Tag Archives: markethive

Central Banks Concerns About Rising Crypto Adoption Report Paradoxically Depicts Bullish Outcome For Crypto

Central Banks Concerns About Rising Crypto Adoption. Report Paradoxically Depicts Bullish Outcome For Crypto

Crypto adoption is on the rise, and it may well be argued that the central banks don't like that fact. Recently, the BIS, monikered as the so-called ‘Bank for Central Banks,’ published a report claiming that crypto adoption causes financial instability in developing countries, where adoption is happening the most. 

Central banks of the United States, Mexico, Brazil, and other major Latin American countries conducted the report. Their concerns about crypto adoption paint a surprisingly bullish picture. This article provides an overview of this report, explains the significance of what's being said, and tells you what it could mean for the crypto market.

The report summarized here is titled “Financial Stability Risks from Crypto Assets in Emerging Market Economies.” It was published by the Bank for International Settlements (BIS) in August 2023. The report begins with a foreword that analyzes crypto adoption in developing countries. It includes recommendations on how to keep crypto under control. 

Source: Cointelegraph

BIS member central banks of Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, and the United States wrote the report. The representatives set up a task force led by the BIS Americas Office as the secretariat. It seems to claim that crypto adoption in developing countries is high because these countries generally have low financial literacy. This starkly contrasts with a recent study by a U.S. university, which found that crypto adoption actually increases financial literacy. This makes sense, considering that you must understand crypto before adopting it. 

About The Report

The report's first section provides a summary of the key findings. The authors are hyper-focused on the rise and fall of the crypto market. They don't seem to care about why people are adopting crypto but simultaneously acknowledge the reasons why. For example, As quoted, “Proponents of crypto assets claim that they offer lower transaction costs, faster payments, no intermediation, anonymity, and potentially high returns on investment. Whether they deliver on these claims is another matter.” 

The second part is surprising, as they refuse to argue against it. Moreover, it states, “For some users, crypto assets provide an alternative to limited investments and savings instruments, while for others, they offer a seemingly safe haven against volatile domestic currencies.” 

Now, this conflicts with what the authors implied in the forward. They know those adopting crypto are informed. In other words, they know exactly why people in developing countries embrace crypto; because their fiat currencies suck. Instead of addressing these shortcomings, the authors essentially conclude that something must be done to keep crypto under control because of supposed financial stability risks. 

The authors then highlight several risks, in particular, market risks due to volatility, liquidity risks due to a lack of transparency, credit risks due to a lack of governance, AKA control, operational risks due to cyberattacks, currency substitution risks, and capital flow risks, due to crypto’s use in cross-border payments. 

The irony is that many assets are more volatile than crypto. The existing financial system is even less transparent than the crypto industry, traditional finance (TradFi) has exponentially more credit risk than decentralized finance (DeFi), and cryptos are more resilient to cyber-attacks because they're more exposed; they are literally tested every day. This underscores the fact that the only risks the authors are concerned about are currency substitution and capital flows. 

To address these risks, they claim that “Authorities can consider selective bans, containment, and regulation,” a classic starting point for these BIS reports. For those interested, here is a summary of another crazy BIS report from last year.

The report begins with an introduction where the authors explain cryptos and how they work. They then divide crypto into two categories for their analysis: stablecoins and unbacked crypto assets, which means everything else: Bitcoin, Ethereum, et al. For context, central banks hate stablecoins, probably because they’re direct competitors to Central Bank Digital Currencies (CBDCs). Interestingly, governments seem to like stablecoins because they're backed by government debt. This means they can use stablecoins to subsidize their spending. 

The authors explain that this report builds on recent work by the Financial Stability Board (FSB), a subsidiary of the BIS. Notably, the FSB’s crypto recommendations become regulations in its member countries, namely the G20. The work the BIS is building on is a crypto framework put together by the FSB, which can be seen in the image below. This infographic is ironic because it notes that stability risks only flow from crypto to TradFi. As we've seen with the banking crisis, the stability risks come from TradFi, not crypto.

Source: BIS Papers: Financial stability risks from crypto assets in emerging market economies.pdf

Before breaking down the alleged risks crypto poses to TradFi, the authors make another eye-opening claim, 

“The crypto universe was built on the promise of an efficient, decentralized, low-cost, inclusive, safe and open monetary system, but structural vulnerabilities in the design and operation of crypto asset markets make them unsuitable as the basis for a monetary system.” 

The key word here is ‘monetary’; the central banks oversee the monetary side of the financial system. In practical terms, this means raising or lowering interest rates through various mechanisms to affect the amount of currency in circulation. It's clear that they do not want to lose control of this ability. 

The Alleged Risks

Market Risk
As stated above, the first crypto risk is market risk. Firstly, the authors implied that publicly traded crypto companies are inherently risky. They also take issue with the fact that some cryptos are held mainly by a handful of wallets. They provide some fascinating statistics to back up their claims, 

“In 2020, an estimated 10,000 individuals owned about a quarter of all outstanding Bitcoin. Satoshi Nakamoto, the anonymous creator of Bitcoin, is the largest holder, with more than 1 million stored in different wallets (around 5% of the total). Other tokens show similar concentration. For example, fewer than 100 participants control over 51% of the value in Dogecoin, ZCash, and Ethereum Classic.”

So, at first glance, these statistics are concerning, but it's easy to forget that there's even more extreme wealth concentration in other asset classes. It exemplifies the top 1% reportedly earned more than the rest of the world combined over the last two years. Why isn't the BIS raising this point? 

The second thing worth noting is that most of the authors' concerns around market stability are directed at stablecoins, which should come as no surprise, given that they are competitors to CBDCs, as mentioned earlier. 

Source: Bitcoin Treasuries 

What is surprising is that the authors also target spot Bitcoin ETFs, quoting, “Bitcoin ETFs could potentially pose a market risk in emerging market economies (EMEs) by lowering the barriers to entry for less sophisticated investors and increasing investors' direct and indirect exposure to crypto assets.” 

Oddly enough, the authors are concerned about the wealth concentration Bitcoin ETFs could cause. Here are a few more statistics; “As of end-March 2023, ETFs owned a combined 819,125 BTC, 3.9% of the total bitcoins to be issued (21 million). The largest Bitcoin ETF is Grayscale Bitcoin Trust (GBTC), which owns 643,572 BTC, or nearly 3% of the total supply. In total, ETFs, governments, and public and private companies own more than 1.6 million BTC, approximately 7.8% of the total supply.”

Source: Bitcoin Treasuries 

Liquidity risk
The second crypto risk is liquidity risk. The authors note that most of crypto’s trading volume occurs on offshore exchanges such as Binance. What's odd is that they include Huobi Global as one of the top crypto exchanges and a potential point of concern when it's no longer that large.


Source: Coinmarketcap.com

Oddities aside, the authors also aim for Tether and allege that its USDT stablecoin is still insufficiently backed. They missed the memo that USDT is now backed almost entirely by US Government debt, like all the other major stablecoins. It appears that the BIS is making arguments using outdated data. 

Anyhow, there’s something else that the authors point out, which is quite essential: money market funds were a significant source of market instability in 2008 and 2020. For those unfamiliar, money market funds are kind of like TradFi stablecoins. The difference is that you earn a yield on them. 

Naturally, the authors note that stablecoins are similar and that if they were to experience a run, this could create problems for the assets that back these stablecoins, namely government debt. The thing is that most money market funds are significantly more extensive than most stablecoins and, therefore, riskier. 

Credit Risk
In any case, the third is credit risk. The authors define credit risk in the context of crypto as “The potential that a counterparty in crypto-asset markets or directly exposed to crypto assets could fail to meet its obligations in accordance with agreed terms.”

Areas of concern include interconnectedness between crypto companies, citing FTX and Alameda Research. Also, lack of governance and disclosures, quoting DAOs and leverage, citing DeFi. They also included crypto exchanges having access to bank accounts, citing Chilean authorities, who forced banks to bank crypto exchanges. 

Despite favorable crypto regulations, crypto companies and projects in pro-crypto jurisdictions still have difficulty opening bank accounts. This is likely due to the Financial Action Task Force (FATF), but this pressure could be from the central banks.

Operational Risk
Regardless, the fourth crypto risk is operational risk. The authors take issue with the fact that cryptos use blockchains, quoting, “One of the key features of blockchain technology is its irreversibility. Once a transaction is recorded on the blockchain, it cannot be undone. This feature can be problematic in situations where transactions need to be reversed, such as in the case of a hack or fraud.” 

News flash: If crypto transactions could be reversed, then there would be no point in having crypto because governments, central banks, and Wall Street could manipulate it. Just like they do with money and other assets. In case it wasn't clear enough, they want to be able to do this with crypto, too. 

Disintermediation Risk
The fifth crypto risk is bank disintermediation risk. This includes both currency substitution and reserve currency substitution, which are significant concerns for the central banks. The authors admit that crypto could “..reduce the monetary authority’s control over liquidity in the economy, thus weakening the effectiveness of monetary policy…” 

The authors reiterate why people would substitute their fiat currencies with crypto. These reasons included not trusting the fiat currency, crypto being more efficient than fiat, and crypto being more private than fiat, which isn't accurate, at least in the case of cash. 

The reserve currency substitution section is where things get seriously bullish for crypto. They quote, “…if crypto assets become mainstream, they could also replace the global reserve currency as a perceived store of value…” The report denotes this substitution process as cryptoization 2.0. Put simply, the authors speculate that crypto could compete with reserve currencies, like the US dollar, if they see enough adoption.

The caveat is that they're saying this in the context of developing countries, where they think crypto will be used to evade capital controls. Even so, this pertains to something speculated about in a previous article about the BRICS countries.  It’s possible they could adopt a cryptocurrency as their common currency. The fact that BRICS’s current and future members fit the profile of the countries described in this BIS report underscores this possibility. 

Capital Flow Risk
The final crypto risk is capital flow risk, another big concern for the central banks. That's because crypto allows people to move their money around without asking for permission from Big Brother; that's not allowed in the modern financial system. The report’s authors are frustrated about the fact, quoting, 

“Crypto assets can operate offshore and hence beyond regulatory oversight. Crypto assets can be traded and stored on a global network of computers, often offshore servers and digital wallets, making it possible for them to operate beyond the jurisdiction of any one country.”

They're also upset that, quote, “…a person can create a digital wallet on a computer or mobile device and store crypto assets in it, without having to go through any formal registration process or identity verification.” Note that they want to connect all crypto wallets to digital IDs eventually. 

To drive the point home about crypto capital flows being a risk, the authors provide another statistic, saying: “One of the biggest Mexican crypto exchanges claimed that in the first half of 2022, it processed remittances for $1 billion in crypto assets, approximately 3.6% of the total flow in that period.” This is bullish for crypto.

Crypto Risk Connection To TradFi

This begs the question of how these crypto risks could spill into the traditional financial system. The third part of the report has all the answers from the perspective of the BIS. These are summarized in a single infographic (below) that shows the connection between crypto and TradFi. These include crypto to fiat, on and off ramps, stablecoins backed by government debt, etc. 

Source: BIS Papers: Financial stability risks from crypto assets in emerging market economies.pdf

What's crazy is that the authors suggest that even if crypto risks don't spill over into TradFi directly, they could spill over indirectly. The report states, 

“Disruptions in the cryptoasset market can potentially spill over to other financial markets through confidence effects. For example, a sharp drop in the value of crypto assets could erode investor risk appetite. This could lead to outflows from the traditional financial system and tighten financial conditions.”

Put differently, if the crypto markets crash, this could spook investors in TradFi, and that would cause issues; therefore, crypto must be regulated, contained, banned, etc.; it’s madness. It also makes no sense because the opposite is true; stocks influence crypto’s price action, not vice versa. 

Crypto Adoption In Developing Countries

All of these allegations about crypto risks could be intended to prime the reader for the fourth section, which is crypto adoption in developing countries. After all, if they believe crypto is so risky and harmful, they will need to ensure those unfortunate folks in the global South are extra protected. Quips aside, the authors detail four so-called risk catalysts for developing countries regarding crypto. 

  1. Crypto adoption
  2. Inflation and a lack of central bank credibility
  3. Lack of payment infrastructure and financial literacy (Arguably not true)
  4. A lack of crypto regulation (or rather, the lack of anti-crypto regulation that central banks want to see)

Recommendations For Controlling Crypto

Following a lengthy overview of all the crypto regulations in select North and South American countries, the authors provide recommendations about controlling crypto in the fifth part of the report. They start by saying that there are three approaches to managing crypto: bans, containment, and regulation. 

They say that many authorities have argued that crypto should not be regulated because regulations would give the industry a seal of approval that could lead to more adoption. Regulations mean institutions and institutions represent lobbying for better regulations. Believe it or not, the authors aren't in favor of a crypto ban because it would mean no oversight of crypto. They also do not favor containment, i.e., keeping crypto separate from the financial system, because they know secret connections would inevitably manifest. 

So, the one option remaining is to regulate crypto, specifically with the same risk and regulation principle. If you've read this article about crypto regulations, you'll know that this principle could turn crypto into another arm of the existing financial system, which would defeat its purpose. One of the entities pushing this principle the hardest has been the World Economic Forum (WEF), which the authors cite many times in this report. 

For developing countries specifically, the authors recommend they get their monetary business in order so that there's no incentive for crypto adoption. Indeed, if the central banks and governments manage their currencies properly, crypto probably wouldn't exist because it wouldn't need to exist. They only have themselves to blame at the end of the day, and with a bit of luck, crypto will force them to be somewhat more responsible going forward. 

What Does It Mean For Crypto?

What does all of this mean for the crypto market? In short, it's very bullish. The central banks are aware that crypto adoption is growing fast and is ultimately due to deficiencies in the existing financial system, which they know they probably can't fix. These deficiencies are especially acute in developing countries, and for good reason. 

The US dollar is the world's reserve currency, and it's used in up to 96% of international trade in some regions. Unless a country has many resources, it has difficulty getting its hands on US dollars. These countries can only get US dollars by requesting an IMF or World Bank loan. These loans come with many conditions, which are typically in favor of the US and US-based corporations. 

Now, the consequence of this is that these indebted developing countries just can't get ahead. As pointed out by macro analyst Lyn Alden, only a handful of developing countries have managed to become developed over the last 50 years. For the ones that manage, it was due to their natural resources, especially oil. Some of the only exceptions are South Korea and Taiwan,  both of which have received significant support from the US over the decades, probably for geo-political purposes. 

The rest of the developing world has been stuck in the same place, sometimes worse, and they're starting to understand why. Consider that even the BIS referred to "The global reserve currency in their cryptoization 2.0 prediction.” The keyword is ‘The’一it's singular. Logically, it's a reference to the US Dollar.  Assuming it is and probably is, the BIS’s cryptoization quote reads: "If cryptocurrencies achieve mainstream adoption, they could replace the US dollar as the world's reserve currency.” 

Now consider that this is something that many central banks could be interested in; remember that the BRICS are a thing. This would explain the somewhat paradoxical conclusions of the BIS report, which is to regulate crypto even though they know that it will inevitably result in more crypto adoption. 

When you combine this conclusion with the fact that the BIS will allow central banks to hold up to 2% of their balance sheets in crypto starting in 2025, you begin to realize that some central banks might be breaking ranks. In fact, it's possible they're all breaking ranks except the Federal Reserve. That would be truly something, wouldn't it? 




Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.





Tim Moseley

Cryptocurrencys Rise in Cuba: Hope Shines in Tough Economical Waters

Cryptocurrency's Rise in Cuba: Hope Shines in Tough Economical Waters

For many years, Cuba has faced serious economic challenges that have deeply affected the daily lives of its people. These challenges include trade restrictions, shortages of basic goods, and a lack of foreign investment. However, amidst these difficulties, Bitcoin offers a glimmer of hope to Cubans.

Although Bitcoin is still relatively new in Cuba, it's slowly gaining popularity among the population. One significant reason for this is Cuba's unique dual currency system, which has made Bitcoin an appealing alternative to traditional financial systems. Additionally, more Cubans are turning to Bitcoin to receive remittances from family members living abroad, further solidifying its role in their daily lives.

The increasing use of Bitcoin has sparked optimism that it could help revitalize Cuba's economy and empower its people. This digital currency holds the potential to bring about economic resilience and financial independence for Cubans. In this article, we'll explore the growing adoption of Bitcoin in Cuba and its potential to shape a brighter economic future for the nation. Join us as we uncover how a digital currency is influencing the destiny of an island nation in pursuit of better economic prospects.

Image source: Dialogo Americas

The Evolution of Cuba’s Economy

Cuba currently faces one of its most severe economic crises since the early 1990s, a period characterized by the collapse of the Soviet Union, which had been the primary source of support for the island nation. During this era, Fidel Castro, the enduring dictator, called upon citizens to unite and endure what he termed a "special period." It was marked by food shortages, frequent blackouts, a significant exodus of Cubans to Florida on perilous rafts, and a devastating devaluation of the Cuban peso, pegged to the Soviet ruble. Between 1991 and 1994, Cuba's economy contracted by a staggering 35%, resulting in a substantial decline in the people's quality of life.

