inequality in the crypto space, due to SEC enforcement of securities regulations.
Look at the AML industry for an example of a sector that has grown to spend hundreds of billions dollars year, and impose trillions of dollars in costs in the form of financial exclusion and friction, with no evidence that it has had any effectiveness, and continues to grow unabated due to the institutional inerta that is sustained by the special interests that profit from it:
https://www.tandfonline.com/doi/full/10.1080/25741292.2020.1...