The Old Man’s Views
A week of absurdity (No, I am not talking about raiding Mar-A-Lago!)
That, of course, is absurd, but so is arresting any developer or programmer responsible for crimes committed with his programs.
What next? Do we arrest the makers of Mercedes Benz because bank robbers use their cars?
Everyone is pushing to develop tools that the community want, and there is a great hunger for tools which will protect individual rights, freedoms, and privacy. So how can developers be held responsible for the actions of bad players unless the bad players paid the developer to produce said tools?
I don't know the facts behind the case against Tornado cash or its developer, but this is a dangerous precedence we are setting.
I understand why government agencies do not like what these mixers are doing. But still.
Where does this all stop?
Should we arrest Hollywood producers for glorifying gun violence? Should science-fiction films and books be outlawed unless they portray a future our government is happy with?
No one wants more bad publicity for the industry, but that doesn't mean we should accept every attack on how we do business or take responsibility for every bad player who uses our products.
I am no expert or developer, but from what I understand, as we go forward, enhanced security and identity issues are going to be an even bigger priority, because, in the future, we will all be nothing more than the sum of our data. (CBDC?)
I'm not too fond of this, but then again, I come from a generation who knew their bank manager, had lunch with their broker, and didn't allow my kids to get most of their education from TikTok.
Indeed, back in my day, the only people identified by a digital number were convicted criminals! (most criminals today are determined by the constituency they represent!)
I lament the days when I would walk into my bank and be greeted by "Hello, Mr Westfallen, how can we help you today?" But hey-ho, progress is what it's all about.
Today it's all about data. I don't know why we need most investment products because there is no doubt the buying and selling of people's private data is much more lucrative.
As for the "He broke the law" people.
Do I need to list bad laws or politicians who have broken the rules and walked away?
Ours is a cutting-edge business, a business that grew based on its appeal to the millions of individuals who are fed-up with how politicians are running our society.
We know cryptocurrencies have inherent risk and that it's a dangerous game. But if millions want to entertain such speculative risk with their wealth, why is it government business? (How long will it be before I have to pay tax on a bet I have with a friend?)
We, as an industry, have to do better at weeding-out bad players. Still, considering we are pioneers in the equivalent of the wild west, it will take a bit longer before we can completely tame the players in our environment.
I cannot justify using "completely" because that is nonsense.
We cannot completely make ourselves carbon neutral any more than we can make our societies crime-free and eradicate theft or murder. We can make an effort to minimize things that are wrong in our communities, but we will never eliminate them.
Moreover, what is illegal or legal today, might not be the same in the future.
When I was younger, homosexuality was a crime, and domestic violence wasn't. So who is to say that making efforts to keep your financial dealing private will not be a legal activity in the future?
Most of today's laws, concerning the movement of funds were not brought in until after 9/11/2001. And the buying and selling of personal data did not become a lucrative industry until the 1990s.
I do not believe these laws were mentioned in the Constitution, or the Bible.
I don't think many people in our industry do not want to have more security and privacy regarding their financial and online activities.
I don't think many want to see western governments have the same control over our lives as the communist Chinese government has over its people. But that is the way it's going.
I would have liked to talk about the recent rally in cryptocurrencies and how I remain suspicious about the bullish sentiment coming back into the markets. But trading and investment opportunities come and go, protecting our freedoms and privacy is not so easy.
With the USA looking to employ 87,000 new tax collectors, and advertising for a few tax collectors who are willing to carry guns and also be willing to use them. Things sure are a changing, and perhaps not for the better.
Finally, a question.
I read some people are lobbying for CBDC Cash, which we can use when CBDC is introduced. I cannot see the advantages of this CBDC Cash, over continuing to use current FIAT alongside CBDC.
If I am missing something please enlighten me?