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by DINKDINK
4348 days ago
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These regulations aren't about consumer protections (if they were, companies would be audited and scored on how well they comply, ala health food scores in restaurants). If regulators solely marked businesses with the metaphorical seal of approval, a democratic, economic process would happen in the market place. This is entirely about the state inserting themselves between people, their money, and where they want to spend it. You'd be ignorant to believe that the Feds wouldn't apply the same, transaction-ending, censorship level of force to Bitcoin transactions services ("Oh your users are sending money to Wikileaks? We deem that a risky transaction and now require you to hold 10X funds in dollars and to buy additional bonds. Oh What a coincidence that's outside of your financial situation that we have complete privilage to inspect.") |
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"Second, this model [the Bitcoin ecosystem] unbundles the existing financial system into layers run by independent companies. To see the value of this, contrast with the US mobile carriers, who used to own the entire stack. They owned the handsets, the operating systems, the applications running on the phone, and the service. This meant that most of the stack never had anything pushing it to get very good, and there were even incentives to hold it back in order to preserve legacy revenue-generating facilities like SMS. By enabling competition at individual layers of the financial system, each one should improve."
The big banks of NY are threatened by Bitcoin and are working with the same people/regulators they've rubbed elbows for so long. If regulators really cared about protecting consumers they would have prosecuted big banks for the biggest destruction in wealth in human history aka the 2008 financial crash.