Quote:
Originally Posted by slang
Yes, absolutely.Then over time with great expansion, they become corrupt. It’s much easier on a large scale to hide misdoings. Budgets swell and there is more to lose with “interference” by the American people or their elected representatives.
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One factor was observed throughout history. Many leaders become corrupt after ten years. The soundbyte is "power corrupts". But many exceptions exist. King Hussein of Jordan was one. Queen Victoria apparently was another. Omar al-Bashir of Sudan is the current perfect example of why government no longer serves it function - to work for the nation. And why term limits have been so useful.
Term limits may be necessary even in Vatican City.
Forces always have a dark side - not just in Star Wars. A credit card is a powerful tool because it make borrowing so easy - as needed. Unfortunately, many use it like an alcoholic. That is the dark side. If one cannot pay off his balance at the end of a month, then he must stop using that card. Some just cannot. Meaning they will remain debtors their entire life.
Same applies to derivatives. Future contracts are so essential to provide, for example, stability for farmers. In the oil industry, futures are a powerful tool that informs all in the world that supply and demand are working (or not). Causing even the most greedy to work for the benefit of all (and to sometimes reap a massive profit in doing so).
The dark side? We all saw it when Enron intentionally created an energy shortage. Or the near economic disaster in 2007. In these cases, the problem was (in part) trading under the table - not in open and regulated markets. There are cases where some business must be conducted privately. But a majority of economic activity must be done in open markets when regulation means all counter parties (can) prosper. The only good business deal is when both parties prosper.
What made broadband possible? Regulation. Not regulation to restrict business. Regulations that halted the strifling of broadband communication.
DSL existed when the IBM PC came about. Modems in IBM PCs could only do 1200 baud. DSL could do about 1,000,000 baud. We could not have it for 15 years because companies all but conspired to stifle it. That 1981 technology was withheld for 15 years - until finally liberated by laws - the 1996 Federal Communication Act.
More laws can be good or bad. One cannot make blanket conclusions (as too many do). Government, laws, and leaders determine whether the 'powers that be' advance or stifle mankind. The devil is in the details - and not in a philosophy.
BTW, Bitcoin's major contribution to mankind: it was an experiment. It demonstrated what can happen. But also demonstrated the limit, potential corruption, and weaknesses. Like 'letters of credit' eventually created bank checks. Like Diner's Club eventually resulted in credit cards and Paypal. Well, Bitcoin is necessary to discover if that concept can / might work and what has not yet / must be solved.