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.
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….