Forgery, issuing, loaning, & taxing have been concerns from the earliest days of State control. Laws have to adapt >
/1@GeorgeSelgin@lawrencehwhite1@jp_koning - to technology changes, which can radically alter the landscape of the #system.
Long before the specific formal appearance in the Literature¹ʻ², conflicts between open & closed markets were apparent & dealt with. The dilemma didn't go away, they relied on the difficulty >
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This sword cuts both ways: the same ambiguity that emboldens innovators to imagine themselves a step ahead of law won't convince enforcement & courts that existing laws don't apply.
Reality is nonlinear. Changes to law come from society itself, not merely lawyers & regulators.
'Innovators' are not all 1 type. There will be crypto visionaries, MS competitors, copycat scams & victims all vying to frame new laws here.
Does a cat catch-up to its tail?
Jun 30, 2019 • 6 tweets • 3 min read
@FrankPasquale What I'm not seeing enough unpacking of, is the word 'data'.
What data? Without more detail, this cannot possibly be adequately broken down & understood, thereby proving useful to the task at hand.
The more general approach is via Information Paradigm: I/O = Time value (data=$)
@FrankPasquale Some i/o action we call 'work', and associate with a cost. Other work may not be. Some work we want to record, as it contributes to our Experience & Reputation, which are multipliers of T_v. The default choice should lie with the creator, or as an agreement between them & others.
