Difference between revisions of "Cryptocurrency"
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| − | '''Cryptocurrency''', sometimes called crypto-currency or (confusingly) just "crypto", is a form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don't generally have a central issuing or regulating authority, instead using a decentralized system (e.g. a [[blockchain]]) to record transactions and issue new units. | + | |
| + | The [[BIS]] and other central banks have announced, that [[CBDC]] will be introduced until 2025. As the lack of understanding of our current [[monetary system]] has led to exploitation{{cn}} of the 99% by the 1%, this page will set out to explain the mechanics of digital currencies in the simplest terms possible. | ||
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| + | '''Cryptocurrency''', sometimes called crypto-currency or (confusingly) just "crypto", is a form of currency that exists digitally or virtually and uses cryptography to secure transactions. | ||
| + | |||
| + | ==General components of digital currencies== | ||
| + | # A "book" where entries and changes are stored; entries may consist of | ||
| + | ## constant values (i.e. past transactions) | ||
| + | ## variable values and executables (i.e. scripts, smart contracts, [[NFT]]s) | ||
| + | # A network of computers owned by one or more authorities with server status (called [[node]]s), i.e. powerful machines with 100% up-time and fast interconnection | ||
| + | # A consensus protocol in case the nodes disagree about entries which should be written to the "book" | ||
| + | # A public key algorithm. To enter contracts a secret key is needed for authentification | ||
| + | |||
| + | |||
| + | Cryptocurrencies don't generally have a central issuing or regulating authority, instead using a decentralized system (e.g. a [[blockchain]]) to record transactions and issue new units. | ||
==Process== | ==Process== | ||
Revision as of 11:10, 16 March 2022
 Cryptocurrency  (currency, p2p)   | |
|---|---|
| Interest of | • Daniel Bruno • Agustín Carstens • Dollar Vigilante • Nikolai Mushegian |
| Digital currencies with computer generated security protection. | |
The BIS and other central banks have announced, that CBDC will be introduced until 2025. As the lack of understanding of our current monetary system has led to exploitation[citation needed] of the 99% by the 1%, this page will set out to explain the mechanics of digital currencies in the simplest terms possible.
Cryptocurrency, sometimes called crypto-currency or (confusingly) just "crypto", is a form of currency that exists digitally or virtually and uses cryptography to secure transactions.
Contents
General components of digital currencies
- A "book" where entries and changes are stored; entries may consist of
- constant values (i.e. past transactions)
- variable values and executables (i.e. scripts, smart contracts, NFTs)
- A network of computers owned by one or more authorities with server status (called nodes), i.e. powerful machines with 100% up-time and fast interconnection
- A consensus protocol in case the nodes disagree about entries which should be written to the "book"
- A public key algorithm. To enter contracts a secret key is needed for authentification
Cryptocurrencies don't generally have a central issuing or regulating authority, instead using a decentralized system (e.g. a blockchain) to record transactions and issue new units.
Process
"In cryptocurrency networks, mining is a validation of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases transaction fees by creating a complementary incentive to contribute to the processing power of the network"[1]. "Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. Not reliant on any central authority, such as a government or bank, to uphold or maintain it draws people who favour anonymity. Bitcoin is pseudonymous rather than anonymous in that the cryptocurrency within a wallet is not tied to people, but rather to one or more specific keys (or "addresses")".[2]
Blame
Cryptocurrency mining was blamed by commercially-controlled media for supply chain shortages.[3]
Ban
China banned cryptocurrencies in 2021. The WEF surmised cryptocurrencies were facilitating capital flight from China's markets, bypassing conventional restrictions.[4]
Examples
| Page name | Description |
|---|---|
| Bitcoin | A cryptocurrency |
| CBDC | Blockchain hosted replacement for cash, run by central banks |
| Lightening network | Bitcoin micropayment protocoll |
Related Quotations
| Page | Quote | Author | Date |
|---|---|---|---|
| CBDC | “We intend to establish the equivalence with cash and there is a huge difference there, for example in cash we don’t know who is using a 100 dollar bill today ... the key difference with the CBDC is that the central bank will have absolute control on the rules and regulations that will determine the use regarding that expression of central bank liability and also we will have the technology to enforce that.” | Agustín Carstens | October 2020 |
| Whitney Webb | “Bitcoiners should pay close attention to these developments as the DOJ in particular has attempted to paint bitcoin as the payment of choice for well-known terror groups like ISIS and al-Qaida, signaling that the working group proposed by this bill will likely seek to specifically target bitcoin. Adding to this concern is the fact that a slew of recent mainstream media reports — which cite Treasury and FinCEN officials, DOJ officials and CIA analysts — have claimed specifically that “terrorists are turning to bitcoin, and they’re learning fast”, that bitcoin is the “new frontier in terror financing”, and that “bitcoin is helping terrorists secretly fund their deadly attacks”. Even the prominent military think tank RAND Corporation has argued that “bitcoin and the dark web” are the newest terrorist threat.” | Whitney Webb | September 2023 |
Related Documents
| Title | Type | Publication date | Author(s) | Description |
|---|---|---|---|---|
| Declaration of Currency Independence | declaration | May 2021 | John McAfee | The main author, John McAfee, died mysteriously in jail the next month. |
| Declaration of Monetary Independence | declaration | 2021 | Mark Maraia Mike Hobart |
References
- ↑ https://en.wikipedia.org/wiki/Cryptocurrency#Mining
- ↑ https://web.archive.org/web/20181219093844/https://www.bloomberg.com/news/articles/2018-09-13/mystery-of-the-2-billion-bitcoin-whale-that-fueled-a-selloff
- ↑ https://www.economist.com/graphic-detail/2021/06/19/crypto-miners-are-probably-to-blame-for-the-graphics-chip-shortage
- ↑ https://www.weforum.org/agenda/2022/01/what-s-behind-china-s-cryptocurrency-ban/
