The Regulators Are Years Behind: And It Gets Worse

This was a very interesting listen. Thanks for addressing all of these points! 😊

It's encouraging that the technology permits the strength of decentralized, etc. systems to hold themselves in place. The remaining barrier would be widespread adoption of such systems by our worldwide populace. Let's hope that this will happen over time and that humans will somehow be able to be self-sufficient and not cause as much chaos and destruction as they tend to cause! Creative minds do prevail.

The near future is going to be very interesting. What a time to be alive.

!PGM
!PIZZA

We are still on the better side of the world.

This is a good thing (regulators being years behind, that is).

This is what happened with the automobile, but not the airplane.

Henry Ford made the auto ubiquitous before the government was able to seriously regulate it.

Heavier than air flight developed too slowly and the regulators were able to get ahead of the innovation curve, and stifle and kill the projects that would’ve made personal private aircraft as ubiquitous as automobiles.

Outpacing the regulators is absolutely essential if true innovation is to occur.

I think it's a good thing that they are behind and that Congress is full of people who don't understand crypto. It gives us way more time to build and if we build something that they need, people will just flock over. I still think the best thing crypto can do is go around the regulation and build amazing apps that everyone wants to use.

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I have a little problem watching the video

It says :this video file cannot be displayed.

If I may ask who do you refer as regulators

Hopping to see you on my blog too @taskmaster4450 nice meeting you

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Summary:
In this video, Task discusses the rapid changes happening in the digital world, contrasting it with the seemingly stagnant physical world. Task highlights the gap between regulators and the industry, emphasizing that regulators are significantly behind. He mentions the acceleration of developments in the crypto space, pointing out the rise in building projects. Task delves into the inefficacy of regulators in trying to control decentralized systems like Hive, explaining the hardcoded nature of certain blockchain functions. He concludes by asserting that regulators are falling behind and suggests that in the upcoming years, their control may diminish to a point of being ineffective and unenforceable.

Detailed Article:
Task starts by addressing the changing landscape of the digital world, juxtaposing it against the relatively slow-moving physical world. He draws attention to the pace of innovation in the IT and computerization sphere, emphasizing the rapid changes unfolding within these domains. Task recounts insights from a CTT podcast where a guest highlighted the significant lag of regulators compared to the industry, pointing out a potential gap of 10 years.

Moreover, Task underscores the increasing momentum in the development and involvement within the crypto building community. He mentions a specific project where individuals work part-time on a centralized application, giving credence to the combination of centralized and decentralized approaches. Task provides the example of PeakD, emphasizing its centralized nature while utilizing decentralized elements, showcasing the evolving dynamics in the industry.

The discussion then shifts towards regulators' struggles to tackle decentralized systems like Hive, detailing the immutable and decentralized attributes ingrained within the blockchain technology. Task explains the intricate governance processes required for implementing changes within Hive, showcasing the complexity of regulating such systems.

Furthermore, Task delves into the inadequacy of regulators in keeping pace with the decentralized nature of cryptocurrencies, likening the scenario to the challenges faced during the Napster era. He emphasizes the peer-to-peer, decentralized characteristics of crypto transactions, rendering them immensely challenging to monitor and control.

In conclusion, Task predicts a diminishing impact of regulators in the crypto space, foreseeing a future where their traditional control mechanisms may become ineffective. He suggests that as decentralized applications proliferate, regulators' abilities to enforce regulations will progressively wane, making them relatively inconsequential.

Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.