https://dossier.substack.com/p/ethereum-becomes-wef-coin-and-a-global

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

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”?

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.

#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. “,”username”:”santimentfeed”,”name”:”Santiment”,”date”:”Thu Sep 15 09:11:51 +0000 2022″,”photos”:[{“img_url”:”https://pbs.substack.com/media/Fcr104vXEAIkt0P.jpg”,”link_url”:”https://t.co/KQdFNgGloD”,”alt_text”:null}],”quoted_tweet”:{},”retweet_count”:271,”like_count”:752,”expanded_url”:{},”video_url”:null,”belowTheFold”:true}”>

Twitter avatar for @santimentfeedSantiment @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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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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