https://medium.com/@CryptoSeq/large-enterprise-adoption-of-blockchain-is-happening-enabled-by-quant-networks-overledger-32321b650115submitted by xSeq22x to QuantNetwork [link] [comments]
This is Part Two in the mini-series looking at Quant Network. You can see Part One here as well as links to other articles at the bottom of this post.
Quant Network have achieved incredible levels of adoption since launching Overledger less than a year ago. Their growth strategy is to partner with multinational global organisations with huge amounts of employees to then host / implement / take Overledger to each of their own clients. So one Partnership, leads to exponentially more and is the fastest way to scale rather than trying to partner with each customer individually. This is how companies such as Oracle grew so fast and Microsoft with their Partner Network.
“ These are multinational global organisations with 100,000 + employees, this is the scale that we are working towards to take Overledger to the mass market. We can’t do it one by one in each country and sign them up but we can partner with someone that has 100 customers and they can take it to all their customers as well which helps with the adoption of our technology” — Gilbert VerdianLet’s start with arguably the biggest partnership for any Blockchain company listed on Coinmarketcap, the leading Financial Network Provider in Europe, SIA.
“Since the European launch of our private infrastructure SIAchain, we are at the forefront of innovation in blockchain technology with the aim of supporting financial markets with a high-performance and secure architecture and a clear governance model. We actively continue on our path of innovation and the achievement of a fully interoperable blockchain network is the foremost objective we want to reach with the collaboration of Quant Network and its disruptive vision on DLT”, says Daniele Savarè, Innovation & Business Solutions Director, SIA.https://youtu.be/0cNmGrLPoTo
So what we’ve done is instead of just announcing one client and one thing, we’re announcing that we’re working with SIA. So, SIA is the leading European payment infrastructure. And what we’re doing with SIA is interconnecting blockchain networks with SIA, and doing settlements, which are central bank settlements, with the central bank in Italy. So what Overledger is doing is we’re actually bringing blockchain and interoperability to all of SIA’s clients, which are 580 banks. So, Overledger could be rolled out to all these institutions, financial services, banks, at scale, and have interoperability to get the benefits of this.To read more see my other article which goes into more details about SIA here
AX TradingQuant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future.
Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assetsGeorge O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”
To read more see my other article which goes into more details about Wall Street 2.0: Enabled by Quant Network’s Partnership with SEC & FINRA registered AX Trading here
At Sibos 2019 Oracle is excited to feature 10 of our fintechs that have proven they are enterprise cloud ready and span a wide range of digital transformation themes including several available on Oracle’s Open Banking API ecosystem. Discover how you can accelerate your digital banking journey with a wide range of proven Oracle fintech solutions that meet the security, performance, and compliance needs for today’s Adaptive Bank — Oracle SIBOS 2019 Blockchain Enables Trustworthy Transactions The potential uses of blockchain technologies are seemingly endless, from providing easy access to online payments to creating connected economies. But one of blockchain’s standout promises is to automate trust by providing an incorruptible platform for transactions. Quant’s Overledger is the world’s first blockchain operating system. It’s designed to provide any network in the world with a gateway to all other blockchains, and therefore enable companies to develop new solutions by incorporating features from multiple blockchain applications. — https://blogs.oracle.com/startup/innovation-pays%3a-the-five-fintech-startups-making-money-more-interestinghttps://preview.redd.it/bv0hxxr84pn31.png?width=1100&format=png&auto=webp&s=8e67dd4a7b23eae444ed1ed9e7f7bda972236280
Payson Johnston, President and CEO of Crowdz, a Silicon Valley trade-finance and financial-technology company, stated that, “Although Crowdz uses the Ethereum blockchain as the foundation for our Invoice Auction Exchange, we have needed a solution that allows for invoices and other documents to be transferred from one blockchain to another — for example, among Hyperledger, Corda, and EOS. With the Overledger solution from Quant Network, it is now possible to pass data among different blockchains. Crowdz looks forward to working with Quant Network to enable the true multi-blockchain environment that our customers demand.”You can read more about the announcement here
AuCloud and UKCloud
Scott Wilkie, Director of AUCloud stated that Australian Government, Department of Defence and major industries are using or testing blockchain to interact with their supply chain, critical infrastructure, national record keeping and financial services. These organisations require the interoperable functionality that can only come with an operating system like Overledger and the security of the leading sovereign Australian cloud platform. Without Overledger, none of these projects or systems will be able to communicate with each other or enable cross party collaboration. Brad Bastow, CTO AUCloud (previously CTO Department of the Prime Minster & Cabinet) stated that “applying world leading blockchain technologies to enhancing the cyber security of cloud IaaS and PaaS can significantly improve the ease of adoption and reduces risks for all government users and citizens. We aim to bring the most effective and assured technologies as-a-Service and Quant Network have some of the most advanced blockchain technology in the world in this respect.”You can read more about the announcement here
“AllianceBlock will use Overledger to leverage multiple blockchains and create multi-chains token swaps. This partnership offers the possibility to open a new set of real-world applications leveraging different features from different chains. AllianceBlock is delighted about this partnership which will help blockchain projects and SMEs wield blockchain technology very easily” said Rachid Ajaja, Co-founder of AllianceBlock.
Jiangsu Huaxin Blockchain Institute
Atlantic Power Exchange
Managing Director of Rockefeller Capital Joins the Board of Quant Network
“I’m delighted to join the Board of Quant Network. This is an exceptional team of experienced professionals in the cybersecurity and blockchain industry.”Guy Dietrich recently personally attended meetings with the UK’s Financial Conduct Authority (FCA) with Gilbert.