The summer of 1994 witnessed the Maleconazo uprising, a notable anti-government protest in Havana fueled by the failure of the state's ration system, which depended heavily on Soviet support. Essential goods suddenly became accessible only through the use of dollars, a currency increasingly elusive for Cubans with peso-based incomes. In a desperate bid to sustain its faltering economy, the regime abandoned its collectivist principles and imposed unprecedented taxes on the population. In response, tens of thousands of protestors converged along the Malecon waterfront, demanding an end to the government's rule.

During this period, the internet was non-existent, allowing the regime to suppress the movement through brutal police tactics, ensuring that most Cubans remained unaware of the scale of the protests. State-controlled media dismissed the events as a small gathering of delinquents and troublemakers. In reality, the Maleconazo represented a significant display of dissent, the most substantial since the Cuban Revolution in 1959.

Fast forward to today, and Cubans are again referring to a new "Special Period." This time, it is driven by currency reforms and decades of frustration stemming from political repression and bureaucracy. Shortages, frequent power outages, rampant inflation, and widespread protests mark the outcome. The key difference today is the presence of mobile phones and internet access, which keeps the world informed about the situation. On July 11, 2023, Cuba experienced its largest anti-government protest since 1959 in Havana and across cities nationwide.

Cuba, with its scorching climate, grapples with daily electricity shortages. Essential food items like beef, fish, chicken, and eggs are scarce or unobtainable. Obtaining necessities such as food, medicine, and sanitation supplies has become a daily challenge. The power grid is in disarray, and the healthcare system is on the brink of collapse. Oxygen and fans are in short supply, and an increasing number of elderly citizens are losing their lives. At the heart of the government's failures and the unprecedented uprising of its citizens lies a financial crisis.

In January, the Communist Party of Cuba initiated a "monetary purification" process. Since 1994, the government has been issuing two types of currencies: the CUP (Cuban peso), pegged to the dollar at a rate of 24:1, and the CUC (Cuban convertible peso), pegged at 1:1 to the dollar.

While public sector salaries and pensions were paid in pesos, citizens needed CUCs to purchase essential items such as medicine, non-basic foods, clothing, cleaning supplies, and electronics. The regime designed this system to drain value from the population by selling CUCs for 25 pesos at state-run money exchanges (cadecas) while repurchasing them at 24 pesos. 

The government understood that it had to continually print and inflate pesos to sustain its centrally planned economy, even as the agricultural and industrial sectors collapsed. This dual-currency system maintained the purchasing power of the elite and well-connected while creating an economic disparity.

This system created a stark contrast where state employees, including teachers, police officers, and healthcare workers, were at a severe economic disadvantage compared to those involved in the tourist industry, such as waitstaff and taxi drivers.

As of January 1, 2021, the CUC was officially phased out, and Cubans were given six months to exchange their CUCs for pesos at the official exchange rate. This transition effectively robbed Cubans of their hard-earned CUCs, as they were forced to exchange them for rapidly depreciating pesos. Even before January, CUCs traded at a 15% discount to the dollar.

The government extended the window for Cubans to redeem CUCs for a few additional months. Still, usage has dwindled, replaced primarily by the MLC (moneda libremente convertible, or "freely convertible currency"). Introduced by the regime in 2019 as the future monetary system of the island, the MLC operates like a reusable gift card. A plastic MLC card is available at banks, along with two mobile apps for transactions. However, MLC lacks banknotes, coins, or interest-earning capabilities. Its functionality primarily revolves around Cubans receiving hard currency from contacts abroad, which the regime confiscates, replacing it with MLC credit for citizens to spend at government-run stores.

In a cruel irony, Cubans, who are predominantly paid or pensioned in pesos, cannot purchase MLC with their own currency. To officially top up their MLC accounts, they must use foreign hard currency, often sent by family or contacts abroad. Initially, this could be done with dollars, but due to the Trump administration's crackdown on remittances to Cuba, MLC is now mainly acquired through pounds, euros, and Canadian dollars.

Building upon a trend that began 25 years ago when better goods were only available in dollar stores, today's MLC stores are essentially the sole source of quality food, medicine, cleaning supplies, appliances, and other essentials. Peso stores regularly face shortages and offer limited and low-quality products. Cubans with family abroad can obtain MLC top-ups and purchase necessities to sustain their lives. In contrast, those without such connections must resort to the black market to acquire MLC, where the exchange rate is approximately 65 pesos for one MLC.

The Cuban regime effectively prints pesos through the MLC system to acquire hard currency. It's a massive deception perpetrated on the Cuban population and a major driving force behind the historic protests we witness in Cuba.

Image source: Crypto News

Finding Freedom Through Bitcoin

Bitcoin, a symbol of freedom and a reminder of American liberty, traces its origins back to the American Revolution. It was born out of a desire to break free from Britain's control of war and monarchy.
Now, let's jump to 2023, where a new kind of tyranny is on the horizon in every part of the world. Bitcoin offers us an opportunity to escape the control of central bankers, a chance to choose a different path. Its popularity is growing to the point where these financial authorities can no longer maintain their grip. This isn't just about changing our monetary system; it's about reclaiming control, securing financial freedom, and building generational wealth.

Cuba has a history of rebels and resilient spirits. Brave individuals who resisted the iron grip of the Castro regime are now at the forefront of a different kind of revolution—Bitcoin. In the past, talking about Bitcoin in Cuba had to be done secretly. Today, it's open, a topic of discussion, and offers hope through the Lightning Network

In a country where the once-powerful peso has become nearly worthless, Bitcoin provides a lifeline. The average salary in Cuba is barely enough to survive on. When the cost of coffee beans for your morning espresso exceeds a Cuban's monthly wage, something is seriously wrong. Bitcoin offers a way out, a path to a better future.

Bitcoin transactions in Cuba occur through Telegram groups and the Lightning Network. They're nearly feeless and shrouded in secrecy to avoid government scrutiny. Traditional institutions have failed the Cuban people, but they've found new hope in Bitcoin. It's a way to preserve their energy, wealth, and hard-earned money over time.

For many Cuban businesses struggling to pay foreign suppliers, Bitcoin is the solution. It's a lifeline for acquiring essential goods that Cuban pesos or MLCs cannot buy. Bitcoin's presence is everywhere, from the heart of Havana to the bustling streets of Santiago. It's a revolution, a declaration, and a defiant response to a history of tyranny, oppression, hyperinflation, and despair.

Historical revolutions were led by visionaries but driven by the courageous. In modern-day Cuba, that courage is reflected in satoshis stored in Bitcoin wallets—a dream of an unburdened and unrestrained Cuba. Cuba is embracing Bitcoin wholeheartedly, educating its people, and making it a part of their future. They understand that in the long run, Bitcoin will remain while the Cuban peso may not.

The Cuban Bitcoin community is growing, and Bitcoin is their symbol of hope. They don't worry about market ups and downs; they worry about the survival of the Cuban peso. Bitcoin is their lifeline and their path to financial freedom. In this quest for freedom and defiance, we salute the rebels, the dreamers, and the trailblazers. The Bitcoin Revolution is here, and it won't wait for anyone. Join in or step aside.

Image source: CNBC 

A New Era Dawns in Cuba

Much like other closed regimes such as North Korea and the Soviet Union, Cuba is experiencing a profound transformation thanks to technology and access to outside information. The nationwide protest movement on July 11 wouldn't have been possible without the digital tools that enable people to organize and connect.
In Cuba, the internet is dismantling the consensus held by the ruling elites, who rely on controlling information. If the internet continues to thrive in Cuba, it could eventually lead to the fall of the Cuban government. However, despite nearly two decades of economic reforms and half a decade of an increasingly connected population, the Cuban communist party maintains its grip on power.

The government's resistance to change and its conservative nature have helped it endure for decades. While Bitcoin offers a way for the government to accumulate the world's hardest currency, those in charge may not consider it a risk worth taking. On the U.S. front, the Biden administration is reviewing remittances to Cuba to find ways for people in the U.S. to send money to their families on the island without supporting the regime.

During the recent turbulent weeks, one thing has become evident: a growing number of Cubans are no longer willing to wait for their government to implement reforms or for the Biden administration to ease sanctions. They are taking control of their financial destinies through Bitcoin.

While the current political protests may demonstrate that Cubans are weary of dictatorship, they might not be enough to bring down the regime. Many have predicted the fall of the Castro regime over the decades, only to be proven wrong. In the meantime, Cubans will continue their peaceful protest by opting out of the exploitative peso and MLC systems and embracing Bitcoin. After six decades of economic hardship, they have finally found a way out. Bitcoin has become a quintessential Cuban movement and a solution that appears unlikely to be halted.


As Cuba grapples with a severe economic crisis and restricted access to traditional financial systems, the emergence of Bitcoin provides a beacon of hope for the nation's future prosperity. Adopting this decentralized cryptocurrency opens up a world of possibilities for Cubans to explore alternative monetary solutions and seize control of their financial destinies.

In a landscape marked by trade embargoes, commodity shortages, and limited foreign investment, Bitcoin represents a lifeline to economic resilience. Its borderless nature transcends the constraints of traditional banking, offering Cubans a pathway to financial empowerment. By embracing Bitcoin, they can break free from the shackles of economic instability that have persisted for decades.

However, the journey toward widespread Bitcoin adoption in Cuba has its challenges. Limited internet access poses a significant hurdle, hindering the ability of many Cubans to fully participate in the digital economy. Regulatory ambiguity also looms as a potential impediment.

Yet, the potential benefits for the Cuban people are nothing short of transformational. Bitcoin empowers individuals to take control of their wealth and participate in the global economy on their own terms. It represents an opportunity for financial inclusion, economic self-determination, and the pursuit of brighter economic horizons. 

As we witness the early stages of Bitcoin's journey within Cuba, it's clear that this digital currency has the power to reshape the nation's economic destiny. It offers a glimmer of hope amid adversity, a lifeline for those seeking financial stability, and a symbol of resilience for a country with a rich history of overcoming challenges. 

In closing, let us remain hopeful and watchful as Cuba navigates this transformative path. With each Bitcoin transaction and each step towards financial independence, the Cuban people inch closer to a future where economic prosperity knows no bounds.



About: Prince Ibenne. (Nigeria) Prince is passionate about helping people understand the crypto-verse through his easily digestible articles. He is an enthusiastic supporter of blockchain technology and cryptocurrency. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.







Tim Moseley

BRICS Alliance Expanding Sets A Challenge For The World Reserve Currency Crypto In Good Stead

BRICS Alliance Expanding Sets A Challenge For The World Reserve Currency. Crypto In Good Stead 

In August 2023, the BRICS countries had their annual summit in South Africa, where some expected a new reserve currency to be unveiled backed by commodities, primarily gold. However, this was not on the agenda for this meeting. The BRICS revealed something arguably more significant when they invited six essential countries to join the coalition. This is in addition to the dozen other countries that have applied to join the BRICS. 

This article explains the BRICS alliance, including how it got started, why it’s more potent than people think, how it could challenge the US dollar as the reserve currency, and how crypto fits into this picture in the next ten years. 

Russian President Vladimir Putin delivers his remarks virtually at the 2023 BRICS 
Summit in Johannesburg on August 24. Source: CNN

The BRICS Background

BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The term was coined in 2001 by Jim O'Neill, the former chairman of Goldman Sachs’ asset management division. Back then, the acronym was BRIC; South Africa wasn't part of the original lineup. Naturally, Jim was interested in the BRIC countries because he believed that they would be the fastest-growing economies of the coming decades and the most significant economies by 2050.

Jim believed this would be due to their low labor costs, rapidly growing populations, and abundant natural resources. Today, this prediction seems crazy to many, but back then, it made perfect sense to most. For context, many of these countries had started joining US-affiliated organizations at the time, notably China, joining the World Trade Organization. Note that the Commodity markets were also booming, which is significant.

In a 2012 interview, Jim revealed that the performance of the BRICS countries had exceeded his expectations. By then, it was the BRICS because South Africa had joined in 2010. Jim had predicted that the BRICS would account for 14% of global GDP by 2010. They ended up accounting for over 18%. By then, Goldman Sachs had introduced a BRICS investment fund that had accumulated almost $1 billion in assets under management, which was a lot back then. 

Wall Street was exceptionally bullish on the  BRICS, but this sentiment had turned bearish by 2014. This shift in sentiment has been due to two factors. The first was that Xi Jinping became the president of China in 2013. Xi immediately began embarking on various initiatives that were more in the interests of China and less in the interests of the United States, such as the Belt and Road Initiative. 

The Belt and Road initiative marked the end of the so-called age of debt, wherein the West benefited from Eastern countries' purchasing debt. Instead of buying Western debt, China started building global infrastructure. It's possible, if not likely, that Wall Street giants, like Goldman Sachs, were pressured by the US government to stop investing as heavily in the  BRICS because of China going rogue. 

The other factor that caused Wall Street sentiment on the  BRICS to flip was that commodity prices collapsed in 2014, primarily oil. This was caused by an oversupply of oil coming from the United States. US oil producers had discovered new reserves in Texas a few years earlier. You may recall the subsequent decline in oil prices decimated Nigeria’s economy. The same was true for other commodity-reliant economies in the global South. By 2015, the BRICS narrative was as good as gone, and all the BRICS-related funds on Wall Street had closed or consolidated. 

In a recent interview regarding the most recent BRICS conference, Jim O'Neill revealed that China was the only BRICS country that had continued to grow according to his expectations. Jim said that the growth in the other BRICS countries was disappointing and said the same about BRICS’s evolution as an organization. In retrospect, he said it made no sense that South Africa was added and that it made no sense that all the countries under consideration by the BRICS also had weak economies. But that is just the US side of the story. 

The BRICS Side Of The Story

The BRICS view on things sounds very different, and what It suggests about the BRICS economies and their evolution is much more nuanced. For starters, the BRICS technically isn't an official organization. It has yet to have an official website or social media. The current website for The BRICS appears to be run by Russians. 

Russia was the one that turned the acronym into an actual thing driven by President Vladimir Putin. At a United Nations meeting in 2006, the Foreign Ministers of the BRICS countries gathered for their first informal meeting. However, it wasn't until 2009 that the BRICS countries held their first formal meeting in Russia. Interestingly, it's possible that the 2008 financial crisis was the catalyst that brought the BRICS together. 

For reference, it's believed that 2008 shook global confidence in the US-led system. In 2012, things started to get truly interesting for the BRICS. The countries collectively pledged to give $75 billion to the International Monetary Fund (IMF) in exchange for reforms. Note that the IMF is an international organization closely affiliated with the US that gives USD loans to developing countries, and these loans come with unfavorable conditions; hence, the BRICS wanted reforms.

NEW DEVELOPMENT BANK – The headquarters of the BRICS-founded New 
Development Bank is in Shanghai. Source: DN Africa

Not surprisingly, the BRICS didn't get these reforms. The result was India proposing that the BRICS set up its versions of the IMF and the World Bank, another international organization closely affiliated with the US that issues USD loans to developing countries for infrastructure development. So, in 2014, BRICS countries created the BRICS Contingent Reserve Arrangement (CRA) and the New Development Bank, colloquially called the BRICS Development Bank.  

Whereas the CRA is just a framework, the BRICS Development Bank is an official organization headquartered in China. BRICS countries have an almost equal stake in both. The framework includes a capital contribution of $100 billion, primarily meant for a payment emergency in a member country.

It’s understood that the bank can issue up to $100 billion of loans for infrastructure development. This is significant because the IMF and the World Bank were the international organizations that set the stage for the US-led world order. Both were created at the famous Bretton Woods conference in 1944, where the US dollar was established as the world's reserve currency. 

Image source: DN Africa

In the following decades, other international organizations closely affiliated with the US were established, such as the United Nations (UN), and many countries were corralled into these organizations by the IMF and the World Bank. This was done using those conditions mentioned earlier on loans, which favor US policy. 

The BRICS are in a different position than the US was in the 1940s. The majority don’t believe that the Chinese Yuan, the Russian Ruble, the Indian Rupee, or a combination of these currencies will become the world's reserve currency. However, the BRICS wants to compete with other US-affiliated international organizations like the UN. The CRA and the BRICS Development Bank are precursors to this, but if the BRICS genuinely want to compete first, they must become an official organization. 

The BRICS Shows The World Its Serious

This ties into the BRICS' most recent Summit in South Africa, where Xi Jinping was physically in attendance. It’s significant because Xi has only left the Chinese mainland once since January 2020. Not only that, but Xi was there when the Chinese economy was reportedly on the brink of collapse, suggesting that the BRICS is even more important than China to Xi. 

Regardless, Xi’s presence was significant, and it begs the question of why he made the effort. The answer seems to be that Xi wanted to show the world that the BRICS is serious, notably to the countries that the BRICS invited to join their coalition. These countries are Saudi Arabia, the United Arab Emirates, Iran, Egypt, Ethiopia and Argentina. All six countries will join the BRICS starting January 2024 if they accept the invitation. 

These new countries are significant for many reasons. The main one is that they are all major oil or agriculture producers. Saudi, UAE, Iran, And Egypt are the major oil producers, while Ethiopia and Argentina are the primary agricultural nations. 

