United Nations' Insane Attempt At Global Digitization: A Plan To Control And Profit

For most of us, it feels like digitization has already permeated every aspect of our lives, whether we like it or not. Some, most notably UN Secretary-General António Guterres, believe digitization is nowhere near the worldwide goals needed. The world must be digitized as quickly as possible, ideally no later than 2030. 

As we didn’t vote for this, all we can do as citizens is forward petitions to governments opposing this invasion of privacy and top-down control. More often than not, it seems to fall on deaf ears as the politicians supposedly working for the people are getting orders from corporate lobbyists or unaccountable and unelected international organizations, not their citizens. 

The United Nations is one of the most influential of these organizations, and it recently released a plan for a “Global Digital Compact” that governments will soon agree to. This article summarizes these digital plans, when they’re expected to be finalized, and what we can do to stop them. 

The report is titled “A Global Digital Compact – an Open, Free and Secure Digital Future for All.” It was published by the United Nations (UN) in May 2023 after almost four years of work. 

 
Source: A Global Digital Compact.pdf. 

Incidentally, in a speech that António gave at the World Economic Forum’s (WEF) Davos meeting in January 2023, he confirmed that the WEF and its affiliates have been forcing the UN's Sustainable Development Goals or SDGs using the Environmental, Social, and Governance or ESG investment trend. In other words, the WEF is effectively the arm of the United Nations. 

The good news is that the private sector isn't too keen to go along with the UN these days, per António's admission. The bad news is that the public sector is still very much on board, and António instructed the politicians at the WEF to ignore the opinions of their populations when implementing the UN's policies. 

The fact that the public sector is still on board means that some of the UN's policies could still be implemented. If you want a sense of what these policies will look like, consider that the UN recently took over the EU's pandemic passport to develop what is essentially going to be a global digital ID. The continued influence of the UN in the public sector is why it's prudent to summarize its recent report. It's necessary to know what they're planning and when they want to implement it if you want to sidestep or even stop it.

Report’s Brief Introduction

António himself apparently wrote the report; however, given the detail and scope of these initiatives and reports, many would find that very hard to believe. It's more than likely that someone is advising António, and it's possible he didn’t write these reports at all.

Speculation aside, the report begins with a brief introduction. In the first few sentences, António reveals that the proposals in this report are expected to be approved and adopted by global governments at the Summit of the Future in September 2024. He also reveals that he is behind the broader UN initiative this report is related to. 

Antonio underscores that all the policies in this report are intended to help achieve the UN's SDGs. For context, the SDGs are a set of 17 milestones that every country is supposed to meet by 2030. The SDGs are the origin of digital IDs, CBDCs, and that 2030 date you see everywhere. 

António explains that these policies can only be achieved with the help of so-called stakeholders. A word that effectively refers to the world's most powerful individuals and institutions. Note that private sector stakeholders want profits, and public sector stakeholders want to control. This is why both parties are obsessed with digitization. Plugging everyone into the system increases profits and makes it easier to control them. 

António laments that some people aren't as plugged in as others and implies that this is why inequality is growing around the world. Some would say that inequality is increasing because central banks and governments are lining their pockets and the pockets of their cronies using money printed out of thin air or taken from the average person via taxation, but that's a topic for another time. 

António also laments the fact that new and innovative technologies such as AI and crypto are not being sufficiently governed, that is, controlled. He applauds the digitization that resulted from the pandemic and implies that this is the direction the world should go in. António ends the introduction by saying, "Global digital compact is necessary to achieve the governance required for a sustainable digital future.” 

By now, you'll know that governance means control, and you'll also notice that António threw the word ‘sustainable’ in there out of nowhere. This could be a subtle reference to the individual carbon credit score system the UN is trying to set up.  

Requirements For Global Digital Cooperation

The first part of the report is about the requirements for global digital cooperation. António explains that it requires having a set of shared goals, and wouldn’t you know it, the SDGs are highlighted in blue. 

Source: A Global Digital Compact.pdf. 

António stresses that we must fully digitize the remaining 2.7 billion people ASAP. Notably, more than 1 billion are children. He acknowledges that not everyone wants to be part of the system and says that a “demand pull” is also needed and that this is where the public sector can play a role. He explains that they can do this by making things like digital ID mandatory to access Public Health Services. António includes schools and cultural services, which begs the question of whether we’ll eventually need to show a digital ID to get an education or practice religion. 

António calls on both the public and private sectors to make all their data accessible so that the UN can keep track of how close countries are to meeting the SDGs. He admits that the UN’s progress towards achieving 41% of the 92 environmental SDGs indicators cannot be globally measured due to a lack of interoperable data and standardized reporting. In other words, the UN has struggled to assess whether countries have achieved 41% of the SDGs by 2030.

Image source: UNStats.com

He then pivots to a topic he's been passionate about on X lately: Online Safety, AKA censorship. He says, “Open, safe, and secure use of the internet is slipping away from us, potentially, permanently.” He blames this on disinformation, hate speech, and the like. Antonio acknowledges that some countries have taken steps to censor the internet but says this isn't enough. He says the governments need to get more involved, both online and in the real world, and that they should crack down on hate speech. He also says that the “Global nature and infrastructure of the internet needs to be protected.” 

This is reminiscent of something António said in his speech at the WEF. He fears that the internet is splitting in two: A censored internet in the West and a censored internet in the East. Meanwhile, regarding AI, António says that the rapid advancement of technology is making governance, AKA control, very hard for the UN and its affiliates and that AI has put this on full display. 

Naturally, António is upset that AI is making it possible to generate so much content. “Imagine the disinformation”, he says. António does acknowledge that AI can be beneficial, but only if it is sufficiently controlled. He reveals that the UN has already been working with AI experts to assess how it can be controlled and how to make sure that it can always be shut down.

Lastly, António says that the “Arc of Innovation” needs to be bent toward solving societal problems and global challenges. Translation: AI needs to be used to manage the peasants. He says that governments need to be involved because businesses won't do this on their behalf. Some would say that some companies are doing the bidding of UN-controlled governments already, but let's not go there. 

Digitization Approach Similar To Climate Crisis?

The second part of the report is about the Global Digital Compact António is obsessed with. He starts by saying that digitization should be addressed in a manner similar to the climate crisis. This is quite concerning as it implies lots of regulation, intervention, and restriction of the internet. It would be ludicrous if they swapped out the climate crisis with some sort of AI-driven digitization crisis, but that would never happen, would it?

Speculation aside, António explains that the global digital compact he envisions adheres to the UN's SDGs, and the purpose of the compact would be to ensure that the SDGs are met. He hints that this will require “New governance arrangements.” In other words, more shady organizations. 

On a curious note, throughout the report, António refers to countries as “states,” presumably a term in the global government structure the UN is apparently trying to create. Antonio reveals that the UN is already actively discussing digitization with the states.

Member States of the UN

The Global Digital Compact Objectives

António then lists the global digital compact's objectives and the actions stakeholders should take to ensure these objectives are met. The first objective is to plug everyone into the matrix, and António provides a long list of measures, including subsidies and $100 billion of funding to this end. 

The above ties into the second objective: to invest heavily in digitization and “develop environmental sustainability by design and globally, harmonized digital sustainability standards, and safeguards to protect the planet.” It's a word salad that sounds like total control of digital technologies. 

The actions António recommends include money, money, and more money. They also encompass sharing data so the UN can finally start tracking how far along countries are in meeting the SDGs. For reference, there are only seven years left. It's safe to say that it's not looking good. Maybe they'll just rebrand like they did when their Millennium Development Goals failed due to the 2008 GFC.  

The third objective is to end the “gender digital divide” and to ensure that labor rights are adhered to online. Like all vague and ambiguous objectives, the actions required to meet them include some seriously dystopian stuff, including creating a dedicated UN government body in every country. 

The fourth objective is to ensure the internet remains open, secure, and shared. António's actions include avoiding blanket internet shutdowns but managing dissent or opposition. He suggests that governments use “targeted measures” instead.

This relates to the fifth objective: to address disinformation, hate speech, and the like to develop “trust labels and certification schemes” and to ensure that gender is included as a part of every digital policy to ensure absolute equality. Antonio proposes a long list of actions here, the most important of which is establishing a global code of conduct to ensure that the internet is policed correctly in every corner of the planet. After all, if there is a place where free speech still exists, opposition to the UN and its allies could start to spread. We can't have that, can we?