International Organization for Standardization (ISO)Gilbert Verdian is the founder of ISO TC 307, the global standard for Blockchain and Distributed Ledger Technologies which 55 countries are currently working towards. Gilbert is the chairman for the TC 307 Working Group for Interoperability of blockchain and distributed ledger technology systems
European’s Union INATBAQuant Network is a founding member in the European Union’s launch of the International Association for Trusted Blockchain Applications (INATBA). Other members of INATBA include Accenture, Accord Project, Alastria,Banco Santander, BBVA, Consensys, Enterprise Ethereum Alliance, Fujitsu, IOTA, Ledger, SAP, SIA, Swift, Telefonica, We.Trade and many more. INATBA is a collaboration of 26 EU countries to develop EU blockchain regulation and prepare the launch of EU-wide blockchain applications
You can read more about it here and here
As well as many being worked on and yet to be publicly announced:
we are really looking at ASIA, especially around Singapore, Hong Kong and we are working with partners to go there, just yesterday we had a meeting with a $8 billion company based in the ASIA region and they want to use Overledger for their clients and they are going to help us expand to that region, once we partner with the right bigger playershttps://youtu.be/G1b9TX6rcuI
2 of the Big 4 Global Consultancy Firms are taking Quant Network’s Overledger to their clients.The Big 4 Global Consultancy firms are huge and consist of Deloitte, PwC, EY and KPMG. They offer a range of services from offering consultancy advice on what to use, assisted prototyping right through to the delivery of production-ready enterprise solutions. Previously Gilbert was the Director of Cybersecurity at PwC and a Senior Manager of Security at EY plus Lara Verdian was the director for Deloitte Access Economics at Deloitte.
Quant Network are currently working with 2 of the above 4 global consultancy firms who are taking Overledger to their clients.
As well as many other consultancy firms:
ExchangesThey are also in talks with Traditional Exchanges such as the Swiss Stock Exchange SDX Platform and others as well as Large asset management firms
As well as various Governments including the Australian Treasury with DATA61 regarding open banking and consumer data rights, the UK’s HMRC, Central Banks, Global companies in Korea, Insurance Companies, Airlines and Logistic companies.
It’s truly remarkable what they have achieved in such a short space of time, working non-stop all around the globe, working with enormous Global organisations, Leading Financial Institutions, Governments and Health. Quant Network is enabling the mass adoption of Blockchain, bridging all blockchains and offchain networks together (as well as plans to connect directly to the Internet) to achieve the true potential of this revolutionary technology.
In the last article of this mini-series I will take a closer look at the tokenomics of the QNT token and why there isn’t another utility token with as much value as QNT. With a tiny total supply of just 14.6 million QNT tokens, with no inflation, Supply reducing further as tokens are taken out circulation with licensing and strong demand / usage for the token, as well as minimum QNT holdings for wallets to benefit from Universal Interoperability.
Part One — Blockchain Fundamentals
Part Two — The Layers Of Overledger
Part Three — TrustTag and the Tokenisation of data
Part Four — Features Overledger provides to MAPPs
Part Five — Creating the Standards for Interoperability
Part Six — The Team behind Overledger and Partners
Part Seven — The QNT Token
Part Eight — Enabling Enterprise Mass Adoption
Quant Network Enabling Mass Adoption of Blockchain at a Rapid Pace
Quant Network Partner with SIA, A Game Changer for Mass Blockchain Adoption by Financial Institutions
Part One of this mini Series — What is a blockchain operating system and what are the benefits? Introducing Overledger from Quant Network
Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading
In 1973, Allen & Company bought a stake in Columbia Pictures. When the business was sold in 1982 to Coca-Cola, it netted a significant profit. Since then, Herbert Allen, Jr. has had a place on Coca-Cola's board of directors.Allen & Co throws the Sun Valley Conference every year where you get a glimpse of who sows up. Harvey Weinstein, though a past visitor, was not invited last year.
Since its founding in 1982, the Allen & Company Sun Valley Conference has regularly drawn high-profile attendees such as Bill Gates, Warren Buffett, Rupert Murdoch, Barry Diller, Michael Eisner, Oprah Winfrey, Robert Johnson, Andy Grove, Richard Parsons, and Donald Keough.
Allen & Co. was one of ten underwriters for the Google initial public offering in 2004. In 2007, Allen was sole advisor to Activision in its $18 billion merger with Vivendi Games. In 2011, the New York Mets hired Allen & Co. to sell a minority stake of the team. That deal later fell apart. In November 2013, Allen & Co. was one of seven underwriters on the initial public offering of Twitter. Allen & Co. was the adviser of Facebook in its $19 billion acquisition of WhatsApp in February 2014.
In 2015, Allen & Co. was the advisor to Time Warner in its $80 billion 2015 merger with Charter Communications, AOL in its acquisition by Verizon, Centene Corporation in its $6.8 billion acquisition of Health Net, and eBay in its separation from PayPal.
In 2016, Allen & Co was the lead advisor to Time Warner in its $108 billion acquisition by AT&T, LinkedIn for its merger talks with Microsoft, Walmart in its $3.3 billion purchase of Jet.com, and Verizon in its $4.8 billion acquisition of Yahoo!. In 2017, Allen & Co. was the advisor to Chewy.com in PetSmart’s $3.35 billion purchase of the online retailer.
Previous conference guests have included Bill and Melinda Gates, Warren and Susan Buffett, Tony Blair, Google founders Larry Page and Sergey Brin, Allen alumnus and former Philippine Senator Mar Roxas, Google Chairman Eric Schmidt, Quicken Loans Founder & Chairman Dan Gilbert, Yahoo! co-founder Jerry Yang, financier George Soros, Facebook founder Mark Zuckerberg, Media Mogul Rupert Murdoch, eBay CEO Meg Whitman, BET founder Robert Johnson, Time Warner Chairman Richard Parsons, Nike founder and chairman Phil Knight, Dell founder and CEO Michael Dell, NBA player LeBron James, Professor and Entrepreneur Sebastian Thrun, Governor Chris Christie, entertainer Dan Chandler, Katharine Graham of The Washington Post, Diane Sawyer, InterActiveCorp Chairman Barry Diller, Linkedin co-founder Reid Hoffman, entrepreneur Wences Casares, EXOR and FCA Chairman John Elkann, Sandro Salsano from Salsano Group, and Washington Post CEO Donald E. Graham, Ivanka Trump and Jared Kushner, and Oprah Winfrey.https://i.imgur.com/VZ0OtFa.png
"The problem with George Tenet is that he doesn't seem to care to get his facts straight. He is not meticulous. He is willing to make up stories that suit his purposes and to suppress information that does not."https://i.imgur.com/YHMJnnP.png
"Sadly but fittingly, 'At the Center of the Storm' is likely to remind us that sometimes what lies at the center of a storm is a deafening silence."