As a fun fact, Argentina is the most self-sufficient country in the world. It's estimated that it could feed its entire population with just a fraction of its resources. It's a shame that inflation is ruining everything. They also aren't being helped by the IMF, which recently forced the Argentine government to curb crypto adoption. 

The Chinese President Xi Jinping addressed the BRICS summit in Johannesburg. 
Source: The Guardian

There are other reasons why these countries are significant. In Saudi Arabia's case, it's because it has supported the so-called Petrodollar system since 1974. For those unfamiliar, the Petrodollar system ensures that all oil is bought and sold using US dollars. More recently, Saudi Arabia is reportedly looking into de-dollarization from the Petrodollar. This is evident in its experimentation with accepting payment for oil in other currencies, namely the Chinese Yuan. Oddly enough, every country trying to move away from the US dollar has been in conflict. 

On that note, Iran is significant because it's been heavily sanctioned by the United States due to its alleged involvement in terrorist activity. Therefore, Iran's admission to the BRICS could cause geopolitical issues for its other member countries and potentially discourage other prospective applicants. The main likely reason the BRICS has yet to become an official organization is because its members are concerned about pushback from the US. 

India is the outlier as it's been the most hesitant to side with the other BRICS countries on issues like a new currency, yet a dozen other nations have formally applied to join the BRICS over the last year or so. This list includes Algeria, Bangladesh, Belarus, Bolivia, Cuba, Honduras, Kazakhstan, Kuwait, Palestine, Senegal, Thailand, Venezuela, and Vietnam. 

Over a dozen other countries have expressed interest in joining, too. The BRICS is already bigger than many people think. “The five existing BRICS countries account for almost 31.5% of global GDP compared to 30.7% for the G7.” Furthermore, with 3.14 billion people, BRICS nations account for 41% of the world's population. 

It's believed that BRICS will establish a formal organization once it becomes large enough, and the recent and future additions could do the trick in that respect. If the six invited countries join the BRICS, the bloc will account for almost 40% of world GDP. Also, if the applications from other countries are approved, they will account for more than 50% of the world's population. 

Source: Adobe Stock

Commodity Market Prices Crucial For The Rise Of BRICS 

It could also account for most of the world's commodity exports by that point. The only thing missing in the BRICS’ rise is commodity prices. You'll recall that one of the main reasons Jim was bullish on the BRICS was their abundant resources and high commodity prices. You'll also remember that the BRICS narrative fell apart when commodities crashed. But the other reasons Jim was bullish on the BRICS haven't changed. The labor cost in these countries is still very cheap, and most of their populations continue to grow. When you realize this, adding South Africa and the other countries makes sense; all that's missing is commodity prices. 

Prices follow a cycle that repeats every 20 to 30 years. As the image below indicates, oil prices, agriculture, livestock, and base metals are highly correlated, although they peak and trough at slightly different times. Even so, they follow a trend of 10 to 15 years up and 10 to 15 years down. The last commodity cycle peaked in the early 2010s. This means the next peak could happen as soon as the mid-2030s; however, commodity prices could continue to fall until the mid-2020s. The caveat is that commodity prices will likely vary by type and region, with some rising first and others rising later.

Image source: Visual Capitalist

The BRICS narrative will likely flip back to bullish during the next commodity cycle, not just because they have many natural resources. The profits from extracting resources and turning them into commodities are much higher in current and future BRICS countries. It’s due to many factors, such as developed countries having exhausted the most accessible resources. They also have higher labor costs and fewer people. Developed countries also have more regulations. 

The BRICS countries are at the opposite end of the spectrum for all these factors. If the BRICS Coalition manages to add all the major commodity exporters, it could establish monopolies on the most valuable commodities and force countries to side with the BRICS in exchange for these commodities, the same way that the US has forced countries to side with it in exchange for US Dollars. 

Of course, the US and some of its allies also have lots of natural resources. Again, the difference is that the US and select allies have less accessible resources, higher costs of labor, and more regulations. 

Image source: The Washington Post

The Commodity Monopoly

Investors will see this dynamic and take their money to the BRICS for more significant profit margins. At the same time, US allies, unable to secure most of their resources, such as Europe, will face extreme pressure to buy less expensive commodities from the BRICS. The inevitable result is that the BRICS will have a de facto monopoly on commodities outside of everywhere except North America. This pertains to an essential question that nations worldwide must ask themselves when the next commodity cycle inevitably occurs. Which do they value more, the US dollars used to buy commodities or the commodities themselves? 

Again, the answer will ultimately depend on geography. Countries that produce most of their commodities will likely be the first to ditch the US dollar. Most of the BRICS countries produce their own commodities and have been actively trying to ditch the US dollar in recent years. This is not a coincidence from a commodity perspective. 

Conversely, countries that import most of their commodities will likely continue to value US dollars more if it's commercially viable. The inflation of the US dollar, high commodity prices from US allies, and geopolitical tensions with the BRICS will likely force them to side with the BRICS in the end. Many speculate the EU will be the first to fold. Large European countries, like France, have already hesitated to side with the US regarding China. So, an EU country could break ranks and join the BRICS in the coming years. 

Crypto To The Rescue

So, where could crypto fit into this picture? As the US dollar continues to decline, an alternative currency will rise. The BRICS want a common currency they can use for commodity payments instead of the USD. As mentioned earlier, it's doubtful that any of the BRICS currencies could play this role and even less likely that a combination of BRICS currencies could either. That's because there will be constant disagreement about the composition and governance of these currencies. 

Case in point, BRICS countries apparently couldn't agree on the details of the CRA and the BRICS Development Bank when first proposed, never mind that many of the BRICS countries also have significant geopolitical tensions, such as China and India, over disputed territory. The BRICS countries require a credibly neutral currency, preferably digital, so it's easy to store and transfer across borders. 

Now, as impressive as having a gold-backed currency of some kind would be, it would not be very user-friendly. Believe it or not, the ideal BRICS currency would be Bitcoin’s BTC. That's because BTC is created by proof-of-work mining, which requires lots of commodities for computers. The Bitcoin blockchain is secured by the energy commodities that computers use. Notably, BRICS countries have most of both. 

This makes BTC a credibly mutual currency that the BRICS can collectively control, albeit to a much lesser extent than a fiat currency. In furtherance, BRICS countries must account for most of Bitcoin’s mining power and collectively agree on changes with Bitcoin developers and the community. 

By contrast, if the BRICS adopted a proof-of-stake cryptocurrency, the US could easily print the dollars required to buy up the stake to maintain blockchain control. So long as the US dollar retains its supremacy, it could undermine any proof-of-stake crypto adopted by the BRICS.

Amid Sanctions, Bitcoin Mining Machines Are ‘Flowing’ Into Russia, as Industry Thrives
Image source: CoinDesk

Interestingly, the BRICS have been discussing using crypto for payments since at least 2017. In 2019, BRICS countries discussed creating a unified crypto payment system, with Russia proposing a unified stablecoin less than a year later. Interestingly, this push for the BRICS to adopt crypto comes primarily from Russia. This could be because of Russia's immense development of crypto-related technology. Whatever the reason, Russia seems more open to adopting crypto than ever. Multiple reports have mentioned Russia considering using crypto for international trade and mining its own BTC for these purposes. 

One Russian bank is using crypto for international trade already. Of course, Russia's recent willingness to adopt crypto is reinforced by the unprecedented sanctions imposed on it by the US and its allies after the Ukraine/ Russia war last year. This is a position that Iran was familiar with and probably why Iran is also reportedly using crypto for international trade as of August 2022. 

Incidentally, Iran joining the BRICS in 2024 could be one of the catalysts that opens the door to BTC adoption within the bloc. The fact that central banks worldwide will be allowed to hold up to 2% of their balance sheets in crypto starting in 2025 sets the stage for non-BRICS countries to follow suit, and then Bitcoin will be just a few steps away from becoming the world's next reserve currency. 




Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.





Tim Moseley

FATF Out To Get Crypto FATF Travel Rule Expanded What Does It Mean For Crypto?

FATF Out To Get Crypto. FATF Travel Rule Expanded. What Does It Mean For Crypto? 

The Financial Action Task Force (FATF) has been making portentous noises about crypto in recent years, and several countries are getting antsy. The most prominent concern is implementing the “travel rule,” designed to force crypto companies to collect information about any transfer of digital assets worth more than US$1,000. Some countries, notably the UK, have in the past pushed back against this ‘recommendation’ from the FATF, but their resistance now appears to be wavering. The FATF is on the warpath and has crypto firmly in sight.

This article examines what the FATF is up to, what it could mean for your country, and what it all means for crypto. Although it may sound like more doom and gloom, there are reasons to believe that crypto could benefit from the FATF’s meddling in some ways.

Just recently, PayPal announced that it would prevent UK users from buying BTC until early 2024. PayPal reportedly did this because the Financial Action Task Force (FATF) so-called travel rule requires all crypto companies to collect detailed info about crypto transfers. The travel rule was set to go into effect in the UK on September 1st, 2023, and is being rolled out worldwide. This could have a profound impact on crypto companies and projects everywhere.

Image Source: Coindesk

What Is The FATF?

The Financial Action Task Force, or FATF, is an unelected and unaccountable international organization based in Paris, France. It was created by G7 countries in 1989 to combat money laundering, but its scope has expanded significantly since then. However, these recommendations have apparently done nothing to combat illicit financial activity over the last 30 years. 

The organization adopted a mandate in 2019 to “Combat any threats to the integrity of the financial system.” Of course, the FATF considers crypto a threat, probably because its purpose is to replace the financial system. The FATF started applying its so-called recommendations to the crypto industry in 2019, and any country that refuses to go along with these recommendations will find itself cut out of the international financial system. The FATF finalized its recommendations for cryptocurrency in October 2021.

FATF’s Crypto Recommendations

The FATF’s crypto recommendations involve labeling everything that doesn't involve a third party as “high-risk.” This includes holding your crypto in your wallet and sending crypto peer-to-peer. The FATF also considers any crypto privacy to be inherently high risk. If these recommendations are implemented as regulations, crypto will become another arm of the existing financial system. It will offer no financial freedom and no financial privacy. The only exception is NFTs, which are exempt from these recommendations for unknown reasons. 

On that note, you should know that the FATF crypto recommendations only apply to intermediaries working with crypto, which the FATF refers to as Virtual Assets Service Providers or VASPs. The FATF’s crypto recommendations do not apply to miners, validators, or crypto wallets, at least not yet. However, the scope of the FATF's requests seems to have expanded over time, so this could change. This expansion is especially true of the travel rule, which requires VASPs to collect KYC on everyone who buys or sells more than $1,000 of crypto. 

The Travel Rule Expanded

Crypto exchanges started collecting KYC in 2021. Since then, however, the travel rule has expanded to require VASPs to collect KYC-level information about crypto transfers to and from VASPs worth more than $1000. Note that it's not entirely clear when the scope of the travel rule was expanded. Research suggests this expansion happened after the FATF’s finalized crypto recommendations were published in October 2021. Some may recall that South Korean crypto exchanges started forcing users to provide KYC-type information for crypto wallet transfers in December 2021. 

Images source: Notabene

The good news is that some countries have pushed back against the expanded travel rule. You might remember that the UK announced that it would not force VASPs to track transfers to and from crypto wallets in mid-2022, stating that they did not pose any illicit activity risks. 

The not-so-good news is that these countries, notably the UK, seem to have pulled a 180⁰. As mentioned, the UK implemented this expanded travel rule starting September 1st. The announcement specified that it did this in response to a statement by the FATF in June 2023. The FATF announcement called on countries to implement its crypto recommendations as regulations “without delay.” Of course, this is not a recommendation; it's a demand. Comply with our crypto recommendations, or we will restrict your access to the global financial system. 

Some countries could not comply, so they had to ban crypto. Two countries that did this are Pakistan and Kuwait, both of which recently banned crypto in its entirety, citing the FATF’s crypto recommendations as the reason. It appears that the UK opted to comply instead. 

Image source: Notabene-Regulations 

Which Countries Are Now Affected 

So this begs the question of when the FATF's expanded travel rule is coming to your country. The answer depends on the country; a complete list of countries and their compliance with the expanded travel rule can be found on the website of Notabene, a crypto compliance company. If you look at the list, you'll notice that some have already implemented the travel rule. It shows that not all have implemented the expanded travel rule. You'll have to click the link on your country and look at the details. 

There's only one country we need to look at: the United States. That's because the US heavily influences the FATF. The travel rule has its roots in the United States’ Bank Secrecy Act. KYC, for financial transactions, originates in the infamous Patriot Act. The FATF’s finalized crypto recommendations were even co-authored by the US Treasury Department. As such, it's safe to assume that the FATF’s crypto recommendations are likely to mirror similar regulations that are being proposed or that have already been passed in the United States. 

The FATF's expanded travel rule seems rooted in an infamous FinCEN proposal from November 2020. The proposal was to lower the travel rule transaction threshold from $3,000 to just $250 and expand its scope to include any crypto transactions. This includes transfers between crypto wallets and VASPs, i.e., exchanges. There is also an outcry on the measure of invasion of privacy, 

Fortunately, this proposal has yet to be approved. Unfortunately, the US has influenced the FATF to implement this proposal in other countries instead. That's because the travel rule transaction threshold in jurisdictions like the European Union is $0, which the FATF suggested in its finalized crypto recommendations. This is more significant than you might think because it indicates the start of a very slippery slope. 

A Slippery Slope

First, the FATF just wanted VASPs to complete KYC on their users. Now, they want VASPs to get info on crypto transactions above a specific value. Eventually, they'll require VASPs to get information on all crypto transactions, and the countries that don't force VASPs to comply will be cut out of the global financial system. This ties into why some countries, such as Kuwait and Pakistan, ban crypto instead of complying with the FATF, like other countries, such as South Korea and the UK.  

The answer is likely because they lack the resources to comply with these recommendations. Take a second to consider that information about all these travel rule transactions will have to be shared with national regulators. In turn, these national regulators will have to make sense of this massive amount of information and understand which transactions could be illicit and which ones are legit. If they fail to do this to the standard that the FATF wants, they could just as easily find themselves on the FATF’s grey list or even black List. 

In other words, the outcome of attempting to comply will be almost the same as outright non-compliance. So why bother trying to comply? Not only that, but it's possible that the US would use this alleged non-compliance as justification to punish its geopolitical opponents. For context, it's believed that up to 40% of money laundering occurs in the United States, yet countries like the UAE are ending up on the FATF's naughty lists. 

Is it Geopolitical, for Profit, or Something Else?

Given this fact, one could argue that the primary purpose of the FATF is geopolitical, not regulatory. If this is the case, it's appalling because it means the US is using the FATF to push its allies to comply. Remember that the UK initially wasn't going to apply the FATF's expanded travel rule. This relates to why any country would take the risk of complying with the FATF crypto recommendations instead of just banning crypto. 

Some say the answer is probably profit. Crypto has unprecedented potential; dozens of countries are trying to capitalize on this by becoming crypto hubs. The paradox is that the FATF's expanded travel rule alone is likely enough to crush smaller crypto companies and startups. That's because they would need more financial resources to comply. This would mean that the large crypto companies left standing could become monopolies. 

At that point, it would be effortless for the FATF to expand the purview of its crypto recommendations again to outlaw self-custody, peer-to-peer transactions, and crypto privacy completely. Again, this would turn crypto into another arm of the existing financial system, making it much more dystopian. 

How Could It Benefit the Crypto Market?

The silver lining is that this outcome is years away from occurring and is not guaranteed. It could also benefit the crypto market in short to medium term. That's simply because institutional investors will likely invest more in crypto once all these FATF-based regulations are in place. This is because crypto would become ever so slightly more integrated with the existing financial system from a regulatory perspective. 

This means more crypto to fiat on and off ramps, more funding for crypto projects and companies, and more direct crypto investment. The consequence is that crypto would no longer become a niche asset class, making self-custody and peer-to-peer transactions more common. 

Under normal circumstances, this would result in an explosion of crypto-specific innovation, like new DeFi protocols, for instance. However, under the FATF's recommendations, any crypto projects or companies offering these innovations would be under extreme scrutiny. Unless they're perfectly decentralized, the FATF will label them all as VASPs and force them to comply with recommendations like the travel rule. 

Believe it or not, this will also benefit crypto because it will force new crypto projects and protocols to be as decentralized as possible to outmaneuver the FATF. This will be painful in the short term because crypto projects and companies are not very decentralized. An explanation of what it means to be genuinely decentralized can be found here.  

That said, if any genuinely decentralized crypto projects and protocols managed to gain significant adoption, the FATF would likely respond by further expanding the scope of its crypto recommendations. In a recent report, Notabene noted that the FATF left the door open to this possibility, citing,

“Transfers between self-hosted wallets, so-called peer-to-peer (P2P) transactions are not explicitly covered by AML/CFT rules. The FATF opens the door to a future paradigm change in case there is a distinct trend towards P2P transactions.” 

Translation: If actual cryptocurrency, that is, peer-to-peer trustless transactions, becomes too popular, then the FATF would respond by saying wallets that engage in crypto activities are high risk.  In practical terms, this could mean not being able to transfer crypto between such wallets and a compliant VASP. What's funny is that this would likely result in a parallel financial system, which is precisely the opposite of what the FATF is trying to achieve with its crypto recommendations.

