Summary
The article discusses the problem of creating barriers to entry through licenses and regulatory compliance, which leads to a divide between rich and poor. It focuses on the betting industry as an example, highlighting the potential for money laundering and illegal activities. The article proposes a free and open-source lottery app as an alternative, eliminating the need for licenses and allowing for trustless payouts. It also explores the concept of one-on-one betting with instant settlement and smart contracts, as well as community-to-community betting, which directly benefits the winning community. The article emphasizes the importance of being aware of where one invests their energy and money, and concludes by acknowledging the power of gambling companies and the need for caution in promoting betting behavior.
Key Points
1. The presence of regulatory barriers and licenses in certain industries creates a divide between rich and poor, as those who cannot afford the licenses are left unprotected and vulnerable to exploitation.
2. In the betting industry, obtaining a license can serve as a means to launder illegally acquired funds, allowing criminals to legitimize their money and continue their illegal activities.
3. The current lottery system and other forms of gambling incentivize illegal activities and provide opportunities for money laundering, as individuals with illegal funds can manipulate the system to make their money appear legitimate.