Thread by @krippenreiter

[1/🧵] — #DCMA / #Unicoin / #UMU & the future of #Crypto & #CBDC —

Let's look through the website and conduct some research before leaping to conclusions. 🧐

🔸 Did the #IMF make any comments regarding #DCMA?
🔸 Will this be the end of #XRP?

Let's find out in this 🧵👇

[2/16] The Digital Currency Monetary Authority is making moves and expanding its reach through Twitter with its Unicoin network and #UMU, the native Unicoin.

ℹ️ Who are they and what do they offer?

[3/16] — ℹ️ — 1⃣ #DCMA & #Unicoin —
🔸 Founder working on Unicoin since 2013, yet LinkedIn says 2018
🔸 Just 2 employees
🔸 They refer to themselves as a business, yet there is no registered corporate structure

[4/16] — ℹ️ — 2⃣ #DCMA & #Unicoin —
🔸 There is no visible whitepaper
🔸 There is no contact page
🔸 There are no terms of use
🔸 There is no privacy policy
🔸 They see no legal risks
🔸 There are no open roles
🔸 There are no developer resources
🔸 There are no licenses

[5/16] — ℹ️ — 3⃣ #DCMA & #Unicoin —
🧐 They claim to have collaborated with the #UN and #WEF on project "#Yetta," but no mention of #DCMA, Unicoin, or UMU is made.

➡️ The basic explanation is that the DLT was formerly known as "Yetta blockchain," which is now extinct.

[6/16] — ℹ️ — 4⃣ #DCMA & #Unicoin —

Do you believe that's all there is to it?
The very best is yet to come. 😅

This website contains information regarding open standards that they believe are vital.

What you should expect:
🔸 ISO
🔸 IETF
🔸 W3C

What they released:
👇

[7/16] — 1⃣ Darrell Hubbard (Founding Member and Executive Director) —

You might ask about the founder's background.

Fortunately, he registered on gbaglobal.org and copied and pasted his whole bio into the "Summary of Experience" section.

[8/16] — 2⃣ Darrell Hubbard (Founding Member and Executive Director) —

As we go into his background, we will quickly find that there is a third name that is used, this time in conjunction with the "Unicoin" network, the so-called:

🔸 Yubi stablecoin.

The executive summary: 👇

[9/16] — The 3 🚩🚩🚩 — 1⃣ Administration —

📝 Is for financial service providers to onboard branches, bankers and agents

🔸 No registration
🔸 Passwords can only be typed in cleartext since the "eye" does not work
🔸 "Forgot Password" leads to "register," which blocks access

[10/16] — The 3 🚩🚩🚩 — 2⃣ Finance Service —

📝 Providers can connect and transact worldwide acc. to the jurisdiction

🔸 Login with your public and private keys 🤦‍♂️
🔸 Save the private key in your browser 🤦‍♂️

❗️ NEVER EVER ENTER YOUR PRIVATE KEY IN A WEB BROWSER PAGE ❗️

[11/16] — The 3 🚩🚩🚩 — 3⃣ Communications —

📝 Prov. can handle customer TX issues via email, audio and video conference

🔸 By clicking on ❓, users will be sent to smartertools.com
🔸 #DCMA anticipates that central banks will use this chat server for customer service

[12/16] — The interconnection —

From what I've gathered, this is most likely how it evolved over time in Mr. Hubbard's world:

1⃣ Yetta Blockchain ICO failed
> Rebrand to Unicoin network

2⃣ Yubi Stablecoin got no traction
> Rebrand to UMU

3⃣ Form. of DCMA to market credibility

[13/16] — Did the #IMF make any comments regarding #DCMA? —

There are no official remarks from the IMF addressing their position on DCMA and its stablecoin UMU.

More at @Kiffmeister 👇
kiffmeister.com/2023/04/11/kif…

[14/16] — Will this be the end of #XRP? —

No.

[15/16] — Summary & TL;DR —

I've rarely come across something that is so dubious and appears to be a fraud while yet having some sort of relationship to the #EU and #WEF.

😉 No financial advice.

What are your thoughts?

[16/16] I hope you liked this in-depth analysis into #Unicoin and #DCMA. My gut is telling me that it's something one should avoid.

Please follow me here:
@krippenreiter

Feel free to contribute by sharing here 👇❤️

@threadreaderapp unroll