It is now clear that we are facing an implacable enemy whose avowed objective is world domination by whatever means and at whatever costs. There are no rules in such a game. Hitherto acceptable norms of human conduct do not apply. If the US is to survive, longstanding American concepts of "fair play" must be reconsidered. We must develop effective espionage and counterespionage services and must learn to subvert, sabotage and destroy our enemies by more clever, more sophisticated means than those used against us. It may become necessary that the American people be made acquainted with, understand and support this fundamentally repugnant philosophy.http://www.nbcnews.com/id/3340677/t/cia-operatives-shadowy-war-force/
Intelligence historian Jeffrey T. Richelson says the S.A. has covered a variety of missions. The group, which recently was reorganized, has had about 200 officers, divided among several groups: the Special Operations Group; the Foreign Training Group, which trains foreign police and intelligence officers; the Propaganda and Political Action Group, which handles disinformation; the Computer Operations Group, which handles information warfare; and the Proprietary Management Staff, which manages whatever companies the CIA sets up as covers for the S.A.Scientology as a CIA Political Action Group – “It is a continuing arrangement…”: https://mikemcclaughry.wordpress.com/2015/08/25/scientology-as-a-cia-political-action-group-it-is-a-continuing-arrangement/
…Those operations we inaugurated in the years 1955-7 are still secret, but, for present purposes, I can say all that’s worth saying about them in a few sentences – after, that is, I offer these few words of wisdom. The ‘perfect’ political action operation is, by definition, uneventful. Nothing ‘happens’ in it. It is a continuing arrangement, neither a process nor a series of actions proceeding at a starting point and ending with a conclusion.CIA FBI NSA Personnel Active in Scientology: https://i.imgur.com/acu2Eti.png
Under the guise of a fake account a posting is made which looks legitimate and is towards the truth is made - but the critical point is that it has a VERY WEAK PREMISE without substantive proof to back the posting. Once this is done then under alternative fake accounts a very strong position in your favour is slowly introduced over the life of the posting. It is IMPERATIVE that both sides are initially presented, so the uninformed reader cannot determine which side is the truth. As postings and replies are made the stronger 'evidence' or disinformation in your favour is slowly 'seeded in.'When you find yourself feeling like common sense and common courtesy aren’t as common as they ought to be, it is because there is a massive psychological operation controlled from the top down to ensure that as many people as possible are caught in a “tension based” mental loop that is inflicted on them by people acting with purpose to achieve goals that are not in the interest of the general population, but a method of operating in secret and corrupt manner without consequences.
Thus the uninformed reader will most likely develop the same position as you, and if their position is against you their opposition to your posting will be most likely dropped. However in some cases where the forum members are highly educated and can counter your disinformation with real facts and linked postings, you can then 'abort' the consensus cracking by initiating a 'forum slide.'
Katzenberg has also been involved in politics. With his active support of Hillary Clinton and Barack Obama, he was called "one of Hollywood's premier political kingmakers and one of the Democratic Party's top national fundraisers."With cash from Jeffrey Katzenberg, The Young Turks looks to grow paid subscribers:
Last week, former DreamWorks Animation CEO Jeffrey Katzenberg’s new mobile entertainment company WndrCo was part of a $20 million funding round in TYT Network, which oversees 30 news and commentary shows covering politics, pop culture, sports and more. This includes the flagship “The Young Turks” program that streams live on YouTube every day. Other investors in the round included venture capital firms Greycroft Partners, E.ventures and 3L Capital, which led the round. This brings total funding for Young Turks to $24 million.How Hollywood's Political Donors Are Changing Strategies for the Trump Era:
Hollywood activism long has been depicted as a club controlled by a handful of powerful white men: Katzenberg, Spielberg, Lear, David Geffen, Haim Saban and Bob Iger are the names most often mentioned. But a new generation of power brokers is ascendant, including J.J. Abrams and his wife, Katie McGrath, cited for their personal donations and bundling skills; Shonda Rhimes, who held a get-out-the-vote rally at USC's Galen Center on Sept. 28 that drew 10,000 people; CAA's Darnell Strom, who has hosted events for Nevada congresswoman Jacky Rosen and Arizona congresswoman Kyrsten Sinema; and former Spotify executive Troy Carter, who held three fundraisers for Maryland gubernatorial candidate Ben Jealous (Carter also was a fundraiser for President Obama).Soros Group Buys Viacom's DreamWorks Film Library:
Viacom, after splitting off from Les Moonves Les Moonves ' CBS , still holds Paramount Pictures, and that movie studio in December agreed to acquire DreamWorks SKG, the creative shop founded by the Hollywood triumvirate of Steven Spielberg, David Geffen and Jeffrey Katzenberg (a former exec at The Walt Disney Co.). DreamWorks Animation had been spun off into a separate company.The money you spend on media and junk food and in taxes goes to these groups who then decide how best to market at you so that they decide how you vote by creating a fake consensus to trick into thinking that you want something other than what is best for you; but will inevitably result in more money being funneled to the top, creating further separation between the super rich and the average person. The goal will be to assert creeping authoritarianism by generating outrage against policies and issues they hate. Part of manipulating your basic assumptions is also to use schadenfreude (think canned laughter on TV) against characters who support the cause that might actually do you the most good (which reaffirms and strengthens your confirmation biased along predetermined political lines).
