The Bank is in Existential Competition with the Banks on Sovereignty Yet is Unaware its Key Challenges are Resolved
I attended the Digital Pound Foundation event last night to talk about how to proceed with a UK CBDC during 2024. It was an excellent networking event. Clued up people all over the place, mostly who expressed frustration about lack of progress for a technology with such huge potential - imagine there are diamonds all over the pavement. But its socially unacceptable to bend down. A reasonably gifted panel too who could have come better prepared, except for the micropayments proponent. A book writing pundit for a keynote who was rather too prescriptive and negative for effect, if not very entertaining. An excellent and well organised event. I hope to be invited back. I remain in hope for a CBDC. But it needs yet more energy still. A lot more. And for eyes to be opened, free from the work program known as regulation and policy who seem to be dominating it all. Such that a light can be shone on what is already eminently possible.
My big take aways were:
- No one there has the foggiest idea about the original DLT protocol which already resolves all of the Banks key challenges blocking a CBDC. (known as Bitcoin prior to it being ruined by BTC (Bitcoin Core) and now known as Bitcoin SV)). This is no surprise and has a power crypto and fintech narrative keeping it very much alive. Its not clear still if the Bank are aware of it. But it seems not given their excellent documentation which alludes to that.
- Regulation and Policy structures seem to be dominating control of this and like a 'classical work program' are quite happy for things to go very s l o w l y. And indeed this is how on the night they suggested is the best approach quite openly
- An undercurrent of the CBDC being driven into life by "civil society" rather than by fiat - clearly from how we saw the nation respond during the pandemic we can see this view of the world does not harmonise with reality
- That regulations might be too over bearing. Which is both true and not true. Its clear that even global banking does not face the regulators clear guidelines often enough let alone digital assets. On the contrary, the existing regulations are perfectly suitable to digital assets already and no new ones are required - again this makes work for regulators and policy makers. So for me the first step is to remove as many policy makers and regulators as is possible without breaking things.
The following is also a rough draft of the challenge for activists behind the original blockchain protocol and a call out to its supporters, which I made on one of their chief social media platforms. The call out is asking them to stop complaining about how unfair it all is that no one knowns they already have the answer. And be like a hero, by absorbing all that and changing how they act toward this loss, in a way that might this time, be successful.
The main failure of this activist group and its leadership(Dr Craig Wright and Mr. Calvin Ayre) has been to keep pressing on with a failed approach while their superior protocol which answers all the Banks questions, remains hidden, securing victory for their competition in crypto and fintech.
A good evening was had at the Digital Pound Foundation event last night. Here's my report.
1) they're far more digital asset savvy than I expected - very much for a digital asset world
2) no one realises how good the original DLT tech is (this is the Bank of England et al remember!)
3) they are well aware of how bad crypto is and would see BSV as tarred with the same crypto brush
4) influencers believe it will be civil society driven(politically) rather than a new form of cash by statute
5) Theres a lot of spotlight on the regulations on policy industry(a work program par excellence). The guy next to me and I were trying to make the point that no additional regs are required. Just use the existing ones! Especially on global finance, not to mention crypto. But it falls on deaf ears. Because so many make salaries in "regulation and policy".
For this reason, for me, it feels like a CBDC will never happen, because civil society are OK with cash which their getting rid of and using commercial bank deposit money instead(scary that commercial banks would control our money like they already do our identities). So even people who support a CBDC in policy and regulations are the ones who unwittingly are leading nations into oblivion. And so it goes...
All comers at the event, pro and for a CBDC, are clueless about Bitcoin DLT original features prior to it being ruined by crypto and fintech developers and business. This is normal in my experience. i.e. there was a major speaker on the panel on micropayments there who I spoke to later and demo'd Handcash with a $0.000051 nanopayment. She was genuinely amazed. And had been talking only about micropayments "to pay 20p for a returned plastic bottle"! She promised to try to include me on future working groups. We'll see.
And the positive part for supporters of the original protocol is that its fundamentally designed in features answer precisely the challenges the Bank of England are saying make crypto and fintech useless. Scale, Privacy, Security, Transparency, Tracing, etc. The Bank almost talk like Wright about it, its weird.
So the challenge for people on this forum is to NOTICE this and do what we all can to shine a light on it with anyone connected with the Treasury and Bank of England. Avoid the commercial banks, crypto and fintech. They clearly will shoot down the opportunity to travel at the speed of light - they are a business! Avoid anyone saying theres a psyop too like the plague.
So I feel we should not let this surprise us when we see similar in the BSV world. We should really be experts at handling it. I'm sure Mr. Ayre is a nice man. But he still does not seem to have got on top of this yet. For the original protocol, it would be better if he kept a low profile. If he were to talk like he does in front of a banking audience its easy to see why they would ensure he's ignored. Remember: this is not me attacking Mr. Ayre. It is me pointing out how people are likely to respond to his approach. And we want them to respond positively do we not?
Now then. I need your help. I'm going to keep trying to get a foot in the door at the Bank and its lobby. So that I can present them with the original protocol in a way that will make its advent concrete with them. I know Nchain have already been trying. But it appears they have given up(I don't really blame them given the above social engineering).
We are trying to change people's minds about how part of their world operates. It needs continuous 'meditation and prayer'. You cannot just fix it, continuous energy needs devoting to it. Who has any suggestions or wants to seriously be an activist here? Remember: this is not me attacking Mr. Ayre. It is me pointing out how people are likely to respond to his approach. And we want them to respond positively do we not?
Heres the reason why we should put energy into it:
1) The Bank of England say nothing can scale enough, nor give better privacy, transparency, trust and security than the old system
2) They're up for a Digital Pound because they see commercial banks and stablecoin fintechs as a real threat to money sovereignty
3) Not because they are scams(which many of them clearly are) but because THEY WORK and create a lot of innovation and profit! Its a real competition between the Bank and the banks
4) No one, at all, anywhere, on this planet, that matters and can make a difference, knows that the original Bitcoin protocol solves all the challenges the Bank so correctly points out.
5) Nchain and BSVA have failed to shine a light on this. Not because they are useless. But because of some other reason which might have been out of their control.
So we can remain where we are, keep complaining about how unfair it is, and how the cabal have hypnotic control of our actions. Or we can 'turn around' and change our attitude to do something highly rewarding and fulfilling to finally make progress.
BSV proponents continuously talk about killer apps. CBDC's ARE the killer app. The digital pound would soak up all teranode resources on the first day. And send a signal for upscaling which teranode can easily do with microservices.
Or we can sit quietly complaining like spoiled children who cannot have their sweeties about how unfair it all is. And watch BSV slowly die away and get buried, out of sight...
Who wants to join me?