There is a TL;DR cartoon for this https://imgs.xkcd.com/comics/security.png You probably know it. Always astonished at how universal the "They can't do that, the IRS isn't legal..." etc Oh yeah? When the police show up at your house and the judge is bought...ask any lawyer. They'll tell you there's no law, they just make it up. Depends how much you want it, which is why they use shorthand "Expensive lawyers". "Companies with deep pockets" as a way of pointing to this without accusing everyone of society-wide felonies we see take place regularly.
This also amazes me for Nesara/Gesara (sp?) blockchain gold, blockchaining custody of food from the field, etc. YGBFKM. The very FIRST thing they will do is put that cabbage on the blockchain *then steal it off the truck*. Now it exists in "legal" fantasy, but not in real life. The problem is always the INTERFACE between the promise and delivery, between the abstraction and real life. Like, prettymuch everyone has accepted that all the gold isn't in the vault. It's like 100:1, if that. But no one can make an audit, so suck it, and it functionally BEHAVES as if it's in the vault for practical purposes.
Worse, now you have a single point of failure. This already happens, IF the government -- or local warlord running Blackwater -- extorts and blackmails like 3 people on the board, they own it. IF the government comes up short, they'll just confiscate SLV and GLD (metal etfs) because that's the quickest, easiest grab. People's reaction to this seems to be "Huh?" "That would be against the law!" after seeing it happen around the world every 50 years, or lately, about every month.
I know you know this, but to make a point for another essay: they key with blockchain is that there IS no interface. Bitcoin is not representing something else sitting in a vault, it's entirely non-physical, informational, representational. That doesn't break the issue of you, a human can be tracked down and jailed, but it does still remove the trust in banks and vaults not having what they promise, and using "more expensive lawyers" to rob you. So in concept, the only way, or purer way to remain in the territory of crypto is to make sure there is no "trusted agent" and no interface to reality. Say, trading BTC>USD$ , head of cabbage or something.
I'd say we should spread this fact more widely, but we already the whole cryptospace doesn't know the blockchain, lives on-exchange, and adores every ETF that makes the abstraction many more layers deep. Since they surrendered before we started, what's the point? We go where we go.
ETH L1 isn’t the settlement layer; the legal system enforced by men with guns is
Indeed
There is a TL;DR cartoon for this https://imgs.xkcd.com/comics/security.png You probably know it. Always astonished at how universal the "They can't do that, the IRS isn't legal..." etc Oh yeah? When the police show up at your house and the judge is bought...ask any lawyer. They'll tell you there's no law, they just make it up. Depends how much you want it, which is why they use shorthand "Expensive lawyers". "Companies with deep pockets" as a way of pointing to this without accusing everyone of society-wide felonies we see take place regularly.
This also amazes me for Nesara/Gesara (sp?) blockchain gold, blockchaining custody of food from the field, etc. YGBFKM. The very FIRST thing they will do is put that cabbage on the blockchain *then steal it off the truck*. Now it exists in "legal" fantasy, but not in real life. The problem is always the INTERFACE between the promise and delivery, between the abstraction and real life. Like, prettymuch everyone has accepted that all the gold isn't in the vault. It's like 100:1, if that. But no one can make an audit, so suck it, and it functionally BEHAVES as if it's in the vault for practical purposes.
Worse, now you have a single point of failure. This already happens, IF the government -- or local warlord running Blackwater -- extorts and blackmails like 3 people on the board, they own it. IF the government comes up short, they'll just confiscate SLV and GLD (metal etfs) because that's the quickest, easiest grab. People's reaction to this seems to be "Huh?" "That would be against the law!" after seeing it happen around the world every 50 years, or lately, about every month.
I know you know this, but to make a point for another essay: they key with blockchain is that there IS no interface. Bitcoin is not representing something else sitting in a vault, it's entirely non-physical, informational, representational. That doesn't break the issue of you, a human can be tracked down and jailed, but it does still remove the trust in banks and vaults not having what they promise, and using "more expensive lawyers" to rob you. So in concept, the only way, or purer way to remain in the territory of crypto is to make sure there is no "trusted agent" and no interface to reality. Say, trading BTC>USD$ , head of cabbage or something.
I'd say we should spread this fact more widely, but we already the whole cryptospace doesn't know the blockchain, lives on-exchange, and adores every ETF that makes the abstraction many more layers deep. Since they surrendered before we started, what's the point? We go where we go.