The sixth objective is to ensure adequate data governance, i.e., control. Actions include ensuring that all data is interoperable because nothing says privacy, like sharing your most sensitive data with every corporation, government, and organization on the face of the Earth. 

The seventh objective is to ensure adequate control of AI. Actions include “Urgently launching a global body that will regulate all of the AI in existence and any new AI that emerges.” António mentioned the UN half a dozen times, at least in this section. It sounds like they bought into the AI boom. 

The final objective is to ensure all other targets are met under the UN's SDGs. If you read through the report, you’ll see that António used “I” rather than “we” when recommending what action stakeholders should take to ensure these objectives are met. Those who often read reports may know this is rare in accounts by any organization. Some would say it speaks to the size of António's ego. 

Implementation Of Global Digital Compact

In any case, in the next part of the report, António discusses the actual implementation of the global digital compact. He starts by saying that various stakeholders will be responsible for different tasks. He then provides a long list of UN entities to assist with implementation. Oddly enough, António doesn't believe these existing UN entities are sufficient. He reveals that he wants to establish an annual digital corporation forum after all the world's governments agree to the global digital compact at the Summit of the Future in September 2024. 

What's hilarious is that he doesn't even ask for feedback about this idea. He literally says that he's just going to go ahead and start planning the agenda for this new forum. Would-be members of the forum already have homework. Every year, they will write an extensive report about digitization for the UN. 

António concludes the report by recounting how the UN began this digitization initiative four years ago and how he released an initial roadmap for it two years ago. A partial timeline is illustrated in the image below. Note that it doesn't end with that event in 2024. It ends with the World Summit on the Information Society review in 2025 instead.

 
Source: A Global Digital Compact.pdf. 

António then declares,

“The time for talking about the need for digital cooperation has long passed. We need to focus on how we make this a reality. We need to act now, and with speed, if we are to recover the potential of digital technologies for the equitable and sustainable development that is slipping away from us and the planetary crisis that confronts us.”

The remainder of the document provides a list of all the different UN entities and stakeholders involved in this particular initiative. Most people, including me, do not recognize any of the key players in the infographic (shown below), and many critical thinkers opine that the rabbit hole runs right to the center of the earth with each one. 

Source: A Global Digital Compact.pdf. 

How Do We Stop This Global Takeover?

So the big question is how to stop this Global Digital Compact. The answer could be as simple as letting history run its course or as complex as convincing public institutions to steer clear of it. The simple answer is to reference all the countless UN initiatives that never came to pass. As you can imagine, coordinating hundreds of institutions and thousands of individuals can be challenging. Everyone must be on the same page, or they won’t meet their international goals. After all, the world is pretty fragmented right now, and that's why António is so frustrated. 

Internationally, the global South is slowly cutting itself off from the global North. Domestically, political tensions are rising fast, and UN-affiliated ideologies are quickly becoming unpopular. In this climate, it's impossible to achieve widespread consensus. The fact that some of the UN's initiatives are bad for the average person makes the presence of countries not conforming to an agreement a problem. That's because regular folks will be able to compare outcomes and see what effects the UN has. And if we end up with some kind of financial crisis, it's guaranteed that the UN's Global Digital Compact or the SDGs will be of insignificant value. 

Consider that the 2008 financial crisis stopped the MDGs dead in their tracks. They were also on year eight of a 15-year journey. It would be uncanny if history repeated itself this year. But let’s play out a scenario for the sake of entertainment. Let's assume the UN somehow gets all its ducks in a row. In this case, convincing public institutions to defect from its digitization agenda will be extremely difficult. 

The UN can pressure them to comply using other public and private institutions. Some of the UN's digital initiatives, such as CBDCs, may appear appealing to the average person initially, which means there's likely to be lots of voluntary adoption at the outset. It's not until later that the populace will realize that they've sleepwalked into digital slavery. 

As such, the only solution would be to create an alternative system or help existing alternative systems grow. This is what the UN fears the most, especially when this alternative system consists of rapidly evolving technologies, such as ethical AI and cryptocurrency. 

Indeed, the fact that the UN fears these kinds of technologies proves that these technologies are a part of the solution. If the UN gets its way, it could also become a part of the problem. Thankfully, technology evolves much faster than the United Nations and is also much humbler than the UN's head honcho, so it's implausible that the stratagems of these self-serving globalists will reign. 

The great reset/agenda 2030 is falling apart, so always seek the truth and share it. The elites will try and take control by putting us in de facto digital prisons with CBDCs and digital IDs, but alternatives exist and are evolving. They will prevail if they're promoted, adopted, and crowdfunded.

Cryptocurrency will play a critical role in this decoupling between the average person and the corrupt institutions that rule them. Success is not guaranteed, but the pendulum is swinging toward freedom. The UN/WEF's self-confidence is waning as its stakeholders and countries realize how out of touch they are with ordinary people like us, so let's keep that momentum going.

The crypto-verse is truly holding its breath as Gary Gensler of the SEC shifts his gaze towards the challenges presented by artificial intelligence. In the whirlwind domain of cryptocurrencies, where values swing wildly in the blink of an eye, it's rare for a single person's actions to stir up so much speculation and excitement across the entire industry. 

Yet, that's exactly what's happening with Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), as he zeroes in on the hurdles posed by AI. It's like a sudden plot twist in a gripping movie, keeping everyone on the edge of their seats. But the stakes are much higher this time, and the outcome could determine the destiny of an entire economic sector.

Gensler's tenure as the SEC Chair has been all about taking the reins in cryptocurrency regulation. He's brought lawsuits and investigations against significant players in the crypto field, aiming to establish more explicit guidelines and clamp down on possible fraud or deceptive practices. This bold approach marks a clear departure from the more hands-off attitudes of the past. However, just when everyone thought they had the storyline figured out, the narrative took an unforeseen twist.

Gensler, recognized for his deep understanding of financial regulation and emerging technologies, has made a surprising choice to shift the SEC's focus toward the challenges posed by artificial intelligence. This unexpected move has raised eyebrows among those in the industry and those observing from the sidelines. With the crypto market booming and regulations still a work in progress, the question arises: Why would Gensler shift his attention to a whole new frontier?

The crypto sector now stands at a crossroads, uncertain about the path ahead. With Gensler's attention toward AI, those invested in cryptocurrencies can't help but wonder how this chapter will unfold. Will it be a story of collaboration and forward movement or a tale filled with suspense and hurdles? Only time holds the key to revealing the upcoming exciting chapter in this ongoing saga.

Regulatory Concerns and the SEC

The SEC wears the hat of a regulatory guardian, ensuring that securities are handled fairly, and markets run smoothly. When it comes to the realm of cryptocurrencies, their mission extends to safeguarding investors against fraud and unethical practices. They meticulously monitor Initial Coin Offerings (ICOs) to guarantee compliance with securities laws. Think of them as the lawmen of the digital Wild West, where crypto-cowboys roam.

But the plot has taken an interesting twist. The SEC's head honcho, Gary Gensler, has unveiled a change of focus. Instead of exclusively zeroing in on cryptocurrencies, he's turning his attention to the hurdles posed by artificial intelligence (AI) in the financial arena. The US watchful regulators are now keeping tabs on the potential influence of our future robot overlords.

This shift has thrown the crypto industry into a state of suspense. What does this mean for the fate of cryptocurrencies? Will they finally break free from the chains of regulatory uncertainty, or could they find themselves overshadowed as AI takes center stage? The answer is yet to be unveiled. 

But one thing is sure: Gary's shift might divert attention and resources from overseeing cryptocurrencies. This could bring a sigh of relief to those yearning for less interference or raise eyebrows among those advocating for stricter control. The industry is undoubtedly in for some turbulence as this transformation unfolds. It's akin to riding a rollercoaster with no map of its twists and turns. 

The crypto industry has weathered many ups and downs before and is well-equipped to navigate this latest twist. It's all part of the wild and unpredictable nature that makes this industry so intriguing. Moreover, who knows the ways in which AI could revolutionize the cryptocurrency landscape? Picture self-trading coins or wallets that seem to possess a mind of their own. The potential seems boundless!

