So, as many predicted, looks like #Libra is all but DOA unless @davidmarcus and FB pull off a minor miracle.
I’m going to say something that will probably get me shunned by some - I think this should upset a lot of people. Not because the result isn’t great for crypto (it is)...
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but because the manner in which governments achieved this. I’ve been struggling to articulate just why I got this sinking feeling seeing this play out, but weirdly, seeing other “shadow” gov action curtailing innovation globally more recently has helped crystallize things for me.
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That is, rather than using the formal mechanisms of democratic authority instilled in them, many have instead refused to articulate legal grounds (of which, I think there are many, like antitrust) to stop this, and have instead pulled from the mafioso playbook.
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We don’t need to be sympathetic for Visa, MC and certainly not FB, but this is just the flip side of the “shadow legislation” in many ways that frustrates so many people inside and outside of crypto. Here, the only difference is, everyone hates FB.
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But, for many govs to essentially say, “it would be a shame if Visa and Stripe found themselves under our boot for challenging our monopoly on money” and for us to cheer is a huge mistake. The tenets that underpin democracy require an even handed application of the law.
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Great observations. I'm not cheering, but without some schadenfreude it's depressing to see leaping lemmings, abysmally unaware of all the prior lemmings that crashed & burned at the same deadly cliffs. Observe from a safe distance.
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