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20 sats \ 4 replies \ @kr OP 24 Jan \ parent \ on: What Role Should Governments Play in Markets? history
excellent point, do you know of any Yelp-like systems that were tried in the late 1800s back when people were putting cocaine and all sorts of crazy substances in food and drinks? i’m sure someone made an attempt at separating good from bad in the private market before the FDA was established…
The free press raised the issues but I can't recall the details. Word of mouth.
As technology advances the arguments for states functioning as governments with monopolies gets weaker and weaker. I can see why paper money came to be used over gold. After reading more about the progress/evolution of money it made more sense to me. But to argue that fiat is superior to bitcoin today is crazy.
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I am. I would love to see a move in this direction. The problem is that institutions like the SEC, FDA, and CDC will NEVER reduce their size and scope. The incentives are such that they will expand and suck more life out of the economy. They are leaches. They distort the market. The temp market actors to cheat by offering bribes and favors for favorable treatment of their operations. They are a corrupting force.
Now, of course people will try to game or cheat Yelp and Google reviews. But neither have a monopoly and to the extent they have market dominance I would suggest the state creates the environment where companies like Amazon and Google can gain dominance. Regulatory capture is a thing and often I see people blaming the market for things the state creates. The state tips the scales. It can't help itself.
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makes sense.
directly fighting the continued overreach of these agencies doesn’t seem to be much help, so perhaps we need another Bitcoin moment for some system to disrupt the status quo in a completely roundabout way.
i haven’t thought much about what such a system might look like though…
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