The arrogance of politicians and bureaucrats knows no limits. They believe that we are all here to adhere to what they say instead of the other way around.
Throughout the decades, as things advanced, governments only grew in power. Today, those in power feel that it is their right to insert themselves in whatever they desire. It all is open to their oversight.
Of course, we know this is all for our "protection". It is their job to wrap everyone up like they are in a condom.
The sad reality is the only thing that is being protected is the established entities that benefit from things being the way they are. This is precisely why neither party matters and it is absurd to really think so. They are all on the take. Look at the United States and K-Street. Those lobbyists grease both sides of the aisle. They are not going to risk betting on which side ends up in power; they back all horses.
Politics is theatrics to make the masses think there is a difference. It is said that John McCain and Ted Kennedy, who had epic battles on the Senate floor, were good friends and drinking buddies. Much of their outbursts were for effect.
Which brings up to technology. Unfortunately, we live in an advancing world technologically yet our political system is made up of fossils. Many of the members of Congress, Parliament, or Government positions such as Cabinets are older than dirt.
This means we are stuck with people who are clueless about technology yet are making important decisions about it. Look at the last three people who were in the Presidential race.
- Hillary-didnt even know not to open up sensitive information on a public WiFi
- Trump-thought technology was tweeting
- Biden-well enough said there
So now we have them making regulation that affects the future innovation and advancement technologically.
What is interesting is that the government was not invited. This was not a part where they got an invitation. It was they who decided to crash the fiesta that is taking place.
Therefore, their permission is not really being sought.
It is true that are a lot who are calling for regulation. Naturally, they are the ones who are part of the existing establishment. They have the systems in place to deal with regulation and the added cost of compliance.
This is where the crypto punk mentality needs to enter the picture. We are also getting insight from our CryptoMom.
Hester Pierce weighed in on the prospect of regulation. Here is what she had to say about DeFi:
“If you want to be decentralized, you really need to be decentralized, and that is going to then put you in a different category from the perspective of regulators because that’s just not something that we’ve dealt with before.”
“If regulators can find a centralized part or group of people that they can grab hold of, they will grab hold of them. So, I think it’s just good to be cautious about how you build things because, down the road, it could have regulatory implications,” she added.
Here is one of the Commissioner's of the SEC telling everyone what to do.
The answer: true decentralization.
No monkeying around with pseudo-centralized DeFi systems. Instead, operate in a decentralized manner from the start. Basically, this is how we can tell the government to kiss off.
Here is where we need to focus all of our attention. Applications and platforms have to operate in a decentralized manner so the government is powerless to touch them. Pierce admitted that this falls outside their framework.
In other words, there is nothing they can do with anything that operates on a peer-to-peer basis. If there is nothing to "grab a hold of", then it is safe.
The government wasn't invited but they decided to show up. It is up to the industry now to make them a non-factor. We know that there is no way they can keep up with innovation. Even if they were adept at understanding what is taking place, the gears of government simply work too slow.
Perhaps the government intervention will give the industry the incentive it needs to do what it should have been doing all along. Instead of creating a system of money grabs, the push towards true revolution through decentralization should have been the priority. Now we will likely see a lot more of that as developers spin out applications that are decentralized from the start.
It is time to revitalize the "crypto punk" mindset and not look to merge or appease the currency system but, rather, create something that is completely out of their reach.
Wall Street, Venture Capitalists, and the governments were all not invited to the party. Time to make them impotent in what we are doing.
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