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Modern Economic Nonsense — Blockchain phone

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Solana Labs is building a Web3 mobile phone 📱. Will blockchain phones change the world by bringing crypto and mobile together?

Over the past few years, the market for blockchain smartphones has grown exponentially. More and more cryptocurrency users are becoming aware of blockchain technology, its benefits and its uses. As a result, a growing number of phone manufacturers have begun to launch blockchain smartphones in an attempt to tap into this emerging market. In this article, we’ll take a look at everything you need to know about blockchain phones.

What is a Blockchain?

Blockchain technology is an electronic distributed ledger that is used to record transactions across many computers in the network. When a transaction takes place, it is not stored in a single location. Instead, it’s replicated across the network, creating an immutable and transparent record. What makes blockchain such an attractive record-keeping method is that it’s decentralized and distributed. This means that it can’t be corrupted and anyone can access the transaction data on any computer connected to the network. When it comes to blockchain phones, a blockchain is basically a centralized app that’s distributed across a network of computers. Using blockchain phones makes sense for several reasons. 1️⃣ One, it’s becoming increasingly clear that decentralized apps are the future. And blockchain phones are already helping to pave the way. 2⃣ Two, blockchain phones allow you to enjoy the many benefits of using a cryptocurrency wallet without the hassle of setting up a wallet or managing a complicated digital wallet. Third, the cryptocurrency ecosystem is still in the early stages of development. And given how slow blockchain adoption has been, that could change in the future. If that happens, it’s possible that blockchain phones could become even more popular.

Why Use a Blockchain Phone?

Using blockchain phones can help you to fully take advantage of the many benefits of using a cryptocurrency wallet. 

1️⃣ One, it can help you to store and access your cryptocurrencies. 

2⃣ Two, it can serve as a secure way to send and receive cryptocurrencies. And three, it can simplify cryptocurrency trading by giving you an easy way to set up a trading bot. 

As an added bonus, you can use blockchain phones to access decentralized apps and decentralized apps that offer blockchain-related services. This means you can use blockchain phones to access a diverse range of decentralized apps and services, including decentralized apps that are designed to help you with your cryptocurrency trading.

The Benefits of Using a Blockchain Phone

– Risk-free – A cryptocurrency wallet is a closed system that requires users to have complete control over their private keys. This means that if someone were to get access to your wallet, they could access all of your cryptocurrencies. With a blockchain phone, you don’t need to worry about managing or storing your cryptocurrencies. You can simply use your blockchain phone to access and store your cryptocurrencies. – Security – When you use a blockchain phone, you don’t need to worry about securing your private keys. You don’t have to worry about someone hacking into your phone or stealing your cryptocurrencies. All you need to do is make sure your phone is properly encrypted. 

– Privacy – Cryptocurrencies are public and are recorded on a blockchain. This means anyone can see how much cryptocurrency you have and where it’s stored. With a blockchain phone, however, your cryptocurrency is only recorded on the blockchain of your phone. In other words, it’s only accessible by you. 

– Cost – Of course, the biggest benefit of using a blockchain phone is the cost savings that come with using a centralized app instead of managing your own blockchain. You can also get the best prices on phone plans and data plans. 

– Speed – A lot of people don’t realize it, but using a centralized app like a blockchain phone comes with a significantly slower speed. This is because every computer on the network has to check the blockchain for every transaction. If you’re trying to run a large number of transactions, this could significantly slow down your phone’s normal speed. With a blockchain phone, however, you’re sharing the same blockchain with everybody else. And this means you’ll be able to access your phone’s normal speed.

Popular Blockchain Phones

The world is already flooded with blockchain phones. This is thanks to the fact that many phone manufacturers are now creating blockchain phones. The most popular blockchain phones, however, are probably cryptocurrencies. These include the popular Coinbase phone, which allows you to access Coinbase’s cryptocurrency exchange. These days, it’s also possible to access decentralized apps that are built on the Ethereum blockchain. If you want to access these Ethereum-based decentralized apps, you’ll need an Ethereum-based phone. Some popular Ethereum-based phones include the Block Explorer, which lets you access and manage your blockchain.

Conclusion

The cryptocurrency ecosystem is still in the early stages of development. And given how slow blockchain adoption has been, that could change in the future. If that happens, it’s possible that blockchain phones could become even more popular. Regardless of what happens, it’s clear that blockchain phones are already changing the world. These phones let you use cryptocurrencies for mobile payments, trading, and more. And since cryptocurrencies are decentralized, they’re more secure and risk-free than traditional payment methods. All in all, blockchain phones are the future of cryptocurrency. They’re letting you fully take advantage of the many benefits of using a cryptocurrency wallet. And they’re bringing decentralized and decentralized apps built on the Ethereum blockchain within reach.

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Crypto Research

The Future of Machine War II

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In late 2021, I wrote an article about A.I. vs. Blockchain. I realized it was closer than I expected.

https://medium.com/@xuanling11/artificial-intelligence-vs-blockchain-the-future-of-machine-war-b685d208ba20?sk=874af90c7acbe857fa004c0ebe0d5e28

Web2 is leading a future of technological centralism. 

The way we see the world in ancient is what we saw became what we believed. Later, the enlightenment process helped humans realize what they had seen was disguised by the nature principle. Once we tested our assumption and received accurate results, we thought we had mastered the nature principles. Yet, we did not make the world better than we thought we could. 

We are living in a world in which companies know more than you than yourself. Companies can likely tell you what you should believe without letting you know. 

The secret weapon that companies like Google invented is A.I. or Artificial Intelligence. 

If A.I. can think like a person, it can easily replace you! Since companies got all your data, you freely offer them by using their free services, and they can replace you one day without you realizing it. 

Without all conspiracy theories behind what Google may or will secretly develop, A.I. reaching consciousness is … impossible.

If it does, Google has successfully made a human – dumb!

The most advanced A.I. – Tesla Autopilot Program cannot distinguish objects between humans and other moving objects during driving.  

Using technology makes people dumber than they think because it takes away your consciousness – the ability to think uniquely!

Blockchain is the future of decentralization.

We need a peer-to-peer system to regain consciousness and break the chain from Web2. 

It gives individuals the power to rethink information.

Think about today’s media; all information is filtered to offer readers without any surprise. News is data that Web2 selected specifically for you to read. 

We need a decentralized system so that you can receive unfiltered information and gives you a surprise that sparks ideas of imagination.  

Web2 is afraid of the blockchain because they are too big to fail. 

 They mimic the blockchain by creating a centralized node system – social media network. 

It is a net growing outward through a single point. Only the problem is that connection is facilitated by technology. And the biggest failure is such technology has a single point of failure problem. 

And they cannot escape the law of economics – the law of diminishing. So we will see Web2 grow slower due to the law of diminishing that they require more data with few increments of advancement through A.I. without any breakthrough because A.I. is a deterministic system that works with a lack of randomness. 

In Web2, they assumed everyone was stupid, and they offered solutions to everyone.

In Web3, everyone is good and should anticipate solving a problem together.

If you enjoy reading my articles, buy me a coffee here.

Photo by Aideal Hwa on Unsplash

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Crypto Research

Financial sanction to mixers

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Have you heard about financial sanctions from the US on virtual currency? At least, I have not yet. But the US Department of Treasury has issued sanctions on two crypto services: Blender.io and Tornado Cash.

To clarify, the US sanctions on tools but not target specific entities or groups of people.

So why bother to sanction something that the government probably won’t be able to sanction in the first place?

What is a mixer?

A cryptocurrency mixer, sometimes referred to as a tumbler, is a tool for money laundering. The sole purpose of the invention is to make transactions untraceable.

How to mix?

Even crypto is pseudo-anonymous, but it is traceable through your wallet address. A mixer is a black box service to filter your traceable wallet address into the untraceable wallet address.

