Sep 5, 2018 · 1 min read
WeChat is likely not replicable anywhere but in China, unless citizens want to give up internet utility rights to the Great Firewall in their home countries elsewhere. WeChat merchant fees are 0.1% (vs 3–4% in the US and everywhere else where users aren’t closely monitored by government, sometimes more). Fraud is reduced to nil by complete authoritarian oversight of the Chinese government. Arguably, China won’t need the trustless aspect of blockchains — maybe that’s why they’ve banned everything crypto. And, wait… > 51% of BTC mined are operated by Chinese pools… equally arguable - China can write the next block. Strangely no one wants to do anything about it… The same mining majority for Eth, get outta here!
