The Cashless Path...Forward? Nov. 6 '23
Repeatedly in my life, I have seen shows where someone carries a suitcase of cash money. Every time it appeared, it represented a ton of money. These images are ingrained in the minds of people all over the world and have been for generations. Cash is king…or is it?
The cashless society is challenging this view of money as we have grown to know it. From watching the “global money/cashless” theme grow, I wish to share with you evidence that supports this trend is accelerating. The reality is that no matter what advice one gives or receives, this is truly a future financial world where “no man has gone before”. And no, this is not a sci-fi film.
We go to a bank and need cash from our account. Easy. We use our debit card to get some cash from our account at an ATM, Automated Teller Machines.
We are at a professional sports venue, or a large airport and we need to convert our cash into a debit card so we can use it in all the stores who are no longer taking cash. We find a REVERSE ATM and it helps us make the switch.
I know, you saw the Rangers play in the World Series in 2020 and these Reverse ATM machines were in Arlington then. If you haven’t seen a Reserve ATM, keep a look out. This is a growing trend.
World Series Goes Cashless With Reverse ATM, Sports Business Journal, 10/26/20
Reverse ATMs increasing as stores move to cashless society, Morning in America, New
Nation, You Tube Channel, 4/25/23
When you think of 2020, what is the first thing that comes to mind? Covid, right. Well, I recently learned that there were two patents that were published in 2020 related to digital money that could have a major impact on the global financial system and our daily lives.
When you see Reverse ATMs, it sounds like another way to deal with the growing, “we only take cash” business. When you read the abstract of Microsoft’s patent WO/2020/060606 published on 3/26/20, you quickly see the idea of “cashless” taken to a whole new level.
So, what does this sound like to you:
“Human body activity associated with a task provided to a user may be used in a mining process of a cryptocurrency system.”
“Body activity data may be generated based on the sensed body activity of the user.”
“The cryptocurrency system communicatively coupled to the device of the user may verify if the body activity data satisfies one or more conditions set by the cryptocurrency system, and award cryptocurrency to the user whose body activity data is verified.”
Remember, this patent was published just 2 weeks after the World Health Organization announced to the world that we were in a global pandemic (3/11/20). Yet at the same time everyone is inundated with the COVID global lockdowns, a patent is being published about a device that will monitor your “body’s activity data” that may be used in “a mining process of a cryptocurrency system”. This bionic system “may verify if the body activity data” that it attains “satisfies one or more conditions set by the cryptocurrency system” to “award cryptocurrency to the user whose body activity data is verified”.
It will soon be 2024. Where could this patent take us in the ever-growing surveillance world? How could this development impact our daily lives? One thing is for certain, it is obvious that most of us have never heard of this patent or even thought such a system could exist.
Like the Microsoft Patent, this interesting patent was published was published in the spring of 2020 as well. Notice it pertains to digital currency. In a world where we probably own or know someone who owns cryptocurrency like Bitcoin, notice this patent deals with “digital fiat currency”. The only institution that has generated fiat currency for over 300 years are central banks.
Consider these statements from the abstract of this patent:
“Techniques are disclosed which include receiving, by a central entity computer, a request for digital currency. The request includes a serial number and a denomination of a physical currency.” [Bold text my own]
Physical currency is what all of us understand, it is something that has a physical dimension, not a digital one, i.e., bills and coins.
“The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system.” [Bold text my own]
Since this is not Bitcoin, Ethereum, or the many other cryptocurrencies that are owned by over 300 million people around the world today, then it should become very clear from the words “digital currency” and “fiat currency”, that we are talking about a patent from Visa about a technology that would be used in conjunction with central banks developing their own CBDC, or central bank digital currency.
Notice, this technology would REMOVE fiat currency by a request for digital currency.
From everything I have written about in the world of money since 2005, there is nothing we have ever seen in the very long history of money like this. According to the Atlantic Council, there are currently 130 countries exploring the use of a CBDC. This would give big government and big tech even more power than they have today.
Where next? Part 2 coming
In Part 2, we will build off these developments. I will also address an executive order Biden issued in 2022, a CBDC that has already gone live and discuss a term I recently discovered is in the lab of the bureaucrat money powers: expiring money.
In the meantime, I leave you with a questions to investigate: What is the difference between a cold wallet and a hot wallet? Why is this very important in a world where the powers of Big Brother are growing?
If you have any comments, feel free to leave them below. There is not a person in the world who has lived through some of the changes and challenges we are all facing.