Introduction
Citizens of the Hive!
As my title might make you think, I am not talking about Binance.
While drafting a post on catallactics/catallaxy and how one could possibly apply them to cryptocurrencies, I came across a PDF from the WEF and it's global future council on cryptocurrencies titled Cryptocurrencies: A Guide to getting started . Surprisingly the document is quite elaborate and informative and goes over various aspects from consensus, governance, running a node etc. but restrained in how it's informing it's readers within a margin of acceptable use cases according to their current understanding and the legal framework they'd like cryptocurrencies to accommodate to. It's not something you'd read out of it unless you realise that the scope is quite selective as it could have encompassed the segment much wider.
While going over scalability and assessing throughput they cite specific projects for which they provide resources to their readers for further research. Although these projects apparently boast with the fact that they solved the blockchain trilemma, I assume that these projects seem to have offered themselves in an attempt to be fully aligned with compliance. That would be smart in order to escape the regulators radar in being too overtly recognisable. Maybe they were preferred or chosen under nepotistical conditions through their relationship with the establishment. I am not being a sceptic here, because they could genuinely be considered as an alternative to the current horse buggy and carriage systems that some financial institutions have their infrastructure build around.
Taking the recent events of El Salvador into account, their move to make Bitcoin legal tender and that the IMF isn't too happy about it, shows a desperate attempt to regulate a free market by an inevitably failing power structure. Or could it be to make centralised digital money to replace the US Dollar fractional reserve banking system? Intent on showing that they understand liberty and freedom and that it is needed, these rather serious institutions are quite deceptive. We all know that blockchain goes beyond legacy transaction networks, TPS and that for some of us it means going in all the way. We don't need a government to rule over our governance systems. Beyond this, it becomes a rather philosophical question what the majority will choose in the midst of all these deceiving and misleading options that are being created when such technologies are going to be used to build CBDC's.
The IMF
For a system in place since the 22nd of july 1944, they respond to a higher private committee for banking regulations. Staring with a Gold Standard until the 1971 Nixon Shock, they implemented structural adjustment policies in oil-importing developing countries that were apparently required to cope with the large increases and marked shifts in external payments imbalances. The IMF established the EFF(Extended Fund Facility) in 1974 to help countries with severe payment imbalances, upon which they furthered adjustment programmes so countries could cope with the oil shocks that followed. The petrodollar profits of OPEC dramatically changed the logics of power and relationships between the United States, the Middle East and North Africa (MENA). The evolution of the US MENA relationship can be traced back to the magnitude of the petrodollar profits pouring into oil-rich MENA countries during the 1970s. The balance of payment positions were defined as a deficit on the account of countries and were financed by capital imports consistent with longer-run development perspectives. The debt-servicing capacity of the country would thus be taken care of. The IMF was in favour that the viable balance of payment positions were realised without endangering the growth prospects of these developing countries while pursuing adjustment policies. The IMF apparently wanted to complement demand management policies by supply policies and ensure better cooperation with the World Bank at all operational levels. This caused a debt crisis in which highly indebted Latin America in the 1980s. Sequentially Mexico(1994), Asia(1997), Russia(1998), Brazil(1999), Argentine(2002) etc. followed. I don't want to mix up too much of private and non private sectors, but Banks, nonbanks and corporations overborrowed, and foreign banks and private investors overlent.
"Today the IMF and World Bank differ from these Bretton Woods institutions of the past. Firstly publicness that includes actors in the private sector and institutions that provide resources or rules that otherwise might be provided by the IMF or WorldBank, including commercial banks, institutional investors, credit rating institutions, and the International Accounting Standards Board. Secondly is the shift of responsibilities that might otherwise have been centered in the IMF or World Bank to more informal groupings such as the G-7/8, the G-20, or the Basel Committee on Banking Supervision and other such committees based at the Bank for International Settlements. Third is the scale which includes the growth of regional alternatives, competition from the Organization for Economic Cooperation and Development, and national alternatives such as the accumulation of massive reserves as insurance against monetary instability. Interacting with this more complex environment is a major challenge that the IMF and World Bank have acknowledged but not yet adequately addressed."Source
The BIS and it's institutions enjoy immunity due to their geographical jurisdiction in Basel, Switzerland. While searching for an answer when it comes to the international monetary system or a governing body that remains in the shadows, it's the BCBS(The Basel Committee for Banking Supervision). Although this might not even be the case any more, the decisions are divided into several institutions and think tanks diluting the ability to oversee their distributed governing structures.
