The security of blockchains is not as strong as widely believed, and there are unknown Bitcoin whales from early on. Cryptocurrencies are believed by some to resist government control of money, but they also have the potential to prop up corrupt regimes.
This podcast highlights the potential dangers of losing certain online platforms and how it could affect and limit our access to information. It also touches on the concerns over online moderation and the implications it could have for freedom of speech and the control of our currency.
The argument between centralization and decentralization will continue to swing back and forth as we see the pros and cons of both models. While certain areas require centralized power, the downsides of centralized models will lead to eventual swings back towards decentralization.
The speaker argues that if a central bank or government tries to ban Bitcoin, it will create a stronger incentive for other major powers to enable it. Additionally, the precedent for protecting source code under freedom of speech may prevent power structures from banning it.
The United States is considering imposing a 10% additional tax on cryptocurrencies, which would make them less competitive with the country's national cryptocurrency, the CBDC. The aim is not to prevent illegal use cases, but to restrict the use of other currencies and encourage the use of the CBDC.