Now it's time for Freston to make back some money--and who better to do a little business with than George Soros? The billionaire financier leads a consortium of Soros Strategic Partners LP and Dune Entertainment II LLC, which together are buying the DreamWorks library--a collection of 59 flicks, including Saving Private Ryan, Gladiator, and American Beauty.
submitted by tentbobert to Snowball_money [link] [comments]
The Snowball Mission
The short answer is: very carefully and very deliberately, and always with our investors’ best interests in mind. Snowball has made it its mission to democratize cryptocurrency investment by enabling the small retail investor (those who normally invest in stocks, bonds, mutual funds, etc.) to enter the crypto market in ways that are generally only available to the wealthy and experienced accredited investor. This significant, untapped wealth of retail investors desperately need a simplified approach to “smart” investing, particularly one that mimics the growing trend toward index investing. We are pursuing that goal with single-minded intent!
Why index investing?
The selection process for investing in individual tokens is fraught with uncertainty and suffers from uneven regulation. Selecting winners from losers and trying to time the market has proven incredibly difficult. However, actively-managed portfolios often underperform, not to mention that the fees they charge can significantly impact any investor gains. As a case in point, globally-recognized cryptocurrency hedge fund Pantera Capital’s Digital Asset Fund has underperformed against bitcoin, dropping 26% last May compared with bitcoin’s decline of 15%. Similarly, Hedge Fund Research’s HFR Cryptocurrency Index, which tracks crypto hedge fund performance, was down 44.14% at the end of July, underperforming bitcoin which was down 39.67% over the same time period. Nobel laureate Eugena Fama and Kenneth French carried out a study which found that only 2% of the 3,156 fund managers they examined had statistically significant evidence of success, and concluded that a portfolio of low-cost index funds is likely to perform as well as a portfolio of the top 3% of actively-managed funds, and better than the other 97%!
The Snowball Selection Process
The Snowball team is consistently observing the cryptocurrency market, looking for new entrants into the index space, then performing the necessary fund evaluation and selection process to bring new portfolios onto our platform. While the effort to evaluate indices is expected to be ongoing, since the methodologies of indices do not change, the effort is singular, allowing significantly more coverage by a smaller team, while providing broad market coverage across the entire spectrum.
Snowball will employ a strict selection process to assure that portfolios listed on its platform meet a high standard of quality. We have identified the following critical evaluation criteria as the baseline for our selection process.
Our team will also evaluate the overall fund’s strategy to determine if there is merit in the approach. Funds should have a clear approach and a well-described methodology. For example, two separate funds may both cover the “Top 10 cryptocurrencies by market cap”, but approach them differently. One might allocate capital equally across each of the 10 cryptocurrencies, while another may do so more arbitrarily, based on a specific rationale. Another may allocate by market capitalization or some derivation thereof. One fund may employ a tolerance or time-interval-based rebalancing strategy, while another might not employ any rebalancing methodology at all. There are a multitude of variables that may exist. Our team will evaluate and select only the funds that appropriately describe their methodology and approach, as well as their rationale.
Regulatory Compliance or Independent Certification
Not all portfolios available under the Snowball platform may have been submitted for regulatory scrutiny or independent certification. However, for the ones that have, Snowball will indicate them with a high-visibility badge. Snowball will also include this as a screening criterion for manual searches. Our team will not include funds that have been identified in the community as likely frauds or those that do not have the appropriate track record.
We believe a fund’s ability to attract outside capital, whether from public investors or via institutions, is one of the surest ways to demonstrate its credibility. This is not unlike the way hedge funds are evaluated in non-cryptocurrency funds, and serves as a cornerstone to the way Snowball will evaluate fund selection. For a fund to participate in Snowball’s platform, it will be required to have no less than USD 10 million in Assets Under Management (AUM), and no less than ten separate sources of capital.
What Does This Mean For Our Investors?
Snowball’s Smart Crypto Investment Automation (SCIA) platform provides easy access to this carefully selected and curated selection of regulatory-compliant cryptocurrency portfolios. Snowball will help narrow the selection process utilizing its robust algorithm, taking into account the individual’s investment objectives, investment time horizon, and aversion to risk. Our platform will also allow investors to perform a manual screening process based on criteria designated by our team to enable a greater range of control and selection for experienced investors. Snowball will feature industry-leading comparison tools and will provide detailed information on each fund. In the future Snowball may Include fund performance ratings and more advanced evaluation criteria such as research analysis. commentary, and performance evaluation.
Snowball is the first Smart Crypto Investment Automation (SCIA) platform that enables access to professionally curated portfolios, empowering everyone to invest like accredited investors.
Here are some useful links for you to explore:
I have seen things. Don't ask me how. My dreams can be cryptic.
The destruction of fiat has already begun in earnest, but we're only in the 1st inning. The next 10 years will be characterized by the destruction of the USD, and the rise of the Chinese yuan backed by gold.
Gold and crypto are the two twin pillars that will destroy fiat. Thanks to crypto we're looking at a resurfacing of a global consciousness and desire for a non-state backed currency, harkening back to the days of a gold-backed money supply. Throughout history, empires have risen and fallen. The strongest empire's currency has always been the choice reserve currency of that era, but as an empire grows complacent and the government officials decadent, so does the temptation to debase their currency. The privilege of being the reserve currency globally gives them a sunset period of 20-40 years as the inevitable decline happens. It all began when Nixon took the USD off the gold standard.
Both China and Russia has been quietly accumulating gold over the past 10 years, restricting exports and increasing imports of gold. China is the world's largest oil importer and is in the process of switching over from paying for oil in USD to yuan, and redeemable into gold. The ramifications are massive. Increasingly the world is turning back on the US and its currency.
