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Are cryptocurrencies useful? Updated 2025-07-16
Cryptocurrencies have two applications:
- illegal activities, notably buying drugs, paying for ransomware and money laundering. 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.
- inflation-resistance due to money creation in fiat currencies. 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, for non-anonymous cryptocurrencies, 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.
The key difficulties of cryptocurrencies are:
- how do transaction fees/guarantees/times compare to centralized systems such as credit cards:Obviously, decentralized currencies cannot be cheaper to maintain than centralized ones, since with decentralization you still have to send network messages at all times, and instead of one party carrying out computations, multiple parties have to carry out computations.
- bitcoin.stackexchange.com/questions/1261/is-it-possible-to-send-bitcoins-without-paying-a-fee "The Blockchain Scalability Problem & the Race for Visa-Like Transaction Speed" (2019)
- towardsdatascience.com/the-blockchain-scalability-problem-the-race-for-visa-like-transaction-speed-5cce48f9d44
Crypto could however be close enough in price to centralized systems that it becomes viable, this can be considered. - how can governments tax cryptocurrency. Notably, because:See also globalization reduces the power of governments.
- taxation has to be progressive, e.g. we have to tax the rich more than the poor, and anonymity in transactions would weaken that
- it would be even easier to move money into fiscal paradises, and then just say, oops, lost my passwords, those coins are actually gone
If crypto really takes off, 99.99% of people will still only ever use it through some cryptocurrency exchange (unless scalability problems are solved, and they replace fiat currencies entirely), since downloading full blockchains is unfeasible, so the outcome would 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?
Sponsor Ciro Santilli's work on OurBigBook.com Updated 2025-07-16
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 300k 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 / 300k USD. At 2M USD I retire and work on open STEM forever.
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. In this first year I improved project tech, but didn't go and solve university courses to create super targeted content, and didn't obtain a single contributing user except myself, see a summary at Section "OurBigBook Project Update March 2024".
For a followup, it would be an interesting experiment to spend on year full time solving as many courses as I can from a world class university in the city where I live in the UK, and adding that as content to the platform to see if that would attract interest, and reaching out directly to course takers at their university environment to try and help them. I intended to do that in year one but my got distracted by tech. It is quite possible that no one has ever done that before in history: a highly motivated technical person with the time and opportunity to do one single thing: help top university students learn their STEM courses better and have more fun doing so. I have in particular identified one course where this would be particularly feasible: the mathematics course, given that much of their course materials, and also their building are quite open. I do sometimes wonder if doing this would be just a waste of my life. But part of me tells me it could generate big interest and is worth a try.
For a second follow up year, I increased my requirement to 300k USD to give me more peace of mind. So the total donation so far is 244k, and if I reach a total of 300k USD, then I'll work on the project for a second year.
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.
It's necessary to be slightly underemployed if you are to do something significant - James Watson
Total donations to date ~244k USD. Donation breakdown:More details: Section "Accounting method"
- 2024-03-18: $126,352 (!!!): anonymous 1000 Monero donation to self-custody wallet. Further comments: Section "1000 Monero donation"
- 2024-03-13: $1,375: anonymous 10 Monero donation to self-custody wallet
- 2023-11-20: $14.563: anonymous 100 Monero donation to Binance wallet
- 2023-09: $810: anonymous 0.032 Bitcoin donation to Coinbase wallet
- subscriptions up to 2024-01: $143,795
How to give:And if you have a different preferred payment mechanism not listed above, please contact Ciro, and he will set it up.
