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if you want to see a social credit score in action, watch the Brett Kavanaugh hearings. Putting a credit score on these social relations serves to bring them into the light of day and to make them modifiable. The fact that it (apparently!) is being done with a scoring system might be an interesting insight into the technocratic nature of Chinese communism, but given the ease with which east Asian cultures attach names to and formulate social relations explicitly, it could just be an Asian thing. To follow this up, all western societies have credit scoring systems that are invidious and extremely hard for poor people to avoid or beat. It’s certainly not on its face a bad thing. It’s much easier for a poor person to have a good SCS than a good financial credit score, of which poor people run afoul all the time. China also has financial credit scores. They’re also formalized and scored. Every society has informal social networks and power relations, and it is a given of socialist thought (dating back to the 1970s) that we should find ways to weaken these or make them explicit. No one here seems to have thought about whether SCS is socialist or authoritarian. Poverty-stricken areas in the west are riddled with minor forms of anti-social crime that are inimical to the enjoyment of ordinary social life and potentially dangerous (nuisance fires and traffic interference in particular). If you live in a poor community in Australia or the UK you are almost certainly crying out for implementation of some form of SCS. It could be interesting to ask questions about why a communist country has extended this to social credit, but again it could be reflective of a genuine commitment to socialist ideals. The much-maligned system of ASBOs in the UK (which was not so much maligned by people who lived on housing estates around anti-social behavior) is a good example of a nascent SCS in the west. On Social Credit Scores (SCS): 1. I have never met a Chinese person who even knows what a SCS is, or cares about their own, and I think it’s all vapourware bullshit being floated by anti-China wankers in think tanks. One could ask whether China’s SCS is inferior or superior to slapping criminal orders on people, but to do so one would need to be bearing in mind that the west should be treated as a comparator to the east, not a superior model of development (which you guys are doing). I’ve heard extensive complaints about Xi’s red app but nothing about SCS. It is a socialist act to undermine these informal power networks. Also, most of you have never been near a poor neighbourhood and don’t know what happens in them, crypto or what the lives of poor Binance westerners are like, so probably the need for a SCS, and the similarities with (or even existence of) ASBOs and "broken windows" policing probably escaped you.

I’ll also point out that Pinboard is an extremely unreliable source of information on China, a Twitter account that routinely believes every bad thing that the Hong Kong demonstrators say about China no matter how ludicrous (including believing claims of police violence that are manifestly untrue and using the theoretically ridiculous chinazi hashtag) while refusing to share any of the voluminous online material showing Hong Kong demonstrators using racist violence against mainland Chinese people, up to and including killing them with bricks and setting them on fire. It’s not an honest reporter on China and you shouldn’t be using it as a serious source on anything.

imageFor myself, I am always dubious about concentrating power in the hands of a few people – it does seem, historically, to lead to abuse and corruption. For myself, I’m not sure I would bet my life on that – but perhaps that is just me. It may surprise you to learn that Asia is not the only place with one-party and authoritarian states – Spain, for example, had one for a time, and so too did Germany, and these have not generally been thought of as bastions of the future. Perhaps Asia is different from Europe and this will never happen.

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It is unlikely to do so if the price falls to zero. Though a crash would come as a monumental upset to the first group, btc it is least likely to sell out; the third, meanwhile, will flee at the first sign of trouble. To avoid a terminal stampede, the second group must be persuaded to stay. There are three types of crypto investors, says Mohamed El-Erian of Allianz, an insurer and asset manager: "fundamentalists", who believe bitcoin will replace government-issued currencies one day; "tacticians", who reckon its value will rise as more people invest in it; and "speculators", who want to gamble.

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