Central bank blockchains and big business books are still vaporware

Blockchain talks resumed this year, especially after Chinese President Xi Jinping praised the chain and told Chinese citizens that the country should accelerate the development of distributed accounting technology. Despite the lack of production of all that is worthwhile, experts in most media believe that government-approved block chains will destroy traditional crypto-currencies.

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"The future of digital money shaped by national governments" is a lie

It certainly looks like 2015, as mainstream media continues to promote blockchain technology backed by big business and governments. Long before digital currency projects such as Facebook's Libra and Telegram's Gram have already been launched, the corporate media claim that these projects will wipe out assets such as BTC and ETH. It seems that people who believe in this nonsense think that the fact that a blockchain project relies on Facebook, has a development team and produces a white paper, will be better than the other. a network that has existed for more than 10 years. Commentators and columnists include Lionel Laurent of Bloomberg, who recently wrote that "national governments are increasingly shaping the future of digital money". However, this is not about to become a reality, as a large majority of governments and central banks do not do it. understand the technology so far.

Telegram and Facebook have yet to prove anything with the blockchain projects they are working on. Yet traditional media claim that these protocols will destroy legacy cryptos.

Some governments and central banks have publicly announced their intention to experiment with a digital currency that would be legal tender. But so far, there is so far only one nation-state to have fulfilled this mission and Venezuela's petro looks more like a terrible joke. Despite what Sunacrip says (the Venezuelan entity in charge of cryptos), the petro is not widely accepted throughout the country.

"No one is using oil and only people close to the government are using it to evade US sanctions," said a student from Bogata, Colombia, at News.Bitcoin.com in September. "Sunacrip is really reserved for minors, they have installed encrypted point of sale systems around some stores, but the latter only accepts bitcoins, litecoins and the BNB, so if you have petros, you must exchange them. " The Venezuelan petro is not better than the Onecoin scam, but promoted by a socialist government.

Nobody trusts Maduro's pet blockchain project, the petro, and the only people who use it are government employees trying to get around the penalties.

Projects like the digital yuan, the scale, the R3 and the Hyperledger in China have produced nothing

Traditional media has made it seem that currencies issued by states that are not even there yet will dominate inherited cryptos almost immediately. Bloomberg, Lionel Laurent, assumes that vaporwares (a popular concept that has not yet worked), such as the digital yuan and Google's quantum computer, pose a threat to existing cryptocurrencies. Again, both concepts have not been seen in the real world and this is tantamount to saying that a newborn could hit a 10-year-old child during a boxing match.

China's censored Internet and communist government believe that a digital yuan will outpace uncensored public blockchains.

The many blockchain ideas from governments, big banks, and companies like R3 and Hyperledger have not produced real value. These projects do not rely on sufficient credibility to deserve mass headlines but are regularly promoted by the old guard. They want people to believe that the empty promises, the vaporware and the white paper will go beyond the old traditional digital currencies.

If you plan to make blockchain a cure,You look in the wrong place.

Blockchain projects promoted by banks, corporations and politicians are snake oil. They do not cure the financial ills that the citizens of the world face, because they are destined to manipulate even more the public. For centuries, the same bankers and the same families controlled the finances and resources of the world. The reason why cryptocurrencies have matured much faster than most financial concepts is that they remove the need to depend on the state and central banks. There is no blockchain project produced by a company or the old guard that can even become a black spot on the radar of the current cryptoconomy. These blockchains really look like the outdated databases used today with some sophisticated bells like proofs of participation, timestamps and hash data.

The question remains: when will media experts give up praising the vaporware and things that do not even exist yet? Central banks and governments want you to believe that FUD is so bad that only central planners can succeed. For the moment, at least for the moment, the propaganda they propagate could not be further from the truth.

What do you think of the resurgence of discussions and concepts that have been banned from the blockchain? Tell us what you think about this topic in the comments section below.

Discharge of responibility: This article is an opinion piece. The opinions expressed in this article are those of the author. Bitcoin.com is not responsible for the content, accuracy or quality contained in the article. Readers should exercise due diligence before taking any action related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to have been caused by or in connection with the use of or reliance upon the information contained in this article. ;opinion.


Image credits: Shutterstock, Peter VanValkenburgh @valkenburgh, Commons Wiki, Fair Use and Pixabay.


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Jamie Redman

Jamie Redman is a financial journalist who lives in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about bitcoin, open source code and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols that are emerging today.

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