Ciro Santilli @cirosantilli 37

The key difficulties of cryptocurrencies are:

Until those problems are solved, the only real applications of cryptocurrency will by illegal activities, notably buying drugs, paying for ransomware. But also paying for anti-censorship services from inside dictatorships. Illegal activity can be good when governments are bad, and arguably selling drugs should be legal.

For this reason Ciro Santilli believes that privacy coins like Monero are currently the most useful cryptocurrencies. Also, people concerned with their privacy are likely to more naturally make fewer larger payments to reduce exposure rather than a bunch of small separate ones, and therefore transaction fees matter less, and can be seen as a reasonable privacy tax. Also drugs are expensive, just have a look at any uncensored Onion service search engine, so individual transactions tend to be large.

Hedgint against inflation due to money creation in fiat currencies is a another valid argument for cryptocurrencies. Money printing is a bad form of tax. But why not just instead invest in bonds or stocks, which actually have a specific intrinsic value and should therefore increase your capital and beat inflation? Even if crypto did take over, its value would eventually become constant, and just holding it would lose out to stocks and bonds. And pre-crypto, salaries should adjust relatively quickly to new inflation levels as they come, though there is always some delay. Also, without anonymity, governments will sooner or later find a way to regulate and pervert it. If you want to do things without anonymity, then what you really have to fight for is to change government itself, perhaps with a DAO-like approach, or pushing for a more direct democracy.

If crypto really takes off, 99.99% of people will only ever use it through some cryptocurrency exchange (unless scalability problems are solved, and they replace fiat currencies entirely), so the experience will be very similar to PayPal, and without "true" decentralization.

For those reasons, Ciro Santilli instead believes that governments should issue electronic money, and maintain an open API that all can access instead. The centralized service will always be cheaper for society to maintain than any distributed service, and it will still allow for proper taxation.

Ciro believes that it is easy for people to be seduced by the idealistic promise that "cryptocurrency will make the world more fair and equal by giving everyone equal opportunities, away from the corruption of Governments". Such optimism that new technologies will solve certain key social problems without the need for constant government intervention and management is not new, as shown e.g. at HyperNormalisation by Adam Curtis (2016) when he talks about the cyberspace (when the Internet was just beginning): youtu.be/fh2cDKyFdyU?t=2375. Technologies can make our lives better. But in general, some of them also have to be managed.

In any case, cryptocurrencies are bullshit, the true currency of the future is going to be Magic: The Gathering cards. And Cirocoin.

One closely related thing that Ciro Santilli does think could be interesting exploring right now however, notably when having Monero-like anonymity in mind, would be anonymous electronic voting, which is a pre-requisite to make direct democracy convenient so people can vote more often.

TODO evaluate the possible application of cryptocurrency for international transfers:Of course, the ideal solution would be for governments to just allow for people from other countries to create accounts in their country, and use the centralized API just like citizens. Having an account of some sort is of course fundamental to avoid money laundering/tax evasion, be it on the API, or when you are going to cash out the crypto into fiat. So then the question becomes: suppose that governments are shit and never make such APIs, are international transfers just because traditional banks are inefficient/greedy? Or is it because of the inevitable cost of auditing transfers? E.g. how does TransferWise compare to Bitcoin these days? And if cryptocurrency is more desirable, why wouldn't TransferWise just use it as their backend, and reach very similar fees?

Ciro Santilli is actively looking for donations and contracts so he can continue to work full time on OurBigBook.com sustainably, and develop free hardcore university-level STEM education for all ages!

For 200k USD I will quit my job or not get a new job and work on OurBigBook full time for a second year to try and kickstart The Higher Education Revolution. Status: ~44k / 200k USD. At 2M USD I retire and work on open STEM forever. How to donate: Section "Sponsor Ciro Santilli's work on OurBigBook.com".

I first quit my job 1st June 2024 to work on the project for 1 year after I reached my initial 100k goal mostly via a 1000 Monero donation. For a second follow up year, I increased my requirement to 200k USD to give me more peace of mind. So the total donation so far is 144k, and if I reach a total of 300k USD, then I'll work on the project for a second year. A second year greatly improve chances of success: year one I improved my tech, year two I come guns blazing to solve courses and expand further.

At 2M USD I retire and work on open STEM projects forever. At these timelines, I can't guarantee it will be specifically on education technology specifically all the way, but I guarantee that whatever it is it will be open and extremely well explained as usual.

Total donations to date ~144k USD. Donation breakdown:More details: Section "Accounting method"

How to give:And if you have a different preferred payment mechanism not listed above, please contact Ciro, and he will set it up.

Ciro's current ambitions require him to remain in developed countries, because Ciro wants to document advanced science and technology by liaising with top universities, and there is not nearly as much high technology in poor countries. Remaining in developed countries is also a required due to family reasons.

Note to potential anonymous crypto donors: anonymous donations incur a regulatory risk. I cash out most of such donations and announce it very clearly to the government and banks. For example, at one point Barclays even froze my UK account. But things seem manageable for now. On one hand, such donations serve as a fun test of the financial system. But on the other, if all banks reject my money or if the government decides to take it, I will write off the anonymous donation at zero.

If you would like public acknowledgement for your support, Ciro will very gladly give it, just let Ciro know how you'd prefer it. Due to Ciro Santilli's campaign for freedom of speech in China, many supporters have chosen to be anonymous, and that is totally fine, not everyone is interested in politics, or has a situation where going public is acceptable, so we don't have a standard setup yet, let's build it together. A acknowledgement section at the bottom of this page would be a minimum, but I for larger donations we could add a your advertisement in a locations such as:

100k USD/year is a semi arbitrary amount that sounds nice. My last day job total compensation as of 2024 was about 150k USD/year.