A global pandemic, massive and worldwide protests, job automation, environmental issues and geopolitical tensions are just a few of the challenges facing humanity today.
Amid the chaos, keystone global institutions and bureaucrats have openly discussed the present day as an opportunity to remake the world.
âThe Great Reset,â as the plan has been called, represents a radical initiative by world leaders â many of whom are unelected â to transform the global economy.
The World Economic Forum, for instance, claims there is an âurgent needâ for âglobal stakeholdersâ to manage the direct consequences of what the International Monetary Fund has called âthe Great Lockdown,â referring to the quarantines and social distancing practices implemented to contain the pandemic.
At a WEF meeting in early June, the worldâs most powerful business leaders, government officials and activists first announced the proposal to reset the global economy in the aftermath of the COVID-19 lockdown.
The WEF sees a âunique window of opportunity to shape the recovery.
â The Great Reset will inform the âfuture state of global relations, the direction of national economies, the priorities of societies, the nature of business models and the management of the global commons.â In short, the Great Reset represents a new social contract for the world. The WEF also stated:Â
âWe have a golden opportunity to seize something good from this crisis â its unprecedented shockwaves may well make people more receptive to big visions of change,â said Prince Charles at the meeting, adding:Â
âEvery country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed,â wrote Klaus Schwab, the founder and executive chairman of the World Economic Forum, in an article published on the WEFâs website. He added:Â
âThe cryptocurrency industry has been planning its own âGreat Resetâ as well â one based on decentralization.
While global governments want to put the world on a distributed ledger in order to digitize finance so governments can have more control, there are very smart people on this planet who have their own plans.
We in the crypto industry, for example, want to put everything on a blockchain. Instead of social credit systems and centralized fiat currencies, we want each individual to be in control of their own money, to be less dependent on banks, and to be in control of defining what money and real value is.
The Great Reset will be a revolutionary upheaval. It will create many hardships but also opportunities for companies, which recreate financial products in a decentralized fashion on blockchain, and for individuals, who no longer must rely on the traditional financial system.
As we find ourselves in a digital and technological revolution, hastened by the Great Lockdown, we as an industry cannot underestimate the implications of a crisis that has only just begun.
We must now change our mindsets in order to properly bear witness to the Great Reset and turn it into âThe Great Awakening.
â Thatâs how we come out stronger on the other side.Weâll need to reconsider everything, including money. We must ask ourselves questions such as:
What is this abstraction we call money? As an industry, for instance, weâll need to place less emphasis on price.
Weâll need to stop celebrating the development of central bank digital currencies as victories for cryptocurrency. The fact is CBDCs are not cryptocurrencies. Theyâre more like credit cards than cryptocurrency.
Satoshi Nakamoto saw an economic dislocation like the Great Reset coming. He etched the now famous line into the Bitcoin networkâs genesis block:
âThe Times 03/Jan/2009 Chancellor on brink of second bailout for banks.â The 2008 financial crisis and the consequent bailouts of âtoo-big-to-failâ banks had inspired him to release open-source and peer-to-peer money.
âThe root problem with conventional currency is all the trust thatâs required to make it work,â wrote Satoshi, adding:
âA lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990âs,â he wrote, adding:Â
â[...]You will not find a solution to political problems in cryptography.
Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years,â he wrote. âGovernments are good at cutting off the heads of centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.
âFor how many years we can hold this ânew territory of freedomâ depends entirely on how well the cryptocurrency industry adapts to the Great Reset. People have only just begun to lose their livelihoods â that is, their businesses, their jobs, and so on â as a result of âthe worst economic downturn since the Great Depression.
âWeâve seen increased digitization in 2020, and from artificial intelligence to blockchain to distributed ledgers, the Great Reset will only hasten this trend as the Great Lockdown hastened similar trends.
As central banks create their own digital currencies, the cryptocurrency industry is building its own digital economy, too.
After PC World published an article commenting on Wikileaksâ adoption of Bitcoin to circumvent a financial blockade against the whistleblower organization, Satoshi wrote:Â
The Great Reset might come down to central bank digital currencies versus the cryptocurrencies of the people â centralization versus decentralization.The views, thoughts and opinions expressed here are the authorâs alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Raoul Milhado is an entrepreneur with deep roots within the crypto and blockchain industry since 2015.
As the CEO of Elitium.io, he has been building businesses from the ground up for the last 10+ years and has been working hard on building a brand that lays the foundation of capitalizing on the ever growing crypto industry by introducing new age investment possibilities that would let clients explore a life of luxury they never thought possible.
He is actively working on expanding the new digital economy to help others live a life of independence, value and growth.
Amid the chaos, keystone global institutions and bureaucrats have openly discussed the present day as an opportunity to remake the world.
âThe Great Reset,â as the plan has been called, represents a radical initiative by world leaders â many of whom are unelected â to transform the global economy.
The World Economic Forum, for instance, claims there is an âurgent needâ for âglobal stakeholdersâ to manage the direct consequences of what the International Monetary Fund has called âthe Great Lockdown,â referring to the quarantines and social distancing practices implemented to contain the pandemic.
At a WEF meeting in early June, the worldâs most powerful business leaders, government officials and activists first announced the proposal to reset the global economy in the aftermath of the COVID-19 lockdown.
The WEF sees a âunique window of opportunity to shape the recovery.
