Comment by MrPatan
3 years ago
> But the solution to that is fintech and regulation, not crypto
Why? Now we have a trustless, decentralized, tech solution, why do you still want the "guys with guns" solution?
3 years ago
> But the solution to that is fintech and regulation, not crypto
Why? Now we have a trustless, decentralized, tech solution, why do you still want the "guys with guns" solution?
Because whilst crypto provides an excellent solution for the "how to skim money from the economy by persuading less skilled investors to give you money" part of finance, it doesn't address the actual problems finance purports to solve like sending capital to its most productive use, maturity transformation, insurance, pensions etc.
It's the same application layer just running in a different tech and social stack.
It's clear why the current gatekeepers don't like permissionless alternatives, but why do you agree with them?
The "social stack" is what actually makes finance's "application layer" happen, because it turns out that blockchains can't actually enforce delivery of barrels of oil or sue ICO recipient for spending their proceeds on coke and hookers, and things like hiring and receiving goods and valuing insurance losses all involve counterparties.
Much as you would like to personalise this debate, it's not about my level of agreement with straw gatekeepers. It's about the simple fact the "application layer" doesn't exist. You're not getting your mortgage or pension from a blockchain.
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There is no such thing as trustless
But there is varying degrees of trust required. Also the quality of trust.
Where's the trust in a bitcoin tx?
You have to trust that the restaurant where you're having lunch will accept BTC as payment. In reality, using Bitcoin requires the same trust-based infrastructure as everything else because the only way to buy anything with it is to trade it for fiat.
That Bitcoins still have a value when you sell them
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