The crypto-currencies are billed as “zero trust” money. Each new bitcoin is validated by proof of work. Every blockchain transaction happens in millions of ledgers that can be seen and that authenticate each other. But Bitcoin, and the other cryptos are not really zero trust money.
You are trusting your smartphone to work. You are trusting the 5G towers to work, and the grid, and the “miners” (people who maintain the ledgers), and your ability to recall secret numbers, and to know how to operate the smartphones of 60 years in the future, after many “updates” and procedural changes, password modifications, and access variations have taken place. At age 85, you will not be able to find the buttons on your smartphone, much less tap them correctly to get the benefit of your Bitcoins.
So “zero trust” is not real, because there’s a lot of trust involved in Bitcoin. The whole thing is a wildly hopeful exercise in trusting high technology.
Silicon valley has shown itself to be pretty swampy, not on the level, not fair and square. So reposing long term trust in that political-industrial complex may not be risk free, or validly zero trust.
A Paper bullion Bank Bill that says 10 grams of Gold 99.99% fine, has got 10 grams of Element 79 Gold in it, with 79 protons in the nucleus of each atom. Your trust is in the bank that issued the bank bill — and the name of the bank is right there on the front of the bill. The bank claims that it can recognize its own bank bill that in designed and manufactured.
So, your 10 grams of Gold is 1/100th of a kilogram of authenticated Gold that requires no cuppolation, or certification to know that it is real and zero trust. You can, if you like, use a hand held XRF device to detect the presence of some Gold in the bank bill, but for the weight in grams you must rely on the bank to have stated that correctly on the front of the bill.
But, since the bank can recognize the bill that it designed and produced, if you bring it in to any participating bank, the teller will give you a 10 gram gold round in exchange for your bank bill. You must trust your ability to go to the bank and walk up to the teller. That’s not “zero” but the trust level is very low, because your employee can do it, or your cousin.
The teller does not try to trace the bill to any specific person, or through any particular chain of ownerships. If the bill is in your hand, the teller will put a 10 gram gold round into your hand in exchange for it.
How about the rareness of Gold? Are you not trusting in that? Why couldn’t an asteroid be found (Psyche) with millions of tons of Gold in it?
OK, fair enough. If Gold becomes not rare, your bank bill could lose some of its buying power, and if millions of tons of Gold suddenly appear in the markets, most of your buying power from your 10 gram bank note will be lost.
But your life is of finite duration. So your need to preserve buying power is of finite duration. They will mine the “Psyche” asteroid someday, perhaps, and bring the raw ore, or smelted metal, to Earth, but you will accomplish your goal during your life. Your wills and trusts counsel can help you decide if Paper Bullion Bank Bill is an item that can be productively used in a will or a trust.
Gold, Element 79, is one of 15 rare metals that can be enmeshed in the substrate of Paper Bullion Bank Bill — that can actually be made of polymer, not strictly “paper” per se. You will have choices, you need not rely entirely on Gold to be rare.
The laws of astrophysics tell us that Osmium, Rhodium, Indium and Iridium have always been rare in this solar system, and in the local group of galaxies, so bank bills containing those Elements might be even more reliable than bank bills containing Gold, which, so far, seems to be rare on Earth. Nova, Super-Nova, White Dwarf, and Black Holes collisions happen rarely — that is a known rule of Nature.
Besides being reliably zero trust, Paper Bullion Bank Bill is also totally intuitive, easy to use. If you have your 10 grams Gold bank bill and you want your niece to have it, extend your hand with the bank bill in it toward your niece and say “Here, this is for you”.
You will be able to do that when you are 64, or 94. No buttons, no secret numbers, no lawyers, no miners, no smartphone, no towers, no grid required.
She takes it to the bank, gets a gold round for it, or cash, or credit, and she can get a wedding dress, or new shoes, or pay the electric bill.
Simplicity is how Paper Bullion Bank Bill distinguishes itself above all the crypto schemes, and secret coins, and etherial imponderables in cyber land. It’s like a piece of bread.
You want your niece to have some bread, you break off a piece and hand it to her. It’s not complicated. It is private. It is authenticated, and reliable, now and all during your life.
US 10,176,661 B2 was granted on 8 January 2019 and will expire on 8 January 2039.
If I assign it to a buyer, that buyer has fee simple rights to it for the 17 remaining years going forward.
If I die, it is abandoned, and cannot be re-filed. Photon-DSP was a “new” technology on 8 January 2019, but it will never be a new technology again.
There are 25 valid industrial and service applications for Photon-DSP including ID Cards, Money Orders, Art tags, DNA tags, Evidence tags, document tags, and container lock tags. So the buyer would have 17 years to make money in 25 ways with my technology. Or the buyer could flip the patent for a quick profit, which I know is very popular nowadays. Like flipping a house, or piece of land.
US postal service brings me mail at 13320 (Apt H) Hunter Hill Drive, 21742-2588
I need $2 million for my patent. I can only assign it to one person or entity. I do not seek counselling, advice, tips, shareholders, groupfunding, or partners. I want one buyer — maybe Raytheon, IBM, Lockheed Martin, CITI, Chase UBS, Texas, New Hampshire, or Florida.
Very Truly Yours,
Robert Fenton Gary, BA, MBA, JD
My bio is on the web. I’m a vet, who now does physics, math, and chemistry