this post was submitted on 08 Jul 2025
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This is an excellent piece from Joseph Stiglitz.

Everyone should read it.

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[–] GodofLies@lemmy.ca 1 points 1 day ago (1 children)

Oh of course there's always pain and big tech has always been hard to block or even tax (our government is extremely slow on figuring out tech) - just look at our very own big telecoms - we can't even get them to behave. Canada has positioned itself into a weak position because we collectively keep voting for these spineless or clueless people believing they are doing good or for private interests. I am sure there is still a large portion of people thinking that politics don't affect them or they think that their vote won't matter etc etc. These reasons are all excuses - voting is the just the bare minimum.

Canada should have its own GDPR like the EU. Our personal data and things that we put online - one should have sovereignty over it. We have nothing in place that backs our own citizens and this in itself costs Canada nothing. It is pure and simple legislation and can cause pain to big tech without even changing any operating system.

Canada got turned into the US's "little bitch" wasn't a mistake overnight. Go look at the past 30 years of policies and who voted for what - it's clear there's a trend and one political part is almost blatant in bed with the US. There are many other ways to cause pain beyond just digital taxes.

Banking wise, I look forward to a day when banks are obsolete via crypto, but this requires a large public understanding of what crypto is all about. I'd argue that the Canadian government has no real way of governing crypto given its nature of how it works. But that's another discussion.

[–] wampus@lemmy.ca 1 points 1 day ago (1 children)

Yea, I'm not in favour of crypto banks in any way shape or form. Over the past five years, almost every crypto coin has been blatantly used at some point for large scale fraud, and direct bribes -- Trump's a great case in point there. Even more, shifting monetary control into a crypto-verse, is overtly giving all authority and power to tech bros, who are proving in very overt fashion that they cannot be trusted these days.

Just look at SVB. Thiel and his buddies looked at SVB's balance sheet, said "We have so much money in this bank, if we all pulled out at once we could kill the bank and trigger a regulatory fiasco" ..... followed by Palmer Luckey, one of that crowd, putting forward a Crypto-first bank with his billionaire buddies backing. So the guys that caused the latest banking collapses, are wanting us to trust them to handle all the monetary stuff. Crypto being beyond government control is a nonstarter, and as soon as govt is involved is basically the same as regular currencies. But even worse the main proponents of it are completely untrustworthy, and are entirely hell bent on dismantling things like democracy. They want the power to mint their own "zuck bucks" to function as official currencies in their little tech fascist fiefdoms. So fuck that noise.

[–] GodofLies@lemmy.ca 0 points 18 hours ago

Definitely not crypto banks. I mean more of - people being able to do the transactions themselves straight from their phones or whatnot without the middleman (the banks). That's how crypto is supposed to work - and people just pay a transaction fee ("gas fees") to get the transaction done. There's a lot of work that's already been done to bring down the cost of gas fees too. Staking is like lending out your money and pooling it together while whoever borrows it has to pay you interest instead of paying the bank interest. There's a lot of shitcoins and corrupt things with crypto for sure, but that's a problem people collectively also need to solve - maybe don't "stake"/lend out your money to shady coins is a start and don't chase after this big marketed bullshit (FTX scam anyone)? There's a reason why techbros, wall street etc got in and it's because they're circumventing regulation - so looks like the bank even in this current state despite being regulated still do tons of shady shit. The penalties are just the cost of doing business.

It's a dual edged knife. Want to be free from the middleman banks? Current regulation standards don't even hold a candle against crypto. Crypto is community driven, decentralized and possibly even anti-inflationary. There are a lot of advantages but also in its current form easily perverted. Anyways, going to stop here as we're off topic.