On that note, fully decentralized crypto-based communities in social media, marketing, and digital broadcasting are rising and in the throes of building a parallel economy. Given the privacy and censorship issues of legacy social media, governments, woke agencies, and tech corporations, with their propensity to ban or suspend their services to individuals and companies that go against their narrative, have brought this imperative to the fore. 

Is the Crypto Industry Complying? 

So, what is the crypto industry doing about the FATF crypto recommendations? Well, at first glance, it looks like it’s complying; upon closer inspection, however, this compliance has been incredibly strategic. To explain, the crypto industry took its time complying with the FATF crypto recommendations. After all, compliance is an additional cost, and most countries were not pressuring them about compliance with the FATF until recently. 

There are technically no deadlines for compliance with the FATF’s recommendations. In theory, countries must apply the FATF recommendations within one year of their announcement. In practice, most countries don't. One expert explained that the travel rule was a bit of a myth. Just 10% had implemented the crypto travel rule in 2022, but in all fairness, this apparent non-compliance wasn't intentional. 

The FATF has constantly been adjusting its crypto recommendations to account for changes in the crypto industry. Everyone started taking them seriously only after the finalized crypto recommendations were published. This includes the crypto industry, which, according to Notabene’s survey, “seemed willing to adopt the travel rule in January 2022.” By then, some of the biggest entities had already started exploring travel rule compliance, like USDT issuer Tether and its sister exchange Bitfinex working with Notabene. 

Here's where things get interesting: Notabene, the crypto compliance company, has been referenced by the FATF on a few occasions. This is surprising, considering that the company has received most of its funding from the crypto industry, according to Crunchbase

Also, according to Notabene, the criteria used to determine which crypto transactions are considered high-risk from the FATF's perspective is determined by blockchain analytics companies, not Notabene itself. The largest is Chainalysis, which is very pro-crypto. In fact, Chainalysis pushed back against the FATF’s crypto recommendations when they were first proposed in 2019.

The institutions the FATF relies on to implement its crypto recommendations are all pro-crypto. To put things into perspective, companies like Notabene and Chainalysis have been advising governments and regulators. Put another way, the impact of the FATF crypto recommendations may not be as anti-crypto as they intend them to be because all the institutions required to implement them are pro-crypto. It's not just private companies; some countries are also trying to protect crypto. 

Crypto Privacy in Jeopardy?

There's only one place where the FATF could still cause a problem: privacy. As most of us know, financial privacy is required for financial freedom. You can be coerced in many ways if every transaction is tracked. e.g., by punishing the people you transact with.  Logically, it will be challenging for pro-crypto compliance companies and countries to defend crypto privacy from the FATF. This will be practically impossible when the FATF decrees that any exchange offering privacy coins is inherently non-compliant. It could result in the elimination of crypto privacy altogether. 

Some would say the recent sanctions against Tornado Cash are a prelude to the FATF's next moves. Luckily, the crypto industry has been working on a solution, too. Notably, the FATF claimed that there had been a considerable move towards privacy in crypto in its finalized recommendations, stating, “During recent FATF consultations, the industry highlighted data protection and privacy (DPP) issues as key considerations for travel rule implementation…. Going forward, FATF will continue to monitor these issues to ensure data privacy and other similar issues do not present barriers to implementation.”

Image source: Cointelegraph 

Crypto Privacy Predestined – The Solution

Besides the many crypto projects like Ethereum trying to preserve privacy through cutting-edge technology, like zero-knowledge proofs, Bitcoin has also been subtly working on privacy-preserving technology. The Taproot upgrade is one protocol developed in November 2021. 

One of the things Taproot did was introduce Key Aggregation with Schnoor Signatures. Put simply, it made every single Bitcoin transaction look like a regular transaction. This move means that transactions involving multisig wallets resemble regular transactions on the blockchain. It’s significant because multisig wallets are required for Atomic Swaps, i.e., swapping BTC for a crypto coin on another blockchain. Incidentally, Monero developers finally found a way to execute swaps between BTC and XMR in August 2021. 

Taproot means these swaps are now theoretically undetectable. Multisig wallets are also required for the lightning Network, Bitcoin's most significant Layer 2 protocol. As it so happens, US authorities offered bounties to anyone who could track XMR and Lightning Network transactions in September 2020. This implies that the Lightning Network has similar privacy levels to Monero. 

Interestingly, the three Bitcoin Improvement proposals that make up the Taproot upgrade, including Schnoor Signatures, were all proposed in January 2020, shortly before the first countries started implementing the crypto travel rule. Is this a coincidence, or perhaps something more? 

Image source: GitHub

Anyway, speculation aside, it's clear that crypto privacy is inevitable because nobody wants privacy more than high-net-worth individuals. When these investors get involved during the next crypto bull market, there will definitely be calls to increase crypto privacy, and many will be answered. Additionally, if these calls don't come from the 1%, you can bet they'll come from the central banks that will start accumulating crypto in 2025. 

The regulated crypto space will likely grow, but the unhosted ecosystem will remain a niche area with significant development and innovation. The crypto and blockchain projects that uphold the interests of entrepreneurs and advocate for free and critical thinking are paving the way and developing ecosystems that will have the financial freedom, liberty, and sovereignty that is fundamentally our right of passage, which seems to be all but forgotten by the monopolies and so-called authorities and their mandate to capture the crypto industry. 



Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.




Tim Moseley

Redefining Marketing: Markethive Leads in the Inbound Marketing Era

Redefining Marketing: Markethive Leads in the Inbound Marketing Era

Staying ahead of the curve is crucial in the dynamic and ever-changing business world. In the modern business landscape, innovation and technology act as guiding forces, shaping how companies engage with their audiences and forge connections. In this era of constant evolution, a powerful synergy has emerged between two groundbreaking concepts: inbound marketing and blockchain technology. This convergence is rewriting the rules of engagement and presenting companies with unprecedented opportunities to carve out a competitive edge.

Gone are the days when traditional marketing methodologies ruled the roost. The one-size-fits-all approach of old-school marketing campaigns is gradually being replaced by a more interactive, personalized, and customer-centric approach. Inbound marketing is not just a strategy; it's a philosophy that revolves around attracting, engaging, and delighting customers by delivering valuable and relevant content. It's about creating a genuine connection with your audience, addressing their pain points, and offering solutions that resonate personally.

Amidst this transformative landscape, a standout player emerges: Markethive. This innovative ecosystem stands at the crossroads of the inbound marketing revolution and the blockchain evolution. Markethive's unique proposition lies in its ability to seamlessly fuse the principles of inbound marketing with the cutting-edge potential of blockchain. By doing so, it offers a comprehensive system that empowers businesses to connect with their target audience and build lasting relationships based on trust and transparency.

As we embark on this journey through the eras of marketing, from the traditional approaches of yesteryear to the revolutionary paradigm of today, we'll delve deeper into the facets that make Markethive a trailblazer in this space. We'll explore how its state-of-the-art technology and commitment to blockchain integration position it as a force to be reckoned with in the marketing world. So, fasten your seatbelts as we navigate through the intricacies of modern marketing evolution and the exciting possibilities that lie ahead, with Markethive leading the way.

The Dynamic Evolution of Marketing Strategies

Delving into the ancient history of marketing unveils a fascinating narrative of transformation and adaptation. From the early days of universal billboards and broadcast commercials to the sophisticated era of inbound marketing, marketing strategies have been a journey of innovation, trial, and refinement. What began as a shotgun approach, characterized by mass advertising and outbound messages, has now matured into a nuanced dance of personalized engagement and interactive storytelling.

Cast your mind back to the days when marketing was synonymous with loud, one-sided conversations. Brands would deliver their messages from billboards, TV screens, and radio waves, hoping to capture the attention of a broad audience. This hit-or-miss approach often left consumers feeling like passive recipients of information rather than active participants in a meaningful dialogue. These tactics' lack of customization and relevance underscored a glaring disconnect between brands and their increasingly savvy and selective audience.

But then, the winds of change swept through the marketing landscape. Inbound marketing emerged as a beacon of customer-centricity, altering the course of how businesses connect with their potential customers. This paradigm shift responded to the changing dynamics of consumer behavior and preferences. Modern consumers no longer want to be bombarded with messages; they crave valuable insights, personalized experiences, and genuine connections.

Inbound marketing is a philosophy that turns the tables on traditional approaches. Instead of flooding the masses with messages, inbound marketing seeks to attract, engage, and delight potential customers through meaningful interactions. It's a strategy rooted in empathy, understanding, and value creation. By delivering content that addresses their target audience's specific pain points and interests, brands can establish themselves as trusted advisors rather than mere promoters.

The beauty of inbound marketing lies in its ability to align seamlessly with the evolving preferences of modern consumers. It's not about pushing products; it's about forging connections. It's not about one-size-fits-all; it's about tailoring experiences. In an age where consumers have the power to filter out unwanted noise, inbound marketing opens the door to authentic conversations and valuable exchanges.

As we navigate through this dynamic evolution of marketing strategies, it's clear that the journey is far from over. The landscape continues to shift, driven by technological advancements, changing consumer behaviors, and societal trends. But one thing remains certain: the heart of effective marketing beats to the rhythm of connection, relevance, and engagement. As we embrace this new era of marketing, one thing is for sure: the consumer is at the center, and the businesses that listen, adapt, and engage are the ones that will thrive.

The Power of Inbound Marketing

Imagine a world where businesses aren't just vying for attention with flashy ads and intrusive pop-ups, but rather, they're earning attention by offering solutions to real problems. That's the essence of inbound marketing. By crafting content that addresses pain points, answers questions, and gives insights, businesses become more than just sellers; they become trusted sources of information and assistance.
The transformative power of inbound marketing becomes even more pronounced in today's digital age. Thanks to the rise of social media, businesses now have direct access to their audience, enabling authentic interactions and meaningful conversations. No longer are companies limited to a one-way communication channel. Instead, they can engage, listen, and adapt in real-time. This has ushered in a new era of marketing where feedback isn't just welcomed; it's actively sought after.
But the impact of inbound marketing isn't solely about engagement; it's about building relationships. When content resonates with the audience, it sparks a connection beyond transactional exchanges. It establishes a bond based on shared values, common interests, and a genuine understanding of the audience's needs. This connection drives customer loyalty and advocacy, turning satisfied customers into brand ambassadors.
Consider the scenario where a fitness enthusiast comes across a series of blog posts from a sportswear brand. These posts provide workout tips, nutritional advice, and success stories from fellow enthusiasts. By offering this valuable content, the brand positions itself as more than just a seller of athletic wear; it becomes a partner in the journey towards a healthier lifestyle. This emotional resonance is what sets inbound marketing apart. It creates a narrative that customers want to be a part of.

Markethive's Innovative Approach

At the crossroads of innovation, where the worlds of inbound marketing and blockchain technology converge, lies Markethive, a platform that is rewriting the rules of engagement. It's not just a platform; it's a visionary approach that melds the power of inbound marketing, the potential of blockchain technology, and the strength of a vibrant community, all fueled by its very own cryptocurrency, ‘Hivecoin.’ This cryptocurrency isn't just a digital token; it's a symbol of collaboration and a medium of exchange for ideas, services, and value.

Visualize a terrain where traditional marketing techniques are no longer sufficient, customer relationships are not just transactions but genuine connections, and security and transparency are paramount. This is the landscape that Markethive is helping to shape, offering a fresh perspective on how businesses can interact with their audiences.

Inbound marketing, the heartbeat of Markethive's strategy, is all about creating meaningful interactions. It's a departure from the one-way communication of old marketing methods. Instead, it's a conversation, a dialogue, and a relationship-building endeavor. Markethive recognizes the power of this approach and has harnessed it to its fullest potential. Through the platform's array of tools and features, content creation becomes an art, and engagement transforms into a science.

But Markethive doesn't stop there. It goes further, embracing blockchain technology and redefining the foundations of trust and security. Blockchain, often associated with cryptocurrencies, is more than that; it's a technology that brings accountability and immutability to the digital world. Markethive seamlessly integrates blockchain's capabilities, ensuring that data remains private, transactions are tamper-proof, and interactions are verifiable.

What sets Markethive apart is its community-driven ethos. It's not just a platform for marketers; it's a living, breathing ecosystem where individuals with diverse talents and goals come together to thrive.

So, when you look at Markethive, you're not merely seeing a platform; you're witnessing a paradigm shift in how marketing, technology, and community intersect. It's a place where creativity meets security, transactions are infused with trust, and a global community comes together to shape the future of engagement. This is Markethive, an innovative fusion of ideas, technology, and humanity, redefining how we approach marketing and community collaboration.

The Multifaceted Advantages of Markethive

When exploring the advantages that Markethive brings, one quickly realizes that this platform is a true game-changer in more ways than one. Beyond its surface appeal, Markethive's multifaceted benefits resound through the core of modern marketing and networking dynamics. In this era where data is as precious as gold, Markethive harnesses the power of blockchain technology to provide a level of assurance and security that is nothing short of revolutionary.

In a world with its fair share of data breaches and privacy concerns, Markethive stands tall as a fortress of data security. The seamless integration of blockchain technology within the platform serves as a reassuring shield, safeguarding user information against the prying eyes of malicious actors. The inherent transparency and immutability of blockchain deter unauthorized access and offer users the peace of mind they deserve. This is more than just a feature; it's a testament to Markethive's commitment to building a haven for its users.

Beyond data protection, Markethive takes decentralization to a whole new level. In an age where governments use businesses to dictate the rules of engagement and achieve their control agenda by proxy, Markethive flips the script. The decentralized structure of the platform puts the reins back in the hands of the users themselves. No longer confined to the dictates of third parties, users are empowered to direct their interactions, forging connections on their terms. This enhances user autonomy and ushers in an era of authentic engagement.

One of the most intriguing facets of Markethive's approach is its ingenious way of turning content creation and sharing into a rewarding endeavor. In a landscape where attention is a currency, Markethive elevates this concept by enabling users to monetize their contributions. Imagine earning tangible rewards for sharing your insights, creating content, and engaging with a community that values your input. Markethive transforms your actions into currency, making every interaction a step towards potential earnings.

Markethive is a game-changer because it's powered by the strength of people coming together. The company is on a mission to give you an edge that's seriously unfair in the best way possible. Imagine being part of a movement that reaches billions through social networks and gets you top-notch SEO results in a snap. That's the kind of power we're talking about.

The system is jam-packed with features that are designed to help you succeed. The autoresponders here are even better than what you'd find in popular services like Aweber, and the capture page technology is out of this world, ensuring you capture leads like a pro. And speaking of leads, there are widgets that make subscription a breeze for your capture pages and WordPress sites.

The blogging systems are designed for massive reach. Your visitors can easily subscribe and spread the word through their social networks. And there’s an auto-posting feature; we're talking about reaching millions, even billions, on platforms like Facebook, LinkedIn, Instagram, and more. Results? Yep, you're gonna see them with mind-blowing ROI.

Inbound marketing is the way to go. More than 90% of your potential customers search the web, and a whopping 80% of their purchasing journey happens before they even contact you. That's where Markethive comes in, helping you understand your customers and guiding them straight to your website. Attract leads, nurture them, and turn them into loyal customers. That's the power of inbound marketing. And with Markethive, you're not just getting a platform but becoming part of a movement. Several other services are in the works, so whether you're starting or ready to take your business to the next level, Markethive is here to support you. Your success is our success, and with Markethive, you've got a partner who's got your back every step of the way.

It's worth noting that the extensive censorship on various social media platforms and the concerning actions of governments that seem to limit people's freedoms, Markethive provides an exciting solution. Markethive creates an environment where people can truly express themselves without fearing censorship or suppression. This merging of ideas and technology promises to allow individuals to communicate, connect, and collaborate without facing the hurdles often accompanying the virtual landscape.

Markethive aims to establish a space where creativity and dialogue can flourish unhindered, promoting an atmosphere of openness and unrestricted exchange of thoughts and ideas. By acknowledging the concerns surrounding censorship and the desire for personal freedoms, Markethive is positioning itself as a potential solution, offering a platform that aspires to preserve the essence of free expression in an ever-evolving digital world.

Navigating the Future

As digital marketing has become essential in today's business environment, businesses constantly seek efficient ways to reach their target audiences—Markethive steps in by offering a suite of inbound marketing tools designed to address these challenges head-on. Unlike traditional outbound marketing, where messages are pushed to consumers, inbound marketing focuses on attracting potential customers through valuable content and experiences.
Markethive's arsenal includes systems and tools like blogs, email autoresponders, e-commerce stores, banner advertising, press releases, boost, video advertising, broadcasting, franchised news sites, and analytics that empower businesses to craft engaging content and strategically share it across various platforms.
Businesses can streamline their marketing efforts and achieve a more significant ROI by offering a comprehensive toolkit that covers content creation, social media management, analytics, and community engagement. This approach aligns well with consumers' evolving preferences, who value authenticity and personalized interactions.
One of Markethive's standout features is its emphasis on community building. Businesses can thrive by connecting with like-minded individuals, networking within their industry, and fostering meaningful relationships. This communal approach enables trust and credibility, which are crucial components of successful marketing campaigns.
Markethive's potential to surpass the tech giants lies in its commitment to addressing the pain points of modern marketing. Markethive's innovative solutions have the potential to propel it beyond Facebook, Twitter, and LinkedIn. Its focus on inbound marketing, community building, and blockchain technology sets it apart as a platform that understands and addresses the evolving needs of businesses in the digital age. As we navigate the future, it's exciting to witness how Markethive could reshape the landscape of social media and marketing.

