The Dog Days of Summer and the Big Crypto Diversion is upon us.
Take your pick of Private Bank Digital Currency Stablecoin Skullduggery models, ;)
Whether it be Tether, Ripple, Circle and their USTD, XRP, USDC 'Stablecoin' offers morphing into what are Private Bank Digital Currencies 'PBDCs"
Before you do though, please be aware these newly branded "PBDC" players are all in involved in Wall Street
co-opting Federal CBDC efforts or in fact, directly competing in parallel with these "National or Federal" CBDC offers,
with direct help from their buddies at the SEC to
connect to the other PDBC "Corporate Raider Coins" like #JPMorganCoins,
and are now well poised to re-create the new FIAT Debt Slave Economy right under our noses,
to keep 'we the people" in our debt slave chains.
Next Step for PBDCs?
Co-Opt Bitcoin and Ethereum by convincing the speculators to sell both ecosystems as fine online representations of existing fiat 'assets' by,
wiring BTC and ETH Ecosystems to Tokenize existing asset classes via new ETF variants?
It's a #Cryptonaut Nightmare Non?
Make no mistake, these Stablecoins where you park your 'hard stores of value' are rapidly morphing into Private Bank Digital Currency status as PBDCs nicely backed with inflatable US Treasury 'value' printed by the US FED out of thin air, under the watchful eye of the US Treasury 'managed' by the current US Federal government regime. lol.
Why buy so much US Treasury? So such PDBC plays can then legally connect (as blessed by the FED, US Treasury and SEC) to the 'creator' cryptosphere and transform the top crypto ecosystems (especially DEFI),
Venom style into what was a Grinning, friendly Toby Maguire Spiderman like crypto project into a PBDXC controlled DEFI debt issue ALWAYS ready to rescue your US Dollar holdings from their own Big Bad Fiat Bogey Man and destroy your buying power in the process. ;/
Right....
The Real Enemy from within? Inter-blockchains complying with everything SEC...
It's no longer a question will #Chainlink and Cosmos #Interblockchains provide the links to wire in the #ETH and #BTC ecosystems to this rapidly emerging world of PBDCs, so we get more of the same usury powered debt slavery?
Yup.
Of course they already have.
One only has to look at the recent #IBC protocol (make the inter-block-chain std) push by the #ICF Interchain Foundation efforts of Ethan Buchman, an effort by the Cosmos co-founder to 'sate' the needs of the banks and the SEC to really understand what is going on.
Interesting to note Buchman, who is now CEO of the Circles Protocol, was recently replaced by ZCash 'Goverance Guru' Josh Cincinnati, to do more of the same for the ICF working directly with the Central Banks, #BIS and the SEC 'to get it right'. I am sure Cincinnati will assume the position as below with the SEC, BIS and the FED to get it done...
Imo, the transformation of the Cyptosphere into a new Fiat hell hole led by PBDCs is not only likely the above will happen ,
it is happening faster 'under the hood' than most think possible,
given Circle is already blessed by the SEC and moving their HQ to the USA and,
the #Cosmos Hub Network backed ICF work going on 'full throttle' behind the scenes are clear actions they intend to service the SEC best they can, and is just one example of what is truly going on in 'banker land' to re-morph fiat into one new set of crypto protected and ledger inspected usury debt chains for us all.
Think of the ICF as Spiderman, now morphing into Venom, right before your very eyes..,
The ICF play will probably be part of the PBDC 'solution', but not all of it, as the PBDC main players 'circle the herd', licking their collective chops, all the while engineering their 'fiat re-make' to keep the herd paralysed in fear, as they each selectively carve out the choice chunks of the settlement and deb usury markets for themselves behind existing DEFI plays, while paying the regulators what they need to ensure this grotesque transformation of the Cryptosphere in real time.
Let me see, to summarize:
Let's have all of us, the herd, 'we the people', through our own placid (don't give a shite' or 'frozen in fear of upsetting the authorities') acquiescence,
place our trust in these #PBDC players to take the job of printing money ,
guided by private Robber Barons anchored on Wall St and protected by the #SEC, with the blessing of the #US #Treasury, doing the bidding of the #FED and #BIS.
Good Plan right?
What could possibly go wrong?
Private Banker Digital Currencies with money printing rights? "It's ALL good" :) not.
