Cryptocurrency Legislation: When the Inmates Want To Run the Asylum
In this week’s CryptoPlunder video (Crypto Plunder: Episode 34: SEC FUD & The March Dip), we talk about the latest Federal FUD. Seems almost one year to the day, that the SEC helps to bring the market down again. At times I have to wonder if it’s just gross negligence, or plain stupidity that doesn’t allow higher officials to understand new technology. As you can see in the chart below back in 2017 the SEC made a decision that caused the market to dip.
Here again in 2018 they do the same thing, this time it’s targeting exchanges. So according to the new filing by the SEC, all US based exchanges must be listed with the SEC or be severely punished. Let me ask you a question SEC. What are you going to do when all exchanges become decentralized? Are you then going to ban US citizens for participating in any exchanges? Are you going to tell a committee of anonymous people that they can’t participate in creating software on an international level?
It seems this kind of nanny state mentality, seems to be more and more rampant year after year. But when you have a decentralized technology, how can you target what you can’t touch? Just look at BitTorrent. Initially released July 2, 2001 because it is a true distributed client software, it is still in use today in 2018. Unlike its predecessor Napster which was a centralized software that the government easily shut down.
This is proof positive that decentralization minimizes censorship of software and or intellectual control. So why haven't we begun the decentralized revolution yet? I would think that because of net neutrality rules there would be a rush into all things decentralized! I’ve said it time and time again, we need to decentralize infrastructure to be able to run our decentralized businesses in a more legislation free environment. Currently in the centralized marketplace, legislation is strangling innovation unlike anything seen before.
How can you legislate what you don’t understand? How can you control the soon to be uncontrollable?
The next time someone says that they want to legislate cryptocurrency asked them to bottle up a tornado and see how well that works. They’ll probably tell you it’s impossible! Just smile, and tell them that’s exactly how you should feel, trying to control the future of the decentralized web.
Check out this weeks video.
Crypto Plunder: Episode 34: SEC FUD & The March Dip
Author:
Jay "TrajicK" Jeffrey
Lead Developer
Toxichustle Media
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