Teal Swan on crypto and government

[Monkey_in_suit]

I have mixed feeling about her viewpoint. There are many things I agree with but with some of them I totally disagree.

I totally disagree that currency that is not regulated is the future of our world. I don't see not being able to trace identity of somebody behind finance brings many good things, it will brings much more bad things and the way she speaks about government sounds to me that she don't appreciate importance of it at all, she have kinda negative "almost libertarian" opinion about government.

 

Edited September 13, 2021 by Monkey_in_suit

[Roy]

Not picking on Teal here (didn't even watch the video), just wanted to say on the topic;

It amazes me the hubris a lot of people have about things they really know nothing about. It's ever more apparent in this internet age where everyone has a platform. It's amazing ideas have a place to clash and there is so much interaction to breed innovation, but on the other hand there is also so much ignorance, misinformation, and stupidity going around.

People have such insanely confident notions to the point they will get violent about how government should function, and what policies would work etc. but really they have absolutely zero clue and can't comprehend how things would become a disaster if they were taken seriously.

It's like they are saying they how to get to Mars better than NASA - which of course they absolutely fucking don't. If they were in charge of the space program there is an overwhelming chance the rockets would explode immediately upon liftoff and all crew onboard would die lol.

Likewise a comparable scenario if they were put in charge of any other part of society, generally.

Of course everyone is entitled to an opinion, just realize most peoples opinions are extremely informed and absurd.

[Leo Gura]

Regulation is crucial to the function of society. Just keep that in mind.

Unregulated = no one regulates the biggest devils.

[funcool]

@Leo Gura What is your vision of crypto regulation? The only way I see crypto regulation without being too intrusive is government audited block chains and smart contracts so people aren't getting scammed or rug pulled.

You can't really regulate people losing their money trying to day trade cuz dummies do that with stocks and lose money its just that in crypto they can lose a lot more.

[Tim R]

@Roy How do you want to know that Teal doesn't know anything about crypto currencies? 

[Leo Gura]

1 hour ago, funcool said:

What is your vision of crypto regulation?

I don't think anyone knows the final answer to this issue. We have to watch it evolve.

Taxation will certainly be necessary.

[JosephKnecht]

On 14/09/2021 at 9:05 AM, funcool said:

@Leo Gura What is your vision of crypto regulation? The only way I see crypto regulation without being too intrusive is government audited block chains and smart contracts so people aren't getting scammed or rug pulled.

The governments can only regulate the on and off-ramps into crypto. Meaning, they can only regulate exchanges where fiat currency is being exchanged for cryptocurrency and vice-versa. Once you are in the cryptocurrency world, you are part of a closed system where the government has no access. 

The governments are already regulating the big exchanges through KYC and other types of regulation. 

On 14/09/2021 at 1:38 AM, Monkey_in_suit said:

I totally disagree that currency that is not regulated is the future of our world. I don't see not being able to trace identity of somebody behind finance brings many good things, it will brings much more bad things and the way she speaks about government sounds to me that she don't appreciate importance of it at all, she have kinda negative "almost libertarian" opinion about government.

The problem is not regulation.

Teal Swan has enough foresight into the future. 

The power with the current fiat-based economic system is that most of the world's labor is priced in fiat currency.

When the whole world works for fiat money, the centralized institution that issues fiat money becomes very powerful. 

This power eventually leads to corruption.

For example, the US government is currently passing  $1,000,000,000,000 (that is a Trillion, or a million million) stimulus packages, most of which is being issued by the Federal Reserve. This money first goes to the pockets of people who are close to the people in power and then it trickles down into the rest of the economy.  This is counterproductive because usually the most corrupt people are in power and they get to decide how labor is allocated in society.

The economic system has to move away from centralized issuance of money, to a decentralized one. This in principle, should decrease corruption and provide a more stable balance in the issuance of money. Thus, instead of a centralized fiat-based system, the system has to transition to a cryptographic decentralized system.

This transition will take years, perhaps decades. 

[Sucuk Ekmek]

11 hours ago, JosephKnecht said:

 

This transition will take years, perhaps decades. 

What if we don't have that much time? Kennedy tried something similar with Executive Order 11110 but that did not end up well.