Crypto regulation has been an interesting topic in the last year and I still frankly can't wrap my head around how or should I say why this is even widely discussed in the most misinformed way, who would have thought that a bunch of so-called crypto and blockchain experts and media companies don't understand the fundamentals of crypto and its leverage of blockchain technology.
You see, over the last couple of years, we've seen no-coiners call crypto out to be a scam, a ponzi scheme, authorities like the SEC have label almost every shit as securities and the IMF keeps breading my ears with calls for regulation like shut the fuck up lady and fuckin learn how distributed networks work, all that regulatory bullshit you cry just shows how widely uneducated you really are or maybe you're just playing dumb to market your theories into law?
Honestly tho, if I have to hear one more person talk about crypto not being a stable or sustainable ecosystem because it's not regulated I could lose my shit, really, it's called "decentralized" for a reason, it's called "distributed" for a reason, it's self sovereign, the regulation is already a thing, why don't nobody get it?
DAO Governance and Consensus mechanisms
Yes, cryptocurrencies, blockchains and all associated products need regulations, everything does, but not everything needs the same type of governance structure. Regulation is simply a different way of saying "governance" and a network, ecosystem or project is well governed when the community has come to a "consensus", this is why we have things like proof of work, proof of stake and decentralized autonomous organizations(DAOs), these things are the regulatory bodies of all crypto projects or blockchains, each ruled by its own algorithm accepted by the community or all participants of the select ecosystem, having external forces interfering would be breaking the rules of it protocol.
A new bitcoin block was added to the chain? The miners voted on its validity. A new loan was approved on MakerDAO? The DAO approved it, a new project was funded using the Decentralized Hive Fund(DHF)? The community voted on the proposal for it to pass and thus be eligible for funding. All of these projects and blockchains exist as independent states, the people dedicating their time and resources to these things have already accepted the responsibility and risk involved, they don't need a fuckin old man to protect them, it's their money and time, and they manage well with the algorithms they've all come to a consensus to leverage as a governance structure.
So I don't get what people mean by crypto needs regulation, regulations from people who would put neither their time or money to build the project or ecosystem? Come on now, if the SEC wants to regulate the Hive ecosystem, someone tell them to buy some Hive and power the fuck up. Or is it bitcoin they want? Buy some freaking miners then, if they don't like it that way, then let them leave us the fuck alone, yes, we know the risk and we've accepted it, we need no protection, we self regulate what happens around here so we are already being regulated. We've tried the triangle governance structure for years now, it's time to test what distributed governance could do for our economies around the world!
No more regulatory bullshit, we already have our algorithms, anyone who wishes to regulate is welcome to join the party by doing what's needed to attain influence, that's how things work around here.
Posted Using LeoFinance Alpha
Prior to the invention of Bitcoin, there was a strong movement to create something called "honest money."
A compute algorithm can create honest money. However, one needs to avoid things such as the ability to change interest rates. The algorithm needs to avoid derivatives and leveraging ... this would include contrivances like interest on stable coins.
I am not sure if a DAO provides an answer to regulation. Blockchains can get captured. Justin Sun captured STEEM.
If you look at the witness list on HIVE, you will see that most of them are voting the same interest rate ... which shows that DAOs are subject to group think.
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BEERKING.My thoughts on Hive and how it has devolved, and why I'm quitting after being here from day 1.
It gets a lot more interesting knowing I'm getting paid doing it :)
Well thank you for your kind words. Now about Hive, I will say it cannot profit everybody, the opportunities will always be there but not everyone can make the most of it.
No system is set up to make "everybody rich" that is impossible to implement, dreaming about it though is pretty easy, an example of this dream is the publicised nonsense called "Universal Basic Income" everything about it is flawed, it is just those type of things that will never materialize.
To conclude, I would say Hive has its own benefits when compared to other platforms out there, it cannot be perfect, but it can be a perfect tool for building something that draws more value, at least that should be the focus because "making the most in any ecosystem" has more to do with the "persons and their creativity(sometimes people are creative in a way that exploits others)" looking to profit than the platform.