"CEO is wanted by the Interpol" is to web3 as "CEO rings bell at Nasdaq" was to webs 1 and 2.
The web3/crypto community seems to select for individuals with an almost proud ignorance of the law and state power. The same personality that can make a 21st-century gold bug pitch (e.g. a world on crypto is one without wars, Bitcoin is impossible to ban, or Luna is magically stable et cetera) is one that reacts to an arrest warrant by no showing and tweeting.
And the problem with that is what? State power and law failed us.
Generally: if you’re trying to fix something, understanding how it works is usually a good start.
Specifically: pompous ignorance leads to gross negligence and criminality so stupidly brazen a B-list editor would send it back for being unbelievable. The sort that is rampant in crypto/web3.
Yes the fix is clear to me. Remove KYC+AML from the banking/monetary system. The expansion of crypto is in part a response to a pompous ignorance of government officials, attempting to impose a search of your papers merely for banking and the government implementing policies so stupid even a B-list editor wouldn't believe it.
The government failed so other actors came in, then everyone made a sad face that when the government failed alternatives were found.
Luna's downfall and Do Kwon's pending red notice have nothing to do with KYC or AML.
I disagree here. The 'killer app' feature of crypto is that it's basically imperfect banking without KYC/AML. Without crypto's popularity it's doubtful Do Kwon and Luna would have gotten such a foothold.
Pretty solid case for why these folks should go to jail. Or at the very least, be disgorged of their gains and banned from finance.
Excellent point.
The legislature ripped quite a bit of privacy and freedom from the banking system post 9/11 on an almost blind rampage, without doing much stopping and asking why things were they were. I admit it was the ultimate Chesterton's fence fail on the government's part and likely a big reason why a new fence seems to have been built with crypto.
Honestly even bitcoin the white paper seems to have had more thought poured into it than the Patriot Act, which kicked off much of the KYC reforms in the US. In reality I think many of the adopters of cryptocurrency realized exactly the dystopia that the banking system was going down and very deliberately tried to take some of the failures of government into account.
Don’t disagree, but throwing the baby out with the bath water and going full raw dog lets speed run the entire history of financial fraud is not a good idea.
America hasn't even discovered different colours for banknotes yet. It's parochialism, not regulation, holding you back.
Apart from that, nicely put.
"Expect for roads"
"And sewers"
"And protection from invaders"
"And enforced contracts"
And so on...
Gold is tremendously useful for many applications and I believe all that you mentioned are brittle in comparison. I believe it's also rarer than a few on that list.
Mainly, I've heard a few people in my life contend that we only arbitrarily decided that gold has a use, or that it's mostly hype. I don't think that's the full case. It's workable, useful, biocompatible, profitability extractable, and obviously stunningly pretty. Not so much just culturally significant just on a whim or something, it's useful.
Gold and gold buggery are separate. Gold and silver have deep precedence as money. They're also useful commodities. Gold buggery involves retail investors disproportionately allocating to gold as a buy-and-hold asset, often with emotional attachment. Those buying crypto because it's going to free the world or whatever resemble the latter.
Are central banks retail investors? Are they buying gold to "to free the world or whatever"? No [1]?
Gold and silver have deep precedence as money. This leads to them trading as haven assets, i.e. their price rises when financial conditions deteriorate. Bitcoin doesn't. It trades as a risk asset, i.e. its price falls when financial conditions deteriorate. This could change! But that's true of literally every thing traded.
Bitcoin has that rep as well.
No, it doesn’t. The evidence is crypto trading as a risk asset. People believe it could one day trade as a haven asset, but that hasn’t happened yet. Not close.
It's proving quite useful to Russia's central bank which is selling gold to China as many of its other reserves have been frozen.
This could be an interesting thread in itself.
https://www.kitco.com/news/2022-05-26/Gold-is-an-antique-ins...
https://www.cbc.ca/news/business/gold-canada-reserves-1.3443...
The truth is probably based on the money they received from selling the gold as a retail coin
You don’t need to stick it in a bank when you’re digging it up in a those volumes every year.
Gold scams have been around for a significant number of decades. Bitcoin has been hyped to death for its entire existence, in spite of the "properties" it shares with gold.
Note: I own neither.
They may use some terminology that sounds similar to counter culture at face value (eg "stick it to the big banks!") but they aren't doing this in the counter culture mode of rejection, they are simply using it as a sales pitch towards moving more crypto.