Final Thoughts

Markethive is like a fresh breeze in the world of marketing. It's an ecosystem that mixes modern marketing ideas with the power of blockchain technology. This lets marketers do their thing, keep their data safe, and make real connections. Markethive is all about changing how we do marketing, and it's a sign of how new and exciting ideas can shape industries for the better.
The company's unique positioning as a pioneer in this space underscores the platform's commitment to reshaping marketing practices for the better. As we look ahead, it's clear that the fusion of these dynamic forces will define the trajectory of marketing in the digital age, and Markethive is the pioneering force.



About: Prince Ibenne. (Nigeria) Prince is passionate about helping people understand the crypto-verse through his easily digestible articles. He is an enthusiastic supporter of blockchain technology and cryptocurrency. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.





Tim Moseley

United Nations Insane Attempt At Global Digitization: A Plan To Control And Profit

United Nations' Insane Attempt At Global Digitization: A Plan To Control And Profit

For most of us, it feels like digitization has already permeated every aspect of our lives, whether we like it or not. Some, most notably UN Secretary-General António Guterres, believe digitization is nowhere near the worldwide goals needed. The world must be digitized as quickly as possible, ideally no later than 2030. 

As we didn’t vote for this, all we can do as citizens is forward petitions to governments opposing this invasion of privacy and top-down control. More often than not, it seems to fall on deaf ears as the politicians supposedly working for the people are getting orders from corporate lobbyists or unaccountable and unelected international organizations, not their citizens. 

The United Nations is one of the most influential of these organizations, and it recently released a plan for a “Global Digital Compact” that governments will soon agree to. This article summarizes these digital plans, when they’re expected to be finalized, and what we can do to stop them. 

The report is titled “A Global Digital Compact – an Open, Free and Secure Digital Future for All.” It was published by the United Nations (UN) in May 2023 after almost four years of work. 

Source: A Global Digital Compact.pdf

Incidentally, in a speech that António gave at the World Economic Forum’s (WEF) Davos meeting in January 2023, he confirmed that the WEF and its affiliates have been forcing the UN's Sustainable Development Goals or SDGs using the Environmental, Social, and Governance or ESG investment trend. In other words, the WEF is effectively the arm of the United Nations. 

The good news is that the private sector isn't too keen to go along with the UN these days, per António's admission. The bad news is that the public sector is still very much on board, and António instructed the politicians at the WEF to ignore the opinions of their populations when implementing the UN's policies. 

The fact that the public sector is still on board means that some of the UN's policies could still be implemented. If you want a sense of what these policies will look like, consider that the UN recently took over the EU's pandemic passport to develop what is essentially going to be a global digital ID. The continued influence of the UN in the public sector is why it's prudent to summarize its recent report. It's necessary to know what they're planning and when they want to implement it if you want to sidestep or even stop it.

Report’s Brief Introduction

António himself apparently wrote the report; however, given the detail and scope of these initiatives and reports, many would find that very hard to believe. It's more than likely that someone is advising António, and it's possible he didn’t write these reports at all.

Speculation aside, the report begins with a brief introduction. In the first few sentences, António reveals that the proposals in this report are expected to be approved and adopted by global governments at the Summit of the Future in September 2024. He also reveals that he is behind the broader UN initiative this report is related to. 

Antonio underscores that all the policies in this report are intended to help achieve the UN's SDGs. For context, the SDGs are a set of 17 milestones that every country is supposed to meet by 2030. The SDGs are the origin of digital IDs, CBDCs, and that 2030 date you see everywhere. 

António explains that these policies can only be achieved with the help of so-called stakeholders. A word that effectively refers to the world's most powerful individuals and institutions. Note that private sector stakeholders want profits, and public sector stakeholders want to control. This is why both parties are obsessed with digitization. Plugging everyone into the system increases profits and makes it easier to control them. 

António laments that some people aren't as plugged in as others and implies that this is why inequality is growing around the world. Some would say that inequality is increasing because central banks and governments are lining their pockets and the pockets of their cronies using money printed out of thin air or taken from the average person via taxation, but that's a topic for another time. 

António also laments the fact that new and innovative technologies such as AI and crypto are not being sufficiently governed, that is, controlled. He applauds the digitization that resulted from the pandemic and implies that this is the direction the world should go in. António ends the introduction by saying, "Global digital compact is necessary to achieve the governance required for a sustainable digital future.” 

By now, you'll know that governance means control, and you'll also notice that António threw the word ‘sustainable’ in there out of nowhere. This could be a subtle reference to the individual carbon credit score system the UN is trying to set up.  

Requirements For Global Digital Cooperation

The first part of the report is about the requirements for global digital cooperation. António explains that it requires having a set of shared goals, and wouldn’t you know it, the SDGs are highlighted in blue. 

Source: A Global Digital Compact.pdf

António stresses that we must fully digitize the remaining 2.7 billion people ASAP. Notably, more than 1 billion are children. He acknowledges that not everyone wants to be part of the system and says that a “demand pull” is also needed and that this is where the public sector can play a role. He explains that they can do this by making things like digital ID mandatory to access Public Health Services. António includes schools and cultural services, which begs the question of whether we’ll eventually need to show a digital ID to get an education or practice religion. 

António calls on both the public and private sectors to make all their data accessible so that the UN can keep track of how close countries are to meeting the SDGs. He admits that the UN’s progress towards achieving 41% of the 92 environmental SDGs indicators cannot be globally measured due to a lack of interoperable data and standardized reporting. In other words, the UN has struggled to assess whether countries have achieved 41% of the SDGs by 2030.

Image source: UNStats.com

He then pivots to a topic he's been passionate about on X lately: Online Safety, AKA censorship. He says, “Open, safe, and secure use of the internet is slipping away from us, potentially, permanently.” He blames this on disinformation, hate speech, and the like. Antonio acknowledges that some countries have taken steps to censor the internet but says this isn't enough. He says the governments need to get more involved, both online and in the real world, and that they should crack down on hate speech. He also says that the “Global nature and infrastructure of the internet needs to be protected.” 

This is reminiscent of something António said in his speech at the WEF. He fears that the internet is splitting in two: A censored internet in the West and a censored internet in the East. Meanwhile, regarding AI, António says that the rapid advancement of technology is making governance, AKA control, very hard for the UN and its affiliates and that AI has put this on full display. 

Naturally, António is upset that AI is making it possible to generate so much content. “Imagine the disinformation”, he says. António does acknowledge that AI can be beneficial, but only if it is sufficiently controlled. He reveals that the UN has already been working with AI experts to assess how it can be controlled and how to make sure that it can always be shut down.

Lastly, António says that the “Arc of Innovation” needs to be bent toward solving societal problems and global challenges. Translation: AI needs to be used to manage the peasants. He says that governments need to be involved because businesses won't do this on their behalf. Some would say that some companies are doing the bidding of UN-controlled governments already, but let's not go there. 

Digitization Approach Similar To Climate Crisis?

The second part of the report is about the Global Digital Compact António is obsessed with. He starts by saying that digitization should be addressed in a manner similar to the climate crisis. This is quite concerning as it implies lots of regulation, intervention, and restriction of the internet. It would be ludicrous if they swapped out the climate crisis with some sort of AI-driven digitization crisis, but that would never happen, would it?

Speculation aside, António explains that the global digital compact he envisions adheres to the UN's SDGs, and the purpose of the compact would be to ensure that the SDGs are met. He hints that this will require “New governance arrangements.” In other words, more shady organizations. 

On a curious note, throughout the report, António refers to countries as “states,” presumably a term in the global government structure the UN is apparently trying to create. Antonio reveals that the UN is already actively discussing digitization with the states.

Member States of the UN

The Global Digital Compact Objectives

António then lists the global digital compact's objectives and the actions stakeholders should take to ensure these objectives are met. The first objective is to plug everyone into the matrix, and António provides a long list of measures, including subsidies and $100 billion of funding to this end. 

The above ties into the second objective: to invest heavily in digitization and “develop environmental sustainability by design and globally, harmonized digital sustainability standards, and safeguards to protect the planet.” It's a word salad that sounds like total control of digital technologies. 

The actions António recommends include money, money, and more money. They also encompass sharing data so the UN can finally start tracking how far along countries are in meeting the SDGs. For reference, there are only seven years left. It's safe to say that it's not looking good. Maybe they'll just rebrand like they did when their Millennium Development Goals failed due to the 2008 GFC.  

The third objective is to end the “gender digital divide” and to ensure that labor rights are adhered to online. Like all vague and ambiguous objectives, the actions required to meet them include some seriously dystopian stuff, including creating a dedicated UN government body in every country. 

The fourth objective is to ensure the internet remains open, secure, and shared. António's actions include avoiding blanket internet shutdowns but managing dissent or opposition. He suggests that governments use “targeted measures” instead.

This relates to the fifth objective: to address disinformation, hate speech, and the like to develop “trust labels and certification schemes” and to ensure that gender is included as a part of every digital policy to ensure absolute equality. Antonio proposes a long list of actions here, the most important of which is establishing a global code of conduct to ensure that the internet is policed correctly in every corner of the planet. After all, if there is a place where free speech still exists, opposition to the UN and its allies could start to spread. We can't have that, can we?

The sixth objective is to ensure adequate data governance, i.e., control. Actions include ensuring that all data is interoperable because nothing says privacy, like sharing your most sensitive data with every corporation, government, and organization on the face of the Earth. 

The seventh objective is to ensure adequate control of AI. Actions include “Urgently launching a global body that will regulate all of the AI in existence and any new AI that emerges.” António mentioned the UN half a dozen times, at least in this section. It sounds like they bought into the AI boom. 

The final objective is to ensure all other targets are met under the UN's SDGs. If you read through the report, you’ll see that António used “I” rather than “we” when recommending what action stakeholders should take to ensure these objectives are met. Those who often read reports may know this is rare in accounts by any organization. Some would say it speaks to the size of António's ego. 

Implementation Of Global Digital Compact

In any case, in the next part of the report, António discusses the actual implementation of the global digital compact. He starts by saying that various stakeholders will be responsible for different tasks. He then provides a long list of UN entities to assist with implementation. Oddly enough, António doesn't believe these existing UN entities are sufficient. He reveals that he wants to establish an annual digital corporation forum after all the world's governments agree to the global digital compact at the Summit of the Future in September 2024. 

What's hilarious is that he doesn't even ask for feedback about this idea. He literally says that he's just going to go ahead and start planning the agenda for this new forum. Would-be members of the forum already have homework. Every year, they will write an extensive report about digitization for the UN. 

António concludes the report by recounting how the UN began this digitization initiative four years ago and how he released an initial roadmap for it two years ago. A partial timeline is illustrated in the image below. Note that it doesn't end with that event in 2024. It ends with the World Summit on the Information Society review in 2025 instead.

Source: A Global Digital Compact.pdf

António then declares,

“The time for talking about the need for digital cooperation has long passed. We need to focus on how we make this a reality. We need to act now, and with speed, if we are to recover the potential of digital technologies for the equitable and sustainable development that is slipping away from us and the planetary crisis that confronts us.”

The remainder of the document provides a list of all the different UN entities and stakeholders involved in this particular initiative. Most people, including me, do not recognize any of the key players in the infographic (shown below), and many critical thinkers opine that the rabbit hole runs right to the center of the earth with each one. 

Source: A Global Digital Compact.pdf

How Do We Stop This Global Takeover?

So the big question is how to stop this Global Digital Compact. The answer could be as simple as letting history run its course or as complex as convincing public institutions to steer clear of it. The simple answer is to reference all the countless UN initiatives that never came to pass. As you can imagine, coordinating hundreds of institutions and thousands of individuals can be challenging. Everyone must be on the same page, or they won’t meet their international goals. After all, the world is pretty fragmented right now, and that's why António is so frustrated. 

Internationally, the global South is slowly cutting itself off from the global North. Domestically, political tensions are rising fast, and UN-affiliated ideologies are quickly becoming unpopular. In this climate, it's impossible to achieve widespread consensus. The fact that some of the UN's initiatives are bad for the average person makes the presence of countries not conforming to an agreement a problem. That's because regular folks will be able to compare outcomes and see what effects the UN has. And if we end up with some kind of financial crisis, it's guaranteed that the UN's Global Digital Compact or the SDGs will be of insignificant value. 

Consider that the 2008 financial crisis stopped the MDGs dead in their tracks. They were also on year eight of a 15-year journey. It would be uncanny if history repeated itself this year. But let’s play out a scenario for the sake of entertainment. Let's assume the UN somehow gets all its ducks in a row. In this case, convincing public institutions to defect from its digitization agenda will be extremely difficult. 

The UN can pressure them to comply using other public and private institutions. Some of the UN's digital initiatives, such as CBDCs, may appear appealing to the average person initially, which means there's likely to be lots of voluntary adoption at the outset. It's not until later that the populace will realize that they've sleepwalked into digital slavery. 

As such, the only solution would be to create an alternative system or help existing alternative systems grow. This is what the UN fears the most, especially when this alternative system consists of rapidly evolving technologies, such as ethical AI and cryptocurrency. 

Indeed, the fact that the UN fears these kinds of technologies proves that these technologies are a part of the solution. If the UN gets its way, it could also become a part of the problem. Thankfully, technology evolves much faster than the United Nations and is also much humbler than the UN's head honcho, so it's implausible that the stratagems of these self-serving globalists will reign. 

The great reset/agenda 2030 is falling apart, so always seek the truth and share it. The elites will try and take control by putting us in de facto digital prisons with CBDCs and digital IDs, but alternatives exist and are evolving. They will prevail if they're promoted, adopted, and crowdfunded.

Cryptocurrency will play a critical role in this decoupling between the average person and the corrupt institutions that rule them. Success is not guaranteed, but the pendulum is swinging toward freedom. The UN/WEF's self-confidence is waning as its stakeholders and countries realize how out of touch they are with ordinary people like us, so let's keep that momentum going.



Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.





Tim Moseley

Suspense Builds in Crypto Community as SECs Gensler Delves into AI

Suspense Builds in Crypto Community as SEC's Gensler Delves into AI 

The crypto-verse is truly holding its breath as Gary Gensler of the SEC shifts his gaze towards the challenges presented by artificial intelligence. In the whirlwind domain of cryptocurrencies, where values swing wildly in the blink of an eye, it's rare for a single person's actions to stir up so much speculation and excitement across the entire industry. 

Yet, that's exactly what's happening with Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), as he zeroes in on the hurdles posed by AI. It's like a sudden plot twist in a gripping movie, keeping everyone on the edge of their seats. But the stakes are much higher this time, and the outcome could determine the destiny of an entire economic sector.

Gensler's tenure as the SEC Chair has been all about taking the reins in cryptocurrency regulation. He's brought lawsuits and investigations against significant players in the crypto field, aiming to establish more explicit guidelines and clamp down on possible fraud or deceptive practices. This bold approach marks a clear departure from the more hands-off attitudes of the past. However, just when everyone thought they had the storyline figured out, the narrative took an unforeseen twist.

Gensler, recognized for his deep understanding of financial regulation and emerging technologies, has made a surprising choice to shift the SEC's focus toward the challenges posed by artificial intelligence. This unexpected move has raised eyebrows among those in the industry and those observing from the sidelines. With the crypto market booming and regulations still a work in progress, the question arises: Why would Gensler shift his attention to a whole new frontier?

The crypto sector now stands at a crossroads, uncertain about the path ahead. With Gensler's attention toward AI, those invested in cryptocurrencies can't help but wonder how this chapter will unfold. Will it be a story of collaboration and forward movement or a tale filled with suspense and hurdles? Only time holds the key to revealing the upcoming exciting chapter in this ongoing saga.

Regulatory Concerns and the SEC

The SEC wears the hat of a regulatory guardian, ensuring that securities are handled fairly, and markets run smoothly. When it comes to the realm of cryptocurrencies, their mission extends to safeguarding investors against fraud and unethical practices. They meticulously monitor Initial Coin Offerings (ICOs) to guarantee compliance with securities laws. Think of them as the lawmen of the digital Wild West, where crypto-cowboys roam.

But the plot has taken an interesting twist. The SEC's head honcho, Gary Gensler, has unveiled a change of focus. Instead of exclusively zeroing in on cryptocurrencies, he's turning his attention to the hurdles posed by artificial intelligence (AI) in the financial arena. The US watchful regulators are now keeping tabs on the potential influence of our future robot overlords.

This shift has thrown the crypto industry into a state of suspense. What does this mean for the fate of cryptocurrencies? Will they finally break free from the chains of regulatory uncertainty, or could they find themselves overshadowed as AI takes center stage? The answer is yet to be unveiled. 

But one thing is sure: Gary's shift might divert attention and resources from overseeing cryptocurrencies. This could bring a sigh of relief to those yearning for less interference or raise eyebrows among those advocating for stricter control. The industry is undoubtedly in for some turbulence as this transformation unfolds. It's akin to riding a rollercoaster with no map of its twists and turns. 