â The Great Reset will inform the âfuture state of global relations, the direction of national economies, the priorities of societies, the nature of business models and the management of the global commons.â In short, the Great Reset represents a new social contract for the world. The WEF also stated:Â
âThe inconsistencies, inadequacies and contradictions of multiple systems â from health and financial to energy and education â are more exposed than ever.âWriting for The Hill, Justin Haskins calls the Great Reset âthe most ambitious and radical plan the world has seen in more than a generation.â Even the British monarchy has weighed in.
âWe have a golden opportunity to seize something good from this crisis â its unprecedented shockwaves may well make people more receptive to big visions of change,â said Prince Charles at the meeting, adding:Â
âIt is an opportunity we have never had before and may never have again.âMany details of the Great Reset wonât be rolled out until the WEF meets at Davos, Switzerland, in January 2021. It is clear, however, that world leaders have big plans of a new world order and, contrary to the founding principles of Bitcoin (BTC) and crypto, centralization appears to be a big part of it.
âEvery country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed,â wrote Klaus Schwab, the founder and executive chairman of the World Economic Forum, in an article published on the WEFâs website. He added:Â
âIn short, we need a âGreat Resetâ of capitalism.âSchwab said that âall aspects of our societies and economies, from education to social contracts and working conditionsâ must be ârevamped.
âThe cryptocurrency industry has been planning its own âGreat Resetâ as well â one based on decentralization.
While global governments want to put the world on a distributed ledger in order to digitize finance so governments can have more control, there are very smart people on this planet who have their own plans.
We in the crypto industry, for example, want to put everything on a blockchain. Instead of social credit systems and centralized fiat currencies, we want each individual to be in control of their own money, to be less dependent on banks, and to be in control of defining what money and real value is.
The Great Reset will be a revolutionary upheaval. It will create many hardships but also opportunities for companies, which recreate financial products in a decentralized fashion on blockchain, and for individuals, who no longer must rely on the traditional financial system.
As we find ourselves in a digital and technological revolution, hastened by the Great Lockdown, we as an industry cannot underestimate the implications of a crisis that has only just begun.
We must now change our mindsets in order to properly bear witness to the Great Reset and turn it into âThe Great Awakening.
â Thatâs how we come out stronger on the other side.Weâll need to reconsider everything, including money. We must ask ourselves questions such as:
What is this abstraction we call money? As an industry, for instance, weâll need to place less emphasis on price.
Weâll need to stop celebrating the development of central bank digital currencies as victories for cryptocurrency. The fact is CBDCs are not cryptocurrencies. Theyâre more like credit cards than cryptocurrency.
Satoshi Nakamoto saw an economic dislocation like the Great Reset coming. He etched the now famous line into the Bitcoin networkâs genesis block:
âThe Times 03/Jan/2009 Chancellor on brink of second bailout for banks.â The 2008 financial crisis and the consequent bailouts of âtoo-big-to-failâ banks had inspired him to release open-source and peer-to-peer money.
âThe root problem with conventional currency is all the trust thatâs required to make it work,â wrote Satoshi, adding:
âThe central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.âWhile world leaders openly announce the Great Reset, imploring the world to trust their vision, they paint a picture of a future, more centralized world. Contrarily, Satoshi stressed the importance of decentralization.
âA lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990âs,â he wrote, adding:Â
âI hope itâs obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time weâre trying a decentralized, non-trust-based system.âSatoshi believed peer-to-peer solutions and decentralization gave people back their freedom. He thought decentralization was a poignant answer to centralization and monopolies.
â[...]You will not find a solution to political problems in cryptography.
Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years,â he wrote. âGovernments are good at cutting off the heads of centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.
âFor how many years we can hold this ânew territory of freedomâ depends entirely on how well the cryptocurrency industry adapts to the Great Reset. People have only just begun to lose their livelihoods â that is, their businesses, their jobs, and so on â as a result of âthe worst economic downturn since the Great Depression.
âWeâve seen increased digitization in 2020, and from artificial intelligence to blockchain to distributed ledgers, the Great Reset will only hasten this trend as the Great Lockdown hastened similar trends.
As central banks create their own digital currencies, the cryptocurrency industry is building its own digital economy, too.
After PC World published an article commenting on Wikileaksâ adoption of Bitcoin to circumvent a financial blockade against the whistleblower organization, Satoshi wrote:Â
âIt would have been nice to get this attention in any other context. WikiLeaks has kicked the hornetâs nest, and the swarm is headed towards us.âIt would have been nice to get the coming attention in any other context, but the Great Lockdown and subsequent economic depression has kicked the hornetâs nest, and the swarm is headed toward us in crypto.
The Great Reset might come down to central bank digital currencies versus the cryptocurrencies of the people â centralization versus decentralization.The views, thoughts and opinions expressed here are the authorâs alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Raoul Milhado is an entrepreneur with deep roots within the crypto and blockchain industry since 2015.
As the CEO of Elitium.io, he has been building businesses from the ground up for the last 10+ years and has been working hard on building a brand that lays the foundation of capitalizing on the ever growing crypto industry by introducing new age investment possibilities that would let clients explore a life of luxury they never thought possible.
He is actively working on expanding the new digital economy to help others live a life of independence, value and growth.
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Francisco Gimeno - BC Analyst The "Great Reset", discussed on Jan 21 in Davos, is a controversial and huge proposal which could at least provoke the acceleration of changes and paradigm change the world is needing now. Capitalism is here to stay but will change. Economy and finances will use all new digital means to become new, including the crypto economy, robotics, and AI. Are we ready for this? Be aware, be ready.