For Example, given Circle and USTC have been collateralizing the backing of their 100% reserve requirement with US Treasuries to the tune of 30%, most of those US Treasuries purchased from offshore accounts,
one could easily connect the dots, should they choose to do so and,
come to the same conclusion as I have, described above, non?
So let's see what Brave AI assisted search has to say about Circle:
The 'engineered prompt' (crafted by moi) is "Circle and USTC 100% reserve requirement"
The Brave AI LLM result returned looks like this:
The Circle Reserve Fund (USDXX) is an SEC-registered 2a-7 government money market fund that holds a majority of the USDC reserve. This fund is designed to provide a stable store of value and is backed 100% by highly liquid cash and cash-equivalent assets.
USTC 100% Reserve Requirement
USTC, also known as USDC, is a digital dollar that is backed 100% by highly liquid cash and cash-equivalent assets. The majority of the USDC reserve is invested in the Circle Reserve Fund (USDXX). This means that USDC is fully reserved, meaning that it is always redeemable 1:1 for US dollars.
Key Takeaways
- The Circle Reserve Fund (USDXX) is an SEC-registered 2a-7 government money market fund that holds a majority of the USDC reserve.
- USDC is a digital dollar that is backed 100% by highly liquid cash and cash-equivalent assets.
- The majority of the USDC reserve is invested in the Circle Reserve Fund (USDXX).
- USDC is fully reserved, meaning that it is always redeemable 1:1 for US dollars.
Context
www.blackrock.com
Circle Reserve Fund | USDXX | Institutional
www.circle.com
USDC | Digital dollars backed 1:1 with USD | Circle
www.investopedia.com
Fractional Reserve Banking: What
Of course we trust Brave's AI Search sources implicitly, don't we? 😏😉 not.
Those US Treasury selling sources to Circle to 'reserve' back USDC , namely China and Russia govts,
are both moving rapidly to a Gold backed #CBDC clearing system of their own fronted by Digital Currencies used by the #BRICS members, now representing over 50% of the worlds GDP.
Meaning, 'we the people' in real time are
witnessing the creation of two very NEW different worlds of settlement,
where one world is fiat re-designed to digitally print Corporate Raider Coins from thin air, propped up with US Treasuries and US Dollar IOUs issued largely as debt with 10% to 7% 'reserves' and,
the other is backed by gold and silver, namely China, Russia and likely India too (once Modi gets removed)
That said, 'we the people' have always been in this usury debt slave mess.
No wonder Teddy Roosevelt got punted trying to win a Second Term, He had no chance, given the real powers behind those sitting in Congress and and the Senate:
These Robber Barons then, wanted to Raze Europe and rebuild it in their own image with World War I , which they accomplished, but only once the Federal Reserve was set up in 1913 to print Dollars for the US Government for a fee of course.
Let's face it, nothing has changed since the late 19th century and early 20th century, the 'Five Eyes Guys' of the USA, Canada, UK, Australia and New Zealand are always kicking the 'fiat' can down the road, to keep our debt slavery via usury and money printing alive and prosperous(for them),
Why? To transfer more wealth to the top 10% 'running the show' while the other 90% suffer rapid buying power erosion in the face of excess supply of money, printed out of thin air, in the form of US Treasuries.
Don't believe me, for those searching for answers Mike Maloney does a credible job here explaining how the Robbery via the FED really works to steal your buying power to serve the top 10 percent, the gap in wealth with the other 90% has never been greater.
The setup of PBDCs NOW is in fact no different than the set up of the FED in 1913, so take a guess at what's coming next?
One thing is certain,
these #Uniparty led govts and their Central Bank uber-class masters are not your friends,
so why do business with them?
Also, anyone connecting into the above rapidly emerging PBDC led 'fiat debt slave re-work' from the Cryptosphere makes any real thinker raise an eye brow and,
will think twice about using such crypto projects connected to PBDCs for settlement or smart contracts,
Because it chews up their buying power!
Me? I'm a peer 2 peer, barter type of guy, grow a garden and help out and help feed the neighbourhood person.
