B-money was a decentralized digital currency that relied on a network of computers to verify transactions and prevent double-spending. Unlike Bitcoin, however, b-money did not use a blockchain to record transactions. Instead, it used a distributed database that was maintained by the computers on the network.

Another early attempt at a digital currency was "Bit Gold," which was proposed by computer scientist Nick Szabo in 1998. Like b-money, Bit Gold was a decentralized digital currency that relied on a network of computers to verify transactions. However, it used a different approach to prevent double-spending. In Bit Gold, each transaction would be accompanied by a proof-of-work, which would require a significant amount of computational effort to generate.

Although these early attempts at a digital currency were interesting, they did not gain widespread adoption. This changed with the creation of Bitcoin, which combined the ideas of decentralized networks and proof-of-work to create a secure and efficient digital currency. The success of Bitcoin sparked the development of many other cryptocurrencies, which are now used by millions of people around the world

Keynote speech at this event was delivered by Peter Thiel. 

Peter Thiel, someone who has a phenomenal contribution in how digital wallet money has got shaped in early 00’s. He created PayPal back in 2000 along with others and created digital wallets which had a bigger impact on how money is being transacted online.

In his keynote speech What’s the statement he made? And why has he made that statement?

What’s key takeaway from keynote speech?

Peter’s speech started with a video of 1999 where he predicted the Bitcoin kind of asset/currency for the digital world. 

        With the initial 10 mins of speech he compared value vs velocity factors of BTC, Gold, Visa, Eth. And also the market cap of each of these assets.

He goes on to compare the value vs velocity of BTC, Eth, Gold, Visa.

Big question to be answered is Why BTC has not reached there yet what it deserves to be 1 Million. He goes on to predict that its value would multiply 100X from now ( $38000). 

There will be tens of reasons to tell why it has not reached 1 Million. But it’s finally zero in on political reasons. He goes on directly to take the names out and display them one by one.

While he takes the names out calling Warren Buffet as Sociopath grandpa, they give this statement BTC as Rat Poison, worthless as it affects their fiat money investments. 

Jamie Dimon, chief of JP Morgan bank chose to ignore these as currencies and treat them as technologies, tokens. Finally showing Big BlackRock CEO Larry FInk. Peter goes on stating Black Rock is one giant umbrella which has nexus with bureaucracy, politics and various things.

Blackrock is the biggest enemy of Bitcoin, YOUTH go out and take on this enemy. There is a reason why he has made this statement which I will be covering in the next half of the article.

BlackRock has come up with an ESG framework.

He says “ESG is just a hate factory. It names their enemies” 

Comparing ESG as the vast umbrella thing which comprises of bureaucrats, compliance officers, political leaders, etc

Why did Peter Thiel stated Black Rock & ESG are the enemy of BTC:-

Now Bitcoin and crypto currency success are at an important juncture and the challenges that’s being faced currently. Now is the time that Bitcoin is facing the threat of being hijacked.

Global events of recent times have been engineered to make Covid-19 to happen, Ukraine-Russia war, sanctions on Russia, Fed printing of dollar, artificially created supply chain issues, decisions leading to energy crisis in Europe and US.                

All these will lead to a situation where the central government takes charge and comes up with a central bank digital currency. When this happens virtually every citizen falls under its radar, individuals will have no control over their freedom of privacy. And central banks will control any investment by individuals. Hence the financial system will be in the hands of people who controlled the erstwhile financial system.

Remember what happened in 1944, they came up with a centralized IMF bank which  literally controlled the economy of every country on the globe.

Back to why Peter theil stated Blackrock/ESG as the biggest enemy of Bitcoin.

Blackrock’s Aladdin platform is being used by 55000 investment workers all over the world who are literally with over 250 clients. 

ESG framework introduced by BlackRock has been mandated to adopt by its companies. 

Blackrock together with Vanguard controls has a share in 90% of S&P companies.

Any threat to fiat money of dollar, decentralization would be greater freedom and independence to individuals and this would diminish the individuals who are controlling through companies like Blackrock.

Someone shared details on black rock and its control in the companies listed here in this.

When it has so much influence in the world financial system, it’s very easy to push its narrative and its agenda.  But the biggest discovery to be made yet who is behind the Blackrock which is wielding so much power, who are all there in its network.

