My country is capable of feeding electricity to another country and this have been going on for many years, yet we are struggling due to bad economy, I have always dream of the advantage that Bitcoin can bring to my country if I become a president or of the president can divert that electricity to Bitcoin mining instead, since I am even hearing that the country that is enjoying the excess electricity isn't even paying up, they are owing alot, but since the corruption is too big to defeat they can still cheat if they use the electricity to mine Bitcoin.
I had this discuss with some friends a while ago and one is standing on the fact that this is the way forward, he claimed that it will be transparent and every citizens of the country will know how many Bitcoin the country is generating, where the fund is going and how its been spend since Bitcoin is traceable, I don't want to argue with him so I decide to bring this on here, do you think it will work for a country to be transparent about how many Bitcoin they generate or do you think that corrupiotn will still take over this idea?
Bitcoin can't set a corrupted country free. My country which is occupied by oligarch, is a good example. With the help of our government, BitFury opened a Bitcoin datacenter in our country but our oligarch owns some part of it. Exclusively for BitFury, our government created a tax-free zone. When BitFury imports anything, they don't pay taxes, they also don't pay taxes on their profit, it's a heaven on earth for them. They get the cheapest electricity rates, their rate is half of what a household pays for electricity.
Opening of Bitcoin mining datacenter and tax-free zone for BitFury resulted in increased electricity prices for us, citizens and residents. Instead of improving anything, it caused worse in terms of the economy.
If your country is corupt, mining is only going to make life expensive for an average citizen. Nothing will be transparent, don't believe that.
