|
It’s baffling how people here continue to insist that anybody disagreeing with them must be stupid. More specifically: > this will effectively censor and control the code that an American software dev would have to write to comply with proper reporting The idea that software today isn’t already, and has been from the times when bugs were actual insects, been the subject of (or had to account for) regulation is simply absurd. As just the most obvious example, the financial sector is heavily regulated, and that includes the software, from KYC rules similar to those now proposed for cryptocurrencies, to endless requirements for documentation and archival or the exact prescription of the algorithm to be used to settle transactions. The software in your car, plane, phone, or nuclear plant is required to follow a few dozen regulations, ISO standards, and best practice standards elevated to requirements. Every website accepting payments must implement some minimum of consumer and data protection. Your emails should respect the Oxford Dictionary and The New York Times Manual of Style, and the ADA may or may not include some requirements, although I’m not sure how binding they are. What’s happening here is the collision of reality with two fundamental misunderstandings in the crypto community: first, they considered themselves valiant warriors challenging the FED/$/governments, certain to be immediately targeted by “the establishment” trying to defend its mighty power. Then, they expected to win that fight with superior technology. Or, as seems to be happening here, the idea that “it’s online” and thereby outside the jurisdiction of the law. What happened was that for a decade or so, “the establishment” reacted with some mixture of mild interest, bemused looks, and just not giving a shit. Then, when cryptocurrencies had proven worthless except for scams, tax evasion, and CO_2 production, they started cutting it down to size, with maybe a few weeks’ effort at the SEC and probably half a dozen backbenchers’ amendments to the “Stuff We Should Do IDK Could Start To Get Annoying Act of 2022”. I guess what will be most annoying, besides being the last fool sitting on a million $’ worth of random strings, is how maddeningly unspectacular the end will be. |
If you're for this increased regulation fine, just understand it will push innovation and capital elsewhere in the world. And despite what you may want, bitcoin will not die.