China is clamping down on cryptocurrency heavily as it interferes with their grand plan: they plan to shock the world in 2019 by announcing that they will go back to a partial gold-backed standard. Not fully-backed due to constraints in monetary policy advised by their Chinese economists, but sufficiently so such that the world gains confidence in the yuan and central banks globally begin selling their USD in earnest from the current 60%+ weighting, demoting it to a 30%+ weighting in favour of yuan as it dawns on them the USD might have just lost its reserve currency status. In this chaos, as we see across all regime changes, central banks begin buying gold in earnest. Other countries respond by backing their currency with gold as well. China becomes the new global superpower.
Thanks to this, the gold price will move to all-time highs and start trading above $2k in 2019. This will see the beginning of a gold rush we've never seen before. Old and institutional money begins to pour into precious metals; new and speculative money pours into cryptos. Cryptos enter into a final blow-off-top a year later not unlike the 2000 tech top in 2020. Bitcoin crashes 70% from $1m to $300K. As this happens, the whole world goes all-in into gold and yuan as the new safe havens as this is simultaneously accompanied by a major sell-off across both equities and bond markets. The rout will not stop till the mid 2020s. Gold is now trading at $7k/oz and silver at $200/oz. In fact, gold, as is most asset classes, are no longer quoted in USD but yuan. Africa begins to wield significant influence in the global political arena with South Africa leading the charge, due to their massive gold holdings and gold mines.
The year is 2025. In the depths of a recession even more severe than the one we saw in 2009, the US government reveals they have been accumulating bitcoin since 2018, and have built a sizeable position of 500,000 BTC (equivalent to $250b with BTC trading at $500k). This sparks the re-birth of a new bitcoin bull run as the other central banks announces they too, now hold some BTC. Many central banks, especially the resource-poor countries who never saw the rebirth of gold coming, begin accumulating BTC as well. Many now fear Russia and China's dominance in the gold market. Despite gold being a decentralized store of wealth, the natural geographical distribution has made many other resource-poor countries bitter, and an unspoken alliance began taking shape as central banks secretly accumulate bitcoin. Countries begin to publicly denounce gold, even as gold ownership is quickly being transferred into the blockchain. Gold prices fall after entering a blow-off top in 2027.
Bitcoin begins to climb until it reaches a "demand equilibrium" with gold. By 2030, bitcoin is valued at $2m+ and represents a significant percentage of the global money supply and gold has fallen to $4k/oz. By the 2030s+ the world has transitioned to a fiat system that is completely transparent. All countries' reserves in both bitcoin and gold are publicly trackable on the blockchain. While fiat continues to live on, governments in the aftermath of the early 2020s recession now have learnt fiscal prudence and bond yields actually reflect market-priced default risk depending on a country's money supply vis a vis the value of the bitcoin and gold their central bank holds.
The economy never really recovered from the recession in the 2020s. Artificial intelligence had taken over most of the economy's jobs, and the wealth inequality continued to widen as more and more wealth accrued to owners of capital. The crash in the equity markets at the turn of the decade had also wiped out a generation's savings and therefore willingness to spend - the millennial investors who had gleefully piled into FAANGs as everyone turned euphoric into the last days of the stock market bubble. Deflation began to set in as the boomers started dying in record numbers, and consumer spending ground to a halt as nobody except the elites and the crypto-rich had any money to spend. By the late 2020s governments realized that a form of universal basic income was necessary or the economy would never recover, but a redistribution of wealth was not going to be possible. Countries came together and decided that a new UBI currency would be created, in direct proportion to the amount of bitcoin and gold each country owned. With every single individual having their own unique identity stored on the blockchain, this was easy and transparent to implement. This ultimately paved the way for a global common currency in 2030. Gold began to lose its shine.
By the mid 2030s, we entered a golden era for the human race as the wealth inequality came back down to levels unseen in the past 500 years. Productivity reached a new high, assisted by mature technologies that first appeared in the 2010s. Significant life extension, space exploration, nanotechnology, then the uploading of the human consciousness ...
In 2040, we encountered the Singularity.
edit: pardon the grammatical and language errors, but i wanted to catch all the details before the vision fades. it comes and goes.
5.4.4 + Digital Cash - focus: privacy in transactions, purchases - unlinkable credentials - blinded notes - "digital coins" may not be possible 5.5.9 + can a "digital coin" be made? - this is formally similar to the idea of an active agent that is unforgeable, in the sense that the agent or coin is "standalone" + bits can always be duplicated (unless tied to hardware, as with TRMs), so must look elsewhere + could tie the bits to a specific location, so that duplication would be obvious or useless - the idea is vaguely that an agent could be placed in some location...duplications would be both detectable and irrelevant (same bits, same behavior, unmodifiable because of digital signature)This fills me with happiness that back then we were wondering if the idea of a digital coin were even possible... and yet here we are. We did it... humanity achieved the impossible.
10.8.5. "Why might digital cash and related techologies take hold early in illegal markets? That is, will the Mob be an early adopter?" - untraceability needed - and reputations matter to them - they've shown in the past that they will try new approaches, a la the money movements of the drug cartels, novel methods for security, etc.Basically exactly what happened. As with all new technology, the criminals quickly latched onto it.
