Marshall Islands Crypto Fail
In an article on DW.com, titled "Sovereign Crytptocurrency: Marshall Islands to launch world-first digital legal tender" the article states two things I find especially troubling:
First ... only 24,000,000 SOV will be produced ... and 12,000,000 of them will be kept by the Israel based partner firm that is creating the digital asset for the Marshall Islands. That is absolute robbery! Satoshi only premined 1 million BTC for himself (less than 5%)! Most ICO's hold 10% or less of the tokens issued during an ICO ... but this Israel based company is greedily keeping HALF. Wow! But you know what? Shame on the Marshall Islands for not finding a better company to partner with.
Second ... there will be no anonymous ownership of the coins. Holders will have to register with the Marshall Islands. You can count me out. I was excited about the SOV until I read this point. I can only assume that this will be a centralized coin requiring a SOV wallet that will track every coin's movement and its owners. This is where I see governments going wrong in a really big way.
The reason cryptocurrencies are a success is because they are DECENTRALIZED and because they can be traded Peer to Peer without the permission of any government or bank. We need to move more and more towards the digital version of CASH, which was Satoshi's original version. One of the main features of cash is that it is anonymous.
I don't want to be anonymous with my transactions because I intend to do something illegal, I want to be anonymous with my transactions because I want freedom. I don't want to have every transaction I make tracked by the government. What I do with my money is my business and nobody else's. That is true freedom. If a government knows every transaction of every person on this planet, they could also have the power to turn off certain people's wallets, or to prevent purchases of anything the government deems "offensive," and if you look at the way freedom of speech is under attack in Canada and the UK (and in the US with the way Google and YouTube are deciding what is "real news" and what is "fake" (which is anything other than the official government narrative), there are real reasons to be concerned about the spread of tyranny through the tracking of sovereign crypto currencies.
Remember this quote from George Orwell's book, 1984, “In times of universal deceit, telling the truth is a revolutionary act." The world we live in can easily be defined as one of "universal deceit," and we must all guard against a future of crypto tyranny by rejecting all forms of Sovereign coins, and forcing governments to adopt and accept existing decentralized currencies like BTC, BCH, and LTC (or their privacy enabled cousins Dash, Monero, Zcash, and Bitcoin Private). Hopefully BTC, BCH and LTC will each be empowered with advanced privacy features in the near future.
Please share this article by up-voting. Stay vigilant.
Reference article:
http://www.dw.com/en/sovereign-cryptocurrency-marshall-islands-to-launch-world-first-digital-legal-tender/a-42810832