The crypto industry has weathered many ups and downs before and is well-equipped to navigate this latest twist. It's all part of the wild and unpredictable nature that makes this industry so intriguing. Moreover, who knows the ways in which AI could revolutionize the cryptocurrency landscape? Picture self-trading coins or wallets that seem to possess a mind of their own. The potential seems boundless!

So, as we await the SEC's strategies to tackle AI challenges, let's keep our gaze fixed on the ultimate goal. Cryptocurrencies have come a long way, and their journey is far from over. As the industry matures and adapts, we'll continue to rise above whatever hurdles come our way. After all, these very challenges shape us and fuel the evolution of this exciting sector.

SEC Chair Gensler speaking before the National Press Club on July 17. Source: SEC

In his speech at the National Press Club, Gary Gensler underlined a significant truth: While the cryptocurrency arena has its fair share of issues like scams, hacks, and money laundering, the realm of artificial intelligence (AI) poses even more significant financial hazards for folks in the US and other nations. As he delved into the topic, Gary spotlighted various risks tied to the ongoing AI surge, which could shake up trillions of dollars worth of assets traded on markets overseen by the SEC.

Looking closely, Gary explains that amidst this AI boom, there's a flip side to the coin. On one hand, AI-generated investment suggestions could revolutionize the customer experience within financial institutions. Sounds promising, right? 

However, he doesn't shy away from pointing out a potential drawback. This emerging technology could also be used to blur the lines of accountability when things go wrong. If errors or failures occur, AI could be exploited to shroud responsibility.  AI-driven trading bots can potentially manipulate financial markets, particularly in unregulated sectors like cryptocurrency. This manipulation can deceive investors into buying assets at inflated prices, resulting in financial losses.

Phishing scams used to stand out due to their misspellings or grammar mistakes, but with the advent of generative AI, creating well-written emails in any language has become effortless. This technology can craft convincing messages that mimic native speakers. In simpler terms, Gary is raising a flag on the potential upsides and downsides of AI's influence on the financial world. It's like navigating a brand-new terrain where incredible opportunities and unforeseen pitfalls are equally likely. As he steers this conversation, Gary is essentially shining a light on the unknown pathways that lie ahead in the realm of AI.

Phishing scams used to stand out due to their misspellings or grammar mistakes, but with the advent of generative AI, creating well-written emails in any language has become effortless. This technology can craft convincing messages that mimic native speakers. In simpler terms, Gary is raising a flag on the potential upsides and downsides of AI's influence on the financial world. It's like navigating a brand-new terrain where incredible opportunities and unforeseen pitfalls are equally likely. As he steers this conversation, Gary is essentially shining a light on the unknown pathways that lie ahead in the realm of AI.

Image source: X [Twitter]

The Waiting Game

Gary Gensler has been quite vocal about his criticisms of the crypto world, accusing it of being filled with hackers, fraudsters, and scams. He's been attacking the industry with full force, making us all wonder what his next move would be. But then, out of nowhere, BlackRock, the giant investment firm, steps in and expresses its interest in crypto. 

They see the value and potential in Bitcoin and other cryptocurrencies. And just like that, Gary's tone changes. He suddenly shifts his focus to AI and suggests we can address the crypto world later. It's almost like that schoolyard bully who picks on a kid, only to back off when he realizes the kid has a strong older sibling to protect them. BlackRock is that older sibling defending crypto against Gary's attacks.

This turn of events is quite amusing to watch. With Gary's attention focused on AI startups, it's safe to say that those in the AI industry need to brace themselves. It seems like Gary is excited about this new direction and wants to regulate AI. As for crypto, there's a sense of relief that his aggressive attacks might lessen. 

However, remember the importance of clarity and resolution for ongoing cases. The SEC seems to be strategizing by prioritizing the current cases before moving on to new ones. After all, a win in these high-profile cases could set a legal precedent that affects the entire industry.

It is essential for the crypto community to come together and support each other in these cases. The industry can't afford to have a fragmented stance where some projects are supported while others aren't. The outcome of the SEC’s regulation against AI will impact the entire crypto industry, and it's crucial for crypto to have a strong track record. 

All the players need to understand that it's not just about supporting one project over another but rather about advocating for a fair and just resolution for all cases involving crypto. So, amid all this, we continue to watch the developments unfold. The shift from attacking crypto to focusing on AI is quite the twist, and it'll be interesting to see how it all plays out. 

The Bottom Line 

AI is making leaps and bounds in technology, with blessings and concerns in store for the cryptocurrency industry. The fusion of AI and various aspects of cryptocurrencies can make things smoother, more accurate, and super secure. Picture this: Trading strategies are automated, and fraudulent activities are identified in a snap. That's the kind of potential AI brings to the table.

But of course, there's the flip side. Cryptocurrencies' unique, decentralized, and roller-coaster nature poses a challenge for AI algorithms. Making sure these systems can keep up with the ever-shifting crypto landscape is no cakewalk. And let's not forget about the worries around privacy, data security, and biases sneaking into AI decisions. All these are real concerns that are keeping industry regulators awake at night.

Now, while the SEC's AI focus might momentarily shift away from cryptocurrency regulation, folks in the know are pretty sure it's just a temporary shift. The waiting game has begun, and everyone's busy speculating. Will we see more regulations? Will the cryptocurrency ecosystem become even more robust and secure? It's like making guesses about what's in the next plot twist.

As for how the industry is reacting to Gensler's AI interest, it's a mixed bag. Some see it as a thumbs-up, a sign that the SEC is on track with keeping up with the times and potential risks. Others have their brows furrowed, worried that too much regulation might stifle the creative spark of innovation. But no matter which side you're on, one thing's for sure: AI and cryptocurrencies are about to collide in ways that could blow our minds.

In a world that's moving faster than ever, the way to win is adaptability. As we all eagerly await the SEC's next moves, folks in the industry should gear up to be informed, ready to act, and quick on their feet. Embracing innovation while addressing valid concerns is going to be the way forward. This fusion of AI challenges and regulations promises a truly exciting future where finance and technology intertwine to change how we perceive and handle money. Get ready because it's bound to be a thrilling ride!



About: Prince Ibenne. (Nigeria) Prince is passionate about helping people understand the crypto-verse through his easily digestible articles. He is an enthusiastic supporter of blockchain technology and cryptocurrency. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.







Tim Moseley

New Use Cases For Bitcoin Ordinal Theory Disturbs Bitcoin Purists Competition For Ethereum?

New Use Cases For Bitcoin. Ordinal Theory Disturbs Bitcoin Purists. Competition For Ethereum? 

Bitcoin is evolving with the introduction of inscriptions, which has caused an explosion in innovation, creating new use cases for Bitcoin that many thought it would never advocate. Some believe these use cases are inappropriate for Bitcoin's primary mission of decentralizing money and being a store of value. These use cases include BRC-20 tokens, and Ordinal Inscriptions likened to an NFT called Digital Artifacts, and many are wondering whether they will compete with NFTs and ERC-20 tokens on Ethereum. 

This article illustrates what Inscriptions, Ordinals, and BRC-20 tokens are, how they work, and evaluates what impact the Ordinal theory could have on BTC. Also, how will these protocols impact Ethereum? Could ETH lose NFT market dominance as a result? 

When Did It All Start

The history of Bitcoin's recent innovations begins with the Taproot upgrade, which went live in November 2021. Essentially, Taproot removed limits on how much data each BTC transaction can use, allowing a single transaction to fill an entire Bitcoin block. This opened the door to attaching additional data to BTC transactions, including individual Satoshis. (Sats). For context, each BTC comprises 100 million Sats, like cents to a dollar. 

Image Source: Cointelegraph

As the name suggests, inscriptions make it possible to attach data to individual Sats, including audio, video, and text. Bitcoin Ordinal inscriptions can be fungible or non-fungible, depending on who owns the Ordinal and whether they wish to preserve the individual Satoshi. 

The concept of adding data to individual Sats isn't necessarily new. In fact, Bitcoin creator Satoshi Nakamoto and early Bitcoin developer Gavin Andresen discussed creating a domain name system on Bitcoin in 2010. This eventually led to the creation of Namecoin, one of the first Bitcoin forks. In 2012, the CEO of eToro proposed the concept of colored coins, which involves attaching data to BTC transactions to tokenize real-world assets effectively. 

The main reason why these concepts failed to reach mass adoption was because of data limits on BTC transactions, which Taproot has since removed. Another reason why these inscriptions failed to reach mass adoption was because it was challenging to create or keep track of them. This is what the Ordinals protocol does. It allows anyone to inscribe individual Sats with additional data and keep track of where they are. 

Ordinal Protocol and Inscriptions

As stated on the Ordinal website, a Sat inscription is an NFT; however, "digital artifact" is used instead because it's simple and familiar to artists, collectors, and traders. The phrase "digital artifact" is highly suggestive, even to someone who has never heard the term before. In comparison, NFT is an acronym that feels like financial terminology and doesn't indicate what it means if you haven't heard it before.

Bitcoin developer Casey Rodarmor created the Ordinal protocol in late January 2023. In an interview, Casey explained that he'd been considering making the protocol since he saw generative art NFTs on Ethereum in early 2022. Casey wanted to bring similar kinds of NFTs to Bitcoin. However, Casey stepped down as the lead developer of Ordinals in late May and announced a pseudonymous developer named Raph Japh would be taking his place as he couldn't give the protocol the attention it deserves.

Interestingly, Ordinals only need two things to run the protocol: a full Bitcoin node and a Bitcoin wallet that can read and write Ordinal inscriptions. Casey explained in an interview that the Ordinal protocol was designed to require no extra infrastructure; it exists entirely on Bitcoin. Even more interesting about Ordinals is that the inscriptions apparently can't be searched using a browser, at least for now. 

Casey explained that this is because of “instability.” This means that you must search for inscriptions manually on Ordinals.com, which isn't easy because there are many. For reference, there were more than 10 million inscriptions when Casey stepped down from the protocol in late May. It’s not surprising considering that multiple NFT marketplaces had started supporting Ordinals inscriptions, and a new type of inscription was also invented, the BRC-20 token. 

Image source: X [Twitter] Ordinals Wallet

What Is A BRC-20 Token?

The BRC-20 token experiment was introduced by a pseudonymous on-chain analyst named Domo in early March 2023; that enables users to create fungible tokens natively on Bitcoin. However, before launching BRC-20, Domo stressed that the token is “simply a fun experiment.” 

The BRC-20 token standard is similar to the ERC-20 token standard commonly used on the Ethereum blockchain. However, unlike the popular token standards on Ethereum, BRC-20 tokens do not use smart contracts. Instead, users store a script file on Bitcoin and use that to attribute tokens to individual satoshis. BRC-20s embed JSON data into ordinal inscriptions to enable users to deploy, mint, and transfer tokens. BRC-20s are considered “semi-fungible” since users can only exchange BRC-20 tokens in set increments. 
BRC-20 tokens have limited functionality compared to their ERC-20 counterparts on Ethereum. Unlike ERC-20s, which can be used as collateral in various dApps, BRC-20s are restricted to minting and moving fungible tokens on the Bitcoin blockchain. This is why there were over 10 million Ordinals but only around 40,000 BRC-20 tokens. Each Sat inscribed with an Ordinal Digital Artifact only contains one image, video, or text, whereas each Sat inscribed with a BRC-20 can have millions of units of a single token.

BRC-20 Memecoin Craze Causes Fees To Skyrocket

Naturally, BRC-20 tokens caused the number of inscriptions to surge, and the subsequent BRC-20 memecoin craze caused transaction fees on Bitcoin to spike. By May, the market cap of BRC-20 tokens had passed $1 billion, with crypto wallets adding support and exchanges listing the biggest ones. The most popular crypto wallet for BRC-20s and Ordinal Digital Artifacts is the UniSat browser extension. The browser wallet has been downloaded over 300,000 times so far. To put things into perspective, the wallet only had 100K downloads in mid-May – a 3X increase in a month.

Screenshot: Chrome Web Store

Meanwhile, the number of non-zero Bitcoin addresses, i.e., the number of Bitcoin wallets holding more than 0 BTC, has gone parabolic over the same period. Bitcoin miners have also been raking it in from the transaction fees. The fees actually surpassed the block rewards for the first time since 2017. At the same time, innovation around both Ordinals NFTs and BRC-20s had increased. 

More Innovations Ensued

One of the most famous innovations happened in February 2023, when a crafty hacker found a way to upload a cloned version of the 30-year-old video game classic DOOM to the Bitcoin blockchain as an inscription on the network’s Ordinal protocol. You can literally play a simplified version of Doom on Bitcoin. 

More recently, another pseudonymous Ordinal developer named Leonidas introduced recursive inscriptions, making it possible for inscriptions to interact. This, in turn, makes it possible to upload playable video games larger than one Bitcoin block and unlocks other new use cases. 

In May 2023, Milady’s NFT enthusiasts launched a new Ordinals NFT standard with the help of an Ordinal Digital Artifact marketplace that makes it possible to bridge NFTs from Ethereum to Bitcoin. The catch is that the conversion is currently a one-way trip, but it foreshadows more interoperability for Ordinal Digital Artifacts and BRC-20s. 

On that note, the first BRC-20 stablecoin was launched in late May. The caveat is that the issuer of this stablecoin appears to be somewhat sketchy. Even so, it foreshadows the launch of more reputable stablecoins directly on the Bitcoin blockchain, likely resulting in even more Bitcoin adoption. 

Image source: BRC-20.io

Bitcoin Maxis Pushing Back

Not everyone is applauding Bitcoin's recent innovation, however. Many have argued that Ordinals are useless. This argument has some merit, considering that some of the earliest Ordinal inscriptions contained unsavory types of content that have since been hidden. Still, as it’s been inscribed into the blockchain, the image itself is immutable.

Some have also argued that BRC-20 tokens are harmful. This is also understandable, considering that they caused transaction fees on the Bitcoin blockchain to spike. It’s made it more expensive for people in developing countries to send BTC transactions, all because some degens wanted to trade memecoins. 

Others have argued that Bitcoin shouldn't be used for anything other than regular peer-to-peer BTC transactions. This is reasonable, considering the Bitcoin white paper says peer-to-peer electronic cash. Never mind that the more complexity you add, the more vulnerabilities you create. 

Crypto analyst Eric Wall explained in an interview that the way the ordinals protocol was coded is akin to an exploit. Crypto VC partner Nick Carter also pointed out in an interview that this unforeseen use of the Taproot upgrade could make the Bitcoin community more hesitant to approve future upgrades. Nick believes that Bitcoin won't be seeing another upgrade for a long time because of the unforeseen risks it will create. 

On the other hand, many, including Nick, have argued that the objectively useless Ordinal Digital Artifacts will be priced out due to the increased transaction fees. It makes sense because whoever pays the highest price has their transaction processed first. People won't continue to pay a high price to inscribe useless data. 

Progressive Bitcoiners Counter

Some have argued that Layer 2s will solve the blockchain bloats supposedly caused by BRC-20s like the Lightning Network. This also makes sense because higher transaction fees on the base chain create an incentive to generate scaling solutions, an incentive lacking in Bitcoin. 

Others have argued that the fees from peer-to-peer BTC transactions alone may not be enough to secure the Bitcoin blockchain as time passes, so additional use cases should be allowed. This makes sense because Bitcoin isn't just a crypto; it's the most secure network in the world, the ideal base layer. It's not just the progressive Bitcoiners saying this, either. Bitcoin OGs like Blockstream CEO Adam Back have acknowledged that Bitcoin can be used for whatever people want. 

Many Ordinal supporters have also noted the technology’s contribution to the freedom of speech. One Bitcoin observer posted on X stating, “I know everyone hates Ordinals, but whether it’s text or images, the ability to publish uncensorable information on the Bitcoin time chain effectively makes speech uncensorable worldwide forever.” 

What matters at the end of the day is the demand for block space and BTC, ideally from objectively valuable use cases. F2Pool CMO Li Qingfei underscored that Ordinals and BRC-20 tokens will eventually give rise to these objectively valuable use cases once all the hype is gone. The consensus is that both innovations are a net benefit and clear advantage to Bitcoin, but it's still too soon to say what's hype and what's here to stay. 

Ethereum Gearing Up for Competition

Many people have pointed out that conversations around Ordinal Digital Artifacts and BRC-20 tokens sound eerily similar to those around the first NFT craze and the ICO boom on Ethereum in 2017. At the time, people were also arguing about Ethereum’s future in light of these disruptive innovations. Some of you will recall how pictures of cartoon cats once caused massive congestion, jamming up the Ethereum network.

You may also know that most crypto projects launched on Ethereum were utterly worthless. Notably, all will appreciate that many of the NFTs and ERC-20s that survived are valuable and useful. Chances are that we will see the same thing happen with Ordinal Digital Artifacts and BRC-20 tokens. This means that Bitcoin could become more akin to Ethereum; if it does, it will make BTC a more direct competitor to ETH, and it appears that ETH has already been gearing up for this direct competition. 

