Re:Web3 is centralized and inefficient
by moffkalast on Wednesday March 23, 2022 @11:14AM
(#30779299)
This is where Monero comes in.
Which statistically nobody uses, is far from proven against nation-state level attacks, and if it fails to meet KYC will be banned in most countries. There just isn’t a technical way to magically nullify the power of the government controlling where you live.
1. Russia's problem is that other countries are choosing not to do business with them. The mechanism doesn't change that (China and India will do business, at a hefty discount, but that's true for gold, too) and Bitcoin adds some risks because the blockchain model is perfect for enabling censorship because it not only allows people to avoid transactions with sanctioned entities up front but adds retroactive risk: if you accept Bitcoin from someone on that list your transactions and everyone downstream can also be blocked, driving down the value of those coins and reducing your potential buyers.
2. If your concern is censorship by the government where you live, think very carefully about whether you'd want to be someone in Russia using an application which requires a great deal of very easily detected network activity and maintains a full public transaction history for the convenience of the cops who just illegally searched your phone. Each time someone you've interacted with is compromised, they now have a hard record to go after everyone else in their history so you're not just at risk at the time of the transaction (as with cash) but for years afterwards, hoping that nobody you know has been compromised and wondering whether the police are monitoring you to see whether you lead them to anyone more interesting.