Comments by "Crocfighter .132" (@crocfighter.1322) on "China's Brutal Crackdown on Crypto" video.

  1. I think the largest problem facing Crypto is that governments provide by far the largest demand for currency: tax. If you can't pay your taxes in bitcoin, you still need to use Digital-Dollars. The ability for the government to control the demand on their own currency is the cornerstone of their ability to manage a sovereign fiscal system. The reason I do not see the USA doing this is simple, wealthy entities like companies or even some individuals could use the de-centralized, anonymous nature of crypto-currencies to avoid taxes. They also can't sanction individuals or enforce court rulings without the banks to play along. Crypto currencies aren't just a threat to the yuan, they are a threat to the USD and Euro as well, and I don't see these institutions letting go of this power. Now I will get into an area I am a little foggy about. From my understanding, Bitcoin mining is basically a race; whoever runs the transaction first, wins. The anonymity comes from these miners focusing on efficiency which means that they do not bother to collect data. (I could very well be wrong here. Please let me know if I am, I just find this too interesting not to talk about) What if a government agency such as the CIA used its extensive computing power for code-breaking to become a trojan miner. Couldn't they then harvest data from these transactions anyway? If this were possible it would also mean that anyone with the resources necessary could do this, like Facebook or Google. Also I think that guy calling AI communist is losing the ideology war around the implementation of the system already. While he may just be using it as an easy analogy, if that is the attitude towards AI in the USA, decentralized or more "democratic" AI technologies may never be developed due to the stigma around it. AI is an amazing tool and simply writing it off loses the nuance that makes it so powerful.
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