Ninth but not least or last in our Top Ten round up for 2019 is an article first published in November that struck a chord with us, not only did it come from one of DT's band of regular contributors, Dadon, but it also sought to look into the future as many do at this point in the temporal cycle.....enjoy!
Was I shocked when I saw in the news that former chairman of the Peoples Bank of China for almost 2 decades made a statement claiming Facebook's Zuckerberg backed "Blockchain" project Libra would, and I quote.
"Work better under IMF Custody"
Not at all.
As policy makers In the EU draft plans to create their own "Digital currency" the rippling effects of Bitcoin and the brush-fires it has ignited around the globe have never been more evident.
"Libra is very dangerous and will fracture the monetary system"
Was the remark making headlines just days ago when top Romanian finance chief Daniel Dăianu defended the importance of "traditional" centrally controlled financial systems aka Central Banks while labeling and dismissing cryptocurrency as nothing more than highly speculative assets, With further claims attempting to tie supporters of distributed Networks like Bitcoin to some kind of Anti-Banker cult!
Across the map no matter where you look, fear and uncertainty take a grip while the appearance of the Great Divide emerges.....but what Is really going on?
In early 2014 Ripple Labs, the brains behind what has come to be known as "Digital Fiat" XRP. partnered with NACHA Payments innovation Alliance. NACHA (The National automated clearing house association) is the administrator of the ACH network and the backbone of payments for the US economy, Responsible for the mobility of trillions of dollars of credit and Debt! and the close ties between the USFR (US Federal Reserve) and NACHA are no secret either with some even speculating that the addition of XRPs Chief Regulatory Relations Officer Ryan Zagone to the Board of the FPTF as a power move to position XRP for a "Closer engagement" to the Fed.
In August of this year the federal reserve announced the "FedNow" payment system set to launch in 2023 And last year XRPs "CEO" Brad Garlinghouse revealed while speaking at a Yahoo finance summit that the Bank of England is a "Paid Ripple Customer" While at a similar event the same year Thee governor of Bank of England Mark Carney Hinted "There was opportunity for use of Ripple technology".. Interesting? Yes But Surprising? No..
Now I am not ignorant to the fact that the emergence of government backed "Crypto" will no doubt help the widespread adoption and use of "Digital Currencies" but are we really ushering in the decentralized future many of us envisioned and still to this day hope to build?
Or is it just lipstick on a pig In an attempt to disguise the old as new and pull a fast one on all of us?
As global governments play "Favorites", lines are drawn and sides picked, are we seeing the emergence of a silent war? Is a great divide emerging as a global "Arms race" to control the future of money escalates further? And will truly decentralized and distributed networks survive the fallout?
Earlier this year one country made a unexpected move against the status quo when the Union Bank of the Philippines fired a "Shot across the Bow" of sorts and partnered with the BSP (Bangko sentral ng pilipinas) aka the nation's Central Bank to launch 2-way Bitcoin ATMs allowing buying & selling of Bitcoin and other crypto.
With The 3rd largest Remittance market in the world and vast natural resources (including the worlds 2nd largest in-ground gold reserves).
In a country where 77% of the populous do not have a bank account."Middle Men" 3rd party vultures like Western Union and MoneyGram take full advantage of the situation exploiting the disadvantages of a majority bank-less society with exorbitant fees but creating a fertile environment for new emerging technology solutions like bitcoin to level the playing field
And with predicted levels of 69%+ mobile penetration by 2021 the decentralized future of blockchain seems safe, well at least in this Archipelagos part of the world.
But it is not just the Philippines who has "Bucked" the trend lately, across the globe sanctions have forced citizens caught up in the "Soap Operas" of Geopolitics to rush into the safety of Bitcoin to weather the political and economic storms brewing around the world.
In Iran the worlds 8th largest honey producer the beekeepers are taking advantage of the decentralized nature of Bitcoin to stay above water financially as well as protect their often family owned and generations old businesses from annihilation while others in the nation are using Bitcoin as a remittance tool helping them circumnavigate the collective punishment and highlighting the "Power" of decentralization for the average citizen with 'no dog in the fight' nor quarrel with the Elites within the political landscapes of the world.
In Venezuela airport taxes are paid in Bitcoin while crypto is viewed as a shining light and an "Ark like" lifeboat in a surging ocean of hyperinflation.
It is as clear that the global economy is on the brink of a major transformation as it is obvious that the global economy is unwell. Some would even say sick, It is also clear it's structure, model as well as it's Modus operandi is dysfunctional and the very fact Bitcoin exists and flourishes in this world is a testament to that fact and proof enough that truly "distributed" sovereign "decentralized" networks like Bitcoin should exist.
But as the "Great Divide" widens the question remains is the future still decentralized?