Free Software, The Commons , Free Money and Liberty v Tyranny. Tyranny of the Geek, Web 3 ?

A feasible government response to GFC2 will be to introduce a new central bank issued digital currency, the ‘e-£’, and set a depreciating exchange rate against old £ notes.
Old £ held in bank accounts will be converted at 1:1, as will old £ notes within a set period, say 12-months; however, after said period, the e-£:old note rate will decrease, say 1:0.9.
The effect will be obvious: all holders of currency will pay in their notes within the first 12 months to get the better exchange rate. Once all cash is voluntarily removed from the system, negative interest rates can then be introduced.
The ‘war on cash’ has already started, but banning it will be problematic. This approach will be far more effective and less costly in terms of resources.
Personally I suspect this is what is being planned, because aside from the effectiveness, the biggest beneficiaries will be 1) Government: all financial transactions can be tracked and hence tax dodging and other criminal activity becomes impossible; and 2) banks: will have an influx of liquidity when all the old £ notes are paid in, bank runs will be a thing of the past, and banks can really start screwing account holders because there is no alternative to keeping money in a bank account.
It will be sold to the technology-obsessed public as ‘futuristic and modern’, maybe that its ‘blockchain’ or ‘crypto’ (it looks like there is intentional confusion in the MSM between these terms and digital currency), as well as being able to stop crime and terror attacks.

  • I also think it is possible, and there are some signs that the NSA and other government organizations are behind the blockchain technology (they are associated with some of the original white papers). So it may seem like a conspiracy theory, but there is enough real evidence and it does make perfect sense. And the people using it now who think they are “avoiding using the system” seem to be test driving the system’s next technology.
  • In all but name the currency systems of the Washington Consensus and rest of the world come under the Bank of International Settlements Central Banking system. 97% of all circulating Money ( not Cash) is Digital. This currency is created electronically ( Digitally) by Centralised Bank Ledgers. The Only Difference with a Blockchain system is that it can potentially be distributed on a Network, that is all BlockChain is, a distributed network ledger system.
    In the UK the Banking act of 1844 barred coining or printing of Cash by private banks reserving, therefore, seniorage benefits to Government.
    The System in the US and The system for the EURO are all slightly different but all Clearing Banks in the UK and Europe create digital money out of thin air The Basle Rations (Capital Ratios) are honoured more in the breach than the observance but even where there is observance collateral is a very broad brush when it comes to what Central Banks will accept acting as Lender of last resort.)
    The NSA has a Patent on the SHA 256 algorithm which is the security encrypting algo’ used by Bitcoin , The ethereum Dagger Hashimoto algorithm is open source.
    Why Be Memory-Hard?
    The main reason why memory hardness is important is to make the proof of work function resistant to specialized hardware. With Bitcoin, whose mining algorithm requires only a simple SHA256 computation, companies have already existed for over a year that creates specialized “application-specific integrated circuits” (ASICs) designed and configured in silicon for the sole purpose of computing billions of SHA256 hashes in an attempt to “mine” a valid Bitcoin block. These chips have no legitimate applications outside of Bitcoin mining and password cracking, and the presence of these chips, which are thousands of times more efficient per dollar and kilowatt-hour at computing hashes than generic CPUs, makes it impossible for ordinary users with generic CPU and GPU hardware to compete.
    That last bit might seem overly technical but it is very important. Money Circulates and its velocity is important regarding how much activity a notional fixed sum of money can participate in. Velocity will go up and down with confidence levels but can lead to large swings in economic activity which are undesirable. Currency issuance is a way to iron out these swings in confidence, in a decentralised issuance system swings in sentiment will even out on average and the control mechanism will necessarily have less extreme undershoots and overshoots. A fixed money supply is not though a good idea, the Gold Standard was a big fat failure in most respects.
    A Joke.
    a physicist, an engineer, and a statistician out hunting. The physicist calculates the trajectory using ballistic equations but assumes no air resistance, so his shot falls 5 meters short. The engineer adds a fudge factor for air resistance, and his shot lands 5 meters long. The statistician yells “We got ‘em!”
    With the existing Crypto / Blockchain Infrastructure and Hierarchy there is a problem of concentration of Economic Power, This group are known as Whales.
    The exchange of Crypto Currencies for FIAT and their price level are maqnipåulated by Fairly small volumes as the distribution is one with a very fat tail that fat tail wags the Market Dog. Mining or distribution through say a universal currency dividend would ensure that first-mover advantage for newly issued currency is not concentrated to a privileged in-group, this happens with FIAT and it is also happening with increased centralisation of Crypto Mining power on all networks, SHA 146, Dagger Hashimoto, Skrypt etc.
    Blockchain Transactions are quite traceable and piercing the anonymity veil not so hard, the trip wire is any conversion back to FIAT. There are though DASH and Monero both of which preserve anonymity much better even within the blockchain space, Governments make a big mistake if they think getting rid of Cash will stop people finding an analogue ( Cigarettes ) ( Pokemon Cards ) Red M and M’s
    anything will do, Silver Dollars, You get the idea.
    Web 3 is properly distributed network computing uncensorable and a space where Tyranny will find itself in some trouble save for the Tyranny of the Geek. The Tyranny of the Geek is quite scary. Google Richard Stallman to see why Open Source is the antidote to Geek Tyranny
    At this stage here in Sweden Cash is almost finished with I have a project Forres/Lagom which will fill the huge gap extinguishing cash will leave Crytpo Complimentary currencies are rather more healthy than Cigarettes although that said who smokes currency but then that’s the same problem with using any store of value that becomes a speculative object.

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Author: rogerglewis Looking for a Job either in Sweden or UK. Freelance, startups, will turń my hand to anything.

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