Bitcoin has a similar issue with the telephone. Quite useful, except when almost nobody else has one. If they make a passable CBDC legal, and the rest illegal, what will the masses do?
China banned crypto mining but did the ban stop it?
(www.scmp.com/tech/policy/article/3178028/china-may-have-massive-underground-bitcoin-mining-operations-despite)
#JustMeThinking
I am no oracle on this. But suppose they also shut down all the big exchanges and make it illegal to use them, and prevent companies from accepting crypto. Is it obvious who wins?
How can the fabled mass adoption happen with an illegal product and masses who believe in any kind of propaganda they are fed like "woke" and the rather obvious covid lies?
I suppose the pendulum may turn one day, and people will finally get over this extreme-left attitude that has gotten hold of them, and start thinking rationally again, who knows.
But even then, beginners will want big reliable exchanges at the very least. And even now, most computer savvy people I know treat cryptocurrencies as an investment only.
This is why an "offline blockhain" triumphs,
one that is not just p2p but does not require "internet".
In all countries I have seen,
Internet access is an "Achilles' heel" of BTC.
I believe we agreed earlier that an "offline blockchain", while obviously potentially a great idea, is impractical at best, quite possibly impossible to implement, did we not?
Yes we did - but !
Re-imagine the BlockChain concept, completely offline.
A sequence of transactions,
can be pruned to the latest 'signed' transactions,
redeemable by signers.
Also, stamping out coins, I dunno, you say they go underground, maybe, maybe not. A country size surveillance system used to hunt down miners/users would severely cripple most coins.
And while books get their value from the information inside, cryptocoins get their value largely from the (now nonexistent) free and open market they are used in.
I suppose this is an addition to my earlier "value of a coin" claim. The mining cost is involved, but the utility comes from being easier to use than cash, and bypassing banks.
