Theme: The Bubbles Float Closer to the Control Grid
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Police Bodyguard Of Trudeau Resigns Due To Utter Tyranny
https://brandnewtube.com/watch/police-bodyguard-of-trudeau-resigns-due-to-utter-tyranny_LDktxkmfiWSPiUq.html
What can you expect from Fidelito?
Now that is a candidate for Hero of the Week. THANKS!
Catherine,
I have study the “High Performance Payment Processing System Designed for Central Bank Digital Currencies” CBDC paper posted in the MIT site Project Hamilton. I do not see them rolling this out to the public unless they are willing to lose everybody monies. The System has many improbabilities and problems no yet addressed: Just #1 is the limited categorizations lacking of choices in access real-time, intermediation, institutional roles, and data retention in the design, within many other issues. They won’t be able to integrate with the cryptographic system already use for current transactions.
Anyways, the current Bitcon system is being used for the purpose to test (R&D) the CBDC system, as such, I do not see Bitcon going away.
Thanks to the many millionaires “Elon” and others money driven individuals getting on it, as they are helping to the digitalization agenda. So, it will be interesting to see how the regulation by Congress goes, as it is going to showcase who is supporting this. Hoping people are educated to see.
AI helps but cannot read minds yet with zero error, no yet to execute at a mass level. AI is very concerning towards the future. I’m a software engineer/CIS and work as an advisor in the private industry. Thanks.
Here is the question. To what extent would the people who own the central banks want to take Bitcoin as far as they can get it to go? Bitcoin has major backing from Mr. Global IMO. Question is what is the plan?
I believe there’s a misconception about BTC that needs to be clarified.
I don’t think BTC is the answer to Mr G’s problems with CBDCs. BTC is a “finished product”, it may get a bit faster with various scaling solutions, but generally it’s way too slow and inefficient as a payment mechanism, as it uses PoW consensus and is decentralised. Even XRP (Ripple) which is highly centralised, uses a different consensus and was adopted by banks, meaning to replace the modern SWIFT system, is too slow. I doubt they’re progressing with their roll-out.
The design of BTC is incompatible with what central bankers need, so there’s nothing much for them to learn from bitcoin (although they can manipulate it, to be sure). Here’s an article on CBDCs’ possible designs. It’s coming from a special issue on CBDCs, with an editorial from the man himself (the BIS boss).
https://www.bis.org/publ/qtrpdf/r_qt2003j.htm
It’s a bit old (2020), and technology improves fast, but it’s still a good indication of the state of things. One of the appendices contains a list of CBDC pilots. According to the paper, ” Ongoing assessments of DLT-based proofs-of-concept tend to be negative”.
Generally, I find there is a lot of nonsense propagated about CBDCs, possibly because many white papers are, most likely, written by interns with no clue. Here’s one example from Ripple Labs’ WP on CBDCs:
“A CBDC is the sovereign equivalent of private cryptocurrencies and digital assets like Bitcoin, Ethereum and XRP. It would be issued and controlled by a country’s Central Bank and used by people and businesses for retail payments, much like cash but in digital form”.
This is utter rubbish.
IMO, Carstens was bluffing when he said a year ago that they have the tech. It’s definitely not there yet, even at a country level, to say nothing of the nightmare to try to standardise it for international settlements.
If the future of planetary governance involves the devolution of power into smart gulag city-states managed by neo-Monarch billionaire barons, there will likely be a plethora of digital currencies and blockchains. In that scenario, how would inter-chain global commerce be conducted? Could Bitcoin be added to the IMF SDR currency basket? Bitcoin can function as “root of trust” for other blockchains, independent of it’s currency trade value.
e.g. ElastOS blockchain uses strategic partnerships with Bitcoin mining pools. Their founder is ex-Microsoft. https://www.elastos.org/downloads/A_New_Internet_For_A_New_Era_An_Elastos_Overview_Web_Quality.pdf
“Elastos merge-mining (also called AuxPoW) … was made possible by employing the same hashing algorithm as Bitcoin and strategic partnerships with some of the world’s largest Bitcoin mining pools … Elastos is considered the auxiliary chain, which gives rise to the consensus algorithm’s name Auxiliary PoW, or AuxPoW for short.
Through merge-mining, Elastos effectively leverages the hash power of the Bitcoin blockchain, which provides the highest degree of network security available in the blockchain space. In addition to BTC, ELA can be merge-mined with any cryptocurrency that uses a SHA-256 hashing algorithm, including BCH and BSV. Merge-mining also presents an energy-efficient computational soluton, as it requires no additional computing power to be expended by the main chain during the merge-mining process.”
I believe it is critical for the owners of the Central Banks to use bitcoin development to finalized addressing the CBDC issues/problems, as long as necessary (that is the extent) because they can’t hide their problems any longer. So, as they get the CBDC sys ready for full show as it is their PLAN & AGENDA (my prediction before the 2024 election), they will regulate bitcoin, use it, abuse it, and allow banks to hold crypto in their balance sheets, etc., as so this will be helping towards the mission. Unfortunately, I don’t see bitcoin going away soon, also considering Mr. Global have a lot $$$$ invested in it.
The pandemic only created extra cash for those selected to invest heavily in bitcoins and help the CBDC R&D.
Unfortunately, our system is being attack from many fronts towards a goal. I could give a tentative correlated list of that. Anyways, I do believe we (via Congress) can stop it and address the issues before it is too late and we lose all privacy and liberties (that includes our monies and way of life as we know it).
And yet again, technology or digitalization is not all bad, BUT, some players seem to want to control it with no oversight. Unconstitutional.