10.8.6. "Electronic cash...will it have to comply with laws, and how?" - Concerns will be raised about the anonymity aspects, the usefulness for evading taxes and reporting requirements, etc. - a messy issue, sure to be debated and legislated about for many years + split the cash into many pieces...is this "structuring"? is it legal? - some rules indicate the structuring per se is not illegal, only tax evasion or currency control evasion - what then of systems which _automatically_, as a basic feature, split the cash up into multiple pieces and move them?We know the answer now. The key to anonymity is to mix the coins together automatically on a protocol level, "splitting" the amounts up. The secret to creating the first true digital coin was to stop thinking of them as 'coins' at all: if a bit can be copied freely, then don't resist that - embrace it to the maximal limit. If everyone has a copy, then no one has a copy
10.8.7. Currency controls, flight capital regulations, boycotts, asset seizures, etc. - all are pressures to find alternate ways for capital to flow - all add to the lack of confidence, which, paradoxically to lawmakers, makes capital flight all the more likely 10.8.8. "Will banking regulators allow digital cash?" - Not easily, that's for sure. The maze of regulations, restrictions, tax laws, and legal rulings is daunting. Eric Hughes spent a lot of time reading up on the laws regarding banks, commercial paper, taxes, etc., and concluded much the same. I'm not saying it's impossible--indeed, I believe it will someday happen, in some form--but the obstacles are formidable. + Some issues: + Will such an operation be allowed to be centered or based in the U.S.? - What states? What laws? Bank vs. Savings and Loan vs. Credit Union vs. Securities Broker vs. something else? + Will customers be able to access such entities offshore, outside the U.S.? - strong crypto makes communication possible, but it may be difficult, not part of the business fabric, etc. (and hence not so useful--if one has to send PGP- encrypted instructions to one's banker, and can't use the clearing infrastructure....) + Tax collection, money-laundering laws, disclosure laws, "know your customer" laws....all are areas where a "digital bank" could be shut down forthwith. Any bank not filling out the proper forms (including mandatory reporting of transactions of certain amounts and types, and the Social Security/Taxpayer Number of customers) faces huge fines, penalties, and regulatory sanctions. - and the existing players in the banking and securities business will not sit idly by while newcomers enter their market; they will seek to force newcomers to jump through the same hoops they had to (studies indicate large corporations actually _like_ red tape, as it helps them relative to smaller companies)Basically describes NY's BitLicense and other nonsense to a tee. Yes, in order to make crypto "play nice" with the relics of the past there is a shit ton of regulation to wade through first.
- Concluson: Digital banks will not be "launched" without a *lot* of work by lawyers, accountants, tax experts, lobbyists, etc. "Lemonade stand digital banks" (TM) will not survive for long. Kids, don't try this at home!Blink and you'll miss it. This hombre just issued a warning to Mark Karples and Mt. Gox a decade and a half before it even existed!!!
- (Many new industries we are familiar with--software, microcomputers--had very little regulation, rightly so. But the effect is that many of us are unprepared to understand the massive amount of red tape which businesses in other areas, notably banking, face.) 10.8.9. Legal obstacles to digital money. If governments don't want anonymous cash, they can make things tough. + As both Perry Metzger and Eric Hughes have said many times, regulations can make life very difficult. Compliance with laws is a major cost of doing business. - ~"The cost of compliance in a typical USA bank is 14% of operating costs."~ [Eric Hughes, citing an "American Banker" article, 1994-08-30] + The maze of regulations is navigable by larger institutions, with staffs of lawyers, accountants, tax specialists, etc., but is essentially beyond the capabilities of very small institutions, at least in the U.S. - this may or may not remain the case, as computers proliferate. A "bank-in-a-box" program might help. My suspicion is that a certain size of staff is needed just to handle the face-to-face meetings and hoop-jumping.As is discussed later, too much regulation early on can be absolutely fatal. We are almost past that danger zone though (bitcoin is well past it), and I think once the under-the-hood work is complete and the GUI is out next year we will finally move past that precipice.
+ "New World Order" - U.S. urging other countries to "play ball" on banking secrecy, on tax evasion extradition, on immigration, etc. - this is closing off the former loopholes and escape hatches that allowed people to escape repressive taxation...the implications for digital money banks are unclear, but worrisome.This is the safety blanket for those who are afraid of the United States losing its dominance in an eventual crypto dominated world. If one world government is inevitable, far better to usher in its creation and own a major slice of it rather than resist it and find ourselves as the new North Korea. This way we can control who participates vs. being spectators. For example, the internet was always going to exist; it was only a question of who created it first.
10.9. Legality of Digital Banks and Digital Cash? 10.9.1. In terms of banking laws, cash reporting regulations, money laundering statutes, and the welter of laws connected with financial transactions of all sorts, the Cypherpunks themes and ideas are basically _illegal_. Illegal in the sense that anyone trying to set up his own bank, or alternative currency system, or the like would be shut down quickly. As an informal, unnoticed _experiment_, such things are reasonably safe...until they get noticed. 10.9.2. The operative word here is "launch," in my opinion. The "launch" of the BankAmericard (now VISA) in the 1960s was not done lightly or casually...it required armies of lawyers, accountants, and other bureacrats to make the launch both legal and successful. The mere 'idea" of a credit card was not enough...that was essentially the easiest part of it all. (Anyone contemplating the launch of a digital cash system would do well to study BankAmericard as an example...and several other examples also.) 10.9.3. The same will be true of any digital cash or similar system which intends to operate more or less openly, to interface with existing financial institutions, and which is not explicity intended to be a Cypherpunkish underground activity.This perfectly encapsulates the themes of the successful cryptocurrencies that we have seen. Start small, and slowly build. Don't draw too much attention to yourself too quickly, and for fuck's sake keep a low profile. Once things seem to be going well, take a small risk to grow. Keep taking these risks and look for key opportune moments to strike at rivals and decimate them completely, absorbing their.... hey, wait. Are we talking about cryptocurrency or a successful agar.io strategy? ;) :D The universe is full of so many delicious coincidences.
