Regulation benefits elitism.
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Replying to @nouswaves
Now: (1) only expert liars exist as they stay undetected, (2) the mechanism of liar qualification is institutionalised,
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Replying to @nouswaves
(3) the institution ensures that it stays alive by ensuring that liars exist: this is done by pruning/growing the definition,
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Replying to @nouswaves
(4) the value of lying increases, (5) the difficulty in spotting/sifting for liars increases (requires capital + institutional knowledge.)
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Replying to @nouswaves
Does this seem familiar? This is an organic mechanism of power formation.
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Replying to @nouswaves
The interesting thing is seeing the reverse - they live off each other.
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Replying to @nouswaves
When lying is unregulated: trust is low with slow growth; trade is rare and large transactions are out of reach of non-brands;
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Replying to @nouswaves
also there is little benefit to being an elite liar and their power diminishes.
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Replying to @nouswaves
Lack of regulation increases the value of regulation.
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Whenever a mechanism of regulation is created there's high growth of trust and better conditions for trade which outcompetes the old market.
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Replying to @nouswaves
(Before eventual volatility and elitism restabilises the system.)
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