Is Bitcoin or the Web 3.0 a good idea?

Dear All,

Well his view of Cloud is false in the first place.

The Cloud and Facebook, etc, are all distributive networks which are maintained by the likes of me in the old days when I worked. They have pockets of data all around the world in Data centers.

All operating systems Windows, Apple OS and Linus distro’s is run on tokens. :o) They tend to be private for obvious reasons. But, they could with a tweak or two be Public & Private keys.

Well first it will be nice when one token actually fore fills the current $ and £. In the IT industry we constantly flip from central control (IBM Mainframes – 80’s) to 1990′ Local PC’s to 2000 early cloud, 2010 everything in cloud. 2020 Edge computing with cloud backend.

I expect the likes of Web 3.0 to do the same. Calling a Facebook or Google central control is lack of understanding of the technology. The environmental costs alone of a de-centralized system would go through the environmental roof. As I don’t know to many punters that have PV on their roof to maintain this constant connection to the wider world and it would upset the ISP big time. Who is picking up the bill for the additional network traffic from moving central model to the distributive option? Yes, thought they hadn’t thought of that.

It’s  very similar to Open Source software (Which I love) which has a committee to guide it’s development. Or, worst a few diehard developers who may or may not be good at writing code (Facebook). Yes, you have oversight of the others watching the code. But, it’s not a full time job for most. Blockchain like many other coins are controlled by few people/companies with their own vested interests. Yes, Facebook and Google are bad. But, you need to be certain that you are not jumping from the frying pan into the fire!

I personally think they still have a long way to go. Yes, Blockchain currencies are in rapid expansion. But, you only have to look at the broken systems first like the South American, African or Russia where the current cash goes missing. (I like to be in the meeting with Russian president)  Rather than take on $, £ or EU tokens. They are in the Trillions if not greater in size.

Bitcoin is still in it Billions and mining it is getting very expensive both Environmentally and in time for checking all those bitcoin transactions. So, what’s so different from Gold or other high value metal/diamonds?

Even now the central Gov can Blacklist specific Bitcoin addresses on the basis that they broke the USA law in Ransom ware etc.. etc. The Bitcoin is as venerable as the Internet is to the DNS service being brought down. The DNS is one of the most regulated bits of the internet and has a international over watch. Here are the bodies that look after Root-Servers

They can kill Bitcoin and its fellow tokens with one stroke from the world central banks. The only reason they don’t is the tax income they are making on transactions. If you can’t change the token to something others want it dies. Most Bitcoin millionaires are not until you can place it into another recognized stable currency.

The Blockchain transaction is viewable as well as the Blockchain address. Ownership of the Blockchain address however that is not directly connectable to an individual or company.

However, overtime, the authorities will start to recognize certain block chain addresses that are up to no good. You might be a Bitcoin millionaire. But if you can’t go through and Bitcoin exchange without a RED flagged Blockchain Address being blocked those tokens are worthless. USA citizens are taxed if they are in the country boundary or not (Tad un-reasonable I think).  By the way USA. UK Law (1707) and even the French crews law is long in standing than the USA. Why should USA law overrule theses? The same will occur in Bitcoins or other tokens in the UK or EU.

I think that the tokenized system could be sensibly used to validate transactions/assets and become an overlay to the current system rather than become a currency. This achieves what the current GOV wants (us). A way to verify an asset be it Property/Diamonds/Hand Bag without the need to go back to a central source. The bitcoin token can be used to control the data of both personnel and of business.

Just like removing the DNS or Black Listing the Blockchain address. You can leave the centrally stored data where it is being protected by vested interests from breaches and still at a flick of a Blockchain switch, remove the data token flag from the hands of Google/Facebook or China’s sticky hands. etc…

No Blockchain independent valid cert registered (Cached centrally) would then black hole the data set access.  No Block chain token – Denied access on view. If the Blockchain servers are centralized for speed like Root DNS servers this would still allow rapid confirmation of rights to access tokenize data. This has already been used by Microsoft to not allow servers to spin up their drives or decrypt the data unless a external certificate server can be talk to. No coms no access to servers data. This sides steps them (Microsoft) having to break in under government requests. With the response that “we can’t as we don’t have access to this certificate servers“. Place those in China or Russia and see what happens to those requests.

You hold the Primary DNS (Blockchain) records locally on your PC or device. Removal for example a Facebook post or Pages from Facebook from your local Primary Blockchain Safe would replicate just as DNS does to remove Data Access token. Mission accomplished. The sync device could with verification be downloaded for the Cache Data Token servers. Just in case you lose the device.

Any data found on a 3rd party server that doesn’t comply will remove all Blockchain token access data to the site. Killing the said company that is holding that data.

RIP: Facebook, Amazon or Google cock-up. Trust me with that stick they will not.

With the tokenize data address being available. It would stop the bots and other bad actors from accessing the sites as AI would be able to remove data token access that was not resolved on central DNS type service. There would be an audit trail for the authorities to follow or block at source.

Blockchain is good for providing trackability of Goods and Services to others that can’t be trusted with cash or other tokens like benefits and this would kill the low level fraud of exchange in the Black market.

If the Government (you & me) is giving financial help then we get to say how it is used. If you don’t want the Government to interfere then get a job.

Tokenizing the rest of  both Government funding and spending would also help. As every transaction would be visible. Including payment to MP’s :o)

A lot of the waste would then become visible to everyone and would kick the HM Gov into a much reduced size.

This for all UK Government and local Authority would shine a very bright light into the dark ponds of corruption.

There is obviously no reason why the rest of the world couldn’t follow our lead. :o)