This is excepted from an email I received from
CBDCs are not “decentralized” like cryptocurrencies. Instead, these government-created digital currencies are, by definition, “centralized,” running on internal blockchains. This creates “single points of failure,” Awosika says.
This centralized system with “single points of failure” means CBDCs are infinitely easier to hack, Awosika [Emmanuel Awosika, a digital currency expert based in Georgia] says.
“Malicious actors only need to breach a few servers, and suddenly, they can control the entire country’s monetary supply,” Awosika writes in a recent article for “Hacker Noon,” an e-zine for the hacking community.
If that’s not troubling enough, consider the words of one of the people battling hackers on a daily basis.
Lior Lamesh is a cyber security expert who honed his skills on Israel’s elite cyber team, where he reported directly to the Israeli prime minister’s office. Lamesh, now out of public service, has a firm that helps banks protect themselves against cyberattacks.
“Imagine a group of dedicated hackers finds, penetrates and gains access to a backdoor that gives them control of the central bank’s private key,” Lamesh says. “Private keys are the most important elements of a blockchain system, as any transactions conducted with the private key are registered by the system as valid and secure. At this point, the bulk — or a significant chunk — of the country’s treasury could effectively be held hostage by a criminalorganization. Not only could a criminal create or destroy CBDCs at will, that criminal could also simply freeze the entire country’s monetary system, preventing anyone — you, me, giant corporations, or even the U.S. government — from accessing or using any funds.
In such an event, “The world’s economic and political order and stability would, undoubtedly, be tested,” Lamesh says.
Yet Joe Biden is stumbling forward to adopt the Chinese Communist Party’s latest technique for controlling its own citizens. He is either blind to the risks, or simply doesn’t care.
Thankfully, some in Congress are wise to Joe Biden’s tyrannical monetary tricks.
Three bills are pending in Congress, seeking to stop Biden’s awful and dangerous CBDC plans.
Demand Congress vote to PROTECT OUR PRIVACY by voting YES on HR 1122, HR 3712, and S 887.
CBDCs are not “decentralized” like cryptocurrencies. Instead, these government-created digital currencies are, by definition, “centralized,” running on internal blockchains. This creates “single points of failure,” Awosika says.
This centralized system with “single points of failure” means CBDCs are infinitely easier to hack, Awosika [Emmanuel Awosika, a digital currency expert based in Georgia] says.
“Malicious actors only need to breach a few servers, and suddenly, they can control the entire country’s monetary supply,” Awosika writes in a recent article for “Hacker Noon,” an e-zine for the hacking community.
If that’s not troubling enough, consider the words of one of the people battling hackers on a daily basis.
Lior Lamesh is a cyber security expert who honed his skills on Israel’s elite cyber team, where he reported directly to the Israeli prime minister’s office. Lamesh, now out of public service, has a firm that helps banks protect themselves against cyberattacks.
“Imagine a group of dedicated hackers finds, penetrates and gains access to a backdoor that gives them control of the central bank’s private key,” Lamesh says. “Private keys are the most important elements of a blockchain system, as any transactions conducted with the private key are registered by the system as valid and secure. At this point, the bulk — or a significant chunk — of the country’s treasury could effectively be held hostage by a criminalorganization. Not only could a criminal create or destroy CBDCs at will, that criminal could also simply freeze the entire country’s monetary system, preventing anyone — you, me, giant corporations, or even the U.S. government — from accessing or using any funds.
In such an event, “The world’s economic and political order and stability would, undoubtedly, be tested,” Lamesh says.
Yet Joe Biden is stumbling forward to adopt the Chinese Communist Party’s latest technique for controlling its own citizens. He is either blind to the risks, or simply doesn’t care.
Thankfully, some in Congress are wise to Joe Biden’s tyrannical monetary tricks.
Three bills are pending in Congress, seeking to stop Biden’s awful and dangerous CBDC plans.
Demand Congress vote to PROTECT OUR PRIVACY by voting YES on HR 1122, HR 3712, and S 887.
