I Believe Bitcoin May Not Survive Outside China In The Long Run!

I just checked the Bitcoin price and saw Bitcoin dropped down to $3,806.93.  It is a steep drop from when I saw Bitcoin was up near to $5,000.  This has happened because Chinese government is stepping up in regulation for Bitcoin.  Rumor or not, Chinese government is banning several major Chinese Bitcoin exchanges and stopping groups in China to create new virtual currencies.  Since such news have come out of China, Bitcoin has continued to slide downward.  It got rebound a bit, but it’s not yet over $4,000.

People are believing in Bitcoin for several reasons.  One important reason they believe in is that other governments won’t ban Bitcoin and so Bitcoin could survive outside China and around the world.  Other reasons are that Bitcoin won’t be controlled by governments, and so people can actually surpass the governments’ scrutiny when making financial decisions.  Unfortunately, Bitcoin has too many reasons for the governments around the world to step up to regulate.

I believe that China is a very powerful market factor, because China has the power to persuade other governments to step up their own Bitcoin regulations.  This is why I think Bitcoin won’t survive in the long run!  Of course, that’s my belief, and so I could be 100% wrong!  Don’t take my belief as fact, because you need to do your own research and soul searching whenever it comes to financial decision.  If you’re investing in Bitcoin and believing in Bitcoin, then you should just do what you think it’s best for you!

Anyhow, I like the idea of Bitcoin, but Bitcoin has several weak points that make me feel so uncomfortable about it.  Two most important weak points about Bitcoin are governmental factor which I had mentioned, and the other one is how easily Bitcoin could disappear.  What do I mean by this?  Well, let’s say I believe that Bitcoin coins are not actually safe on your devices.  Computers’ storages could get corrupted and poof your Bitcoin coins would disappear.  Hackers could just hack into your network or your smartphones and poof your Bitcoin coins would disappear.  No electricity or battery power, well you can’t really use your Bitcoin coins until the power is back.

In short, Bitcoin is much harder to get refund or recover once the coins leave you for good.  There is no institution to make sure the transaction is just, and the transaction always depends on pure trust without any insurance.  Once the governments start to ban Bitcoin together at large (i.e., worldwide), it makes Bitcoin users to lose the ability to appeal to the authorities for transactions gone wrong.  This weakens the Bitcoin’s appeal by a lot I think.  The things that make gold, hard physical asset, more appealing are values that can be verified and redeemed in the eyes of the world.  Bitcoin lacks the redeem attribute!  In my eyes, Bitcoin does not have the shine of gold, because you can’t redeem Bitcoin on justification but on pure trust!

 

 

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The Best Ever Food Review Show Is Pretty Good

I’m a Vietnamese American, and so it’s obvious that I love to feel the vibe of Vietnam from time to time.  The Best Ever Food Review Show on YouTube is actually doing pretty good job in giving me some of the Vietnamese vibe when the host is going around Vietnam and reviewing Vietnamese foods.  Actually, I think he says in one of his videos that he actually has lived in Vietnam for almost a year.  Anyhow, I think he is in China at the moment reviewing Chinese foods.  Whatever though, I think his show is pretty great!  I love how he is actually reviewing a lot of Vietnamese foods in Vietnam, because the Vietnamese everyday vibe is actually showing through his awesome videos.  Check out one of his videos right after the break.

Equifax Got Hacked, Affecting 100 Million Plus Consumers!

Hot off the press, hackers were able to gain unauthorized access to Equifax’s consumer data, potentially affecting almost half the United States population, roughly around 143 million consumers.  Equifax promises to allow affected consumers free credit protection.  I don’t know the extent of such protection.  Will such protection help consumers fight bad credits due to nefarious activities through this hack?  Equifax is also cooperating with the authorities to figure out the mastermind behinds this hack.  Also, Equifax has hired professionals to help them tighten up the security and clean up whatever might be left behind in their system by the hackers.  Anyhow, Equifax’s CEO is explaining and assuring his customers in the video right after the break.

We Can Marry Democratic And Authoritarian Values Into One!

The above video tries to explore the idea of marrying Democracy and Meritocracy values into one system.  In real life, currently, we do not have a system in which both values could be incorporated in a balance manner.  For an example, in the West, Democracy is being valued more, thus the systems lean toward mediocre leaders with greatest popularity.  In the East, the opposite case mostly occurs.  Still, there probably are situations that smooth sailing does occur for the West, and bad sailing does occur for the East.  This is a luck and bad luck happenstances.  For an example, the people in the West might just pick the best leaders by chance, thus the system could be run by the most popular leaders who are not mediocre.  In the East, bad luck could occur, thus the system could have corrupted, mediocre leaders who hold the positions of power and don’t want to relinquish such powerful positions — thus they become unpopular for sure.

The luck and bad luck happenstances are the unexpected elements, thus these things are beyond the control of the system.  What people want are the system that can be configured in a way that ensures the highest chance of electing the best leaders that could run the country in the best manner if possible.  Unfortunately, electing is more of a popularity contest than electing the best leaders.  Why?  Election is about who got more votes, and thus in theory anyone could be running for a position to get votes.  Strangers vote for each other — it’s more about who appears to be the most competence gets the popularity — thus getting the position.  In the Meritocracy system, a pretender who could keep the act together might also appear to be competence, thus fooling the previous leaders who vouch for his or her promotion.  Still, the Meritocracy system is built to ensure the highest chance of picking leaders according to meritocracy values.

When marrying Democracy with Meritocracy, we’re running into a direct conflict.  Democracy encourages the priority of voting while Meritocracy encourages the priority of strictly observing/testing before a promotion.  Thus, in reality we don’t see any system which distributes equal powers to Democracy and Meritocracy.  In China, I think some local regions do have elections, but it’s obviously one party state — so there is no true election at the very top.  So the true dilemma is how are we marrying the Democracy and Meritocracy together?

I have an idea!  Why don’t we have a constitution that ensures a house of Democracy which governs by election, but the house of Democracy is there to examine the performances of the most popular leaders who had gotten the positions through the voting process.  After the leaders’ terms are up, they need to be either promoted to longer term positions according to their performance-report-cards, but if their performances are poor they could be demoted or even be impeached.  Once they got promoted to longer term positions they could move into the house of Meritocracy.  Still, even once they reach the house of Meritocracy, more examinations must be done to ensure that the leaders within the house of Meritocracy are truly excellent.  If they’re just pretending to be excellent at their jobs, they could still be impeached within the house of Meritocracy.

Well, I think the idea I suggest above could be tested out for the case of marrying Democracy and Meritocracy together.  It’s like the people got to participate in a popularity contest before the real leaders could eventually be recognized.  Such a system does provide layers of examinations of our leaders so they could not take it easy and get so corrupted such as becoming lazy in serving people, involving in corruptions and scandals, and so forth.  What do you think?