Leeward Bound on Warpcast

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https://warpcast.com/~/channel/cryptoleft

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Andrei O. pfp

There is a law project in my country about gambling, which is beyond many people's imagination. So the TLDR: - Citizens can only gamble 10% of their income - Banks need to watch for all transactions and stuff to determine if more than 10% is spent on gambling - If more than 10% is exceeded, the gambling organization, not the gambler, will get a fine Now there are many ant-gambling laws in EU, but this seems one of the craziest because it breaches many law principles such as, privacy rights, non-discrimination rights, and culpable responsibility rights. In this regard, China is just better as it just bans gambling altogether and that seems much fairer. IMO, I agree with most of the studies that gambling can't help society in its current form. It is yet another wealth transfer mechanism from the poor to the rich. If we can't invert the equation by targeting and implementing redistributive measures from rich to poor, gambling is worse than a zero-sum game, and in fact, it accelerates societal downgrade.

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Garrett pfp

Gambling is basically as old as humanity. Speculation has fueled a lot of innovation, especially around technology. I doubt we get Google, Facebook, Tesla, Fintech, etc without the dotcom speculation bubble I don't think prevention is best handled with bans or limits on people's rights to transact how they please. A better approach is far more education around financial literacy and markets. There should be a better baseline level of knowledge around finances, investment vs gambling, etc

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Leeward Bound pfp

speculation and gambling are 2 very different topics - speculation is an investment based on merits, and it has potential positive externalities, but gambling is random chance and negative sum and always benefits the house. theres no commonality between the virtues of "the dotcom bubble" and the slot machines that are literally next to checkout in my fucking grocery store.

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Andrei O. pfp

Correct, gambling is much easier to define and is a well-regulated sector, that's why it's much simpler to outlaw. But speculation, IMO is impossible to outlaw as speculation can be even outside of the financial sector. Speculation is a core market component that is almost impossible to subdue without a 100/100 percent controlled market to the T. To eliminate speculation, everyone would have to agree to a fully enforced global planned economy. I am not saying it's a suitable or flawed idea, definitely intriguing, but for me, it seems that we are eons away from such experiment.

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Garrett pfp

Two ends of spectrum but they're on the same spectrum

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