I'm certainly no crypto-whizz, nor am I a blockchain boffin. So, I'd suggest all you take away with you after reading this is someone else's opinion.
It was after reading a post by a reputable hive user that I decided I should take a look at some new blockchain projects and consider investing in something that looked like it has potential. So off I went to scour the crypto-sphere in the hope of finding my golden nugget.
As fate would have it I stumbled across a brand new project that reminded me of the possibility that Blockchain technology could well have a sinister end-game and also that there are, quite possibly, some evil pirates secretly steering this ship. But let's put my conspiratorial mind aside for now and take a look at an interesting project, then I'll come back to why this freaks me out a little.
The quickest way to explain this project would be to say that the people behind "Universal Carbon"(UPCo2) intend to monetize carbon for the purpose of incentivizing businesses to help combat climate change. Now, I won't go any further in explaining the mechanics of this token as I'll just butcher it, so let me allow the experts to take the stage...
Ok, that should give you some idea of what this project aims to do. Now, as I said at the beginning, I'm no crypto-whizz but amongst other worries, I get the feeling someone is putting the cart before the horse here. If this coin is already listed(which it most certainly is) that would suggest that there are companies that have already been awarded VCUs. Quite possibly, there are companies that have already joined this scheme and I'm just not aware of them because I simply haven't done enough research. But from the interviews involving those in charge of this project I can't remember hearing any of them name a single company that has been awarded any VCUs. A possible explanation for this could simply be that Verra, the international standards agency that issues these digital certificates, is an already established project independent of Universal Carbon(UPCo2) and therefore there are companies already in possession of these VCUs. However, that would mean one of two things; the first explanation could be that a VCU was absolutely pointless and companies being rewarded these digital certificates had nowhere to cash them in until UPCo2 came along, which is certainly putting the cart before the horse. The 2nd explanation is that companies trade these digital certificates privately with their relative governments like you would a savings bond, and now governments have decided to float this industry on the open market in the hope of inflating the value of a VCU and subsequently giving a larger incentive to companies not yet involved.
Whatever the reason for this disjointed operation, I still feel that UPCo2's motives are straight forward and if all the elements were to come together this project is as worthy as any other. In the videos below you can hear about this project from advisory board member, Matthew Le Merle, and Upholds CEO, JP Thieriot.
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$70 per token is a tall order for such an unproven project, but I guess you're allowed to speculate and Matthew Le Merle does state he expects it to trade at $20(Which I still find to be a high starting price, but then again I know very little about mining cost and things like that). Nonetheless, I do like Matthew Le Merle's credentials, and hearing that he has been speaking to the UK government about this project makes me take this more seriously(it also highlights my deepest fears, which I will talk about later). One thing I do not like, however, is that both of these representatives claim UPCo2 to be "the only tradable carbon token", which isn't correct at all. Evidence to the contrary is stated here, in an article by https://cryptomode.com/uphold-launches-upco2-a-digital-carbon-credit-token/
Uphold claims it is the first token of its kind on a public chain, but that is not the case. MCO2 is a token that exists on Ethereum for several weeks now. It is also publicly tradable on FloWBTC, effectively beating UPCO2 to the punch.
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But let's put Uphold's confusion about being the only coin in the village to one side. At this point in time, Bittrex has been trading UPCo2 for 24hr and as it stands the token is down by 36% on the BTC market and down 80% against USDT
I've no idea where the price will settle, nor do I know where it might be in a year's time. Still, I'm going to put my conspiracy hat in the cupboard under the sink for now and take a punt on this coin. I'm not a complete fool though and I won't be buying in at the current price. I've set my marker very low and if someone decides to dump their tokens and bring the price down low enough I'll be in a no-lose situation(pretty much).
Now, allow me to retrieve my tin-foil hat from under the sink and talk about the elephant in the room...
The scary side to this project and a good reason to believe this token will be successful...
First and foremost I am what some people like to call a "conspiracy theorist". That doesn't mean I think the Earth is flat or that I think Queen Elizabeth is actually a lizard, a cold-blooded warmonger, maybe, but not a lizard. All it means, in my case, is that I think our government conspires to bring about things that benefit the wealthy at the cost of the poor. One of the conspiracy theories that I subscribe to is one that suggests that government around the world would like to introduce a digital, global currency with the aim of using it to control it citizens. In the fiat-money system of today's world, we have version 1.0 of this control grid which is known as your credit score. A bad credit score results in many disadvantages while a good score allows you privilege. For those wanting total control, this doesn't go far enough, but alas a new technology(Blockchain) has just magically appeared which would facilitate a complete control grid. What a convenient twist of fate, you'd almost be forgiven for thinking this had all been planned..."MU-HU-HA-HAAAA!"
For those of you who have no idea what I am banging on about I will give you the following examples which perfectly illustrate the dystopian future we are racing toward
Exhibit A - Black Mirror - Nosedive
Black Mirror is a fictional series usually set in the future. One episode that blurs the lines between reality and fiction is called "Nosedive". In this episode, everyone has a social score that can be affected positively and negatively by anyone you come across, be that online or in real life. This social score can be looked at as a rating of you as a person. If you have a good rating you get lots of privileges and if your rating is low these privileges are removed. Want a nice house in a decent area, sorry you're a "5" and the minimum the estate agent has been told to accept is a "7". But don't worry, you can improve your rating by being a good citizen, so why not promote the latest government policy and climb that social ladder? Or you can keep on being an anarchistic thorn and remain in the slums. Get the picture? "But it's just a TV series, don't be so pathetic, you conspiracy theorist"
Exhibit B - China
For a glimpse into a totalitarian future where every aspect of your life is controlled, look no further than China. Here is a country well ahead of the game and it's already quite evident that "liberal" western countries are following their lead. It's also quite possible that Black Mirror got the idea for "Nosedive" from what's happening in China. Just take a look and judge for yourself...
But what does this have to do with UPCo2?
In the western world, people have become quite accustomed to their freedoms and some even go as far as to actively protest when certain liberties are threatened. For those who are in power and look to emulate the Chinese model of Social scoring, these freedom-loving hippies need to be undermined and man-made global warming is just the ticket!
"Carbon is the devil! It must be reduced to zero at all costs! You don't want to leave a dying planet for the children, do you? For god's sake, THINK ABOUT THE CHILDREN!!"
"Hmmm, I wonder how we can persuade the plebs to stop eating meat? Or stop them flying abroad? And how do we tell them we intend to take their vehicles away? I know, we can monetize carbon and then give folk a set amount of carbon credits, like an allowance. Then we can add to, or take away, some or all of this allowance depending on their behaviour. Ingenious! And once the plebs are used to their carbon rashons we can replicate this same idea in a digital currency(after we've crashed the fiat economy, of course). Double whammey! MU-HU-HA-HAAAA! Toatal control...Welcome to Black Mirror world."
I know this might sound crazy to some, but I'd wager my BTC against yours that this, or something very similar, is coming down the pipe. But things like this are implemented using baby-steps and I see UPCo2 as one of those steps. We've already been conditioned to think blockchain tech and DeFi are a way to challenge the banks, but do you really believe our rulers are going to let these control levers slip from their grasp? Plenty of people have tried to cut out the central banks and if my memory serves me right that didn't turn out too well...Just ask Gadaffi
But you know the saying, "Make hay while the sun shines", well I'm going to make as much hay as I can and if that means dancing with the devil then so be it...
See you in Hell, boys and girls
