Role of Crypto/Cybercurrencies in the PTB's loss of control?

Woodsman

The Living Force
My current thoughts regarding crypto...

I think we're still in the heavy marketing stage. -Which means, the trend setters are experiencing an exciting ride, millionaires are being made overnight, the technician class is having a digital Summer of Love where they're going to change the world, (man!). It's like the early days of Unix and Opensource and Usenet. -When most people didn't have email accounts yet. -And when they did, they signed up with Yahoo! or Hotmail (remember Hotmail?)

So, if you're inclined, if you're in a position of some social influence, chances are you will be 'allowed' to experience a high degree of success, so that all the regular people can see and feel the pull. YOU are the marketing program for the "bridge to nowhere". All the current turmoil in crypto looks to me like nothing more than flashpots and fiberglass mountains and fake jungles and actors in pirate costumes.

It's when the bar to entry lowers, the learning curve flattens, when regular people, the moms and small business owners and highschool riff raff, are able to download a simple 'app' and effortlessly pay for a movie ticket or a bag of groceries, or buy a used set of snow tires on Facebook Marketplace with blockchain math... That's when the marketing period will be over and they'll stop handing out winning lottery tickets.

Then, I see a period of acclimation, where.., it's just so easy and cheap, (No bank charges? I'm 12 and I don't need my parent's credit card? Wow!), that traditional systems will be sidelined and the skills to use them effectively are forgotten. (Who has a website anymore? It's all on Facebook now! -Where if you post wrongthink, they can quietly turn off the spigot so that nobody sees your desperate messages. Nobody reads 'blogs' anymore! That's so HTML web one point oh, (man!)).

And then.., it won't be a "Wham!" moment, but rather a period in time when everybody finally looks up and realizes that the bright new landscape of possibilities has transformed into a trap. All the IPO cash is gone. -Rather like that moment a decade or so ago when people realized, "Oh. Amazon rules the Earth. I remember when they were just a book seller, deep in the red and widely considered a cautionary tale. But now they sell everything, they've killed Main Street deader than Walmart, my job is threatened and I can't buy the stuff I need without an internet connection and a mailing address and confirmed credit card number. What the hell happened..?"

We've already seen trial runs at control through finance in the public sector. -As has been apparent for the last several years, the comic book industry, (of all things!), was the canary in the coal mine. -People with the wrong Twitter politics found themselves savagely hurled out of work, and Paypal, Kickstarter, Patreon, Square and the big credit card companies simply shut off their ability to participate in the economy. On a wider scale, de-platforming became a practice with small media actors and YouTube channels and such. Being "Cancelled" was invented, (though this is hotly denied by those doing the cancelling. Of course).

Was that the WWII trial run for the Built Back Better economy, Two point Oh?

Anyway...

I don't see anything wrong necessarily with landing a windfall with crypto today, but it would be advisable to think ahead. -Not so much to figure out a way to store wealth reliably, but rather...

Not to forget those who helped you. Don't forget to water and nourish your human networks! If the power goes out and you need to reach out, whose house are you going to ski to through the blizzard? Whose welcoming arms will be waiting for you?

If you get too lost in the 'metaverse', too dependent on easy digital cash, when you reach the end of that "bridge to nowhere", where will your next steps take you? You'd better know your people, who you can trust, who you can safely love and respect, and be in a position to serve them well.

Schedule time now out from behind that computer screen and be seen, be helpful, be open.
 
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Scottie

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"Oh. Amazon rules the Earth. I remember when they were just a book seller, deep in the red and widely considered a cautionary tale."

I think it's always useful to remember stuff like this...

People often say, "Gee, I wish I had invested in Amazon stock all those years ago!"

But the reason most people didn't was because no one in their right mind would have invested in it... Amazon became popular not because it was better or smarter, but because someone or something looked at it and thought, "Hmm, this is exactly what we need! It'll wreck things in the proper direction..."

Before you know it, KABOOM! It's an Amazon World.

It's a good reminder that it's all a game. If you play the game by logical rules, you'll probably get screwed since the real logic behind it exists at a level of the Big Picture - which often involves much more than just our little 3d reality.

I suspect that the impending twists and turns in the economy will blindside most of us - just like the whole COVID thing did.
 

Natus Videre

Jedi Master
Behind the scenes, there is also a sneaky infrastructure being put in place named Open Banking to 'reshape' the banking industry.
Under open banking, banks allow access and control of customers personal and financial data to third-party service providers, which are typically tech startups and online financial service vendors. Customers are normally required to grant some kind of consent to let the bank allow such access, such as checking a box on a terms-of-service screen in an online app. Third-party providers APIs can then use the customer's shared data (and data about the customer's financial counterparties). Uses might include comparing the customer's accounts and transaction history to a range of financial service options, aggregating data across participating financial institutions and customers to create marketing profiles, or making new transactions and account changes on the customer's behalf.
In the past two years, we've had a very good taste of the PTB's interpretation of 'consent'.
Through the use of networked accounts, open banking could help lenders get a more accurate picture of a consumer's financial situation and risk level in order to offer more profitable loan terms. It could also help consumers get a more accurate picture of their own finances before taking on debt. An open banking app for customers who want to buy a home could automatically calculate what customers can afford based on all the information in their accounts, perhaps providing a more reliable picture than mortgage lending guidelines currently provide. Another app might help visually impaired customers better understand their finances through voice commands. Open banking can also help small businesses save time through online accounting and help fraud detection companies better monitor customer accounts and identify problems sooner.
Power, control, surveillance, convenience, exclusion from society. Sounds familiar? People have been misled into building the prisons of tomorrow, one keystroke at a time. Cloud computing, blockchain and AI all converge to the same point. It may as well be the 'bridge' that can be collapsed by a kill switch.
 

