3 ms·
Tell HN: Crypto can be a weapon in geopolitical war between the West and China
China can never allow Crypto because it is decentralized and hence the information cannot be controlled. See [1] for a great example. That opens up a great opportunity for the West to leverage its strength when it comes to Freedom of Speech and free flow of information. Impose some basic KYC/AML checks at FIAT on-ramps and off-ramps, but otherwise just allow Crypto to flourish as a sector. More decentralized and open source, the better. To avoid scams, let's add some heavy regulations on the Crypto-pretenders, basically the ones who need to say "trust us" (Binance and FTX).
If a provably decentralized Crypto sector takes off, it would be fun to watch how an authoritarian regime like CCP copes with it.
[1] https://bscscan.com/token/0xb79c9c73e8c7b4be7244e697e6bdb9f511208e9c
- smoldesu 4y ago> If a provably decentralized Crypto sector takes off, it would be fun to watch how an authoritarian regime like CCP copes with it. Yeah, just like how the free market destroyed China's economy!
- RestlessMind 4y agoIt was indeed fascinating to watch China adopting free market economy while maintaining an authoritarian state. It was done by suppressing and controlling the free flow information, however. Which is why, Crypto would be a good test case since it is based on decentralized flow of bits (some of which are money, some of which are art and some which can be information).