So, as we await the SEC's strategies to tackle AI challenges, let's keep our gaze fixed on the ultimate goal. Cryptocurrencies have come a long way, and their journey is far from over. As the industry matures and adapts, we'll continue to rise above whatever hurdles come our way. After all, these very challenges shape us and fuel the evolution of this exciting sector.

SEC Chair Gensler speaking before the National Press Club on July 17. Source: SEC

In his speech at the National Press Club, Gary Gensler underlined a significant truth: While the cryptocurrency arena has its fair share of issues like scams, hacks, and money laundering, the realm of artificial intelligence (AI) poses even more significant financial hazards for folks in the US and other nations. As he delved into the topic, Gary spotlighted various risks tied to the ongoing AI surge, which could shake up trillions of dollars worth of assets traded on markets overseen by the SEC.

Looking closely, Gary explains that amidst this AI boom, there's a flip side to the coin. On one hand, AI-generated investment suggestions could revolutionize the customer experience within financial institutions. Sounds promising, right? 

However, he doesn't shy away from pointing out a potential drawback. This emerging technology could also be used to blur the lines of accountability when things go wrong. If errors or failures occur, AI could be exploited to shroud responsibility.  AI-driven trading bots can potentially manipulate financial markets, particularly in unregulated sectors like cryptocurrency. This manipulation can deceive investors into buying assets at inflated prices, resulting in financial losses.

Phishing scams used to stand out due to their misspellings or grammar mistakes, but with the advent of generative AI, creating well-written emails in any language has become effortless. This technology can craft convincing messages that mimic native speakers. In simpler terms, Gary is raising a flag on the potential upsides and downsides of AI's influence on the financial world. It's like navigating a brand-new terrain where incredible opportunities and unforeseen pitfalls are equally likely. As he steers this conversation, Gary is essentially shining a light on the unknown pathways that lie ahead in the realm of AI.

Phishing scams used to stand out due to their misspellings or grammar mistakes, but with the advent of generative AI, creating well-written emails in any language has become effortless. This technology can craft convincing messages that mimic native speakers. In simpler terms, Gary is raising a flag on the potential upsides and downsides of AI's influence on the financial world. It's like navigating a brand-new terrain where incredible opportunities and unforeseen pitfalls are equally likely. As he steers this conversation, Gary is essentially shining a light on the unknown pathways that lie ahead in the realm of AI.

Image source: X [Twitter]

The Waiting Game

Gary Gensler has been quite vocal about his criticisms of the crypto world, accusing it of being filled with hackers, fraudsters, and scams. He's been attacking the industry with full force, making us all wonder what his next move would be. But then, out of nowhere, BlackRock, the giant investment firm, steps in and expresses its interest in crypto. 

They see the value and potential in Bitcoin and other cryptocurrencies. And just like that, Gary's tone changes. He suddenly shifts his focus to AI and suggests we can address the crypto world later. It's almost like that schoolyard bully who picks on a kid, only to back off when he realizes the kid has a strong older sibling to protect them. BlackRock is that older sibling defending crypto against Gary's attacks.

This turn of events is quite amusing to watch. With Gary's attention focused on AI startups, it's safe to say that those in the AI industry need to brace themselves. It seems like Gary is excited about this new direction and wants to regulate AI. As for crypto, there's a sense of relief that his aggressive attacks might lessen. 

However, remember the importance of clarity and resolution for ongoing cases. The SEC seems to be strategizing by prioritizing the current cases before moving on to new ones. After all, a win in these high-profile cases could set a legal precedent that affects the entire industry.

It is essential for the crypto community to come together and support each other in these cases. The industry can't afford to have a fragmented stance where some projects are supported while others aren't. The outcome of the SEC’s regulation against AI will impact the entire crypto industry, and it's crucial for crypto to have a strong track record. 

All the players need to understand that it's not just about supporting one project over another but rather about advocating for a fair and just resolution for all cases involving crypto. So, amid all this, we continue to watch the developments unfold. The shift from attacking crypto to focusing on AI is quite the twist, and it'll be interesting to see how it all plays out. 

The Bottom Line 

AI is making leaps and bounds in technology, with blessings and concerns in store for the cryptocurrency industry. The fusion of AI and various aspects of cryptocurrencies can make things smoother, more accurate, and super secure. Picture this: Trading strategies are automated, and fraudulent activities are identified in a snap. That's the kind of potential AI brings to the table.

But of course, there's the flip side. Cryptocurrencies' unique, decentralized, and roller-coaster nature poses a challenge for AI algorithms. Making sure these systems can keep up with the ever-shifting crypto landscape is no cakewalk. And let's not forget about the worries around privacy, data security, and biases sneaking into AI decisions. All these are real concerns that are keeping industry regulators awake at night.

Now, while the SEC's AI focus might momentarily shift away from cryptocurrency regulation, folks in the know are pretty sure it's just a temporary shift. The waiting game has begun, and everyone's busy speculating. Will we see more regulations? Will the cryptocurrency ecosystem become even more robust and secure? It's like making guesses about what's in the next plot twist.

As for how the industry is reacting to Gensler's AI interest, it's a mixed bag. Some see it as a thumbs-up, a sign that the SEC is on track with keeping up with the times and potential risks. Others have their brows furrowed, worried that too much regulation might stifle the creative spark of innovation. But no matter which side you're on, one thing's for sure: AI and cryptocurrencies are about to collide in ways that could blow our minds.

In a world that's moving faster than ever, the way to win is adaptability. As we all eagerly await the SEC's next moves, folks in the industry should gear up to be informed, ready to act, and quick on their feet. Embracing innovation while addressing valid concerns is going to be the way forward. This fusion of AI challenges and regulations promises a truly exciting future where finance and technology intertwine to change how we perceive and handle money. Get ready because it's bound to be a thrilling ride!

New Use Cases For Bitcoin. Ordinal Theory Disturbs Bitcoin Purists. Competition For Ethereum? 

Bitcoin is evolving with the introduction of inscriptions, which has caused an explosion in innovation, creating new use cases for Bitcoin that many thought it would never advocate. Some believe these use cases are inappropriate for Bitcoin's primary mission of decentralizing money and being a store of value. These use cases include BRC-20 tokens, and Ordinal Inscriptions likened to an NFT called Digital Artifacts, and many are wondering whether they will compete with NFTs and ERC-20 tokens on Ethereum. 

This article illustrates what Inscriptions, Ordinals, and BRC-20 tokens are, how they work, and evaluates what impact the Ordinal theory could have on BTC. Also, how will these protocols impact Ethereum? Could ETH lose NFT market dominance as a result? 

When Did It All Start

The history of Bitcoin's recent innovations begins with the Taproot upgrade, which went live in November 2021. Essentially, Taproot removed limits on how much data each BTC transaction can use, allowing a single transaction to fill an entire Bitcoin block. This opened the door to attaching additional data to BTC transactions, including individual Satoshis. (Sats). For context, each BTC comprises 100 million Sats, like cents to a dollar. 

Image Source: Cointelegraph

As the name suggests, inscriptions make it possible to attach data to individual Sats, including audio, video, and text. Bitcoin Ordinal inscriptions can be fungible or non-fungible, depending on who owns the Ordinal and whether they wish to preserve the individual Satoshi. 

The concept of adding data to individual Sats isn't necessarily new. In fact, Bitcoin creator Satoshi Nakamoto and early Bitcoin developer Gavin Andresen discussed creating a domain name system on Bitcoin in 2010. This eventually led to the creation of Namecoin, one of the first Bitcoin forks. In 2012, the CEO of eToro proposed the concept of colored coins, which involves attaching data to BTC transactions to tokenize real-world assets effectively. 

The main reason why these concepts failed to reach mass adoption was because of data limits on BTC transactions, which Taproot has since removed. Another reason why these inscriptions failed to reach mass adoption was because it was challenging to create or keep track of them. This is what the Ordinals protocol does. It allows anyone to inscribe individual Sats with additional data and keep track of where they are. 

Ordinal Protocol and Inscriptions

As stated on the Ordinal website, a Sat inscription is an NFT; however, "digital artifact" is used instead because it's simple and familiar to artists, collectors, and traders. The phrase "digital artifact" is highly suggestive, even to someone who has never heard the term before. In comparison, NFT is an acronym that feels like financial terminology and doesn't indicate what it means if you haven't heard it before.

