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https://warpcast.com/~/channel/cryptoleft
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Andrei O. pfp
Andrei O.
@andrei0x309
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
@garrett
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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Andrei O. pfp
Andrei O.
@andrei0x309
Slavery and child labor were completely accepted for thousands of years. Just because something is ancient is not grounds for allowing or maintaining it. I am not a researcher, but for me, the actual effects of gambling are clear: "transfer of wealth from rich to poor", if you don't think inequality is a problem as most rich people do(though that is a clear conflict of interests) then, of course, you would like for gambling to continue. I agree with you, that restricting gambling by invading privacy and discriminating is not the way to go. Outlawing, on the other hand, with the clear evidence that now exists is sensible in my view. It's not discriminatory(as is applied the same for everybody), it's not privacy invasive, and reduces capital concentration which is what the world needs. Also while agree that financial education is a useful approach, is far less effective than using laws, if education had 100% impact, we would need 0 regulations.
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Garrett
@garrett
Equating gambling to slavery or child labor is a false equivalency imo. Outlawing risk-taking isn't the right approach. You need risk-takers to push humanity forward and a government telling me what types of risks I can or cannot take isn't a free-market regime that pushes humanity and innovation forward.
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RoboCopsGoneMad
@robocopsgonemad
Equating "outlawing risk-taking" with outlawing gambling is also a false equivalency. We outlaw excessive risks all the time when they have externalities, e.g. drunk driving.
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