Tech experts urge Washington to resist crypto industry’s influence

Post by [deleted] » Wed, Jun 01, 2022, 11:35 AM UTC

RandomLensman wrote: post #41

jcbrand wrote: post #37

Earlier quoted context omitted.

US, Japan, Italy, Switzerland, Belgium, Greece, Turkey and South Africa. The Danish one is "self-owned" whatever that means. The US fed is by far the most important Central Bank due to dollar being the global reserve currency. Source: https://www.quora.com/Is-the-European-Central-Bank-privately... EDIT: The ECB is owned by member-states's banks, some of which are privately owned. In any case, private ownership is onl…

So, outside of the Fed, there are maybe two more that have some relevance that are privately owned (Japan, Switzerland). The second most important one (ECB) is not. And, of course, the ownership of the Fed (or the ECB) could be changed by changing laws (the Bank of England is an example here of how central banks might enjoy changing degrees of freedom). Addendum: to say that it is not easy to change the law is ok, ma…

Post by eqmvii » Wed, Jun 01, 2022, 11:47 AM UTC

Post by dools » Wed, Jun 01, 2022, 11:52 AM UTC

jcbrand wrote: post #32

bettysdiagnose wrote: post #25

Earlier quoted context omitted.

>If you try to make something private, then you're helping money launderers, criminals and pedophiles. But you can't just hand wave concerns regarding money laundering and other criminality away. If you want to, you should just say "these things don't matter that much", but don't just avoid them entirely. >Lastly, we reserve the right to manipulate the money supply. It's enough for you to know that we are experts and…

But you can't just hand wave concerns regarding money laundering and other criminality away. I'm not, I'm pointing out the rhetorical techniques being used to delegitimize people who try to create privacy tools. You mean to say that we live in a democracy. We elect our representatives, and they pick who runs these institutions. It's a pernicious myth that there is some meaningful democratic oversight over monetary po…

Post by mjburgess » Wed, Jun 01, 2022, 11:55 AM UTC

jcbrand wrote: post #45

kd913 wrote: post #39

Earlier quoted context omitted.

>money launderers, criminals and pedophiles. I think it's important to expand on the above because the above terms are tame. They give an impression of individual small time criminals. It's North Korea, Russia, dictators and despots across the world, the cartels, organized criminals. Large scale Tax avoiders, human traffickers, drug traffickers, weapon smugglers. It's the organized big money criminals, both high and…

Funnily enough, the people who live under dictators, despots, cartels and organized criminals often more easily realise the benefits of money that cannot be censored, cannot have its issuance be manipulated, is permissionless and very difficult to confiscate. (Talking about Bitcoin here. Not all crypto applies)

Post by jcbrand » Wed, Jun 01, 2022, 12:04 PM UTC

mjburgess wrote: post #57

jcbrand wrote: post #45

Earlier quoted context omitted.

Funnily enough, the people who live under dictators, despots, cartels and organized criminals often more easily realise the benefits of money that cannot be censored, cannot have its issuance be manipulated, is permissionless and very difficult to confiscate. (Talking about Bitcoin here. Not all crypto applies)

Uhuh... and if the state, with its monopoly on violence, wishes to ban these currencies? D'you think an "ordinary person" is going to risk being thrown in a gulag? The problem with all these tech utopians is they think the relevant problems are technical: we've solved trust! (Between machines negotiating over a network). We've solved currency manipulation (oh its not a currency, it's an asset; and oh it can be manipu…