In the era where social media connects everyone on the globe it is not so difficult to get the truth out. Hope truth comes out someday.

Barter System ==> Metal Coins ==> Paper money ==> Digital Wallets ==> BitCoin

Barter System:-

It was in an early stage when ancient humans started figuring out to find comforts to make a living, there was no concept of money.

There was no medium to exchange value. So ancient humans figured out a way where in person A exchange the product X with a person B for product Y i.e. barter system.

If a farmer of that era grew Rice he can get other food products like 100kg of rice exchanged for 200 coconut. The problem is he cannot carry tonnes of rice he has grown to get other food products needed for his life.

This barter system had inherent issues. Farmer cannot carry tonnes of rice everywhere to get other grocery and food products needed for his life. Whatever the products that can be bartered should always be carried to the place where it gets exchanged. Most often many products couldn’t be procured through bartering.

Metal Coins:-

To overcome the issues existed with barter system, Central authority during those days, King/Kingdom of the day was given an idea and ordered to print a metal coins with a fixed amount of value for each coin and made a rule to use metal coins as the medium of exchange of value. When anyone wants to buy and sell products of value they would use coins. They can sell all their products at one place in exchange of metal coins and carry those coins to buy any other products they want.

Now in a changed scenario of newly invented money as metal coins, same farmer can sell Rice 100kg for $100 and carry that money in his pocket and buy 200 coconuts whenever, wherever he wanted. This made everyone's life lot easier.

Here too there are disadvantages, metal coins are still heavy to carry in long distance travel and also difficult to store in large amount, not a very convenient way.

Paper Money:-

Initially economies and societies, started transacting using metal coins. After the invention of paper, a certain genius came up with an idea to print the money on a durable paper which made transactions further easier. Over the time printing money on paper evolved to printing on a high quality paper which made sure not to print counterfeited fake notes.

Managing currency system in early stage of Computer,Internet era:-

In modern era, by then each nation has started printing money in their own currency for e.g. like Rupee in India, Pound in Britain, Dollar in USA. Economies and financial institutions were built around these currencies and it's applications.

Over decades most of the nation's citizens have an account in bank and their bank balances are reflected in paper passbook which reflected transaction details, balance, etc.

Central Governments along with it's central agencies like Federal Agency in USA, RBI in India took the responsibilities of managing the entire financial system of their respective countries.

With the evolution of computer, desktops, transactions at bank and maintenance banking operations were automated, bank accounts are managed by computerized operated account books. Transaction history, account balances are printed on physical paper just to assure customer of transparency.

What really has changed the game was network and Internet. Internet, networks allowed the banks to connect their individual servers where all their bank and their customer data were stored. This allowed 2 banks located in 2 corners of the globe to connect in turn allowed the money in one bank account in one bank transferred to another account in another bank within seconds.

Digital Wallet:-

During the course of time few third party platforms allowed and gave a feature to park individual's money in online account called "DIGITAL WALLET". This wallet may not be tied to any single bank account. This created ample opportunities, avenues to do online buying, selling and transact using these Digital Wallets and the era of Digital Money started.

But whatever the amounts in Digital wallets have been derived from the real time money which were printed and managed by government controlled central authorities.

Few of those prominent digital wallets are Paypal, PayTM.

Peter Theil and Elon Musk are few of the initial pioneers in achieving this digital wallet into main stream through their merged entity PayPal.

This became a digital money. By Now every bank and financial institutions have these services to facilitate the transactions of digital money.

Even after this evolution few things remained the same, who prints the money, who manages the money through the banks, it's the GOVERNMENT OF THE DAY.

Though it's trusted that governments, central authorities, kings who controlled, managed money system well. Quiet often the world has seen recession i.e. breakdown of economies due various reasons one of which would be because of improper, ineffective management of economy by means controlling currency. Few of the recessions that caused great agony to common citizen in america were 1929 Great depression, 2008 recession. Same the case with Japan’s 1990's recession.

In order to overcome such scenarios where in one central authority use the system for their benefit for e.g USA Federal agency has printed more than 40% of it's Dollar money in last 2 years. This has resulted in devaluation of Dollar. At present Dollar has been global reserve currency, whichever nation or individual have Dollar currency will be poorer by the day.