12.3.8. "Can a "digital coin" be made?" - The answer appears to be "no" + Software is infinitely copyable, which means a software representation of digital money could be replicated many times - this is not to say it could be _spent_ many times, depending on the clearing process...but then this is not a "coin" in the sense we mean - Software is trivially replicable, unlike gold or silver coins, or even paper currency. If and when paper currency becomes trivially replicable (and color copiers have almost gotten there), expect changes in the nature of cash. (Speculation: cash will be replaced by smart cards, probably not of the anonymous sort we favor.) + bits can always be duplicated (unless tied to hardware, as with TRMs), so must look elsewhere + could tie the bits to a specific location, so that duplication would be obvious or useless - the idea is vaguely that an agent could be placed in some location...duplications would be both detectable and irrelevant (same bits, same behavior, unmodifiable because of digital signature) - (this is formally similar to the idea of an active agent that is unforgeable, in the sense that the agent or coin is "standalone")Again, the answer was always to stop thinking about it as a coin and think about it as a ledger. When forces in life challenge you and your desires, it is far better to properly direct their energies vs. struggling against them. You will find that many eastern philosophers discovered this tennant long ago and used it to great success for thousands of years. When the nature of digital information resists being made precious - do the exact opposite: make a successful digital cash system with the information as ubiquitous. When AmericanPegasus won't shut the fuck up about whatever-he's-posting today, don't continue to fight a losing battle: at least direct his efforts towards something worthwhile. :)
12.3.9. "What is the 'granularity' of digital cash?" + fine granularity, e.g., sub-cent amounts - useful for many online transactions - inside computers - add-on fees by interemediaries - very small purchases + medium granularity - a few cents, up to a dollar (for example) - also useful for many small purchases - close equivalent to "loose change" or small bills, and probably useful for the same purposes - tolls, fees, etc. - This is roughly the level many DigiCash protocols are aimed at + large granularity - multiple dollars - more like a "conventional" online transaction - the transaction costs are crucial; online vs. offline clearing - Digital Silk Road is a proposal by Dean Tribble and Norm Hardy to reduce transaction costsNigga what. It wasn't mentioned in the vein of an online illegal market place, but this is still the earliest mention of a 'Silk Road' that I can find on the internet in relation to digital currency.
12.7.2. "What are some motivations for anonymous digital cash?" + Payments that are unlinkable to identity, especially for things like highway tolls, bridge tolls, etc. - where linkablity would imply position tracking - (Why not use coins? This idea is for "smart card"-type payment systems, involving wireless communication. Singapore planned (and perhaps has implemented) such a system, except there were no privacy considerations.) + Pay for things while using pseudonyms - no point in having a pseudonym if the payment system reveals one's identity + Tax avoidance - this is the one the digicash proponents don't like to talk about too loudly, but it's obviously a time-honored concern of all taxpayers + Because there is no compelling reason why money should be linked to personal identity - a general point, subsuming othersWe can see resistance to Bitcoin's pseudo-anonymous "solutions" even now. As I always have said, Bitcoin was the first true digital decentralized collectible but it was not true e-cash. Privacy and fungibility go hand in hand.
12.8.4. Nick Szabo: - "Internet commercialization in itself is a _huge_ issue full of pitfall and opportunity: Mom & Pop BBS's, commercial MUDs, data banks, for-profit pirate and porn boards, etc. are springing up everywhere like weeds, opening a vast array of both needs of privacy and ways to abuse privacy. Remailers, digital cash, etc. won't become part of this Internet commerce way of life unless they are deployed soon, theoretical flaws and all, instead of waiting until The Perfect System comes along. Crypto- anarchy in the real world will be messy, "nature red in tooth and claw", not all nice and clean like it says in the math books. Most of thedebugging will be done not in any ivory tower, but by the bankruptcy of businesses who violate their customer's privacy, the confiscation of BBS operators who stray outside the laws of some jurisdication and screw up their privacy arrangements, etc. Anybody who thinks they can flesh out a protocol in secret and then deploy it, full-blown and working, is in for a world of hurt. For those who get their Pretty Good systems out there and used, there is vast potential for business growth -- think of the $trillions confiscated every year by governments around the world, for example." [Nick Szabo, 1993-8-23]Got-damn. It's the mother-fuckin Tupac of Cryptography. "I wrote this text file a long time ago.... way back in '94"
15.8.2. Absent laws which ban strong crypto (and such laws are themselves nearly unenforceable), it will be essentially impossible to stop anonymous transactions and purely reputation-based systems. - For example, Pr0duct Cypher and Sue D. Nym will be able to use private channels of their own choosing (possibly using anonymous pools, etc.) to communicate and arrange deals. If some form of digital cash exists, they will even be able to transfer this cash. (If not, barter of informations, whatever.) - So, the issues raised by Hal Finney and others, expressing doubts about the adequacy of reputation capital as a building block (and good concerns they are, by the way), become moot. Society cannot stop willing participants from using reputation and anonymity. This is a major theme of crypto anarchy: the bypassing of convention by willing participants. + If Alice and Bob don't care that their physical identies are unknown to each other, why should we care? That is, why should society step in and try to ban this arrangement? - they won't be using "our" court systems, so that's not an issue (and longer term, PPLs will take the place of courts, many of us feel) - only if Alice and Bob are counting on society, on third parties to the transaction, to do certain things, can society make a claim to be involved - (A main reason to try to ban anonymity will be to stop "bad" activities, which is a separate issue; banning of "bad" activity is usually pointless, and leads to repressive states. But I digress.) 15.8.3. Part of the "phase change": people opt out of the permission- slip society via strong crypto, making their own decisions on who to trust, who to deal with, who to make financial arrangements with + example: credit rating agencies that are not traceable, not prosecutable in any court...people deal with them only if they think they are getting value for their money - no silly rules that credit rating data can "only" go back some arbitrary number of years (7, in U.S.)...no silly rules about how certain bankruptcies "can't" be considered, how one's record is to be "cleared" if conditions are met, etc. - rather, all data are considered....customer decides how to weight the data...(if a customer is too persnickety about past lapsed bills, or a bad debt many years in the past, he'll find himself never lending any money, so the "invisible hand" of the free market will tend to correct such overzealousnesses)Got to get that Hal Finney SHOUT OUT. While NWA was in Detroit causing fans to rush the stage, Hal Finney was straight outta Coalinga changing the world in other ways.