Bitcoin developer Casey Rodarmor created the Ordinal protocol in late January 2023. In an interview, Casey explained that he'd been considering making the protocol since he saw generative art NFTs on Ethereum in early 2022. Casey wanted to bring similar kinds of NFTs to Bitcoin. However, Casey stepped down as the lead developer of Ordinals in late May and announced a pseudonymous developer named Raph Japh would be taking his place as he couldn't give the protocol the attention it deserves.

Interestingly, Ordinals only need two things to run the protocol: a full Bitcoin node and a Bitcoin wallet that can read and write Ordinal inscriptions. Casey explained in an interview that the Ordinal protocol was designed to require no extra infrastructure; it exists entirely on Bitcoin. Even more interesting about Ordinals is that the inscriptions apparently can't be searched using a browser, at least for now. 

Casey explained that this is because of “instability.” This means that you must search for inscriptions manually on Ordinals.com, which isn't easy because there are many. For reference, there were more than 10 million inscriptions when Casey stepped down from the protocol in late May. It’s not surprising considering that multiple NFT marketplaces had started supporting Ordinals inscriptions, and a new type of inscription was also invented, the BRC-20 token. 

Image source: X [Twitter] Ordinals Wallet

What Is A BRC-20 Token?

The BRC-20 token experiment was introduced by a pseudonymous on-chain analyst named Domo in early March 2023; that enables users to create fungible tokens natively on Bitcoin. However, before launching BRC-20, Domo stressed that the token is “simply a fun experiment.” 

The BRC-20 token standard is similar to the ERC-20 token standard commonly used on the Ethereum blockchain. However, unlike the popular token standards on Ethereum, BRC-20 tokens do not use smart contracts. Instead, users store a script file on Bitcoin and use that to attribute tokens to individual satoshis. BRC-20s embed JSON data into ordinal inscriptions to enable users to deploy, mint, and transfer tokens. BRC-20s are considered “semi-fungible” since users can only exchange BRC-20 tokens in set increments. 
 
BRC-20 tokens have limited functionality compared to their ERC-20 counterparts on Ethereum. Unlike ERC-20s, which can be used as collateral in various dApps, BRC-20s are restricted to minting and moving fungible tokens on the Bitcoin blockchain. This is why there were over 10 million Ordinals but only around 40,000 BRC-20 tokens. Each Sat inscribed with an Ordinal Digital Artifact only contains one image, video, or text, whereas each Sat inscribed with a BRC-20 can have millions of units of a single token.

BRC-20 Memecoin Craze Causes Fees To Skyrocket

Naturally, BRC-20 tokens caused the number of inscriptions to surge, and the subsequent BRC-20 memecoin craze caused transaction fees on Bitcoin to spike. By May, the market cap of BRC-20 tokens had passed $1 billion, with crypto wallets adding support and exchanges listing the biggest ones. The most popular crypto wallet for BRC-20s and Ordinal Digital Artifacts is the UniSat browser extension. The browser wallet has been downloaded over 300,000 times so far. To put things into perspective, the wallet only had 100K downloads in mid-May – a 3X increase in a month.

Screenshot: Chrome Web Store

Meanwhile, the number of non-zero Bitcoin addresses, i.e., the number of Bitcoin wallets holding more than 0 BTC, has gone parabolic over the same period. Bitcoin miners have also been raking it in from the transaction fees. The fees actually surpassed the block rewards for the first time since 2017. At the same time, innovation around both Ordinals NFTs and BRC-20s had increased. 

More Innovations Ensued

One of the most famous innovations happened in February 2023, when a crafty hacker found a way to upload a cloned version of the 30-year-old video game classic DOOM to the Bitcoin blockchain as an inscription on the network’s Ordinal protocol. You can literally play a simplified version of Doom on Bitcoin. 

More recently, another pseudonymous Ordinal developer named Leonidas introduced recursive inscriptions, making it possible for inscriptions to interact. This, in turn, makes it possible to upload playable video games larger than one Bitcoin block and unlocks other new use cases. 

In May 2023, Milady’s NFT enthusiasts launched a new Ordinals NFT standard with the help of an Ordinal Digital Artifact marketplace that makes it possible to bridge NFTs from Ethereum to Bitcoin. The catch is that the conversion is currently a one-way trip, but it foreshadows more interoperability for Ordinal Digital Artifacts and BRC-20s. 

On that note, the first BRC-20 stablecoin was launched in late May. The caveat is that the issuer of this stablecoin appears to be somewhat sketchy. Even so, it foreshadows the launch of more reputable stablecoins directly on the Bitcoin blockchain, likely resulting in even more Bitcoin adoption. 

Image source: BRC-20.io

Bitcoin Maxis Pushing Back

Not everyone is applauding Bitcoin's recent innovation, however. Many have argued that Ordinals are useless. This argument has some merit, considering that some of the earliest Ordinal inscriptions contained unsavory types of content that have since been hidden. Still, as it’s been inscribed into the blockchain, the image itself is immutable.

Some have also argued that BRC-20 tokens are harmful. This is also understandable, considering that they caused transaction fees on the Bitcoin blockchain to spike. It’s made it more expensive for people in developing countries to send BTC transactions, all because some degens wanted to trade memecoins. 

Others have argued that Bitcoin shouldn't be used for anything other than regular peer-to-peer BTC transactions. This is reasonable, considering the Bitcoin white paper says peer-to-peer electronic cash. Never mind that the more complexity you add, the more vulnerabilities you create. 

Crypto analyst Eric Wall explained in an interview that the way the ordinals protocol was coded is akin to an exploit. Crypto VC partner Nick Carter also pointed out in an interview that this unforeseen use of the Taproot upgrade could make the Bitcoin community more hesitant to approve future upgrades. Nick believes that Bitcoin won't be seeing another upgrade for a long time because of the unforeseen risks it will create. 

On the other hand, many, including Nick, have argued that the objectively useless Ordinal Digital Artifacts will be priced out due to the increased transaction fees. It makes sense because whoever pays the highest price has their transaction processed first. People won't continue to pay a high price to inscribe useless data. 

Progressive Bitcoiners Counter

Some have argued that Layer 2s will solve the blockchain bloats supposedly caused by BRC-20s like the Lightning Network. This also makes sense because higher transaction fees on the base chain create an incentive to generate scaling solutions, an incentive lacking in Bitcoin. 

Others have argued that the fees from peer-to-peer BTC transactions alone may not be enough to secure the Bitcoin blockchain as time passes, so additional use cases should be allowed. This makes sense because Bitcoin isn't just a crypto; it's the most secure network in the world, the ideal base layer. It's not just the progressive Bitcoiners saying this, either. Bitcoin OGs like Blockstream CEO Adam Back have acknowledged that Bitcoin can be used for whatever people want. 

Many Ordinal supporters have also noted the technology’s contribution to the freedom of speech. One Bitcoin observer posted on X stating, “I know everyone hates Ordinals, but whether it’s text or images, the ability to publish uncensorable information on the Bitcoin time chain effectively makes speech uncensorable worldwide forever.” 

What matters at the end of the day is the demand for block space and BTC, ideally from objectively valuable use cases. F2Pool CMO Li Qingfei underscored that Ordinals and BRC-20 tokens will eventually give rise to these objectively valuable use cases once all the hype is gone. The consensus is that both innovations are a net benefit and clear advantage to Bitcoin, but it's still too soon to say what's hype and what's here to stay. 

Ethereum Gearing Up for Competition

Many people have pointed out that conversations around Ordinal Digital Artifacts and BRC-20 tokens sound eerily similar to those around the first NFT craze and the ICO boom on Ethereum in 2017. At the time, people were also arguing about Ethereum’s future in light of these disruptive innovations. Some of you will recall how pictures of cartoon cats once caused massive congestion, jamming up the Ethereum network.

You may also know that most crypto projects launched on Ethereum were utterly worthless. Notably, all will appreciate that many of the NFTs and ERC-20s that survived are valuable and useful. Chances are that we will see the same thing happen with Ordinal Digital Artifacts and BRC-20 tokens. This means that Bitcoin could become more akin to Ethereum; if it does, it will make BTC a more direct competitor to ETH, and it appears that ETH has already been gearing up for this direct competition. 