From Bettonwoods to the Nixon Shock of 1971, with Basel III the aim is to strengthen financial stability by implementing elements of a global regulatory reform. What if our mission is to have cryptocurrencies create our own financial future and one by the people? Isn't it time to take responsibility and not have them decide for us. Apart from an enormous responsibility, this marks an important shift that affects so much more about how much liberty we have in the future. Foundations and DAO's are mostly registered in countries open to liberty, towards decentralisation, privacy and ownership of private property and become testing grounds for a future humanity, like Switzerland.
CBDC's
As I mentioned in my previous article, centralised isn't always centralised. Open source does not always mean open. Many projects are evidently looking to monopolise certain domains and become the single entry point in their respective segments when massive main stream adoption will occur. Apart from the cryptocurrencies that most of us here might be aware of, there are plenty that should not even be eligible to be listed on the D-Economy as these aren't decentralised. Some don't even have an intention of ever being. When the majority or the masses aren't even aware what the Byzantine generals problem means for economics and liberty in a peer to peer digital cash system, they might also not realise how to what extent they are giving up their liberty and freedom and that of coming generations. It becomes even harder when everyone is accustomed to trusting the government and corporations by voluntarily giving them all the data they require to carer for their customers. At times i think some of us are living in a barn run by a government whose counting the eggs we produce so they can make their next fiscal allocation with the profits we make them.
In the midst of all the crypto hype, major corporations and banks caught up to this and wont give up their current positions so easily. While the Corona Pandemic could also be a ingenious front to propel us into a new digital paradigm, where we are tracked beyond contact tracing through military technologies, the implications of current changes and the ethical views of their outcomes on our personal freedom, privacy and liberty should be questioned.
No wonder we see the XRPL if they sponsored the WEF (World Economic Forum). Stellar has been working with the World Bank Group, which works alongside these institutions. With Zero Knowledge Proof but really bad token economics, one should not wonder why some blockchains might have seen themselves as candidates for CBDC(Cenetral Bank Digital Currencies) more than others. Many of the above are cited as possible solutions for CBDC's.
Conclusions
With CBCD's our every move is at risk of being tracked and our actions being traced. Our liberties and freedom are at stake. Many of us are unaware or more than willing to give up their basic freedoms and trust into a global oligarchic system.
Nobody can really regulate Bitcoin! Imagine someone putting a gun to your head and forcing you to reveal the passcode for your phone by threatening you with the loss of life and then to reveal the seed phrase for your wallet. Now imagine that entity were your government? Such coercive measures would not only put the liberty of individuals in that country in question, but raise many more questions about morality? Imagine if the person putting a gun to your head would force you to stab another person and commit murder? The moment you realise that you are in a position of liberty, there are very few who actually question the extent of that liberty and conclude that we take many things for granted. These very basic questions of freedom and trust in our governments are now put to the test in various aspects of our existence. As much as we'd like to look at the past atrocities and think that we'd have evolved And become civilized ever since, the questions whether we truly are stil remain unanswered. I believe we need to dare. As a citizen of the hive and a part of a global economy I understand the required effort to just delve into something. A community such as hive and it's governance structure is truly capable of handling itself and taking responsibility. We are a true example of community on the blockchain. Applying this retrospectively and aprioristically, when were we ever ready for a revolution? We just made one! When will we realise that we actually just had the greatest revolution in human economic history. One that can't be stopped!
Will people really give up scarce CBDC value for crypto? How will they really trade amongst eachother? Will the western media monopolies convince the masses to use their digital money?
Disclaimer: Information here within is to be regarded as part of theblog publication, which you were referred from. Sections or individual terms or statements are not legal or correct, the content or validity of the other parts, such as references remain uninfluenced by this fact. There are no conspiracy theories that involve the Illuminati, Black Nobility, the World Monarchs, Crown Council of 13, Committee of 300 and their Think Tank Groups such as the Trilateral Commission, only to name a few, that represent the 'Round Table' in this publication. The aim therefore is NOT to publish any ambiguous or controversial claims, but for readers to draw their own conclusions.
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