Pepebart

A Disturbance in the Force

Pepebart

A Disturbance in the Force
There's some said "insiders" in the XRP fan's army. always bugging me when they give their riddle about what's comming next in the crypto system : maybe you've heard of those ppl : Mr. Pool, Bearableguy123

https://twitter.com/IooP_rM311_7211
https://twitter.com/bearableguy123 (& https://twitter.com/321yugelbaraeb)

looks for example of the last twitt from above for christmas and all the people trying to decode what will happen in 2022
As Mr Pool delete most of his twitts just after posting them, i look at them on someone monitoring them : https://twitter.com/FoJAk3
 

Nienna

SuperModerator
Moderator
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For those of you who read Miles Mathis, please keep in mind he has been shown to not do very deep research:
Miles Mathis is apparently a small-minded, emotionally stunted, lazy and incompetent researcher, writer, thinker. That he would propagate such nonsense based on literally nothing makes him a person of non-interest, all of whose work must be held to be of an equally low quality and therefore, not worth anything at all. He's not even good enough to deserve a place in the Historian's Hall of Shame.

There are other accounts by various historians, many of which took advantage of actual contemporary accounts as well as witness testimony, most of which has not survived except in these extracts. The study of this matter is wide and deep and for some cheap trickster such as Miles Mathis to come along and make such ridiculous claims without even bothering to do the real research is just insulting both to the subjects of his slanders and any readers of same.
 

Onetrickponystar

Padawan Learner
There's some said "insiders" in the XRP fan's army. always bugging me when they give their riddle about what's comming next in the crypto system : maybe you've heard of those ppl : Mr. Pool, Bearableguy123

https://twitter.com/IooP_rM311_7211
https://twitter.com/bearableguy123 (& https://twitter.com/321yugelbaraeb)

looks for example of the last twitt from above for christmas and all the people trying to decode what will happen in 2022
Not really sure: what am I looking for here for? He gave some riddles and deleted them?
 

Pepebart

A Disturbance in the Force
Not really sure: what am I looking for here for? He gave some riddles and deleted them?

Mr pool (https://twitter.com/IooP_rM311_7211) post his twitts and delete them immediately for most. As someone said on twitter : "You have to turn on notifications bell on mr pool & you will receive a notification once he post it but he will delete within a second so just open immediately once you receive it." But some people like the Fojak3 just screenshot and pin them, so i look there.
 

Niall

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Putin knows what's up. No global digital currency for Russia.

...while on the same day:

Fed study on digital currency leans toward role for banks​


Associated Press, 20 Jan 2022

The Federal Reserve on Thursday released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers.

A central bank digital currency would differ in some key ways from the online and digital payments that millions of Americans already conduct. Those transactions are funneled through banks, which wouldn’t be necessary with a digital dollar.

The Fed’s paper, while stressing that no final decisions about a digital currency have been reached, said it would likely follow an “intermediated model” under which banks or payment firms would create accounts or digital wallets. An alternative system would be for the Fed to issue digital dollars directly to consumers. But as the paper notes, the Fed isn’t authorized under law to create individual accounts.

In issuing its study, the Fed characterized its likely introduction of a digital currency as a far-reaching step that would require broad acceptance in the financial world.

“The introduction of a (central bank digital currency) would represent a highly significant innovation in American money,” the Fed’s study said. “Broad consultation with the general public and key stakeholders is essential.”

The Fed’s paper comes as digital money is proliferating in a variety of forms. Millions of people own cryptocurrencies, though they are often used more as investments than as forms of payment. But so-called stablecoins, which are often pegged to the dollar, have also soared in use in the past year, mostly for cryptocurrency transactions.

And most central banks around the world are studying government-backed digital currencies. China’s central bank has already tested a digital version of the yuan. Some Caribbean nations have already issued digital currencies.

A digital dollar could bring a host of benefits as well as risks. It would be a safer form of digital payment, because the Fed, unlike a bank or the companies issuing stablecoins, can’t go bankrupt. It could be easier and less expensive to access for people without bank accounts.

At the same time, a digital currency could pose privacy risks because it would be issued by the government. The Fed’s paper suggests, though, that banks and other third-party firms would shield consumer data from the Fed while also implementing existing rules against money-laundering and other illicit activity.

Such a government-issued digital dollar could also have major consequences for commercial banks because many Americans might prefer to hold such currency in a “wallet” issued by a payment provider like PayPal or Venmo, potentially cutting into bank deposits. It would also compete with stablecoins and could reduce the cost of financial transactions, particularly overseas remittances.

Still, the Fed is likely years away from actually issuing a digital currency, if it decides to do so. The paper released Thursday kicks off a 120-day comment period, during which the Fed will seek input from the public. Fed officials said the central bank has made no decisions about a digital currency or how it would work. The Fed said it would proceed only if Congress specifically passed a law authorizing a digital currency.
 

PabloAngello

Jedi Master
The Federal Reserve has for the first time launched a period of debate and public comment on the introduction of a central bank digital currency, as it seeks to keep pace with global financial innovation and maintain the supremacy of the dollar.


U.S. lawmakers have been talking about energy and environmental concerns around crypto mining. Today the Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce is holding a hearing entitled, "Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains."


Thedéen said that European regulators should consider banning a mining method known as “proof of work” and instead nudge the industry towards the less energy-intensive “proof of stake” model to cut down on the sector’s vast power usage.
This means potential 'ban' for all Proof Of Work cryptocurrencies, such as Bitcoin, Litecoin, Monero, ETH (but ETH recently is moving toward POS - Proof of Stake). There are still plenty of POS cryptos btw.
 
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