To explain, BTC is considered to be digital gold. This is primarily because BTC's tokenomics make it an ideal hedge against currency debasement and, arguably, inflation – It is “Sound money.” Conversely, ETH is considered to be digital oil. This is primarily because ETH is the fuel that runs Ethereum, which hosts most dApps and tokens. The narrative around ETH started to change in mid-2021 with the EIP1559 upgrade. 

EIP1559 burns a portion of all transaction fees on Ethereum to refresh your memory. With enough activity, this makes ETH deflationary. Hence, the new narrative of ETH is “Ultrasound money.” Obviously, the term is meant to imply that ETH is a superior store of value to BTC due to its deflationary nature. 

Image source: X [Twitter] 

Ethereum’s transition from Proof-of-Work to Proof-of-Stake also made ETH more appealing to institutional investors because they can stake it to earn a yield, and we know institutions love earning yield. Regarding the environmental aspects of Proof-of-Work versus Proof-of-Stake, you should know that ESG-obsessed institutional investors aren't really concerned about the E part. They're worried about the G, the Governance, i.e., the control. Bitcoin can't be controlled, and ESG investors don't like that.

What Makes BTC More Appealing

Given that ETH can be deflationary and earn a yield via staking, it begs the question of what makes BTC more appealing than ETH to investors, particularly institutional investors. Many people have been asking this question lately, especially as ETH continues to change and BTC stays relatively static. The answer to the question is “security.” 

The Bitcoin blockchain is the most secure network in the world, mainly because it is static compared with all the others, which change constantly. It is the ideal base layer on which additional innovations can be built. The only thing missing was the incentives to create them. Ordinal Digital Artifacts and BRC-20s have introduced these incentives and prepared Bitcoin’s ecosystem to see the same explosive growth Ethereum did after NFTs and ERC-20s saw genuine adoption. 

The difference is that Bitcoin’s ecosystem will be much more secure due to its base layer. This is significant because security is the only thing institutional investors love more than token burns and yield. They want to be sure that the tokens they mint on a cryptocurrency blockchain will stay there forever, and Bitcoin arguably provides more certainty than Ethereum here. 

This is for many reasons, including that Proof-of-Work is more secure than Proof-of-Stake. The infrastructure used to interact with Ordinal Digital Artifacts and BRC-20 tokens exists on Bitcoin itself—the fact that Bitcoin doesn't change, and it's been around for much longer than Ethereum. Never mind that BTC is the only crypto the SEC has said is not a security. 

Bitcoin Innovation Risks

As bullish as Ordinal Digital Artifacts, BRC-20 tokens, and other Bitcoin innovations will be for BTC, there will also be risks. This is one undeniable advantage that Ethereum has: it has moved fast, broken things, and fixed them. Bitcoin hasn't broken anything yet, but unlike Ethereum, it can't afford to. 

Many argue that the most significant risks associated with Bitcoin innovation appear to be regulatory. Bitcoin evangelist Michael Saylor believes there could be regulatory risks, mainly for BRC-20 tokens. Like the ERC-20 tokens on Ethereum, Michael thinks that some BRC-20 tokens could be classified as securities by the SEC. It's ironic, considering that BTC itself is supposedly immune from scrutiny. 

Definitively, the most considerable risk associated with innovation on Bitcoin is one that's been overlooked, and that's centralization. As transaction fees on the Bitcoin blockchain rise because of the innovation, more people, mainly those who don't have much money, will switch to using Layer 2 protocols. 

The Lightning Network is Bitcoin’s Layer 2 solution for its renowned slow transaction speed. It consists of payment channels that contain large amounts of BTC. Individual payment channels between various parties combine to form a network of Lightning Network nodes that can route transactions among themselves. The interconnections between different payment channels result in the Lightning Network. 

Unless you have enough BTC and technical know-how to open your own payment channel, you must use a payment channel that a third party of some kind operates. The harsh reality is that sending BTC transactions on the lightning network using a payment channel run by a third party is no different from using a bank to send fiat transactions. 

That's because every BTC transaction is tracked, and you technically don't own your BTC, meaning it can be frozen or stolen. Because of this protocol’s current vulnerabilities, third parties must run on nodes to prevent fraud within the Lightning Network, called a watchtower, which monitors transactions.

Today's gas fees on Ethereum transactions are unaffordable for most people, forcing them to use Layer 2s, which are centralized and controlled by VC investors. It’s fair to say that's not what crypto is about and what anyone wants for Bitcoin, Ethereum, or other cryptocurrencies. All being well, Bitcoin will take a different approach to growing and scaling its ecosystem than other Layer 1s. All it takes is the right incentives. 

Image source: Ordinals Marketplace

In Closing

The developers of the Ordinal theory have expressed that the most essential thing the Bitcoin network does is decentralize money. They acknowledge all other use cases are secondary, including Ordinals. However, they believe that Ordinal theory helps Bitcoin's primary mission, at least in a small way. 

Suppose inscriptions prove to be highly sought-after digital artifacts with a rich history. In that case, they will serve as a powerful hook for Bitcoin adoption: Come for the fun, rich art, and stay for the decentralized digital money.

Ordinals and inscriptions increase demand for Bitcoin block space, which increases Bitcoin's security budget. This is vital for safeguarding Bitcoin's transition to a fee-dependent security model, as the block subsidy is halved into insignificance and ensures that Bitcoin remains secure.

Many hope that the Ordinal theory strengthens and enriches Bitcoin and gives it another dimension of appeal and functionality, enabling it to serve its primary use case more effectively as humanity's decentralized store of value.

This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Markethive’s Reason For Being and Magnanimity. Entrepreneur One: A Divine Legacy

Markethive’s epic entrepreneurial ecosystem has come a long way since its Divinely inspired inception. Markethive now runs on its own servers, with the security of blockchain and its Hivecoin (HVC) so close to being released on crypto exchanges and self-custody wallets. We have arrived as the first mega-decentralized marketing and broadcasting network encompassed by a social media interface with a vision and mission to deliver an autonomous sovereign meritocracy en masse that is not subject to oppressive technocracy.

When the founder and CEO Thomas Prendergast was given this vision from the Lord to build Markethive, the basics had to be free for everyone, such as the newsfeed, video, autoresponders, capture pages, the rotator link, broadcasts, etc. All Tom had to do was work out how to fund the project. 

How was Markethive’s growth made possible?

Through the Divine inspiration and tenacity of the founders, the concept of the Entrepreneur One Loyalty Program (E1) was created.  When the Entrepreneur One Upgrade was constructed, it was designed to reward the person for seeing the vision and trusting Markethive, particularly Tom, to build this vision. 

Ergo, how the E1 works and what it does is a Divine inspiration. Firstly, it funds Markethive to build the vision, and in turn, it will give a magnificent return from the Initial Loan Protocol (ILP) or, as it’s more recently called, the Incentivized Loan Program, which is included in the E1. As the name suggests, it is a loan from you to the company that pays you back at the end of the term and gives you magnificent returns when Markethive opens it to the masses.  

Markethive did have numerous affluent investors preparing to invest millions of dollars into Markethive; however, various tragic events fell on each of them before finalizing their commitment. In Tom’s words, “…it’s so weird! It got to a point it was laughable.” 

But, Markethive does have a core of people who are dedicated to the Markethive vision and have given Markethive its “daily bread” by being an Entrepreneur One for $100 per month so Markethive can continue the Divine quest inspired by our Lord. It can only be explained as biblical. Because of the goodwill and conviction of some, Markethive has accumulated the money needed to move forward with development as fast as possible, funds permitting.

The world’s disastrous events, especially over the past three years, have been called biblical also, and this is the reason why the entrepreneurs of Markethive and the company have this imperative to free and help every living soul achieve financial and self-sovereignty. To be enlightened and awakened to the perils and evil that’s been active and, for the most part, hiding in plain sight for decades, if not centuries, from all of us. 

Markethive’s Engineers. A Divine Intervention

Markethive’s engineers came to Markethive through the Holy Spirit. They were told to work with Markethive through their relationship with the Lord, where they received messages and answers through inspiration. Markethive was the company they were directed to, and through their dedication, sacrifice, and ingenuity, the platform, with its unique concepts, is being built. We are so blessed to have them on board with us at markethive. 

Entrepreneur One Receives Many Rewards

The E1 wasn’t set up to be any particular time period, but as Tom & Co continues to build Markethive, the E1 has evolved and given those with one or more E1 accounts a variety of rewards. As explained in a previous article, there are many different rewards and opportunities to generate income allocated to the E1 member.  

The Banner Impressions Exchange (BIX) is one that has been overlooked up to this point. Since its release, it hasn’t been a huge moneymaker, but it will be. Keep in mind that the banners are only shared by a maximum of 500 E1 accounts. To explain its potential, let’s take LinkedIn as an example. 

LinkedIn has 750 million active users, which equates to 40 billion hits per day. When Markethive has those massive hits from 75 million users, and you’re one of only 500 E1 members that can sell your impressions to a potential 750 million people who want to run ads, they will be willing to pay $4-$5 per impression. The amount of income that alone can produce is significant. The revenue of just that one component of the E1 will increase over time, and it’s forever as long as you are an E1 and active.

The banner placement space that belongs to the E1s is showcased on the premium real estate of the Markethive site, which is the upper header space below the taskbar. The Banner Impressions Exchange is available to all members should they wish to buy impressions from the E1 members to place a banner in Markethive.      

The E1 Upgrade gives other excellent benefits, like a 100% matching bonus on your new signups and those brought in by the company. In other words, the E1s get all of the traffic Markethive is responsible for bringing in via marketing campaigns, and the signups are rotated to only the E1s. 

Another benefit is the upcoming Promocode issued by Markethive to the E1s. Each E1 member will have their own Promocode, and Markethive’s administrative control panel decides what products the Promocode gives. These incentives consist of WOF, Boosts, Markethive Credits, Markethive tokens, Push, Broadcast, HVC, etc. And these will be assigned in multiples! 

So when prospects sign up on your Markethive promocode site, they will receive what’s allocated once they’ve completed KYC. Furthermore, it’s free to you as an E1: Markethive includes this in the E1 Upgrade subscription.  

As Markethive builds its system, the daily bread has been coming in consistently via the Entrepreneur One Program, which has enabled Tom and the Engineers to produce the Premium Upgrade. The Premium Upgrade is one of the additional things they’ve added since Tom was told to give the platform away for free. 

Markethive’s Retail Products

We now have numerous facets added on top of the basics that Markethive can sell that are very valuable. Markethive now can create retail sales packages like the Premium Upgrade. We also have the Wheel of Fortune, the Boost, and the E1 banners and impressions.

In the works, we have the Push, which is a group that, when you publish in the group, your posts are on the top of every single newsfeed in view for every new person who signs up. The very top banner on the Markethive platform will also be available for sale, which is the ultimate in prime real estate and primarily for the company’s use.  We are also preparing to deliver the broadcasting, press releases, and video advertising. All of the above are Markethive’s retail products. 

More About The ILP

As stated earlier, The ILP is one aspect of the Entrepreneur One Loyalty Program but is separate. There is still some confusion about the difference between the E1 and ILP. To clarify, The E1 (Entrepreneur One Upgrade) is a $100 monthly subscription, where you earn 0.1 ILP after one year of consecutive payments, which accumulates every year while active. 

The ILP (Incentived Loan Program) is a loan to the company that is paid back to you via a balloon payment after 20 years, or you can re-initialize it for another 20 years. So, you are lending Markethive the money that the ILP represents. It also provides monthly payments or returns to you, which is 20% of the net revenue of Markethive’s retail products. This is paid to all ILP token holders per their pro-rata share as long as the principal is outstanding. 

Also, note that the ILP is an assumable note that you can transfer to anybody. For example, If you hand your Markethive account over to someone else, the ILP is theirs, and they benefit from the returns. There will be an ILP Exchange, like the upcoming E1 Exchange, where you can sell your ILPs. 

The Markethive legacy will last forever. Markethive’s ethos, ethics, and transparency allow everyone to benefit, including the BOD and Alpha shareholders from the previous company before Markethive. These members are grandfathered in, automatically receiving 0.5 ILP for BODs and 0.2 ILP for Alpha members. 

Right now, anyone can buy an ILP or part thereof with Markethive tokens, Bitcoin, bank transfers, or credit cards. You can also earn ILPs through the Entrepreneur One Program or win an ILP through the contests Tom holds occasionally. 

Remember, the ILP is not an ICO, which is a security. You are not buying it from Markethive on speculation that it will be worth more in the future, like stocks. The ILP is a loan, which is not a security but a legally binding and conforming loan agreement. Because it is a debt instrument, it is not subject to tax and is compliant with the USA UCC code governing debt instruments.

What Markethive, the company, pays out to you, in fact, all transactions, will come through the wallet Markethive has just finished building. The spectacular, very sophisticated wallet also keeps track of the ILPs you own, and you will be paid your 20% share of Markethive’s revenue with the profit of the retail products through your Markethive wallet. 

It’s important to note that the ILPs earned through the E1 Upgrade are bona fide and are yours to keep forever. Your earned ILPs will continue to pay you returns even if you cancel your E1 subscription. The ILPs will continue accumulating in the E1 Upgrade until all 1000 shares/ILPs are accounted for. 

Another Divine Inspiration from Tom

Here’s something to look forward to. Once the bona fide ILPs are dispersed, there will be what is called a Virtual ILP. (V-ILP) It will be produced to take its place and take another 10% of Markethive’s revenue. You will acquire the Virtual ILP in the E1 account that you have, and as long as it’s active, the Virtual ILP that it’s earning will pay out 10%. If you cancel the E1 subscription or sell it on the E1 Exchange, the V-ILP associated with that account will cease and no longer be payable to you. Unlike the original E1 Upgrade, you do not keep your ILP.

The E1 Is A Legacy Program

The Entrepreneur One Loyalty Program is a legacy program, and it’s Divine because not only does it empower Markethive to move forward, grow the company, and, as we move forward, be massively successful, but in turn, it pays back to each person who supported the company to fulfill its mission victoriously. Eventually, it will get to a juncture where there will be a tipping point, and more revenue will come into that ILP than what the E1s are paying out for their monthly subscription. 

Current Entrepreneur One members are urged to continue with their subscription as it will fuel their future wealth. Remember, it’s a loan from you that is paid back to you at the end. Meanwhile, 20% of Markethive’s revenue is also paid to you. This is unique and a gift from the Lord; no other company does this!  

The Markethive wallet has been accomplished and is functional for all intents and purposes. The wallet is just waiting for the Hivecoin launch to step outside of Markethive’s door, unleashing it to the global community. We are now very close to assigning Hivecoin and launching it to various wallets and exchanges.

The countdown will be activated at that time, and the announcement that the Entrepreneur One Loyalty Program is closing to new members and will not be available from the company, only E1 members through the E1 Exchange. You will have 30 days from the notification to either become an Entrepreneur One member or, if you have suspended your E1 Status, re-instate your E1 account to receive all the benefits and potential wealth it has to offer. 

But why wait? Become an Entrepreneur One now by subscribing for $100/month or save $200 when you purchase an E1 for $1000 for 12 months. Start accumulating your bona fide ILPs now. You’ll be an integral part of Markethive’s development envisioned for all humanity and be rewarded with a legacy of wealth to enjoy and pass on to your family.  

May the Lord bless and uphold you for all eternity…

About The Markethive Wallet – What You Need To Know

Great news, Markethivers! The wallet is now installed on the Markethive platform. Markethive has kept its promise and delivered a complete working wallet. This mighty, robust, and secure wallet encompasses all aspects of facilitating your business and securing all your financials within Markethive, like earnings and payments, dividends paid from your ILPs, retail products, etc. 

This is a significant step in the right direction for monetizing Markethive’s ecosystem as it endeavors to ensure and restore sovereignty and financial freedom increasingly being stripped from us by a global authoritarian regime. This article will illustrate what you need to know and do to access the now-operational wallet. 

Understand that access and functions of the wallet are only for Entrepreneur One (E1) members at this stage. E1 members can now retrieve their Hivecoin (HVC) from their cold storage to their hot wallet. (You can do this in preparation for the forthcoming coin exchanges and your 3rd party self-custody wallet.) You can also transfer HVC to other members within Markethive via the wallet. 

Access The Markethive Wallet

To access your wallet, tap on the wallet icon on your Markethive dashboard (portrayed in the image above). A popup of the wallet will appear on your screen. If you haven’t completed your KYC, you will see a stop sign (pictured below) and a prompt for you to initiate the KYC protocol. You must complete the KYC process and 2FA for access to the Wallets section of the Markethive Wallet. (Note: The 2FA protocol will be installed into the Security section of the wallet in due course.) Meanwhile, you will have confirmed your 2FA when logging in to Markethive. 

The non-E1 KYC-approved members will see the banner announcement (pictured below) until its full release. The image in the wallet has a link should you wish to upgrade to Entrepreneur One to gain early access and take advantage of all the benefits offered, including becoming a shareholder by securing the ILP (Incentivized Loan Program), which will pay a monthly dividend on the net profit of Markethive’s revenue. The E1 membership will no longer be available from the company once the wallet has fully launched. 

About KYC And 2FA

In Markethive’s case, KYC is for the community’s benefit of knowing who they are engaging with and not for governmental regulations, unlike exchanges and others.  It assures Markethive members that you are a real person, dedicated to honest and transparent relationships in business and socially. The purpose is to have an active, dynamic, and secure “hive of people.” Note that once KYC is approved, the documents uploaded to attain approval are all deleted; Markethive does not keep these documents. 

The short selfie video required in the Markethive KYC protocol is kept on file so you can retrieve access to your account if you lose it. The admin can verify you with that video if you lose your device and the 2FA app needed to utilize your Markethive account and wallet. You just make a short video requesting access to your account and how you lost access. The video prerequisite is another layer of security to prevent your account from getting hacked. It also prevents members who have signed up but are not verified from hacking or spoofing.   

This article comprehensively explains the 2FA installation and protocol for various devices. Since Markethive introduced 2FA at login, most members have successfully activated it; however, some still need clarification or have issues with it. The most common problem people have with the Google Authenticator app is an incorrect code. If your code is incorrect, it usually means you entered it after it expired. The code changes every 30 seconds. 

If you input your code within the allotted time and it’s still incorrect, it means the time on your Android device is not synced with your local time zone. To remedy this, open the Google Authenticator app on your Android device. In the top right, select More ⋮ > Time correction for codes > Sync now. On the next screen, the app confirms the time is synced.

Markethive Wallet Security

More and more platforms are utilizing this protocol for security reasons. Markethive has taken it further with its unique, never-been-done-before system to provide the most extreme security that virtually makes it impenetrable. Unlike other platforms, we have a comprehensive financial accounting hub that can be likened to a bank. Your assets in your wallet are precious and, in most cases, can be considered a livelihood.  

You must set up the Markethive security protocol as it is needed to transfer HVC to any other 3rd party wallet once HVC has been officially named and can be listed on various self-custody wallets. More about Hivecoin in a forthcoming article. This security consists of the following: 

1. Your Security word. 
2. Your security image and word.
3. Confirm your 2FA.
4. Retrieve the code sent to your email on record with Markethive.

The security of such a system needs to be severe and is very necessary in today’s world of massive corruption.

How To Retrieve Your HVC From Cold Storage

The above Markethive security protocol is unnecessary for internal transfers. However, as Markethive is currently on the Solana blockchain, you must have a small amount of Solana coin (SOL) in your Markethive wallet to facilitate the transfers, whether within your Markethive wallet or externally. As shown in the image below, only a minuscule amount of SOL (0.002) is needed to retrieve your HVC from cold storage to your hot wallet balance.  

First, to deposit SOL into your Markethive wallet, go to your Markethive Wallets section > Go to Solana Wallet > In the drop-down menu, tap ‘Receive Solana’ > Copy your Solana address. Then, go to the wallet where you hold the Solana coin and complete the transaction. Your chosen amount of SOL will be in your Markethive wallet instantly. 

You can then retrieve your Hivecoin from cold storage into your hot wallet to access your HVC for transactions. Once in the hot wallet, you can transfer to anyone within Markethive, or any wallet you or anyone else has where the HVC is listed.  

HVC Retrieval Guidelines

Another great reason to have Entrepreneur One status is that E1s have no limit on retrieving Hivecoin from the cold storage to the hot wallet. This drastically reduces the risks of bottlenecks that can occur when restrictions are in place. These guidelines are as follows: 

• E1s have limitless retrieval of Hivecoin from cold storage to the hot wallet.
• Premium upgrades can retrieve 10 HVC per day. 
• Free members can retrieve 0.01 HVC per day. 

Become an E1 Now. Time Is Running Out!

Markethive has built a system that works for the average entrepreneur and will continue to expand and reach new heights with its unique concepts and products. The wallet is now complete and functional for the Entrepreneur One members. You will want to become an E1 when you understand what Markethive is doing with the Entrepreneur One Upgrade. 

It’s Markethive’s vision and mission to spread the wealth with as many who are willing to be part of this. You bless Markethive by upgrading to Entrepreneur One now and be prepared to be blessed a thousandfold. This is your company, your online business, and your home. These memberships will be sought after, demanding huge prices on the upcoming E1 Exchange, and sold by E1 members who understand and believe in the vision with the foresight to acquire multiple E1 accounts. 

Entrepreneur One Upgrade. A Reciprocal Blessing. It Works Both Ways!

Secure your share of Markethive and experience exponential growth of your income and legacy. You are welcome to purchase multiple Entrepreneur One subscriptions, which multiplies your income accordingly. Time is running out as the E1’s availability from the company will soon come to a close when the Markethive Wallet is released to the community. This is your chance to secure an E1 membership from Markethive for free, help pioneer, and own part of the world’s first blockchain-driven social market broadcasting network of the future, where we stand for freedom and hold dear your sovereignty. 

Wall Street's Money Game Puts Crypto Revolution At Risk

Many people who believe in the potential of cryptocurrencies hope that Wall Street, the famous financial hub, will eagerly invest in the growing crypto market and enjoy the same profitable returns that individual traders have experienced whenever the value of cryptocurrencies has surged. However, this belief overlooks two crucial facts: firstly, Wall Street is already heavily involved in the cryptocurrency market, and secondly, it has no intention of injecting its capital to boost this volatile market.

The world of institutional finance has had numerous opportunities to capitalize on the cryptocurrency space. However, as its influence expands, the cryptocurrency market is transforming, potentially into something entirely different. Whether this transformation is intentional or an unintended consequence of its shortcomings, Wall Street may gradually undermine the essence of cryptocurrency itself.

This article explores the intricate dynamics between Wall Street and the crypto world, shedding light on the potential implications of the Wall Street money game in the crypto industry. Let's unravel the mysteries and better understand this ever-evolving landscape.

Wall Street Is Not On Your Side

The recent exposure of Wall Street's Bitcoin conspiracy has shed light on some alarming developments in the market. It all began with the BlackRock Bitcoin ETF application. BlackRock, a powerful asset manager known for its extensive control over various industries, including media and pharmaceuticals, has been implicated in bribery and political manipulation over the years. It is essential to remember that Wall Street and these major players are not interested in your financial freedom. They are anti-revolutionary and do not have your best interests at heart.

The news of BlackRock's Bitcoin ETF application is significant due to its massive influence as a $9.1 Trillion asset manager. Even a tiny portion of their funds could potentially buy up all the Bitcoin available on exchanges. However, BlackRock is not the only organization venturing into the Bitcoin ETF business. Fidelity, a $4.24 Trillion asset manager, and other major players are also interested in entering the market. These ETFs are expected to be backed by real Bitcoin and traded on stock exchanges.

The paperization of Bitcoin raises concerns as it will move more Bitcoin into the hands of stockbrokers, reducing the amount of Bitcoin available on the blockchain and resulting in fewer fees for miners in the long run. Long-term investors currently hold a significant portion of Bitcoin. BlackRock, Fidelity, Wisdom Tree, and Invesco, have all filed for Bitcoin ETF applications. These developments cannot be ignored.

