by Marvin Dumont
There’s a 2,500-year-old Greek fable by Aesop which tells of a snake that ate a bird’s babies at a town’s Hall of Justice. The moral? It’s a dangerous world, and just because there’s a sign imprinted with the word “justice” doesn’t mean it exists.
Regulators have different interests than businesses, especially innovative ventures. Inventors, such as proprietors of cryptocurrencies and blockchain, want to disrupt the status quo by (positively) changing old practices and inefficient processes. Innovators want to introduce better products and services (like programmable money) to the marketplace, and to hopefully build wealth by creating new categories and finding new consumers.
This can conflict with regulators’ preference for stability and predictability — because they can collect paychecks without working too hard for it. Thus, governments can be notoriously slow to adjust to changing times.
Think Venezuela, North Korea, Cuba, and banana republics in Africa. They can’t offer anything to the global marketplace because their regimes have stifled innovation and trade.
Government bureaucrats are in charge of influencing extremely complex market forces through regulatory powers. In many cases, they prescribe bad rules because they don’t fully understand all downstream consequences.
Moreover, bureaucrats often violate property rights by disallowing inventions, novelties, innovations, and new creations — because they feel threatened by change. Regulations can impede social progress and prevent people from creating new wealth for themselves and others: a violation of property rights and reduction of freedom.
As a result, the Old Guard preserve their wealth and bribe bureaucrats in order to protect their territory. If inventors don’t comply with rules, they’re classified (and punished) by the state as criminals.
Bitcoin exploded in popularity because it’s digital money that is regulation-resistant. An unregulatable blockchain platform adds value to people the world over.
George Washington wrote:
Government is not reason, it is not eloquence, it is force; like fire, a troublesome servant and a fearful master. Never for a moment should it be left to irresponsible action.
Apollo (APL) all-in-one privacy currency combines features of mainstream cryptocurrencies in a truly private and unregulatable platform. With two-second block speed, APL is one of the fastest cryptos on Earth. The privacy platform lets “Apollonauts” transact and send data anonymously via Encrypted Messaging, Private Ledger, Decentralized Exchange, IP Masking 2.0 and Coin Mixing. Learn more at www.apollocurrency.com
Learn more about Apollo Foundation’s privacy mission and tech breakthroughs: