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Crypto Research

State vs. Individual

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The debate on privacy goes beyond what we can imagine. As a matter of fact, the privacy we have is almost zero in the digital age.

Technology has been invasive since they were used. They improved our life but gave us more trouble than they actually offered.

The internet is a marketplace to freely share privacy in the public domain under private company scrutiny. 

Not until cryptocurrency was invented to protect your privacy did the technology become privacy protection that is possible for internet participants.

Then the government enters to punish Tornado Cash developers and sanction the technology that potentially can develop to protect individual privacy further.

Office of Foreign Assets Control or OFAC argued that the smart contract mixer a.k.a Tornado Cash has helped to launder more than $7 billion worth of cryptocurrency since its reaction in 2019 including over $455 million from North Korean-linked hackers.

This was the same argument that the government launched a crypto war in the 90s to prohibit developers from accessing cryptographic technology in the first place to prevent jeopardizing national security. However, the government could have an alternative solution rather than banning the technology as a whole and preventing technological progress. The benefit of developing of such technology and advancement has been out win the benefit of banning of using such technology after all.

The same argument applies in Tornado Cash, that the government oversteps its authority to ban the technology, hurting the privacy technology in the long term.

It discouraged privacy and security advancement while may not prevent hacking completely.

If the smart contract mixer can protect users’ privacy, that can outweigh the benefits to society more than banning to prevent hackers utilizing to avoid economic sanctions, then such banning is completely outreached beyond what the government should do to protect their own citizens.

Not to mention to locking up developers who write open-source code that wasn’t illegal at the time of creation is another overreaching act from the government to punish no harm individuals who utilized for unlawful purposes but the creators who promoted the innovation of the technology.

I think the government is far outreaching its authority to protect citizens from harming technology but lacks the ability to find alternative solutions to protect the innovative technology that is supposed to protect individual privacy and discourage such technology from moving forward so they can reach their authority to become a surveillance state.

At this pace, we are not far from what Novel 1984 suggested.

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Crypto Research

Crypto is a good investment or not

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Many people buy crypto to believe it is a great investment. However, it may not be the case.

I asked ChatGPT about the crypto investment and here it is:

Investing in cryptocurrency can be a good opportunity, but it also comes with high risk and volatility. It is important to thoroughly research and understand the cryptocurrency market before investing. Additionally, it is recommended to diversify your investment portfolio and not to invest more than you can afford to lose.

Here are some misconceptions:

First, crypto is not a traditional investment that requires a conventional way to invest. Instead, it is a catch-or-miss investment that you really need to time the market to make profits.

Second, you do not need to hold for too long if you need money quickly. Crypto tends to perform badly long term than average assets did.

Third, high risk only sometimes has high rewards. Many crypto with high risks may not ever provide high returns eventually and many go to zero instead.

Last, do not go FOMO because you are likely to become a bagholder.

There is not missing out and it is too late in the crypto. Rather, you should always keep an eye on the market.

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Crypto Research

Mother of all bubble

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We are heading into a bubble economy and there is one that is about to pop.

ChatGPT suggests that a financial bubble is:

A financial bubble is a situation in which the price of an asset, such as a stock or a commodity, becomes artificially inflated due to excessive speculation and investment. This can lead to a situation where the market becomes overvalued and eventually collapses, resulting in significant losses for investors. Bubbles can occur in a variety of different markets and can be caused by a number of factors, including low interest rates, economic growth, and investor sentiment.

Let’s take Tesla as an example.

Tesla CEO is Elon Musk, who purchased Twitter last year and believed the company can help Tesla to make more profits.

Does it? Or he tried to inflate Tesla instead?

If you go to Twitter, there is less opposition than a supporting voice.

Elon Musk sells Tesla cars and Tesla stocks.

People purchase cars to help pump the stock price and when stock price goes up, people want a new Tesla.

Despite all the bad reviews about the car and its questionable autopilot feature, Tesla cars sold quickly and stock goes up no question.

Is this a Ponzi scheme?

Similarly, cryptocurrency is also highly speculative.

It goes up a time to time, but people buy the narrative without further investigating how useful the crypto really is.

What if people stop buying the crypto, will that still go up?

What if the economy is so bad and the interest rate is high that people have less money to buy more crypto?

We will see how it goes.

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Crypto Research

One more thing NFT can do

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California will have a pilot program to use NFT to record car titles as an innovation of record management. 

ChatGPT stated NFT is:

NFT stands for “non-fungible token.” It is a digital asset that represents ownership of a unique item or piece of content, such as a digital art piece or collectible. NFTs are created and stored on a blockchain, which is a decentralized digital ledger. This allows for the creation and transfer of ownership of digital assets in a secure and verifiable way.

Finally, the government has realized the use of the blockchain, and it will reduce government spending while providing more accurate information to citizens.

I think blockchain has more utilities other than money. Digital money is the first step in testing society’s compatibility, but the blockchain should focus more on providing services rather than investing to people.

That blockchain service can be essential for society later rather than simply going to moon-style investments to create unsustainable pump and dump.

Such government collaboration is the first step to making blockchain a social system.

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