So, In the world of crypto, today as it stands,
maybe #Maidsafe,
circa their 2015 semi botched IPO first and,
now 9 years later, the creator of the Autonomi Network DAO,
has after all, had it right, all along,
where Maidsafe's now very competent dev team, still led by their fearless leader David Irvine,
with the beta unveiling of their Autonomi Network Web3 capable DAO creation of a what today,
looks to me 'under the hood',
as a decently designed and truly distributed,
WEB3 world of Digital Cash 'Peer 2 Peer' operating on a 'pay for Storage uploads once', new Internet 2,
coming our way this Fall 2024 for anyone to use as they see fit, complete with secure communications.
The Cryptonaut Conundrum:
"to PBDC or not PBDC? (PARK YOUR STORE OF VALUE with EVIL Robber Barons) THAT IS THE QUESTION."
How about you? What will you do?
Which Crypto will you use to sell transactions or run your smart contracts in a peer 2 peer fashion with Quantum Computer Hack proof security?
What action will you take to preserve your buying power and prosper going forward in the face of even more PBDC money printing and high interest ready to steal your buying power with a single loan?
Tell me about your thoughts on the above in the comments below,
so we can share them with other subscribers to TKO, (about 2,ooo of us)
What actions could we all take in the Cryptosphere to change the course of crypto history? well...
maybe, just maybe, its time for some of us 'truly awake' cryptonauts to dismount from the current cryptomatrix and,
get into a truly distributed Web3 world of peer to peer settlement and,
in the process convince your favourite crypto project to re-mount on Internet 2 as a WEB3 distributed peer to peer user.
Enter the Autonomi Network
which at the moment, for me, is my WEB3, Internet 2, crypto solution of choice with very good #PGP "Pretty Good Privacy" and a well crafted DAO money supply model producing digital bearer certificate 'digital cash' settlement peer 2 peer, money which is DAO produced and node operator earned based on the value of running Autonomi Network cryptographically protected storage nodes, where the same value earned and paid directly into the node operator's wallet can be used right away to pay for operator for one-time uploads of files to the Autonomi Network of Nodes, and XOR addressed and secured Content Addressable Network which are secured forever, 'your data your keys' coming soon this fall 2024?
Let it be known I am taking more than peek "Under the Hood" and am on the Web3 Autonomi Network Discord
I invite you all as Thunderboltkid, to join the fast Growing node operator community tending to the 60,000 plus beta node network of Autonomi, joining as part of the next 'wave2' of the Autonomi Network beta,
with this invite code
17N76V
To have a look 'under the hood' of the future of truly distributed WEB3 and Internet 2 'for the people',
Autonomi is a new, distributed serverless WEB3 IP network DAO,
one on which most all crypto projects could operate safely,
to have a deeper look at Autonomi and run some 'for use by the public' encrypted Storage Nodes go here
In Beta, Autonomi Network operators running nodes by default provide access to nodes to Maidsafe and Autonomi Community developers to help debug the network and, in the process, earn beta nanos in their node-launchpad app wallets as the DAO assigns encrypted upload file chunks.
Those same nanos are used for uploading files to the network , a one time cost paid from the operator's wallet.
The same nano balances are in beta tracked on a Discord Leaderboard and will be credited 1:1 one for one with tokens issued this fall to pay for your effort to run Autonomi Storage Nodes in the beta waves, of which there will be a few more until the fall release of the Autonomi Network to the greater world.
The link above will help you quickly and easily run a few Autonomi Network nodes on your desktop and find out a bit more...
Jut FYI, my own 5 Autonomi Network nodes have been working just fine since June 15th, 2024, after much early debugging
working efficiently right on my crappy 8GB RAM MS Win 11 machine, as I plod along in my browser at my day job,
Where I am sharing 50GB of encrypted space for anyone wanting to upload some files forever on the Autonomi Network, after first earning a few nanos from running their own Autonomi Network nodes, which pays for those uploads only once.
:)
The cost in CPU cycles and RAM to run my five(5) Autonomi Network Storage nodes in the current beta?
1GB of RAM and about 5% on average CPU use,
where peak CPU use go up to 15% briefly on this 10thgen four core machine
And peak Autonomi Network Node use of RAM per node might go to 120MBs, and this is just beta, no real WASM shrinkage of RAM and Clock Speed not quite yet ..
The future imo looks bright, on the WEB3 Internet 2 Autonomi Network, PBDCs be damned!
TK over and out!
