justin.ahn.eth on Warpcast

justin.ahn.eth pfp

monsieur makes $50m on an open platform and the french gov's first move is ban hammer how can we can more /europoooooor than this? 🫠

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patxol 🔷 anser.social pfp

patxol 🔷 anser.social

Let me disagree https://warpcast.com/patxol.eth/0xd2ec7664 Trying to sneak under regulations is not the way to go for crypto IMO.

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justin.ahn.eth pfp

though i don't disagree that regulators are gonna regulate regardless, i think your own cast is contrary to your reply - guy uses polymarket as you suggest, whether to "sneak under regulations" or not i do not know; and if the first state response is 'we must ban this tool,' then i don't think web3 has a bright future in europe... i personally didn't get into web3 just to built tools that are tradfi 2.0 and built to be arbitrarily compliant to a region i may or may not serve

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patxol 🔷 anser.social pfp

patxol 🔷 anser.social

Offering bets and gambling is not forbidden in France, it is regulated. If you operate a casino in your basement, chances are you will be raided soon. The whole story is just a journalist click bait. If you operate a gambling website now without the proper authorisations, it will be taken down, crypto or not.

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justin.ahn.eth pfp

i told you, i agree with you re: the regulators, their function is to regulate however, i don't agree with you that building crypto products to meet regulator expectations is the way to grow crypto; and as such, i don't think france/europe can take any lead as a web3 hotbed if every time an "app" runs afoul of existing regulations then the immediate reaction is to attempt to ban the app

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patxol 🔷 anser.social pfp

patxol 🔷 anser.social

I am not saying regulation should not move. But ignoring it and then crying when the law enforcement guy comes to get you will not help growing crypto. The fact the the EU is actively discussing crypto with the local actors is more optimistic than the current situation in the US.

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Mikko pfp

The current situation is that there are many many more successful cryptocurrency companies in the US and zero in the EU. Now when Gary Gensler is getting sacked the US will just get better. Generally the EU regulation in the cryptocurrencies, AI and fintech has been a failure, as the EU businesses are not growing but more left behind.

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justin.ahn.eth pfp

to be fair, i think there are successful companies in the EU - in france, off the top of my head, there's ledger, the sandbox and sorare to name a few; but these are from a few cycles back now and are definitely less relevant today my bigger frustration lies more with the state's insistence every year that they will accommodate crypto and tech more generally with greater regulatory sandbox conditions and financial incentives, yet ever year this fails to materialize and the country continues to fall behind despite claiming to have more "clarity on regulation" accordingly, even this example of the state unable to hold back gambling regulation to attack a successful use of polymarket is just very disappointing

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Mikko pfp

Regulatory sandboxes have never greated any successful businesses. Financial incentives go to CEO friends of politicians, not to the startups. I don't see how it would be different this time. Regulatory clarify just code name for leftish politics that in the end just want to kill crypto, because it does not suit to their world view. Results speaks for themselves and seeing it as anything else is just wishful thinking.

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justin.ahn.eth pfp

100% agree with you and is what i was trying to convey to the other guy can't speak for all of the EU, but certainly in france these bureaucrat first approaches to regulation really end up being giant nothing burgers and as you said only end up helping incumbent insiders 😭

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patxol 🔷 anser.social pfp

patxol 🔷 anser.social

I agree on the bureaucracy and the over regulation. That's a massive pain. I think my initial message got lost somehow. In the case of Polymarket, there is no regulator, there is a gambling website that is accessible from France without authorization and it is against the law. Crypto has nothing to do with it. I would love the Crypto Twitter and Crypto LinkedIn to man up and stop blaming whatever leftist European conspiracy for anything that happens. I would much prefer the smart approach to say "ah ah they want to stop Polymarket but they can't because it's decentralized, good luck guys".

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justin.ahn.eth pfp

no one is blaming "leftist european conspiracy," at least so far as i've seen on FC people are expressing frustration that time and time again the state chooses to immediately enforce regulations, which as you enjoy mentioning is codified to label unauthorized gambling as illegal (again totally fine) and attempt to ban, demonstrating to us (clearly not to you) that they have no intention of letting emerging tech find itself, at least not without shaping their bureaucracy around it first and hence my insistence that this kind of building process ultimately does not align with crypto values, and that resulting products are just tradfi 2.0 built using crypto rails, which is then totally useless imo

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