Discussion: The future of Crypto Currency and its potential role in Kingdom Finance

Crypto currency is a specific form of digital currency. It has interesting attributes, such as block-chain technology, a decentralized and distributed ledger, its “mining” system of replicating the ledger. It is also part of what is newly being termed as DeFi, or “Decentralized Finance” (as opposed to traditional banking centralized systems which are by design for data integrity – think about keeping accurate, real-time bank balances).

If you want to take a deeper dive on some of this stuff, you can find a recent article in Forbes here:

Forbes Crypto Trends Article August 31, 2020

These Goldman Sachs research slides on Crypto are good background:

Here is a recent Crypto / DeFi (Decentralized Finance) investment banking “FinTech” conference (thanks to Joel Frazier for referring):

DeFi banking conference YouTube playlist 14 videos

Some interesting sub-subjects within that playlist:

Bitcoin first mass “Crypto”

Bitcoin annotated price chart, Goldman Sachs

Pros of Crypto

  • Outside of the banking regulation regime and Federal Reserve
  • Hard to cheat due to the transparency of the distributed ledger
  • Some early adoption being accepting as currency and alternative to settlement / payment in the central bank currencies and systems
  • Technology allows for trusted exchange of value online (digitally)
  • Anonymous

Cons of Crypto

  • Bitcoin and other early adopters have history of criminal activity driving usage and price. Drugs. Prostitution / Human Trafficking. Porn.
  • Fiat currency – nothing of substance or value back cryptos
  • Bubble currency – crypto has a large draw to many speculators because of a “gold rush” mentality. It is just going to go higher, so by low and sell high! This creates price instability and is a actually a big negative as a currency people can depend on, say to fight inflation and product price instability
  • Adoption hurdles for real world use – most transactions still not Crypto enabled

Block Chain compared with Crypto

  • What is block-chain technology and why should I care?
  • Crypto uses block-chain technology, but Crypto not its only applicability
  • Block chain is more the core technology behind Crypto – i.e., distributed data and transparency and availability of public record
  • Lessons learned from Bitcoin and Ethereum

Regulation and Federal Reserve

The Federal Reserve is studying crypto and digital currency for central bank use, here is their recent talk on the subject, including their collaboration in the Boston Fed and MIT (thanks to Merrick Fin for discussion idea):

August 13, 2020 Fed Speech

  • How might the Fed use digital currency in days ahead?
  • What does the regulators and the Federal Reserve think of Crypto?
  • How might the Fed adopt a digital currency pf their own in the future?
  • How could a cashless society benefit, hinder or even control US citizens? God’s people?
  • What are the alternatives?

Kingdom Applicability of Digital Currency, DeFi, Block-chain, and/or Crypto:

  • Technologies could be utilized to create an “off-the-grid” alternative away from dependence on the Federal Reserve banking system
  • Resources could not be reclaimed by regulators through a “bail-in”
  • Could be utilized to help create alternative currency that was not tied solely to USD, or to the USD at all
  • Could be combined with local storehouses concept to create local resource pools that back a digital currency
  • Such asset-backing will stabilize the value of any alternative currency
  • A “New Breed” of Kingdom culture, education and discipleship in the area of commerce / finance would need be part
  • Kingdom elders in a region can provide governance aspect, even judiciary aspect
  • Distributed / decentralized aspect fits to the broader Kingdom networks across geographies, affinity groups
  • Analogy of Christians going on pilgrimage to the Holy Land during the crusades and how they could put their money “on deposit” with the Knights Templar who were a Catholic military order who established the first modern era banking concepts across geographies

Related Chuck Pierce Dream Excerpt

I realized that I needed to update my wife, Pam, on my location and what I was doing. I went to use my cell phone to call her but knew it was not the proper way to communicate. It’s not that I couldn’t use my cell phone—I just knew that by using it, I would thwart the business that we had in the port. In other words, the line was not secure.

By this time, I was in a lounge at the port. I noticed a land-line. I unplugged the phone and the line from the wall and brought it into a glass business center setting. I tried to use the landline but couldn’t get through and realized I needed a certain code to access an outside line. So I couldn’t use the landline to connect with my wife. I knew I could figure out the code but also realized that was not the right mode of communication in this case.

The barge captain came into the lounge and asked if I was trying to use the phone. I said yes. He said, “Using the landline will cost you an exorbitant rate, and you need a code. Let me bring you another device for communication.” (I had the impression that someone would trace a landline call to me because of how large the bill would be.)

The captain returned with a new hidden device. This was an odd pay phone looking thing about the size of a watch box. I realized that to activate the phone and make a successful connection, a portion of the device had to catch a coin from our current US dollar economy. Once the device was activated, there was a money clip—like wallet/phone that I could use to make my call. This portion of the device, however, required some sort of new currency to activate and operate the device in order to have successful communication.

This currency was like crypto-currency, but it was something else—and I knew I didn’t have the proper currency to operate the device and make my connection. Only this new currency could operate the device, and some way or another the currency had a chip in it that would cause the device to work.

Chuck Pierce May 6th, 2020 dream excerpt from “Passover Prophecies”

Chuck’s interpretive excerpts

  • Somehow gold is key in the new currency
  • Israel is a key
  • Israel can help us realign our communication and commerce
  • Now we must realign with Israel for trade. When Israel was maturing as a modern nation, many other nations resisted trading and working with Israel. It had to learn creatively how to grow, produce, and use its own food and to develop many other innovative products, devices, and systems. This will be similar for our communication in the future. Israel will help develop ways for us to communicate so our trade system will flourish.

Possible Interpretative Keys

  • Phone represents communication
  • Phone can also represent prayer or prayer networks
  • Landline – old tech banking (Fed Reserve USD)
  • Exorbitant rate -> hyperinflation of old system?
  • Currency represents means of exchange
  • Currency also could represent God’s means of exchange through favor / access through the phone device
  • Pam, Chuck’s wife, could represent the Church and prayer networks
  • Barge captain liken to Jesus
  • There seems to be need for new ideas, wisdom / shrewdness in all of this
  • Jesus has the keys / blueprint for “the device”
  • Money clip / new phone device could be related to Fintech style “App” on a phone (mobile device)
  • Like crypto, but yet not crypto could be a type of digital currency that is non-USD based with the tech of crypto (block chain), but not BitCoin or Ether or look-alike fiat speculative currency
  • Chip in it – technology based – could include embedded chips like credit cards now have to help securely identify
  • Somehow gold is key in the new currency – instead of a digital currency based on USD, it could be based on gold and/or basket of value that includes gold (silver, copper, platinum, palladium, other currencies, grain, water, etc.)
  • Catch a coin from our current US dollar economy – built inside the US governance, law and economy and includes ability to transfer USD into new currency
  • New Hidden Device – hidden from view of enemy, new in that it is newfangled tech and idea
  • Israel is a key – integrated with Israel economy / trade / currency / communication somehow – which has been supernaturally blessed by God since 1948 in many ways