The current economic, political and legal system wastes an incredible amount of resources to produce basically nothing.
This is due to the wrong assumption this paper castle rests on. That to provide people with justice, equality and opportunity public intervention is mandatory.
This is a political dogma nobody among general public even questions anymore.
But then, look around and tell me: do you see justice, equality and opportunity?
Our system is so corrupt that it began producing the exact opposite of what it was meant to: privilege, inequality and burdens on the shoulders of the citizenship, now demoted to serfdom.
Yes, but everything is good, markets go up, we’re gonna shoot somebody somewhere and don’t worry, gulp down the next batch of junk food.
Ok, now that I got this out of my system, we can try a more rational approach.
Take economic regulation. The stated purpose of all this regulatory body is to prevent abuse by market operators. This in turn causes: 1) the rise of doing business, due to compliance costs; 2) corruption, since great advantages can be reaped by colluding with regulators; this then causes: 3) a progressive corruption of the system, then comes: 4) regulation put forward by corrupt regulators is tweaked to help the colluding parties to the disadvantage of honest market operators and then you arrive at: 5) the system produces the opposite of what it was meant to.
This is the natural outcome you can expect from a system designed like this, because people react to real incentives and not to moral stated principles. So, basically, we now have the biggest economic failure of all time: paying for a system that does the exact opposite of what we built it to do.
Now, compare all this with the cryptocurrency environment. No rule of law, non court of justice, no regulation whatsoever. Do people get scammed? Yes, they do. But is the level of crime going on so high that it threatens the collapse of the system? Nope. People get scammed and learn their lessons. Services comes to the market with solutions. The system evolves without burdening itself with costly and ineffective structures.
In my mind there’s no doubt that this system is far better than the one we currently have. And indeed there’s no doubt that this system will prevail in the long run due to its economic and political superiority.
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