[kictanet] Should a Technology be regulated? - The current state of blockchain regulation

[Brian Muhia]

Dear Listers,
There are three words that describe the mainstream opinion to blockchain:
Fear, Uncertainty and Doubt.

Fear: Even if the status quo is pretty bad, they fear the change to a new
system. The reverse argument, one that should eliminate this species of
status-quo bias, is the same. Would we want to move to the current system
if we had thought of blockchain first?

Uncertainty: They're uncertain of the near-to-long term economy anyway, and
since this change is so salient, they project that uncertainty on this
specific technology. Most technological changes that have affected the
financial system, either positively or negatively have been a bit hidden
from most citizens and regulators. Here I'm thinking of HFT technologies in
particular. We have an opportunity to propose a publicly visible technology
with lots of hype behind it, that promises to overhaul everything that
needs  a trust element.

Doubt: The introduction of a new class of experts, and subjects requiring
new forms expertise (cryptoeconomics) from corners of the world that are
basically unknown, considering the open-source and anonymity-first nature
of this technology.

I think there are many solutions to this, but all of them have the
component of patience, because it'll take time for everyone who can make
decisions to learn what it takes to make good decisions in this space.


-- 
Software Engineer - Savannah Informatics Ltd.
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