- one time donations:
- cryptocurrency: note that Ciro is not a regular crypto user, so you might want to make a smaller test donation and confirm that it worked by contacting Ciro before going for colossal amounts (one can dream):
- Monero address: 4A1KK4uyLQX7EBgN7uFgUeGt6PPksi91e87xobNq7bT2j4V6LqZHKnkGJTUuCC7TjDNnKpxDd8b9DeNBpSxim8wpSczQvzf. Secret view key: 7ccaf885ff5540b0ff18927e6ac5da30130afb1eaee09ad95d3c4536a6337e0f. This is a self-custody wallet on a "clean" dedicated Monero laptop connected the Internet. I check for incoming transactions from my dirty main laptop via a view-only wallet each weekend. The cash out method used is latest simplest thing that wasn't yet blocked in my country on a given week, the last time that was centralized swappers[ref]. The fact that the cash out method changes weekly confirms that Monero privacy hadn't yet been broken by countries and that Monero is still one of the most useful cryptocurrencies: Section "Are cryptocurrencies useful?". For transparency, I announce all non-trivial transactions on social media, and the full list of transactions can be seen by anyone with the secret view key provided. I previously had different addresses, so pre-existing donations on older addresses will not be visible there.
- Bitcoin address: 3KRk7f2JgekF6x7QBqPHdZ3pPDuMdY3eWR. This is a Coinbase wallet, off-chain transactions with no transaction fees accepted from other Coinbase users. This method has been tested, I have been able to receive funds from this address in 2023. Fees: non-fixed trading fees[ref] + 0% withdrawal fee on top of any Bitcoin network for on-chain transactions[ref]
- Ethereum address: 0x44cF8C9C015F46d3b2Df730b6492823FD7A91044. Test transaction recommended.
- Solana address: DjdaGawoVFdqxJEqpBGsSWuR4G4MVFNiNkAEu89HuKcE. Test transaction recommended.
- TransferWise tag: wise.com/pay/me/cirod3. It shows as "Ciro Duran Santilli" and that's correct. No fees apparently? Love it!
- PayPal: paypal.me/cirosantilli. Note that dots in Gmail address are ignored, and it is perfectly normal if the email you see has some extra dots in it. Fees: 2.9% + 0.30 GBP[ref].
- cryptocurrency: note that Ciro is not a regular crypto user, so you might want to make a smaller test donation and confirm that it worked by contacting Ciro before going for colossal amounts (one can dream):
- monthly subscriptions of 1$/month or more on either:Symbolic 1 dollar/month donation are extremely welcome to signal your interest! This way if a certain critical mass of sponsors is ever reached (~100?), Ciro can start to more actively asking slightly higher amounts to really try to achieve full time self sufficiency.
- GitHub Sponsors: github.com/sponsors/cirosantilli. Fees: 0% for individuals, up to 6% for organizations[ref]
- Patreon: www.patreon.com/cirosantilli. Fees: 8% pro plan + 1% PayPal withdrawal capped at 20 USD[ref]. We are waiting to reach the cap to withdraw!
- larger grants/contracts from filthy rich individuals or organizations: contact Ciro as mentioned at: Section "How to contact Ciro Santilli" to discuss.Ciro is interested in contracts/voluntary work that would be compatible/synergic with the OurBigBook.com project. Some possibilities include:
- interacting directly with classes of university students to help them learn the class subject, while at the same time spreading the university knowledge outside of the university walls
- one-to-one mentoring of individuals of any age that are looking to make an impact in the world, and not just pass their exams
- fixing specific bugs in related projects Ciro has experience in. These could be either via one-off contracts, or on platforms such as:
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. Things have been manageable for now, but it is stressful to think that at any point I might be kicked out from my bank. 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:
- near the top of of the accounts controlled by Ciro Santilli, e.g. one of Ciro Santilli's Twitter accounts, github.com/cirosantilli or stackoverflow.com/users/895245
- near the top of cirosantilli.com
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.
Ciro Santilli playing with a pipette at the University of Cambridge circa 2017
. Although totally disqualified for it, Ciro would really like to understand and explain cool scientific experiments in insane detail much as he does with computer software, related:Maybe if he ever gets enough credibility, such opportunities would actually materialize. It could be a bit like Periodic Videos, but for molecular biology and physics, and backed by OurBigBook text/tree with minimal openly licensed videos. The fact that such opportunities are essentially impossible outside of the boredom of the university system is something we should really change about education.