Comments by "Winston Smith" (@kryts27) on "The Fall of Bitcoin in China" video.

  1. Bitcoin is decentralizing crypto-currency (yes currency; any token or algorithm holding a monetary value). It enables direct fungible digital transactions nationally or internationally, without needed banks or financiers, or the government (who take their cut of transactions in fees and taxes). Wheras digital RMB is anti-cryptocurrency. Every transaction is funnelled and recorded tbrough the Central Bank of China (which is directly controlled by the CCP). This enables the CCP to monitor and tax all digital transactions, and the find anyone whom they deem "hostile to the state", for holding anti-CCP values or to be pro-democracy for example, as the digital RMB will contain metadata, like your location when transacted. These "naughty" individuals then can get frozen out of the economy of all China by having all their transactions frozen (including any day-to-day transaction to buy food, energy, accomodation and medicine) and have all their digital assests (illegally) seized by the state, including their bank account, with no guarentee of any of it returning. This is what socialism means. There are no private property rights in China. Whereas, in the West the police can track you (if you have committed a felony), by the use of your credit card (if in your name), or by your mobile phone. However, unless the prosecution lawyers can prove that most of your property was acquired through criminal activity, the state cannot confiscate your private property and bank account (unlike the CCP who mostly does), and which has to be returned to you once you've served your sentence.
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