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ZIG/ZAG:	UNB - European Commission [EC] - "Blockchain for Social Good [BSG]" Challenge

Notice of Draft Minutes Meeting 7 held Tue 29 Jan 2019			REF:UNBACM6n

Hi everyone

This is the On-line link to the draft minutes Mtg 7 T 29 Jan 2019 of the EC-BSG 
H2020 Challenge with an update on Cryptocurrencies and Blockchain Research

A  17:30-18:00 - Review key project issues for h2020 submissions
B  18:00-18:10 - Review overseas "Cryptocurrency" research 
C  18:10-18:25 - update on "Blockchain" initiatives

A  17:30-18:00 - REVIEW KEY PROJECT ISSUES FOR H2020 SUBMISSIONS

PMA said one of the key issues that should be important for the EC-BSG 
submissions is the amount of electricity that appears to be consumed by current 
"Cryptocurrency" mining and "Blockchain" synchronisation processes

According to recent articles reviewed including a key one reviewed today namely
"27 Jan 2019 JP Morgan claims Bitcoin mining isn't worth value of cryptocurrency" it
appears that current "Cryptocurrency" values are based on the cost of "mining" over 
2,000 different Cryptocurrencies all of which require considerable electricity

This cost appears to be the cost of Electricity required to generate a "blockchain" 
block for a Cryptocurrency ref article 14 Dec 2014 How much CPU time is needed to 
mine 1 bitcoin?

The concern is that the Federal Government has signed a 5-year Whole of 
Government [WoG] Au $1 Billion contract with IBM for "Blockchain", "Artificial 
Intelligence [AI]"  and "Quantum Computing" which will impact on all Federal, State 
and Local Government entities

Hence this appears to be another Computer Industry ruse like the Y2K issue in 1998-
2000 and the Global Financial Crises 2007-2008 that has to be underwritten by the 
Public Purse 

According to an article on 01 Jan 2019 by Stephen BARTHOLOMEUSZ "Leveraged 
to the hilt: World has a Au$ 264 Trillion Problem" Australia's net Government debt, 
which was Au$ 0 in 2007 prior to the GFC, is now Au$ 350 Billion !  

Indeed according to an 2016 article in the Australian by Judith SLOAN "Digital 
Disasters haemorrhage Bucketsful of Money" she lists the many IT disasters in 
Health and Education which have become a permanent drain of the Public Purse

It also appears similar to the case of the 2004 Australian-USA  Free Trade 
agreement [Aus-USA FTA] and the 2008 National eHealth Transition Authority 
[NeHTA] multiple eHealth Standards where the Minister responsible for signing the 
documents retires from Public Service soon after the Contracts are signed and 
leaves the problems to somebody else to cope with the cost overruns and major 
delays which often become legal issues

However of more concern is the legislation that is in place now for determining 
Government Policies for the next 15 years like the move to Electric Cars and 
Electricity replacing Oil as the transport consumable

It appears that the sponsors of the European Commission "Blockchains for Social 
Good" are aware that Currency Speculators destroyed the economies of many of the 
European Countries in the past and hence the rapid acceptance of the "Euro" by the 
Financial Ministers of the European Community apart from Great Britain which 
retained the Pound Sterling

Hence the importance of this EC-BSG Blockchain Challenge to minimise the 
destruction of Cryptocurrency speculation in the near future

As most Cryptocurrencies have no tangible backing like gold or silver it is also 
alarming to watch the Venezuelan Cryptocurrency "The Petro" which is backed by 
the country's vast oil, gas and diamonds reserves being ignored as a Cryprocurrency 
by international suppliers and speculators due to the embargo by the USA which is 
trying to change the Government

B	REVIEW OVERSEAS CRYPTOCURRENCY RESEARCH 

b 2019/01/27 JP Morgan claims Bitcoin mining isn't worth value of cryptocurrency
a 2019/01/20 Japanese regulator clarifies stance on Bitcoin, EFTs & Derivatives

a 2019/01/20 Japanese regulator clarifies stance on Bitcoin, EFTs & Derivatives

This is an example whereby the heading appears to confirm that the Japanese 
Regulator is supporting "Cyptocurrencies" whereby the opposite was the outcome

The Meeting agreed that a number of articles are published under headings which 
were totally mis-leading

b 2019/01/27 JP Morgan claims Bitcoin mining isn't worth value of cryptocurrency 

"The drop in Bitcoin prices from around $6,500 throughout much of October to below 
$4,000 now has increasingly pushed margins further and further negative for just 
about every region except low-cost Chinese miners.

Bitcoin miners in the world's second-largest economy achieved this by directly 
buying electricity from power generators with excess production. 

Some of these power generators include aluminum smelters"

The meeting agreed that it was strange that Chinese Aluminum smelters had excess 
electricity production while apparently Australian Aluminium smelters consume 14% 
of Australia's electricity supply and should be closed down !

C  18:10-18:25 - UPDATE ON "BLOCKCHAIN" INITIATIVES

The meeting reviewed these "Blockchain: issues

c 2019/01/25 Minister KEENAN announces he is quitting Politics

b 2018/11/20 Paraguay Lures Blockchains Golden Goose with Cheap Hydro

Paraguay, home to Jesuit ruins, rainforests and the world's largest dam, will also 
soon be home to what is being touted as the world's largest cryptocurrency mining 
center and exchange, which will be powered by the massive, state-owned 
Itaipu hydroelectric project under a 15-year contract. - please review the web link for 
further details on the South Korean blockchain agreement with Paraguay

a 2018/07/05 Minister KEENAN signs 5-yr WoG Blockchain Au$ 1Billion IBM contract

Announced by The Hon. Michael Keenan MP, Minister for Human Services and 
Minister Assisting the Prime Minister for Digital Transformation today, the agreement 
is a cross-brand solutions partnership involving IBM hardware, software and cloud-
based solutions

It will deliver significant savings over the next five years and supports Australia's goal 
To become one of the top-three digital governments in the world by 2025, while 
delivering services that are simple, convenient and easy to use for Australian 
citizens and businesses

ACTION ITEMS		ACTION				WHO	FOR	WHEN			

1	Plan for ECIM Partners	 			SGG	All	by F 2019/02/08

2	Overview Pedal-Power Project			NHR	All	by F 2019/02/08

3	Report "Blockchain" & "Hyperledger" articles	SGG	All	On-going

NEXT MEETING

Date:	Tue 12 Feb 2019		Time:	17:30 - 18:30

Venue:	Balgowlah RSL	 	E: 
	30 Ethel St		F:{61}(2)
	SEAFORTH	2092	P:{61}(2)9949-5477

Regards

Stephen GOULD
Projects Co-ordinator
SUSTAINABILITY ACTION NETWORK
 
E: ehn.1a3posgg@gmail.com
M: {61}(4)1600-9468 


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