To explain, BTC is considered to be digital gold. This is primarily because BTC's tokenomics make it an ideal hedge against currency debasement and, arguably, inflation – It is “Sound money.” Conversely, ETH is considered to be digital oil. This is primarily because ETH is the fuel that runs Ethereum, which hosts most dApps and tokens. The narrative around ETH started to change in mid-2021 with the EIP1559 upgrade. 

EIP1559 burns a portion of all transaction fees on Ethereum to refresh your memory. With enough activity, this makes ETH deflationary. Hence, the new narrative of ETH is “Ultrasound money.” Obviously, the term is meant to imply that ETH is a superior store of value to BTC due to its deflationary nature. 

Image source: X [Twitter] 

Ethereum’s transition from Proof-of-Work to Proof-of-Stake also made ETH more appealing to institutional investors because they can stake it to earn a yield, and we know institutions love earning yield. Regarding the environmental aspects of Proof-of-Work versus Proof-of-Stake, you should know that ESG-obsessed institutional investors aren't really concerned about the E part. They're worried about the G, the Governance, i.e., the control. Bitcoin can't be controlled, and ESG investors don't like that.

What Makes BTC More Appealing

Given that ETH can be deflationary and earn a yield via staking, it begs the question of what makes BTC more appealing than ETH to investors, particularly institutional investors. Many people have been asking this question lately, especially as ETH continues to change and BTC stays relatively static. The answer to the question is “security.” 

The Bitcoin blockchain is the most secure network in the world, mainly because it is static compared with all the others, which change constantly. It is the ideal base layer on which additional innovations can be built. The only thing missing was the incentives to create them. Ordinal Digital Artifacts and BRC-20s have introduced these incentives and prepared Bitcoin’s ecosystem to see the same explosive growth Ethereum did after NFTs and ERC-20s saw genuine adoption. 

The difference is that Bitcoin’s ecosystem will be much more secure due to its base layer. This is significant because security is the only thing institutional investors love more than token burns and yield. They want to be sure that the tokens they mint on a cryptocurrency blockchain will stay there forever, and Bitcoin arguably provides more certainty than Ethereum here. 

This is for many reasons, including that Proof-of-Work is more secure than Proof-of-Stake. The infrastructure used to interact with Ordinal Digital Artifacts and BRC-20 tokens exists on Bitcoin itself—the fact that Bitcoin doesn't change, and it's been around for much longer than Ethereum. Never mind that BTC is the only crypto the SEC has said is not a security

Bitcoin Innovation Risks

As bullish as Ordinal Digital Artifacts, BRC-20 tokens, and other Bitcoin innovations will be for BTC, there will also be risks. This is one undeniable advantage that Ethereum has: it has moved fast, broken things, and fixed them. Bitcoin hasn't broken anything yet, but unlike Ethereum, it can't afford to. 

Many argue that the most significant risks associated with Bitcoin innovation appear to be regulatory. Bitcoin evangelist Michael Saylor believes there could be regulatory risks, mainly for BRC-20 tokens. Like the ERC-20 tokens on Ethereum, Michael thinks that some BRC-20 tokens could be classified as securities by the SEC. It's ironic, considering that BTC itself is supposedly immune from scrutiny. 

Definitively, the most considerable risk associated with innovation on Bitcoin is one that's been overlooked, and that's centralization. As transaction fees on the Bitcoin blockchain rise because of the innovation, more people, mainly those who don't have much money, will switch to using Layer 2 protocols. 

The Lightning Network is Bitcoin’s Layer 2 solution for its renowned slow transaction speed. It consists of payment channels that contain large amounts of BTC. Individual payment channels between various parties combine to form a network of Lightning Network nodes that can route transactions among themselves. The interconnections between different payment channels result in the Lightning Network. 

Unless you have enough BTC and technical know-how to open your own payment channel, you must use a payment channel that a third party of some kind operates. The harsh reality is that sending BTC transactions on the lightning network using a payment channel run by a third party is no different from using a bank to send fiat transactions. 

That's because every BTC transaction is tracked, and you technically don't own your BTC, meaning it can be frozen or stolen. Because of this protocol’s current vulnerabilities, third parties must run on nodes to prevent fraud within the Lightning Network, called a watchtower, which monitors transactions.

Today's gas fees on Ethereum transactions are unaffordable for most people, forcing them to use Layer 2s, which are centralized and controlled by VC investors. It’s fair to say that's not what crypto is about and what anyone wants for Bitcoin, Ethereum, or other cryptocurrencies. All being well, Bitcoin will take a different approach to growing and scaling its ecosystem than other Layer 1s. All it takes is the right incentives. 

Image source: Ordinals Marketplace

In Closing

The developers of the Ordinal theory have expressed that the most essential thing the Bitcoin network does is decentralize money. They acknowledge all other use cases are secondary, including Ordinals. However, they believe that Ordinal theory helps Bitcoin's primary mission, at least in a small way. 

Suppose inscriptions prove to be highly sought-after digital artifacts with a rich history. In that case, they will serve as a powerful hook for Bitcoin adoption: Come for the fun, rich art, and stay for the decentralized digital money.

Ordinals and inscriptions increase demand for Bitcoin block space, which increases Bitcoin's security budget. This is vital for safeguarding Bitcoin's transition to a fee-dependent security model, as the block subsidy is halved into insignificance and ensures that Bitcoin remains secure.

Many hope that the Ordinal theory strengthens and enriches Bitcoin and gives it another dimension of appeal and functionality, enabling it to serve its primary use case more effectively as humanity's decentralized store of value.

This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.




Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.








Tim Moseley

Crypto: A Shield of Financial Stability Amidst Next Possible Pandemics and 2025 Depopulation Crisis

Crypto: A Shield of Financial Stability Amidst Next Possible Pandemics and 2025 Depopulation Crisis 

In our ever-changing world, reality sometimes feels more unbelievable than anything we could imagine in fiction. And when it comes to the hidden workings of global events, it's like trying to solve a puzzle with missing pieces.

One particularly intriguing aspect involves some major players on the world stage: the Central Intelligence Agency (CIA), the U.S. Department of Defense (DoD), as well as prominent foundations like The Rockefeller Foundation, the Bill and Melinda Gates Foundation, the World Health Organization (WHO), United Nations (UN) and other non-governmental and governmental organizations. Also, Deagel is a mysterious online entity that has gained attention for its extensive data on military capabilities and some eyebrow-raising predictions about depopulation by 2025. It's an enigmatic website that's caught the curiosity of many people.

The world as we know it has undergone a profound transformation in the wake of the COVID-19 pandemic. Societal paradigms have shifted, and nowhere is this more evident than in the financial sector. Amidst the chaos and uncertainty, cryptocurrencies have emerged as a beacon of stability and a potential safeguard against future global crises.

As economies grapple with the pandemic's aftermath, it has become increasingly evident that traditional financial systems are susceptible to shocks and vulnerabilities. In contrast, the rise of cryptocurrencies has been nothing short of meteoric, prompting us to ponder their role in preparing for the next possible pandemic.

As the world braces for what may come next, as Bill Gates and the World Health Organization said, the possibility of the next pandemic has added urgency to the discussion. According to Bill Gates, the risks of severe disease from COVID-19 have “dramatically reduced,” but another pandemic is all but certain because of the simulation called "Catastrophic Contagion." However, it is crucial to contextualize these simulations within the broader context of preparedness and foresight, as they have been conducted before, like the "Event 201" simulation in October 2019.

Let us embark on a journey of shedding light on how cryptocurrencies may hold the key to fortifying our financial systems and offering a shield of resilience in the face of future pandemics. By examining the growing significance of digital assets, we can better understand their role in shaping tomorrow's financial landscape.

Image source: International Man

Terrifying 2025 Depopulation Forecasts

In recent years, the website Deagel.com has become the center of a controversial discussion surrounding its predictions for the year 2025. These predictions, which were later removed from the website in 2020, sparked an intense debate due to their apocalyptic forecasts of massive depopulation in various countries. However, thanks to the Internet Archive, we can still delve into what Deagel initially forecasted before the information was taken down.

The figures projected by Deagel in 2020 were truly startling. They foresaw a jaw-dropping 77.1% decline in the population of the United Kingdom and an equally alarming 68.5% decline in the population of the United States by 2025. Furthermore, Germany was predicted to experience a substantial reduction of 65.1%, while Australia was projected to face a 34.6% decrease in population. Similar drastic declines were also forecasted for several other Western countries.

According to a tweet by an account known as The Researcher, it says:

"Not to be a Debbie downer, but the one world government cabal appears to be planning mass murder, aka carrying out their depopulation program, in 2025."

Understandably, these forecasts have left many people deeply concerned, particularly when considering the current global situation and the documented data on excess deaths. Some individuals speculate that these predictions may not be entirely speculative, as they uncomfortably align with real-world events. In this context, some argue that the COVID-19 vaccination campaigns, authorized for emergency use, might have played a significant role in these potential population declines.

The reported connection between Deagel.com and influential organizations such as the U.S. Department of Defense (DoD), the CIA, and The Rockefeller Foundation adds further intrigue and raises eyebrows. The alleged association between a seemingly obscure website and such influential entities has fueled suspicion and raised questions about the nature of Deagel's forecasts. This has led to unsettling inquiries about the DoD's potential involvement in COVID-19 research in Ukraine even before the virus was officially recognized and how it might relate to Deagel's predictions.

Are We Headed for Another Lockdown?

Bill Gates may not have a research background in public health, medicine, epidemiology, or infectious disease. Still, surprisingly, he has taken on a significant role in the lives of billions of people by influencing and suggesting what medical actions are needed to return the world to what he refers to as a state of normalcy. It's quite extraordinary to observe how he transitioned from a software kingpin to a prominent figure who influences global health matters. This transformation sheds light on our direction as we face an unprecedented crisis unlike anything we've experienced before.

John D. Rockefeller and Bill Gates were two individuals who recognized the importance of giving back to the public to win their admiration and, in turn, manipulated people's behavior to achieve their desires. Rockefeller, known for his vast oil monopoly fortune, generously invested hundreds of millions of dollars in creating institutions he claimed were for the greater good of the people. Notable examples include the General Education Board, the Rockefeller Institute of Medical Research, and the Rockefeller Foundation.

Fast forward to the present, and we have Bill Gates, who has been on a remarkable journey from a software tycoon to a humanitarian, thanks to the Bill & Melinda Gates Foundation. In fact, Gates has even surpassed Rockefeller's legacy, with the foundation now holding the title of the largest private foundation worldwide, boasting an impressive $67.3 billion in assets. Their primary focus areas are global health and development, global growth, and global policy advocacy.

The one thing both Rockefeller and Gates have in common is the strategic use of well-funded public relations campaigns to shape their public image. Gone are the theatrical PR tricks of the past; instead, Gates has mastered the art of gaining public favor through more straightforward means: investing in positive publicity.

For instance, the Bill & Melinda Gates Foundation spends substantial amounts of money each year on media partnerships. They sponsor coverage of their program areas across various platforms, including The Guardian's Global Development website, NPR's global health coverage, and the Our World in Data website, which tracks the latest statistics and research on the coronavirus pandemic. They also fund BBC coverage on global health and development through both BBC Media Action and the BBC itself and world health coverage on ABC News.

These initiatives show how Gates is committed to promoting awareness and understanding of critical issues and furthering public engagement in the areas that matter most to him and the foundation. It's a testament to his dedication to gaining substantial governmental and institutional powers, which ensures he pushes his devilish agenda on a global scale without any objection.

So, who is Bill Gates, you may wonder? Is he a software developer, a businessman, a philanthropist, or even a global health expert? Well, this question has evolved into something of a real concern for many. It is obvious that Gates' incredible wealth and influence have allowed him to gain significant power over various aspects of public health, medical research, and vaccine development.

As we face the challenges of our times, it's becoming evident that Gates' ideas and actions hold considerable sway. It's unprecedented to think that someone without medical training could wield such power, and it raises important questions about the implications of this influence on the lives of billions of people. The world is grappling with the very issues Gates has been discussing for years, and we can't help but ponder how his wealth and position might impact the future of global health and beyond.

Bill Gates believes that a potential new pandemic would likely stem from a different pathogen than the coronavirus family and that advances in medical technology could cut vaccine production times to six months if huge investments are made on time.

While it may sound alarming, it's essential to remember that these simulations have also been conducted in the past. In 2019, they organized "Event 201," which simulated a global response to a coronavirus, months before COVID-19 became a reality. When powerful people make predictions, you must understand it is usually a well-planned operation waiting to be carried out at the right time. The 2025 depopulation forecasts by Deagel.com and the possible global health crisis in the same year as Bill Gates projected it is not a coincidence. 

Image source: Center for Health and Security

The latest simulation, called "Catastrophic Contagion," envisions a severe epidemic of enterovirus respiratory syndrome in 2025, originating in Brazil. They conducted this tabletop exercise involving health ministers and public health officials from various countries, along with pre-recorded news broadcasts. It might interest you to know that as  Bill Gates has already earmarked 2025 for the next pandemic, the White House is getting all of its ducks in a row for it. Get ready for it, people!

In an interview with Maria Bartiromo, host of “Sunday Morning Futures” on Fox News, Sen. Rand Paul said:

“Gates is the largest funder of trying to find these viruses in remote caves and bring them to big cities. So what happened in China is they went eight to 10 hours south of Wuhan, 200 to 300 feet deep into a cave, found viruses, and took them back to a city of 15 million.” 

In the past, when the COVID-19 pandemic hit, there were hopes that companies and world leaders would come together to create vaccines and distribute them globally, free of charge. Unfortunately, profit motives seemed to dominate, leading to the emergence of new billionaires in the vaccine industry. Now, you understand that these health crisis projections are a means of profit-making at the expense of humanity.

During the simulation, there was a strong focus on targeting children, which could be an attempt to create fear and mobilize the public if a real-life scenario unfolds. The idea might be to incorporate any new pandemic into routine vaccination schedules as a way to control its spread.

While simulations are meant to help us prepare for potential crises, it's essential to be skeptical and question the intentions behind certain decisions and policies related to these developments. We need to stay vigilant and ensure that any measures taken are genuinely in the best interest of public health and safety. Let's keep asking questions and seeking transparency to protect ourselves and our communities.

Consolidated Financial System

The financial landscape is about to witness a significant change as the Federal Reserve prepares to launch a new fast payment system. But this isn't the only development in the works. Central banks worldwide have been quietly working on their own fast payment systems for quite some time, backed by influential organizations like the World Bank and the Bill and Melinda Gates Foundation. The lack of public information about these initiatives raises concerns and draws attention to the potential implications.

To better grasp the situation, let's delve into some background information. The World Bank, established during World War II, has close ties with U.S. interests and provides loans to developing countries. These loans often come with conditions for achieving the United Nations' Sustainable Development Goals (SDGs). From the look of things, these SDGs might lead to the forceful adoption of concepts such as digital IDs, Central Bank Digital Currencies (CBDCs), and Smart Cities.

What's intriguing is the connection between the World Bank and the Bill and Melinda Gates Foundation. Both organizations have been actively working on implementing digital IDs and fast payment systems. The World Bank's Payment Systems Development Group has been at the forefront of modernizing payment systems worldwide.

So, what exactly are fast payment systems? These systems aim to enable instant fund availability 24/7 through central infrastructures, allowing banks and non-banks to connect and offer additional services to end-users. Various countries have already established their own fast payment systems. The ongoing project seeks to transform existing payment systems into fast payment systems and eventually integrate them with CBDCs. The idea is to create a global financial system that is fully interconnected and controlled.

Reports from the World Bank, especially one from September 2021.pdf, suggest that integrating fast payment systems and CBDCs is a likely direction. The plan involves leveraging the existing fast payment infrastructure to facilitate the operationalization of CBDCs, making them more accessible to the public.

As these developments unfold, concerns arise about centralized control over financial systems to keep the people under strict surveillance. This coordinated effort undermines people's financial freedom and subjects them to a predetermined agenda. The fear is that such a system will dictate people's spending habits and even restrict access to their own funds in case of disagreements or non-compliance with certain policies.

In light of these concerns, many in the crypto community see cryptocurrencies, particularly decentralized stablecoins, as a viable alternative. By leveraging crypto, individuals can take control of their financial sovereignty, moving away from centralized systems and safeguarding their financial autonomy.

Although implementing fast payment systems and CBDCs seems inevitable, the crypto community has an advantage and can play a significant role in providing a secure and decentralized alternative. By staying informed and proactive, individuals can navigate the financial landscape and be better prepared for any potential crises due to these developments. 

As the world moves towards a new era of economic systems, staying educated about the evolving trends in crypto can empower individuals to retain greater control over their financial destinies. It's a journey toward financial freedom, one that requires vigilance, awareness, and an openness to exploring the possibilities of decentralized finance.

Image source: The Economist

Covid-19 Exposed The World Economy Vulnerability 

When the COVID-19 pandemic hit in March 2020, millions of people in the United States and around the world had to go into lockdown to control the spread of the virus. This significantly impacted the economy, as many businesses and industries came to a standstill. While these measures were necessary for public health, they brought about global repercussions.

