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Ethereum becomes WEF coin, and a global CBDC is born

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Ethereum becomes WEF coin, and a global CBDC is born

Marketed as a climate friendly alternative, a major digital asset becomes the frontrunner for a global central bank digital currency.

Jordan Schachtel
Sep 15, 2022
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Ethereum becomes WEF coin, and a global CBDC is born

dossier.substack.com

The people in charge of the Ethereum token, a popular digital asset previously marketed as a decentralized money, decided last night to finalize its transition into what amounts to WEF (World Economic Forum) coin, securing the network’s path on the road to state capture, and perhaps, the birth of the ruling class’s 1.0 version of a global Central Bank Digital Currency. 

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Completed under the big budget marketing campaign of a “climate friendly” and ESG compliant reshuffle, the Ethereum protocol moved from a proof of work system — which borrowed from Bitcoin’s model of distributed, decentralized computing power (work) for validating the network — to a proof of stake system, which relies on dominant stakeholders to do the same. 

There is no longer any “work,” or energy output, required, which is why the ESG and climate hoax crowd has hailed the project as a revolutionary achievement. They seem to miss the fact that ETH now represents a digital fiat currency, as there is no longer a legitimate case for a value proposition attached to it. 

The Ethereum Foundation (whose Executive Director serves on the World Economic Forum's Global Blockchain Council) and other “crypto” institutions, knowing full well that they could not create a better free market money than Bitcoin, have been battling behind the scenes for years to become the first movers to regulatory capture, a “prize” that comes to its small network of controlling interests via a massive infusion of global capital.

The small network that controls Ethereum has long had a very cozy relationship with the World Economic Forum and major technocratic statist outfits, and it already relies on companies like JP Morgan and Amazon Web Services to secure its critical infrastructure.

So what makes the WEF crowd and their fellow travelers so hyped about “The Merge”?

Twitter avatar for @JordanSchachtel
Jordan Schachtel @ dossier.substack.com @JordanSchachtel
The WEF is VERY EXCITED about Etherium transitioning to a fiat scam. Front and center on their home page. A centralized currency that rewards & grants power to those who control largest chunks. ETH is WEF coin, and now positioned as future global CBDC.
weforum.orgThe Merge: what Ethereum’s new system means for the crypto-currency industryKnow what Ethereum Merge is and how Ethereum’s imminent shift from a Proof-of-Work to a Proof-of-Stake system could herald a sea change towards sustainability among crypto-currencies.
1:56 PM ∙ Sep 15, 2022
669Likes222Retweets

Unlike Bitcoin’s proof of work system, which provides for robust decentralization and individual security, ETH is now set up so a select few “stakeholders” can determine the outcome of the entire system. The dominant stakeholders can simply get together and manipulate the protocol as they see fit.

But it’s not the private entities that present the greatest threat to liberty and privacy.

This asset is now an easy target for a hostile state or international institutional takeover.

Ethereum stakeholders are an incredibly centralized bunch. They come in the form of registered, *regulated* companies like Lido and Coinbase, organizations that are upfront about the reality that they are subject to complete regulatory and state capture.

Twitter avatar for @santimentfeed
Santiment @santimentfeed
📊 According to our #Ethereum Post Merge Inflation dashboard, 46.15% of the #proofofstake nodes for storing data, processing transactions, and adding new #blockchain blocks can be attributed to just two addresses. This heavy dominance by these addresses is something to watch.
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9:11 AM ∙ Sep 15, 2022
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Should a powerful government want to invalidate the ETH tokens held by Jon Doe, a labeled opponent of the regime, they can simply pressure Coinbase and the gang to blacklist his transactions. The same goes for Jane Doe, who a random bureaucrat could determined is a “criminal,” and force a major stakeholder to change the rules to punish Mrs Doe. Her Ethereum wallet can be blacklisted with the click of a button, rendering her entire wealth in this currency instantly worthless.  

For years, globalist, authoritarian legislators, regulators, and central bankers throughout the United States, Europe, and Asia have sought to find a way to lure creative minds into their CBDC projects, with very few in the space showing much interest.

Ethereum’s marketing team, however, has manipulated many smart, naive, good natured, idealist programmers into building what have become very popular financial tools, especially their dollar-pegged (along with other state currencies) assets on the network, such as the USDC coin, which can potentially be weaponized for the future implementation of a global Central Bank Digital Currency (CBDC) system.

Instead of building their own system from the ground up, CBDC advocates in government and quasi-private enterprise may manipulate these volunteer and paid programmers, whose work they can now easily control, to employ a CBDC asset into their respective societies.

The stage has been set. In the digital asset space, it’s Bitcoin versus WEF/ETH coin. Freedom Money versus CBDC tyranny.

This piece was reprinted from my economics newsletter: Current Thing Capital, which will soon feature some really interesting thinkers in the Econ world. I’ve made it available to The Dossier subscribers for your convenience!

The Dossier is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

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Ethereum becomes WEF coin, and a global CBDC is born

dossier.substack.com
52 Comments
Ki
Sep 15, 2022Liked by Jordan Schachtel

Bingo. Excellent Jordan, thank you.

I studied ETH a few years ago and determined pretty quickly that the Staking system sounded a whole lot like a bunch of rich guys would still control the money so ETH was always on the path to become Globalist-controlled digital money. Sometimes I wonder if the whole ESG ruse was invented just to attempt to topple BTC.

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JdL
Sep 15, 2022

"There is no longer any “work,” or energy output, required, which is why the ESG and climate hoax crowd has hailed the project as a revolutionary achievement."

I don't consider myself a member of either the ESG or climate hoax crowd, but that doesn't mean I'm not concerned about the incredible amount of electricity that the Bitcoin validation process wastes. If I had a dollar for every nonsense rationalization about why "it's really not so bad", I'd be rich.

Energy-wasting currencies will either follow Ethereum's lead, or die.

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