>stricter regulation on moving between regulatory agencies and regulated industries
You seem to assume the existence of a competent and non-corrupt metaregulator (some form of supervisory body that would "regulate the regulators" and somehow prevent "revolving door" scenarios).
- If it exists, why was long-term regulatory capture possible in the first place?
- If it doesn't, how would we go about instituting one?
We're on Hacker News. Exit wishful thinking, enter systems thinking.
- Feedback between regulatory agency and regulated industry: continuous.
- Feedback between regulatory agency and supervisory body: continuous.
- Feedback between supervisory body and sovereign (=the general public getting shafted by the regulatory capture): discrete, and of appalingly low resolution.
I'm told that in the world's dominant democracy, where most of the ideas that we're discussing originate, the sovereign is throttled to expressing its interest in the form of a binary decision once every ~35000 hours.
So, the boffins at the revolving door email each other and call each other on the phone all the time, but the public can only talk to the legislature at the grand rate of 1 bit per 4 years? In that case, I'm prone to applying the concept of "regulatory capture" to any and all regulation that nominally serve the public interest. They simply don't have the bandwidth to establish what the public interest is.
Even at Bitcoin's "low" speed of 7 transactions per second, on-chain voting would still support a much faster democratic process. That's why people are opposed to it. For now, people use cryptos to vote mostly on inconsequential things. That's while the quirks are being ironed out. Some crypto bros who got in for teh gainz got shafted. So what. Maybe in a fairer economic system a fool and his money would be parted even more easily.
Currently, crypto does not work... except as a public "exit"/"no confidence" vote towards the methods through which industry is organized and regulation is instituted. For one to devote time and effort to this emergent form of economic organization, no matter how uncertain its realities might be, is simply to refuse to take part in maintaining a status quo that one has had no part in establishing - and to look for alternatives, no matter how tenuous.
You seem to assume the existence of a competent and non-corrupt metaregulator (some form of supervisory body that would "regulate the regulators" and somehow prevent "revolving door" scenarios).
- If it exists, why was long-term regulatory capture possible in the first place?
- If it doesn't, how would we go about instituting one?
We're on Hacker News. Exit wishful thinking, enter systems thinking.
- Feedback between regulatory agency and regulated industry: continuous.
- Feedback between regulatory agency and supervisory body: continuous.
- Feedback between supervisory body and sovereign (=the general public getting shafted by the regulatory capture): discrete, and of appalingly low resolution.
I'm told that in the world's dominant democracy, where most of the ideas that we're discussing originate, the sovereign is throttled to expressing its interest in the form of a binary decision once every ~35000 hours.
So, the boffins at the revolving door email each other and call each other on the phone all the time, but the public can only talk to the legislature at the grand rate of 1 bit per 4 years? In that case, I'm prone to applying the concept of "regulatory capture" to any and all regulation that nominally serve the public interest. They simply don't have the bandwidth to establish what the public interest is.
Even at Bitcoin's "low" speed of 7 transactions per second, on-chain voting would still support a much faster democratic process. That's why people are opposed to it. For now, people use cryptos to vote mostly on inconsequential things. That's while the quirks are being ironed out. Some crypto bros who got in for teh gainz got shafted. So what. Maybe in a fairer economic system a fool and his money would be parted even more easily.
Currently, crypto does not work... except as a public "exit"/"no confidence" vote towards the methods through which industry is organized and regulation is instituted. For one to devote time and effort to this emergent form of economic organization, no matter how uncertain its realities might be, is simply to refuse to take part in maintaining a status quo that one has had no part in establishing - and to look for alternatives, no matter how tenuous.