The economic downturn during the early months of the pandemic was so severe that it was compared to the initial declines of the Great Depression. However, as the year progressed, the U.S. economy started to recover thanks to unprecedented stimulus measures introduced by the government. The rapid rollout of vaccinations also played a crucial role in boosting the economy.

Despite some progress, the pandemic's economic impact is far from over, especially with the emergence of new, highly contagious variants of the virus. Specific industries, like travel and hospitality, were hit hardest. Many shops and restaurants had to close their doors entirely or operate with limited capacity, leading to a significant loss of revenue. Airlines, cruise ship operators, and small businesses that relied on tourism suffered massive financial setbacks due to the disappearance of nonessential travel.

Even seemingly unrelated industries were affected by the secondary effects of social distancing. Manufacturers, especially those outside the medical field, received fewer orders as consumer spending slowed. Banks faced challenges with mortgage payments because of government-mandated forbearance rules, and oil companies saw prices plummet as everyday travel declined sharply.

Adding to the economic strain was the fear of uncertainty. Even people with stable jobs reduced their spending, anticipating potential financial aftershocks. The pandemic's widespread impact on various sectors of the economy has created ongoing challenges that continue to be felt.

The COVID-19 pandemic caused significant economic disruption, with various industries facing exceptional challenges. Though efforts have been made to recover, the situation remains dynamic, with new variants or possibly a manufactured virus posing ongoing economic threats.

When we think about the potential chaos that might come with another pandemic, it's crucial to remember the ongoing struggles many businesses and families face after the COVID-19 crisis. The pandemic has left deep scars; many people are still trying to pick up the pieces and get back on their feet. Even though we've shown resilience during this challenging time, we can't ignore that our economies and societies are fragile and can be disrupted by unexpected events.

It's only natural to feel worried and anxious when we consider the possibility of a 2025 pandemic, especially if the projections are valid. The consequences could be severe, affecting every aspect of our lives and society. The challenges we faced in the past will still linger, and new ones might arise, making things even more challenging for us.

Imagine the struggle for businesses that have only begun to recover; they could find themselves again on the brink of closing down. And think about the entrepreneurs who had big dreams and worked hard to build something innovative. They might face insurmountable obstacles, and it could feel like everything they've worked for is falling apart. It's not just the business world that will suffer; countless families' financial stability might crumble, leading to despair and uncertainty.

The impact of another pandemic wouldn't just stay within borders; it would affect the global economy and nations worldwide. It would be a burden that everyone would bear and could worsen inequalities between countries. Things like supply chains, trade, and financial markets could be thrown into chaos. Governments would struggle to find the right balance between protecting public health and keeping their economies afloat.

The effects would be widespread, crossing boundaries and affecting developed and developing nations alike. Countries already struggling with poverty and weak healthcare systems might face even more severe challenges. The pandemic could worsen existing vulnerabilities and deepen the disparities between different parts of the world. In this uncertain scenario, learning from the past and being better prepared for the future is essential.

Image source: Markethive.com

Prepare Yourself Financially

When we talk about cryptocurrency, the word "stable" may not be the first thing that comes to mind. However, it's worth acknowledging that despite its reputation for volatility, cryptocurrencies like Bitcoin are still more stable than other fiat currencies currently in circulation.

Yes, cryptocurrencies can experience significant value fluctuations on a day-to-day or even hourly basis. But interestingly, these fluctuations are not exclusive to cryptocurrencies alone. Both fiat currencies and cryptocurrencies face the risk of value changes, and sometimes, these changes can be pretty dramatic.

Throughout history, we've seen instances of severe hyperinflation, like the case of the Weimar Republic in the inter-war period. Unfortunately, these stories of extreme inflation aren't just confined to the past; they continue to pose a dangerous risk to many countries, even today, like Venezuela's case.

So, while cryptocurrencies may have ups and downs, it's essential to recognize that they aren't alone in facing the challenges of fluctuating values. Understanding the broader context of currency fluctuations can help us better navigate the ever-changing financial landscape. Despite the volatility associated with crypto, it firmly hands humans the power of financial control. 

The Federal Reserve is openly working on developing its digital currency. But here's the thing: it's not just about modernizing the financial systems; there's more to it than meets the eye. This move is part of a more extensive agenda driven by globalists to limit people's financial privacy and gain more control over their lives. They aim to keep a closer eye on your transactions and have a say in how you manage your money.

But you know what's interesting? Those who choose to accumulate cryptocurrencies are taking a different path. They're sidestepping the elite's growing obsession with controlling every aspect of their finances. By embracing cryptocurrencies, they're keeping their financial choices more private and retaining a level of independence from centralized authorities.

It's like a digital rebellion against the system. It is a way for people to protect their financial freedom and have more control over their destiny. As the world moves towards digital currencies, staying informed and understanding the implications of these changes is essential. You should keep exploring and learning about the crypto world and decide what path you want to take in this evolving financial landscape.

Being Truly Free

In the pursuit of financial freedom, we often envision a life where we no longer rely on a traditional job and have a steady income from other sources. But let's examine this conventional "financial independence" idea more closely. Even those who achieve this status might not be as independent as they think.

In reality, those labeled as "financially independent" still rely on intermediaries like banks, governments, and financial institutions to access and manage their money. They may face restrictions and limitations these middlemen impose, which can undermine their true sense of freedom. Moreover, unexpected circumstances or changes in regulations could lead to the removal of these services, leaving them vulnerable.

Now, enter the world of cryptocurrencies. This is where the concept of genuine financial freedom gains prominence. Cryptocurrencies are rooted in liberating ourselves from external dependencies and limitations. If you've ever felt frustrated by restricted access to your funds, cryptocurrencies offer a solution. In the realm of crypto, you become your own bank, empowering yourself to transact, save, and invest on your terms without interference from intermediaries.

Furthermore, cryptocurrencies can serve as a potential shield against unforeseen crises and economic upheavals. Unlike traditional financial systems, which can be heavily impacted during pandemics or economic downturns, cryptocurrencies provide an alternative avenue for safeguarding your assets and financial future.

Of course, entering the crypto world requires some research and understanding, but it opens up a realm of possibilities. With access to decentralized networks and digital assets, you gain greater flexibility and autonomy in navigating the financial landscape.

Taking control of your financial destiny through cryptocurrencies promotes self-reliance and empowerment. It's an opportunity to embrace the idea of "be your own bank" and trust your ability to navigate the ever-changing financial world and a world full of wickedness.

So, if you've ever felt restricted by traditional financial systems or scared of what may happen to your financial freedom and longed for a more liberated approach to managing your wealth, exploring cryptocurrencies could be the answer. Embrace the ethos of economic liberty that lies at the heart of crypto and pave your own path to a more empowered financial future.

It's time to trust yourself, trust the technology, and embark on a journey towards being your own bank, giving you the financial freedom you deserve. Break free and unlock the potential of financial independence through the power of crypto amidst the global crisis. As the world faces unusual challenges, understanding the forces that shape international events becomes crucial for ensuring a more informed and empowered future. If we don’t own our futures, someone else will. So, gain the capabilities to be in complete control of your time, your earning power, and your life’s path. Hurry! The clock is ticking, and things are happening so FAST.




About: Prince Ibenne. (Nigeria) Prince is passionate about helping people understand the crypto-verse through his easily digestible articles. He is an enthusiastic supporter of blockchain technology and cryptocurrency. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.






Tim Moseley

Markethives Reason For Being and Magnanimity Entrepreneur One: A Divine Legacy

Markethive’s Reason For Being and Magnanimity. Entrepreneur One: A Divine Legacy


Markethive’s epic entrepreneurial ecosystem has come a long way since its Divinely inspired inception. Markethive now runs on its own servers, with the security of blockchain and its Hivecoin (HVC) so close to being released on crypto exchanges and self-custody wallets. We have arrived as the first mega-decentralized marketing and broadcasting network encompassed by a social media interface with a vision and mission to deliver an autonomous sovereign meritocracy en masse that is not subject to oppressive technocracy.

When the founder and CEO Thomas Prendergast was given this vision from the Lord to build Markethive, the basics had to be free for everyone, such as the newsfeed, video, autoresponders, capture pages, the rotator link, broadcasts, etc. All Tom had to do was work out how to fund the project. 

How was Markethive’s growth made possible?

Through the Divine inspiration and tenacity of the founders, the concept of the Entrepreneur One Loyalty Program (E1) was created.  When the Entrepreneur One Upgrade was constructed, it was designed to reward the person for seeing the vision and trusting Markethive, particularly Tom, to build this vision. 

Ergo, how the E1 works and what it does is a Divine inspiration. Firstly, it funds Markethive to build the vision, and in turn, it will give a magnificent return from the Initial Loan Protocol (ILP) or, as it’s more recently called, the Incentivized Loan Program, which is included in the E1. As the name suggests, it is a loan from you to the company that pays you back at the end of the term and gives you magnificent returns when Markethive opens it to the masses.  

Markethive did have numerous affluent investors preparing to invest millions of dollars into Markethive; however, various tragic events fell on each of them before finalizing their commitment. In Tom’s words, “…it’s so weird! It got to a point it was laughable.” 

But, Markethive does have a core of people who are dedicated to the Markethive vision and have given Markethive its “daily bread” by being an Entrepreneur One for $100 per month so Markethive can continue the Divine quest inspired by our Lord. It can only be explained as biblical. Because of the goodwill and conviction of some, Markethive has accumulated the money needed to move forward with development as fast as possible, funds permitting.

The world’s disastrous events, especially over the past three years, have been called biblical also, and this is the reason why the entrepreneurs of Markethive and the company have this imperative to free and help every living soul achieve financial and self-sovereignty. To be enlightened and awakened to the perils and evil that’s been active and, for the most part, hiding in plain sight for decades, if not centuries, from all of us. 

Markethive’s Engineers. A Divine Intervention

Markethive’s engineers came to Markethive through the Holy Spirit. They were told to work with Markethive through their relationship with the Lord, where they received messages and answers through inspiration. Markethive was the company they were directed to, and through their dedication, sacrifice, and ingenuity, the platform, with its unique concepts, is being built. We are so blessed to have them on board with us at markethive. 

Entrepreneur One Receives Many Rewards

The E1 wasn’t set up to be any particular time period, but as Tom & Co continues to build Markethive, the E1 has evolved and given those with one or more E1 accounts a variety of rewards. As explained in a previous article, there are many different rewards and opportunities to generate income allocated to the E1 member.  

The Banner Impressions Exchange (BIX) is one that has been overlooked up to this point. Since its release, it hasn’t been a huge moneymaker, but it will be. Keep in mind that the banners are only shared by a maximum of 500 E1 accounts. To explain its potential, let’s take LinkedIn as an example. 

LinkedIn has 750 million active users, which equates to 40 billion hits per day. When Markethive has those massive hits from 75 million users, and you’re one of only 500 E1 members that can sell your impressions to a potential 750 million people who want to run ads, they will be willing to pay $4-$5 per impression. The amount of income that alone can produce is significant. The revenue of just that one component of the E1 will increase over time, and it’s forever as long as you are an E1 and active.

The banner placement space that belongs to the E1s is showcased on the premium real estate of the Markethive site, which is the upper header space below the taskbar. The Banner Impressions Exchange is available to all members should they wish to buy impressions from the E1 members to place a banner in Markethive.      

The E1 Upgrade gives other excellent benefits, like a 100% matching bonus on your new signups and those brought in by the company. In other words, the E1s get all of the traffic Markethive is responsible for bringing in via marketing campaigns, and the signups are rotated to only the E1s. 

Another benefit is the upcoming Promocode issued by Markethive to the E1s. Each E1 member will have their own Promocode, and Markethive’s administrative control panel decides what products the Promocode gives. These incentives consist of WOF, Boosts, Markethive Credits, Markethive tokens, Push, Broadcast, HVC, etc. And these will be assigned in multiples! 

So when prospects sign up on your Markethive promocode site, they will receive what’s allocated once they’ve completed KYC. Furthermore, it’s free to you as an E1: Markethive includes this in the E1 Upgrade subscription.  

As Markethive builds its system, the daily bread has been coming in consistently via the Entrepreneur One Program, which has enabled Tom and the Engineers to produce the Premium Upgrade. The Premium Upgrade is one of the additional things they’ve added since Tom was told to give the platform away for free. 

Markethive’s Retail Products

We now have numerous facets added on top of the basics that Markethive can sell that are very valuable. Markethive now can create retail sales packages like the Premium Upgrade. We also have the Wheel of Fortune, the Boost, and the E1 banners and impressions.

In the works, we have the Push, which is a group that, when you publish in the group, your posts are on the top of every single newsfeed in view for every new person who signs up. The very top banner on the Markethive platform will also be available for sale, which is the ultimate in prime real estate and primarily for the company’s use.  We are also preparing to deliver the broadcasting, press releases, and video advertising. All of the above are Markethive’s retail products. 

More About The ILP

As stated earlier, The ILP is one aspect of the Entrepreneur One Loyalty Program but is separate. There is still some confusion about the difference between the E1 and ILP. To clarify, The E1 (Entrepreneur One Upgrade) is a $100 monthly subscription, where you earn 0.1 ILP after one year of consecutive payments, which accumulates every year while active. 

The ILP (Incentived Loan Program) is a loan to the company that is paid back to you via a balloon payment after 20 years, or you can re-initialize it for another 20 years. So, you are lending Markethive the money that the ILP represents. It also provides monthly payments or returns to you, which is 20% of the net revenue of Markethive’s retail products. This is paid to all ILP token holders per their pro-rata share as long as the principal is outstanding. 

Also, note that the ILP is an assumable note that you can transfer to anybody. For example, If you hand your Markethive account over to someone else, the ILP is theirs, and they benefit from the returns. There will be an ILP Exchange, like the upcoming E1 Exchange, where you can sell your ILPs. 

The Markethive legacy will last forever. Markethive’s ethos, ethics, and transparency allow everyone to benefit, including the BOD and Alpha shareholders from the previous company before Markethive. These members are grandfathered in, automatically receiving 0.5 ILP for BODs and 0.2 ILP for Alpha members. 

Right now, anyone can buy an ILP or part thereof with Markethive tokens, Bitcoin, bank transfers, or credit cards. You can also earn ILPs through the Entrepreneur One Program or win an ILP through the contests Tom holds occasionally. 

Remember, the ILP is not an ICO, which is a security. You are not buying it from Markethive on speculation that it will be worth more in the future, like stocks. The ILP is a loan, which is not a security but a legally binding and conforming loan agreement. Because it is a debt instrument, it is not subject to tax and is compliant with the USA UCC code governing debt instruments.

What Markethive, the company, pays out to you, in fact, all transactions, will come through the wallet Markethive has just finished building. The spectacular, very sophisticated wallet also keeps track of the ILPs you own, and you will be paid your 20% share of Markethive’s revenue with the profit of the retail products through your Markethive wallet. 

It’s important to note that the ILPs earned through the E1 Upgrade are bona fide and are yours to keep forever. Your earned ILPs will continue to pay you returns even if you cancel your E1 subscription. The ILPs will continue accumulating in the E1 Upgrade until all 1000 shares/ILPs are accounted for. 

Another Divine Inspiration from Tom

Here’s something to look forward to. Once the bona fide ILPs are dispersed, there will be what is called a Virtual ILP. (V-ILP) It will be produced to take its place and take another 10% of Markethive’s revenue. You will acquire the Virtual ILP in the E1 account that you have, and as long as it’s active, the Virtual ILP that it’s earning will pay out 10%. If you cancel the E1 subscription or sell it on the E1 Exchange, the V-ILP associated with that account will cease and no longer be payable to you. Unlike the original E1 Upgrade, you do not keep your ILP.

The E1 Is A Legacy Program

The Entrepreneur One Loyalty Program is a legacy program, and it’s Divine because not only does it empower Markethive to move forward, grow the company, and, as we move forward, be massively successful, but in turn, it pays back to each person who supported the company to fulfill its mission victoriously. Eventually, it will get to a juncture where there will be a tipping point, and more revenue will come into that ILP than what the E1s are paying out for their monthly subscription. 

Current Entrepreneur One members are urged to continue with their subscription as it will fuel their future wealth. Remember, it’s a loan from you that is paid back to you at the end. Meanwhile, 20% of Markethive’s revenue is also paid to you. This is unique and a gift from the Lord; no other company does this!  

The Markethive wallet has been accomplished and is functional for all intents and purposes. The wallet is just waiting for the Hivecoin launch to step outside of Markethive’s door, unleashing it to the global community. We are now very close to assigning Hivecoin and launching it to various wallets and exchanges.

The countdown will be activated at that time, and the announcement that the Entrepreneur One Loyalty Program is closing to new members and will not be available from the company, only E1 members through the E1 Exchange. You will have 30 days from the notification to either become an Entrepreneur One member or, if you have suspended your E1 Status, re-instate your E1 account to receive all the benefits and potential wealth it has to offer. 

But why wait? Become an Entrepreneur One now by subscribing for $100/month or save $200 when you purchase an E1 for $1000 for 12 months. Start accumulating your bona fide ILPs now. You’ll be an integral part of Markethive’s development envisioned for all humanity and be rewarded with a legacy of wealth to enjoy and pass on to your family.  

May the Lord bless and uphold you for all eternity…



Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.






Tim Moseley