This. There shouldn’t be punishments to middlemen who provide a service just come up with a better way. Innovation should happen here not governments enacting laws that effectively kill all the profits a company can make.
I think we don't have to go to cryptocurrencies to see that these punishments are severly needed. Just look at the weekly scandals of "disruptive" new startup banks, people's financials deserve a few governmental protections and if the middlemen are shitty at their job (due to malice or mere incompetence) they deserve a little punishment here or there.
I get that this type of oversight is likely against some philosophical POV here but it's not like middlemen making money is an all-to-great and solitary goal a society should try to defend.
There are rent seeking “middle-men” companies out there just milking patents or their position without providing much if anything of value. I’ll admit that. But I would contend that the credit card processing companies charging 3 to 5 percent are providing a value in the complexity that is payments but whether that warrants 3 to 5 percent I’m not qualified to say just I wanted to make the distraction between the types of middlemen.
