(VOVWORLD) - Countries of the BRICS economic bloc are currently working on the launch of a financial system that will be independent of the dominance of third parties, according to Russian Ambassador to China Igor Morgulov.
    • carl_marks[use name]
      314·
      7 months ago

      Nobody trusts China’s economic stats.

      Except the IMF, World Bank, Moody, Standard and Poor, etc.

      Meanwhile, Bitcoin

      lol

        • Fidel_Cashflow
          181·
          7 months ago

          Oh, well if the billionaire rag says china is lying, it must be true, for sure

        • carl_marks[use name]
          132·
          7 months ago

          They don’t trust it, they just have no other figures to work off.

          That’s why they publish it. Not like there are (western adaptations of) the Li Keqiang Index

          https://www.bloomberg.com/news/articles/2023-08-16/china-is-hiding-more-and-more-data-from-the-rest-of-the-world

          1. At least have the decency to post the archive link https://archive.md/sgBQK
          2. Youth unemployment in the article:

          Calculating the actual employment rate is complex and it’s plausible the government decided the changing nature of the economy and labor patterns means their current model isn’t accurately reflecting reality.

          Obtuse way to say that the category 16-24 olds are studying and not part of the labour force

          1. Landsales: Communists don’t like speculation with real estate and land. Shocker. Not like they’ve been announcing a shift away from real estate to EV/Solar Panels/etc.
          2. Currency Reserves, Bond Transactions, Academic Information, Politicians’ Biographies:

          President Xi Jinping’s ideological battle with the US has also motivated Beijing to ringfence data it believes could advantage the Biden administration.

          Based.

          A 15 year trend of growth on average no matter how you measure it: market cap, number of nodes, transaction volume, transaction capacity, etc.

          If you think that’s the critique of bitcoin then you have been blinded by techbros optimizim on the tech. Also it’s funny how you wave away bitcoin using up 1% of global electricity usage lol

        • slacktoidEnglish
          1·
          7 months ago

          yeah but whats stopping rich people from working together to get 60% of the network and then change things as they deem fit?

            • slacktoidEnglish
              21·
              7 months ago

              Youre just gonna recreate what we have today with more energy usage. So why not fix the core societal problem?

    • 82cb5abccd918e03@lemmygrad.ml
      3·
      7 months ago

      Doesn’t bitcoins blockchain use some sort of consensus algorithm, so if one party has more than 50% of the compute power they control everything?

      • slacktoidEnglish
        1·
        7 months ago

        51% but thats slower so ideally around 66% so you can make quicker faster changes. but yeah you ll have the same issues with fiat at that point.

          • slacktoidEnglish
            1·
            7 months ago

            They who domiante block mining will dominate the chain. 66% is just an outright majority relatively. 51% vs 49% can be regained with enough luck.