16.16.3. Doug Cutrell summarized the concerns of many when he wrote: - "...the availability of truly secure anonymity, strong encryption, and untraceable digital cash could allow contract killing to be an openly conducted business. For example, an anonymous news post announces a public key which is to be used to encode a contract kill order, along with a digital cash payment. The person placing the contract need only anonymously place the encrypted message in alt.test. Perhaps it is even possible to make it impossible to tell that the message was encrypted with the contract killer's public key (the killer would have to attempt decryption of all similarly encoded messages on alt.test, but that might be quite feasible). Thus it could be completely risk free for anyone to place a contract on anyone else." [Doug Cutrell, 1994-09-09] 16.16.4. Abhorrent markets - contract killings - can collect money anonymously to have someone whacked...nearly anyone who is controversial can generate enough "contributions" - kidnapping, extortion 16.16.5. Dealing with Such Things: + never link physical ID with pseudonyms! (they won't kill you if they don't know who you are) - and even if one pseudonym is linked, make sure your financial records are not linkable - trust no one - increased physical security...make the effort of killing much more potentially dangerous - flooding attacks..tell extortionists to "get in line" behind all the other extortionists + announce to world that one does not pay extortionists...set up protocol to ensure this - yes, some will die as a result of this - console yourself with the fact that though some may die, fewer are dying as a result of state-sponsored wars and terrorism (historically a bigger killer than contract killings!).....or not. In the scariest part of this entire article we find the truly horrifying ramifications of what anonymous communications and anonymous currency will do. Don't resist it, because it will happen whether we want it to or not. So what to do? Prepare for it and anticipate. Law enforcement should be ready to catch an entirely new class of criminal in the future, and we should all be prepared to protect ourselves (especially non-anon dumbasses like me - but I'll tell y'all what, I don't/won't negotiate with bad guys because it only encourages them, and as soon as this shit gets 'real' imma hire some 'real' security)
16.29.3. "What is the "crypto phase change"?" - I'm normally skeptical of claims that a "singularity" is coming (nanotechnology being the usual place this is claimed, a la Vinge), but "phase changes" are more plausible. The effect of cheap printing was one such phase change, altering the connectivity of society and the dispersion of knowledge in a way that can best be described as a phase change. The effects of strong crypto, and the related ideas of digital cash, anonymous markets, etc., are likely to be similar. - transition - tipping factors, disgust by populace, runaway taxation + "leverage effect" - what Kelly called "the fax effect" - crypto use spreads, made more popular by common use - can nucleate in a small group...doesn't need mass acceptance 16.29.4. "Can crypto anarchy be stopped?" + A goal is to get crypto widely enough deployed that it cannot then be stopped - to the point of no return, where the cost of withdrawing or banning a technology is simply too high (not always a guaranteee)Yes, a phase change is coming. In it, we are going to see borders reduced and a 'world currency' standard established. It's going to be absolutely epic.... in both good and bad ways. Some will opt out, but those will quickly find themselves stuck in the stone age as more and more of the first world opts-in. Eventually, nations that try to wall themselves off from the coming phase shift will end up as the next North Korea's.... laughing stock wastelands. I think the United States and most of Europe is smart enough not to let this happen. My only worry is for Russia and I hope they find the light soon enough that they don't become a third world country.
17.3.1. "Why have most of the things Cypherpunks talk about *not* happened?" + Except for remailers and basic crypto, few of the main ideas talked about for so long have actually seen any kind of realization. There are many reasons: A. Difficult to achieve. Both Karl Kleinpaste and Eric Hughes implemented simple first-generation remailers in a matter of _days_, but "digital cash" and "aptical foddering," for example, are not quite so straightforward. (I am of course not taking anything away from Kleinpaste, Hughes, Helsingius, Finney, etc., just noting that redirecting mail messages--and even implementing PGP and things like delay, batching, etc., into remailers--is a lot easier conceptually than DC-Nets and the like....It took a long, long time to make it.... through the hard times and the good....
17.13.4. "When will it all happen? When will strong crypto really begin to have a major effect on the economy?" + Stages: - The Prehistoric Era. Prior to 1975. NSA and other intelligence agencies controlled most crypto work. Cryptography seen as a hobby. DES just starting to be deployed by banks and financial institutions. - The Research Era. 1975-1992. Intense interest in public key discovery, in various protocols. Start of several "Crypto" conferences. Work on digital money, DC-Nets, timestamping, etc. - The Activism Era. 1992--?? (probably 1998). PGP 2.0 released. Cypherpunks formed. Clipper announced--meets firestorm of protest. EFF, CPSR, EPIC, other groups. "Wired" starts publication. Digital Telelphony, other bills. Several attempts to start crypto businesses are made...most founder. - The Transition Era. After about 1999. Businesses start. Digital cash needed for Net transactions. Networks and computers fast enough to allow more robust protocols. Tax havens flourish. "New Underworld Order" (credit to Claire Sterling) flourishes.Then I wonder what they would call us in our era? The Age of Enlightenment? No, that comes next. First is the great shift.... where the greatest wealth transfer in the history of mankind takes place.
3 Bitcoin Investments. You may wondering if there are ways to gain exposure to Bitcoin without buying them on a digital currency exchange like Coinbase and then storing them on a digital wallet. Actually, there are a few ways you can play Bitcoin on the stock exchange. Singularity University, Singularity Hub, Singularity Summit, SU Labs, Singularity Labs, Exponential Medicine, Exponential Finance and all associated logos and design elements are trademarks and/or service marks of Singularity Education Group. Bitcoin the emerging monetary phenomenon created by a pseudonymous Satoshi Nakamoto in 2009 is no longer a joke, but a potential real threat to the neofeudal NWO whose visible components are the western Central Banks, from the Federal Reserve (FED) , to the European Central Bank (ECB), to the Bank of Japan (BoJ), to the Bank of England (BoE), to others. When Bitcoin’s inflation rate finally reaches zero in the mid 22nd century, the measure of its soundness as a store of value (the stock-to-flow ratio) will become infinite; people that realize ... Blockchain technology’s advantage as an immutable, encrypted, and secure distributed ledger is well known. The ability for multiple parties can write data to the blockchain or a
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