How to wash your money clean in the traditional way?

https://dimensiongrc.com/the-stages-of-money-laundering/

The assumption is you will not get caught at each stage, and then you place your dirty money in a bank through companies and use the funds to purchase legal goods like houses or luxury goods.

There are mature regulations and rules to stop you from putting your dirty money into banks.

Digtial money landury

https://www.eurospider.com/en/know-how/compliance/211-what-is-a-cryptocurrency-mixer

A Crypto mixer or tumbler is a service to pool dirty digital currency in their favor and redistribute it into designated wallet addresses or addresses randomly generated. 

It is a challenge to stop transactions because there is no entry point for law enforcement to stop at each stage. 

https://home.treasury.gov/news/press-releases/jy0768

Ultimate Mixer

Tornado Cash is the king of the mixer. Unfortunately, there is just no way to trace transactions anymore. It is a smart contract with zk-SNARKs (zero-knowledge proofs) that does not require revealing a wallet address during transactions and ghostly distributed funds without leaving any traces.

This tool is the ultimate weapon that the government has to shut down, or there is no way to prevent transactions.

In Conclusion

Let’s change the future – legally. 

If you enjoy reading my articles, buy me a coffee here.

Photo by Espen Bierud on Unsplash

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Crypto Research

Why there is not crypto banking exist

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We have always heard about cryptocurrencies, crypto exchange, banking, and trading platforms, but we do not really grasp the idea of crypto banking. Crypto banking is a contradicted idea. If crypto is to replace banks and give users full control of digital money, why do you put your crypto into the bank? The new research paper argued that there are risks for banks to adopt crypto, but they did it anyway.

Banks want crypto

Cryptocurrency has a rough road at the beginning and continues to experience a bumpy road ahead. The institutional investors were watching its performance. In early 2017, institutional investors had opportunities to adopt crypto, but they found out the return of the investments was less than traditional financial assets. Regulations were not a concern for some individual institutional owners, but banks were conservative at the time. As a result, some investors adopted it in early 2018 than banks did. Then suddenly, the crypto market took off in 2020, leaving many banks to regret their decision in 2017. Many banks set up their digital investment group to rush into the market and increase prices. Of course, many of their investment positions are instead of shadow positions. It is unclear how much they have been invested in and what vehicles they took to invest in cryptos.

Crypto Exchange

Crypto exchange is a bank-like platform for crypto. Banks offered a place to purchase fiat currency. Crypto exchange did the same duty as traditional banks did. Since there was a gap between the crypto and banks, the crypto exchange took responsibility and offered crypto services. The crypto exchange took off after 2020, and they left banks in the dust. Then, crypto winter came in early 2022, and banks again hesitated to enter the crypto and started denouncing crypto usage, particularly in the Defi area. But interestingly, they tried to find ways to get into crypto without being directly exposed to cryptocurrencies—hint: through hedge funds.

How much banks exposure to crypto

We do not know how much banks have been exposed to crypto. We learned that the big Wall Street players were exposed to the services of the digital asset through State Street of their $41.7 trillion assets. Some have been exposed due to Luna’s collapse and 3AC bankruptcy. But again, no specific dollar amount was provided. 

Survivors

Since the crypto winter, institutional investors have been cautious about crypto exposure. However, crypto exchanges are the winner again. They are exposed to crypto and take risks more than banks do. As a result, they likely will weather the uncertainty. Furthermore, there is no need for crypto banking to handle your crypto assets since many such services will not survive long in the crypto environment. 

Crypto is resilience

Despite its fluctuating price and unsecured assets, crypto is resilient to phase out any bad business ideas and bad actors in the economy who wants to or try to dominate the market but who transfers risks to users to believe they are the one who should take responsibility for their carelessness. Unfortunately, those business models will not survive long.

If you enjoy reading my articles, buy me a coffee here.

Photo by Luke White on Unsplash

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