undefined | Better HN

0 pointsmullingitover5mo ago0 comments

I don't even necessarily think a 'war on crypto' is needed. The problem is that crypto seems to function as a get out of jail free card for very straightforward financial crimes: you just do the financial crime, but apply a thin veneer of 'but with crypto' and the legal system is utterly bamboozled.

Crypto's problem is that when the law is updated to deal with these stunts, it's suddenly just a crappy version of the existing financial system.

0 comments

nickff5mo ago

I completely agree that crypto is being used as an end-run (if you'll pardon the expression) around the existing financial oligopoly, whose regulatory burden is paid for by the monopoly rents extracted by the government-endorsed players. The problem is that criminal laws aren't being maximally applied against banks, so instances like this do give the appearance of 'unfairness'.

j / k navigate · click thread line to collapse

0 pointsmullingitover5mo ago0 comments

Crypto's problem is that when the law is updated to deal with these stunts, it's suddenly just a crappy version of the existing financial system.

0 comments

nickff5mo ago

j / k navigate · click thread line to collapse