Yellen just announced they're going to regulate blockchain and roll out approved CBDC
(media.conspiracies.win)
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The blockchain. Imagine a dollar bill that’s signed by every single person that holds it, while everyone else watches. The moment you hand it to someone else, it’s signed by the new person while everyone watches.
So if you try to hand in a photocopy/duplicate to someone else, everyone will know. They saw you spend the real dollar already the real dollar contains a record that you handed it off. Everyone else has that record too.
The only way everyone watches that transaction is if the transaction is done on a public ledger. So again, what's stopping the government from taking over those centralized servers?
Re the public ledger: There's a project called Monero that is an encrypted and obfuscated public ledger, hiding addresses, amounts, IP addresses, everything.
Re the gov't "taking over those centralized servers": They can stop exchanges but they can't stop peer to peer. And crypto was made to operate with peer-to-peer software. AKA decentralized.
From my limited reading, it does sound like Monero has addressed some of the problems with Bitcoin. I definitely need to continue to learn.
A ton of the problems, yeah. It has the third biggest software team after BTC and ETH, and it seems that they're actually focused on fulfilling Satoshi's vision.
Another thing is they switched to a different algorithm in 2019 so that FPGAs & ASICs can't be built to take up all the mining supply. The new algorithm works best on CPUs, and regular consumer-grade CPUs are competitive. Because of this it's not sensible to build rigs just to use for Monero mining like it has been for ETH and such which can be competitively mined with GPUs (multiple per motherboard) or ASICs (purpose-built hashing computers)