Furthermore, we have EdX, an institutional-grade cryptocurrency exchange backed by Fidelity, Charles Schwab, and Ken Griffin's Citadel Securities. The pieces start to come together when we see the bigger picture. A crackdown on the cryptocurrency industry led by Gary Gensler, the head of the SEC, raises eyebrows. Gensler's previous affiliation with Goldman Sachs, a major player on Wall Street, suggests a conflict of interest. It appears that Wall Street is orchestrating a deliberate attack on its major competitors, such as Coinbase and Binance, while simultaneously preparing to launch its own cryptocurrency exchange.

The entry of Wall Street into Bitcoin is not a coincidence. It is a meticulously planned move to manipulate the markets for their benefit. Institutions like JPMorgan and BlackRock are experts in market manipulation, and their involvement in Bitcoin will undoubtedly affect its price. 

However, we must understand that inviting Wall Street into the cryptocurrency space comes with risks. They have a history of dismissing Bitcoin as a scam, and suddenly they are interested in Bitcoin. The agenda is clear; they aim to gain control over it and take surveillance to the next level. We can expect them to push for code changes in Bitcoin to exercise control, which organizations like Greenpeace have already discussed.

While the influx of ETF applications may seem exciting for regular consumers wanting to invest in Bitcoin, it comes at the cost of relinquishing the uniqueness of Bitcoin itself. Owning Bitcoin through Wall Street-backed ETFs means giving up control over your assets. The hope that these institutions will hold and redeem your Bitcoin in the future is not the vision that attracted many people to Bitcoin in the first place. If you genuinely believe in the principles of Bitcoin, buying and holding your own Bitcoin is crucial, securely stored in your personal wallet. Wall Street cannot be trusted with your financial sovereignty.

Image source: Wall Street Mojo

How Wall Street Can Potentially Harm Cryptocurrency

To understand how Wall Street can negatively impact cryptocurrency, let's delve into a concept called hypothecation. In simpler terms, hypothecation occurs when a company or firm pledges its equity shares as collateral to a lender. Here's an example to illustrate this: Imagine Company A needs $5 million, and Broker B agrees to lend them the money. In return, Company A offers $5 million worth of their securities as collateral to Broker B. This type of arrangement is known as hypothecation.

Now, here's where the potential problem arises. Rehypothecation comes into play when Broker B, the lender, reuses the assets received from Company A as collateral for their business activities. This practice allows Broker B to utilize the assets as a security for their transactions. In the traditional financial world, rehypothecation is relatively straightforward due to a few reasons.

Firstly, shares in the traditional financial system are not physically settled; ownership certificates represent them. This characteristic makes transferring ownership as an 'IOU' simple without physically moving the shares. Secondly, accounting and tax regulations permit the same asset to be attributed to different parties as long as each party records a distinct amount of debt on their balance sheets. However, this flexibility granted to banks and brokers increases the risk associated with counterparties involved in such a system.

Cryptocurrency, like Bitcoin and Ethereum, operates on decentralized networks that rely on blockchain technology. These digital currencies are not governed by centralized authorities like banks or governments. The underlying technology ensures transparency and trust in transactions by recording them on a shared, immutable ledger.

However, when Wall Street, with its established practices and financial mechanisms, enters the realm of cryptocurrency, it introduces potential threats. The concept of hypothecation and rehypothecation, which are prevalent in traditional finance, can pose risks to the stability and integrity of cryptocurrency.

One significant concern is the possibility of multiple parties claiming ownership of the same digital asset. Unlike traditional shares represented by certificates, cryptocurrency ownership is recorded and verified through complex cryptographic algorithms. If a broker were to hypothecate or rehypothecate digital assets without proper mechanisms in place, it could result in conflicting claims and disputes over ownership.

Moreover, the transparency and decentralization that define cryptocurrency could be compromised. Rehypothecation often involves leveraging assets for additional borrowing, which can introduce systemic risk and potentially lead to market manipulation. This practice could undermine the principles of fairness and equal opportunity that many proponents of cryptocurrency value.

The risk of counterparty failure increases with rehypothecation. In the traditional financial system, where banks and brokers hypothecate, and rehypothecate assets, the complexity of transactions and the interdependency among market participants heighten the risk of a domino effect if one party defaults. Such failures can have far-reaching consequences, including financial instability and loss of investor confidence.

The Implication Of Rehypothecation For The Crypto Industry 

There's an important issue to consider when discussing cryptocurrencies like Bitcoin. Many of these digital currencies claim to have a system that ensures their security and reliability, such as a proof-of-work (PoW) or proof-of-stake (PoS) mechanism. However, these cryptocurrencies are often traded on centralized exchanges despite these claims.

Let's delve deeper into the problem. Imagine a scenario where a Bitcoin is rehypothecated multiple times as brokers and exchanges trade debt and collateral. In such a situation, who gets to claim ownership if there's a need for it? Who indeed possesses the cryptocurrency at the end of the day when multiple parties know the private key, or worse when no one does?

Cryptocurrency enthusiasts strongly believe in the idea that if you don't have control over your private key, you don't have control over your crypto assets. This means that if you don't directly manage and secure your private key, you can't truly claim ownership of your cryptocurrency.

Now, let's consider some potential problems that can arise. What if a broker goes bankrupt, and someone needs to be compensated? Or what if a hard fork happens, and someone needs to participate by voting with their stake in the cryptocurrency? In such cases, determining the rightful owner of the Bitcoin becomes exceptionally complicated due to the long chain of transactions involved. It becomes unclear who should be considered the valid owner, and this uncertainty creates a significant challenge.

Moreover, the current transient ownership model, where cryptocurrency ownership changes hands frequently, simply doesn't work well for assets recorded on a ledger. This flawed model can lead to multiple parties expecting compensation simultaneously, creating a chaotic situation. The risk of a complete breakdown in this scenario is alarming and could have devastating consequences.

One empirical example of the catastrophic consequence of rehypothecation in the crypto industry was the lucrative Grayscale Bitcoin Trust (GBTC) “premium arbitrage,” which led to the demise of 3AC, Genesis, and Grayscale. Rehypothecation generated credit from assets and allowed multiple transactions to be collateralized by the same asset. This unstable chain of transactions supported by the same collateral was poorly understood and resulted in the collapse.

Image source: Hackernoon

Addressing these concerns and finding solutions to ensure the proper ownership and control of cryptocurrencies is crucial. The complex and convoluted nature of ownership in the current system poses significant risks that could undermine the stability and reliability of cryptocurrencies as a whole. Therefore, exploring alternative models and frameworks that can provide a more robust and secure ownership structure for digital assets is essential. By doing so, we can build a stronger foundation for the future of cryptocurrencies and protect investors from potential disasters.

Why Investors Are Eager For A Bitcoin ETF

The idea of a Bitcoin ETF has captured the imagination of cryptocurrency enthusiasts for a couple of important reasons. First, ETFs are built on a solid foundation of tangible assets, and second, they are seamlessly integrated into the traditional financial market through brokers. If a Bitcoin ETF were to become a reality, it would make Bitcoin much more accessible to everyday investors who may not have the patience or technical know-how to buy Bitcoin on cryptocurrency exchanges or manage a blockchain wallet. In simple terms, a Bitcoin ETF could be the key to achieving widespread adoption of Bitcoin.

The hope for a Bitcoin ETF received a glimmer of optimism in October 2021 with the launch of the ProShares Bitcoin Strategy ETF (BITO) on the New York Stock Exchange (NYSE). However, it's important to note that this particular ETF is not directly tied to Bitcoin itself. Instead, it tracks the Bitcoin futures contracts offered by the Chicago Mercantile Exchange (CME), which are essentially bets on the future price of Bitcoin.

On the other hand, ETF proposals directly linked to Bitcoin from various companies have either been outrightly rejected, as was the case with early Bitcoin investors Cameron Winklevoss and Tyler Winklevoss or are still awaiting approval from the U.S. Securities and Exchange Commission (SEC).

Although there are opportunities for profit in the cryptocurrency market, and the industry has experienced a surge in popularity in recent years, there remain numerous uncertainties surrounding the future relationship between cryptocurrency and Wall Street and its broader acceptance among the investing public.

Many investors believe that the influx of Wall Street money might lead to more regulation, oversight, and accountability in the crypto space, which could ultimately benefit users and investors.

In the end, the impact of Wall Street money on cryptocurrencies will depend on how regulators, policymakers, investors, and users find the right balance between risk and reward, trust and verification, centralization and decentralization, and innovation and stability.