Home CryptocurrencyAltcoin Cryptocurrency becomes a tool of tyranny

Cryptocurrency becomes a tool of tyranny

by SuperiorInvest

Proponents paint bitcoins (BTC) and other cryptocurrencies as antidotes to totalitarian governments and central banks. At the same time, international corporations and startups have proposed blockchain platforms and products that could be used for totalitarian governments and central banks.

Microsoft Physical Activity Data

One example is Microsoft, which has applied for a patent for a cryptocurrency system that uses physical activity data. As part of the cryptocurrency mining process, the cryptocurrency system will assign a task to your device and instruct you to complete a “human body activity”.

A sensor in the user’s device records body activity and then the system rewards the user with cryptocurrency. “The sensed physical activity is associated with the accepted task and transmits the generated physical activity data to a system or network that verifies the physical activity data for the award of cryptocurrency.”

It reminds me of a Justin Timberlake movie In time, where a future society uses time from a person’s lifespan as its primary currency, with each individual wearing a clock on their arm that counts down how long they have to live. When the clock hits zero, they’re dead.

SmartKey

Olsztyn, Poland they used the Ethereum blockchain to trial SmartKeya bridging technology that connects blockchain technology with a lock for example in your home.

They say it’s to “help the police, fire and emergency services” (read: for your safety). SmartKey allows emergency crews to enter any building in the city without having to find the key holder or wait for permission.

Related: Blockchain Association Policy Leader: US Shouldn’t Compete With China’s CBDC With Tracking Tools

“The need for our emergency services to carry out their duties unimpeded is a delicate one. The use of blockchain and SmartKey technology appears to be the perfect solution, providing security for building owners and residents, but also freedom for our emergency services,” says Gustaw Marek Brzezin, Marshal of the Warmian-Masurian Voivodeship in which Olsztyn operates. Located.

As any student of political science knows, the foundation of any constitution is freedom for our emergency services!

Central Bank Digital Currency (CBDC)

European Central Bank (ECB) he remarked in the white paper that it would be possible to track everyone CBDC transactions in the nation. All transactions in such a regime would be known to the central bank and anyone with whom the bank chooses to share the information.

With digital currency, central banks can impose restrictions on the holding of money. The ECB has discussed limiting the amount a person can hold, limiting the amount of time a person can hold a certain amount of money, and imposing negative interest rates on amounts the bank deems excessive. A similar feature is available in CBDC Bank of China. Dystopian policies can be more easily implemented with digital currency – including negative interest rates and more.

Mass tracking

The book’s founder, Pascal Gauthier, sees little more than mass surveillance in the European Union’s draft law to regulate the transfer of funds.

“Imagine you have a wallet, your leather wallet, and you have cash in it. Every time you pay with cash somewhere, you will have to show your ID… and they will note your name,” Gauthier he said. “This is not the world I want to live in.

Related: US agencies warn of influx of North Koreans in IT and crypto jobs online

He added: “Some groups in the European Parliament have a very specific and dogmatic agenda… [and are] using excuses to ban bitcoin and cryptocurrencies as much as possible. The rumors they heard. Like, oh, I heard it’s for money launderers…”

World Economic Forum (WEF)

Davos-based WEF, perhaps best known for bringing humanity “The Great Reset” comment in a blog post on his website that blockchain is capable of sparking an industrial revolution in which the biological, technological and physical world. It will do this by enabling the tracking of almost anything, including food and medical supplies such as vaccines.

It’s a “shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network,” the WEF notes, citing IBM’s evaluation of blockchain technology. “An asset can be tangible (house, car, cash, land) or intangible (intellectual property, patents, copyrights, brand). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and reducing costs for everyone involved.”

As the WEF and IBM note, blockchain enables a world of ubiquitous surveillance.

Justin O’Connell he is the founder of Narracomm, GoldSilverBitcoin, Cryptographic Asset and THCist. He has been a bitcoin entrepreneur since 2012.

This article is for general informational purposes and is not intended and should not be construed as legal or investment advice. The views, thoughts and opinions expressed herein are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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