China ready to dominate the CryptoCurrency markets of the future using supercomputer power superiority
Max
Keiser and Stacy Herbert discuss China's superiority in supercomputer
power field and the possible impact on China's domination in the
CryptoCurrency markets of the future. As Herbert describes based on a
related article from Technology
Review:
If you want to crunch the
world’s biggest problems, head east. According to a newly published
ranking, not only is China home to the world’s two fastest
supercomputers, it also has 202 of the world’s fastest 500 such
devices—more than any other nation. Meanwhile, America’s fastest
device limps into fifth place in the charts, and the nation occupies
just 144 of the top 500 slots, making it second according to that
metric.
The world’s fastest
supercomputer is still TaihuLight, housed at the National
Supercomputing Center in Wuxi, China. Capable of performing 93
quadrillion calculations per second, it’s almost three times faster
than the second-place Tianhe-2. The Department of Energy’s
fifth-placed Titan supercomputer, housed at Oak Ridge National
Laboratory, performs 17.6 quadrillion calculations per second—making
it less than a fifth as fast as TaihuLight.
The American government is
painfully aware that it’s now a laggard, and a $258 million funding
injection into the Department of Energy’s exascale computing
project is supposed to ready a system capable of performing one
quintillion operations per second—10 times the capacity of
TaihuLight—by 2021. But, er, China reckons it will achieve the same
feat as soon as 2020. Right now, then, China has America’s
supercomputing industry beat.
As
Keiser points out:
This
is very important because competing power and speed are the defining
characteristics of a superpower. It's not about weapons, it's not
about infrastructure so much, it's not about having cultural soft
power. It's about having really fast supercomputers.
One
obvious application is that China will be in a position to dominate
the CryptoCurrency market, and CryptoCurrency market is the de facto
21st century economy and finance and currency, so this is part of the
Chinese 21st century program, China 2025.
The
article from the Technology Review also describes a fierce
competition between China and the United States in the supercomputer
power field. However, concerning the CryptoCurrency markets, China
has already a big disadvantage against the US, not only because of
its current superiority in supercomputers, but mostly because of the
different policies adopted. The United States insists on the obsolete
system of the traditional US dollar as the global exchange currency,
while struggles to maintain that system through wars and devastating
interventions around the globe, exactly because the US foreign policy
has been totally surrendered to the financial-military-industrial
complex.
As
has been described
recently, Russia also made a first move to issue its own
CryptoCurrency. While Vladimir Putin implied that CryptoRouble comes
as a natural attempt by Russia to participate in rapid developments
in the sector of monetary and commercial transactions, it is quite
probable that there are other reasons too. At the time where Russia
struggles to overcome continuous sanctions by the West and BRICS seek
complete independence from the Western monetary monopoly, the move
could contribute significantly towards the achievement of both of
these goals.
Previously,
we had the first serious attack against Bitcoin by the Western
banking cartel through JPMorgan CEO Jamie Dimon, which was a serious
indication that Bitcoin and other CryptoCurrencies could become a
real threat against cartel's monetary monopoly, which gives
significant power to the mega-banks of the West, even up to the point
to 'design'
major financial crises.
Dimon's
attack could be related to a recent
statement
made by the Head of the Russian Direct Investment Fund (RDIF), Kirill
Dmitriev, that the BRICS are considering to create their own
CryptoCurrency for the purposes of global commerce.
Such
a move could help BRICS to decouple economies from the Western
neoliberal monetary monopoly, even faster. With the technology of
more powerful computers in close future that could 'mine'
CryptoCurrencies at much faster rate, the number of people who will
choose to abandon traditional currencies may rise rapidly. Those who
will set-up such a de-centralized financial system, will gain a great
advantage against the obsolete system of traditional currencies
controlled by central banks.
Petrodollar
already struggles to maintain its dominance as many countries have
chosen to 'revolt' against it and proceed in major transactions with
domestic currencies, or suggest such an alternative. Latest
example, Venezuela.
As
the BRICS bloc grows economically quite fast, the prospect of a BRICS
CryptoCurrency will contribute to the quicker demolition of dollar
domination. There is a deeper reason for which the US empire is
terrified in such a case. Since the early 70s with the abolition of
the gold standard, dollar became the dominant currency in global
scale. This fact permitted the US financial-military-industrial
complex, expressed by the neocon/neoliberal ideology, to design
economic and military wars in every corner of the planet to maximize
its power and profits. All it needed was just machines printing
dollars. The rest was the easy part.
Therefore,
the prospect of a global economy flooded with decentralized
CryptoCurrencies and other CryptoCurrencies issued by a major rival
bloc, will become the worst nightmare for the US empire and its
Western allies.
As
one can understand, the CryptoMarket anarchists have nothing to fear.
A CryptoCurrency issued by BRICS, or some member-states, or even
other countries separately, will not be a threat for the
decentralized nature of the rest of CryptoCurrencies. On the
contrary, it will give them a significantly wider field and greater
opportunities for all kinds of transactions inside a dynamically
growing economic bloc which, if nothing else, does not rely on wars
and destruction to maintain its dominance.
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