Bitcoin's nemesis (Project Hamilton's CBDC) stretches "way beyond 1984"
Est. reading time: 5 minutes | 1020 words
Alex Jones was right. How many times have we had to type that? Almost as many times as the Fed has printed money out of thin air.
But the digital currency which will control our lives is not Bitcoin. Cyprian warns us about a new project the Federal Reserve is working on.
The Federal Reserve Bank of Boston, or The Boston Fed, is working with M.I.T. (Massachusetts Institute of Technology) on a new project called "Project Hamilton."
If you know your history or read "The Patriot Report", then the name "Hamilton" should alarm you. Yes, the project was absolutely partly named after the central bank advocate, Alexander Hamilton.
If you don't know why this is a scarlet flag I'll pull some excerpts from the "Patriot Report" for your education so you can understand this Hamilton guy better.
Article 1, Section 8 of the Constitution says only Congress shall have the authority to coin and regulate the value of money. But the Constitution's verbiage is constantly up for interpretation. Here's how Hamilton interpreted this section of the Constitution on February 23, 1791.
"To deny that the Government of the United States has sovereign power as to its declared purposes & trusts, because its power does not extend to all cases, would be equally to deny, that the State Governments have sovereign power in any case; because their power does not extend to every case."
Alexander Hamilton
My interpretation of Hamilton’s argument is that he draws a false equivalence between the powers of the states vs the powers of the federal government because it is the federal government, in his argument, which can impose authority over the states which remove all of the states’ sovereignty; not even partially. Any imposition of authority over another entity is the destruction of ALL of its sovereignty.
Now, let's look at how Hamilton viewed the rank and file of his time.
"No society could succeed which did not unite the interest and credit of rich individuals with those of the state. All communities divide themselves into the few and the many. The first are rich and well-born, the other the mass of the people. The people are turbulent and changing; they seldom judge or determine right."
Alexander Hamilton
Hamilton basically believed that people couldn’t be trusted to manage their own money, therefore a centralized authority deserved to serve as their money master. I would argue that, without the ability to fail, one may never learn the lessons which give them priceless experience.
Hopefully, you now understand why naming this project after Hamilton is alarming.
Here's another scarlet flag — Neha Narula. She is the director of the Digital Currency Initiative at the MIT Media Lab and the Head of Project Hamilton. So, what's so alarming about this? Only the fact that she sits on the World Economic Forum's (WEF) Global Blockchain Council.
The WEF issued a volume titled, "COVID-19: The Great Reset" which did discuss "The Fate of the US Dollar." In here they state, "...there are attempts to launch national digital currencies that may eventually dethrone the US dollar supremacy."
What is this CBDC?
Project Hamilton is a "research transaction processing system." This Bitcoin-like CBDC is a digital dollar and stable coin.
By definition, a stable coin is backed by a reserve asset. I'm not sure what the reserve asset this digital dollar will be backed by but if I had to take a guess I would say it's backed by human resources — basically, the bodies of you and me.
Project Hamilton is a "transaction processor model" to effectuate transfers (transactions), which was Satoshi's vision for Bitcoin. This thing brags the ability to handle 100,000 transactions per second.
Cyprian purports that even if Bitcoin had gigantic block sizes it would only be able to handle 1,000 transactions per second.
For more technical analysis, watch "Dissecting the FED's enslavement plan 'Hamilton"
What's the Conspiracy "Theory" Behind Project Hamilton?
One main difference between Bitcoin and "Hamilton" is, Hamilton does not use blockchain technology. This means no proof-of-work, which means climate change social justice warriors can't complain about it. Also, blockchain technology is slow which is why Hamilton can process 100,000 transactions per second.
But blockchain "enables a system where you have no central authority." Obviously, a centralized bank cannot be centralized with decentralization technology.
Without a blockchain, this also means that the system is not keeping details about your transactions. They will boast of this as a positive, under the guise of "privacy." But what this also means is that you will not be able to audit the system. This is a "lack of transparency."
Cyprian warns, that without the proof-of-work system that drives Bitcoin's blockchain technology, they will basically destroy our "financial sovereignty." We are "not going to know what rules are governing their transaction validation." He continues, "...you don't really know if you have different rules than I have about what you can spend and where you can spend it."
What's the worst that could happen?
There are three basic commands in the "Project Hamilton" system:
- Mint
- Redeem
- Transfer
"Mint" is the "printing" or creation of the money supply. The Fed will have complete control over this and unlimited potential to mint.
"Transfer" is self-explanatory. This is the movement of the currency from a source to a destination.
Now, the evil lies in the "redeem" command. Cyprian describes this as the ability to "make existing cash out there unspendable."
Let's illustrate this danger with a hypothetical scenario.
Let's say you're Joe Rogan and the raging Leftists want you canceled and the Fed wants you canceled too. Well, the Fed, with their CBDC, will have the ability to delete or "burn" the "cash" in your wallet. They can literally ERASE your money from existence!
Alarmed yet?
So, what can we do?
I agree with Cyprian and his solution. He believes that we should use (buy, sell, and transfer) Bitcoin because it is decentralized. We should affirm and protect its existence. Bitcoin and its blockchain technology gives us financial sovereignty.
It is highly recommended that you watch Cyrprian's full presentation on this because I have not included every single detail but this article was completely inspired and fueled by his presentation.