Dollar Hegemony:-

After World war - II, 44 nations led by United States came to an agreement called Brenton Woods agreement which resulted in world’s reliance on Gold and Dollar in framing the future currency system. Dollar has become the global reserve currency and most of the nations around the globe used Dollar for their international transactions. But in 1971 USA president Richard Nixon announced it’s decision to stopping Dollar pegging against Gold.

Essentially USA broke the Brenton Woods agreement allowing USA to have their Dollar printed without any regulations. US Dollar has become the crown king of world’s financial system and its ruling the world, other nations economies till today.

Implications of this Dollar hegemony are many more which you would learn upon detailed study are economic imbalances around the world, never ending wars in middle east countries, control of third world countries economies to name a few.

Probably to mitigate all these issues, demerits in current currency sysem, an anonymous person/group known as SATOSHI NAKAMOTA invented a medium for exchange of value called “BLOCKCHAIN” to transact the units of currency called "BITCOIN" which is purely computer algorithm based works on decentralization with transparency.

Why Bitcoin?

Only when you are open to listen and observe various financial opportunities will you get to know its merits and demerits. The reason I want to highlight the usefulness of Bitcoin before you know what bitcoin is, unless you feel interested you wouldn’t try to know Bitcoin and get a little more deeper insights into this.

Bitcoin as Global Currency:-

It’s the age of the digital world. Every single person on the earth can connect to everybody else through the internet. There will be a need for a single neutral global currency which is not controlled by any single nation. That’s needed for transactions between 2 entities in the connected world. Majority of the population across the globe has adopted Bitcoin already.

Bitcoin is Digital Gold: BTC is being compared with Gold as both have similarities. Like gold has a limited amount of reserves on earth, Bitcoin also has a limited supply of 21 million bitcoins. Long before gold was widely adopted across the globe, only a limited number of people had gold. As the population across the globe started  valuing gold and buying it demand increased, as the demand outnumbered the supply gold price increased over time. 

         Likewise at present Bitcoin is not widely adopted and it’s in its initial stages. As a large portion of the population start adopting Bitcoin as the supply is limited and demand sores, as a result price increases in coming days. Internet connectivity across the globe will only fast track the adoption of Bitcoin and it takes less time than Gold to reach its full potential.

Bitcoin is not Inflationary:- Fiat currency(Dollar, Rupee) are inflationary. Fiat currencies are managed by central banks of respective countries. If the government wants to print more currency they can just print it without a valid reason. Thereby the value of money which is already in circulation decreases. If the inflation is 8% per year, Suppose you have $100,000 with you, its value decreases by 8% next year. I.e. buying power of $100,000 decreases by 8%.

There can be a maximum of only 21 million Bitcoins of which close to 19 Millions in circulation now. Value of Bitcoin keeps increasing as adoption grows.

No single authority can control Bitcoin:- No single government authority can control Bitcoin. It resides on a decentralized network. If it’s physical gold or any other currency, it can be confiscated, controlled. For e.g. in 1933 the American government passed an executive order to ban storing Gold, confiscate it if it's held illegally.. In 2016 Indian Government demonetized Rs500, Rs1000 currency bills. Much of its value will be lost if you don’t obey the government orders. That cannot happen with Bitcoin. These bitcoins will be stored in a decentralized network in an encrypted format which cannot be confiscated. If a government wants to ban Bitcoin, its entire network spread across the globe has to be shut down which is nearly impossible. In 2018 China banned Bitcoin and Crypto, but they are still doing fairly well without China.

Bitcoin is Easy to store and Transact:-

Bitcoin can be stored in a digital wallet which can be accessed using a smartphone. Public Key i.e. your public address on Bitcoin network can be shared to anyone if you want to receive from anybody across the globe. You can access this wallet using your own secure private key i.e. password to access bitcoin account to send the BTC to anybody across the globe. 

If 1BTC is valued at $40,000. You can pay/transfer a smaller amount of BTC for e.g 0.0001 within no time.

Early Investors get great returns:-

The value of 1bitcoin was $4 in 2013, now it's $40,000 in April 2022. 1000 times increase in its value. There is a prediction that the value of 1BTC will reach $10,00000 by 2030. If you invest early you will gain good.

Disclaimer:-The information provided on this website/newsletter does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. This website/newsletter does not recommend that any bitcoin/cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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