Crypto is enabling tyrants and global corporate leaders new means to frighten, enslave, and subjugate people, from constant monitoring to negative interest rates.

Bitcoin (BTC) and other cryptocurrencies are portrayed as a remedy for dictatorial governments and central banks by their proponents. At the same time, global businesses and startups have developed blockchain tools and platforms that might be exploited by central banks and authoritarian governments.

Body activity data from Microsoft

Microsoft is one instance; it submitted a patent application for a cryptocurrency system that uses information about physical activities. The cryptocurrency system assigns a job to your device instructing you to execute a “human bodily activity” as part of the bitcoin mining process.

The cryptocurrency system rewards the user after a sensor in the user’s smartphone records their body activity. A system or network that receives the generated body activity data from the sensed body activity and transmits it to a system or network that validates the body activity data to reward cryptocurrency.

It reminds me of the Justin Timberlake film In Time, in which time from one’s lifespan serves as the main unit of exchange and each person wears a clock that keeps track of how long they have left to live. They will be gone once the timer reaches zero.

SmartKey

A trial of SmartKey, a bridging device that connects blockchain technology to, for instance, the lock on your home, was conducted in Olsztyn, Poland using the Ethereum blockchain.

According to them, it will “assist in police, fire, and ambulance services” (read: for your safety). Emergency personnel can enter any building in the city using SmartKey without having to locate the keyholder or wait for authorization.

Head of policy at the Blockchain Association: US shouldn’t use surveillance capabilities to compete with China’s CBDC

“It is sensitive to require that our rescue services carry out their tasks without interference. According to Gustaw Marek Brzezin, the marshall of the Warmisko-Mazurskie Voivodeship, which includes Olsztyn, “the usage of blockchain and SmartKey technology looks to be like the perfect solution, bringing reassurance to building owners and residents, but also freedom for our emergency services.”

The freedom of our emergency services is the cornerstone of every constitution, as any political science student knows.

Digital money issued by a central bank (CBDC)

In a white paper, the European Central Bank (ECB) stated that it would be feasible to track each and every CBDC transaction made in a country. Under such a framework, the central bank and anybody else with whom the bank chooses to share information would be aware of all transactions.

Central banks can put limitations on the holding of money using a digital currency. The ECB has explored imposing negative interest rates on sums that the bank deems excessive, capping the amount a person can store, and restricting the period of time a person can hold money. The CBDC of the Bank of China has a similar set of features. A digital currency makes it simpler to impose dystopian policies, such as negative interest rates and others.

Massive monitoring

Pascal Gauthier, the inventor of Ledger, believes that widespread surveillance is all that the European Union’s Transfer of Funds Regulation actually entails.

“Put some money in your leather wallet, which you have in your possession. You will now be required to flash your ID whenever you purchase with cash someplace. and they’ll remember your name,” Gauthier declared. I don’t want to live in this world, she said.

Related: US agencies issue warnings on the rise of North Koreans filling online IT and crypto jobs

A few organisations in the European Parliament, he continued, “have some very definite and fanatical goal… [and are] utilising justifications to restrict Bitcoin and cryptocurrencies as much as possible. They have heard rumours. I’ve heard it’s for money launderers, for instance.

Global Economic Forum (WEF)

The WEF, which has its headquarters in Davos and is arguably best known for bringing about “The Great Reset” for humanity, states in a blog post on its website that blockchain has the potential to usher in an industrial revolution that will affect the biological, technological, and physical worlds. To achieve this, it will make nearly anything trackable, including food and medical supplies like vaccines.

The WEF cites an IBM analysis of blockchain technology and describes it as “a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.” “An asset may be either tangible (a house, car, money, or piece of land) or intangible (intellectual property, patents, copyrights, branding). On a blockchain network, practically anything of value may be recorded and sold, lowering risk and expenses for all parties.

Blockchain enables a world of pervasive surveillance, as the WEF and IBM note.


Narracomm, GoldSilverBitcoin, Cryptographic Asset, and THCist were all founded by Justin O’Connel. Since 2012, he has been an entrepreneur with a concentration on Bitcoin.

This post is designed for general informational purposes only and should not be construed as investing or legal advice. The author’s views, ideas, and opinions are his or her own and do not necessarily reflect or stand for those of Cointelegraph.

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