[notch656a]

>Generally: if you’re trying to fix something,

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.

[JumpCrisscross]

> Remove KYC+AML from the banking/monetary system

Luna's downfall and Do Kwon's pending red notice have nothing to do with KYC or AML.

[notch656a]

>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.

[JumpCrisscross]

> [crypto is] basically imperfect banking without KYC/AML

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.

[freen]

Chesterton’s fence fail.

[notch656a]

>Chesterton’s fence fail.

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.

[MomoXenosaga]

People just don't want to pay their taxes,buy drugs/weapons/illegal porn or launder cash. Couching it in high minded ideals isn't fooling anyone.

[notch656a]

Clearly anyone not happy with (or seeking alternatives to) the post 9/11 banking surveillance apparatus must be cast down as a nefarious character who isn't fooling anyone.

[freen]

The libertarian fallacy: the solution to bad regulation is no regulation whatsoever.

[notch656a]

The freen fallacy: anything between 'Patriot Act era KYC' and 'the <freen> solution' is libertarian nonsense.

[freen]

Look: current financial regulations in the US and Europe mean we’ve been leapfrogged by Africa: M-Pesa etc.

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.

[psd1]

Speak for yourself. I've been able to send money to my friends' phone numbers for years.

America hasn't even discovered different colours for banknotes yet. It's parochialism, not regulation, holding you back.

Apart from that, nicely put.