ZEROHEDGE - Central Bank Digital Currencies Are Doomed To Fail - And Here's Why
(www.zerohedge.com)
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A guy fixed my fence for me yesterday after part of it it fell down in that storm last month, and I paid him in cash. My cash which had already been taxed, so dammit I did not want also to pay sales tax and him to pay income tax.
If there was a CBDC there would have been not only tax but a report to the government about my fence and how irresponsible I was in failing to maintain it properly so 15 social credit points deducted and a month's ban from going to the pub.
👆 This guy gets it.
The hive vs individual sovereignty and respect.
Then when you try to report fixing the fence they'll ask for a receipt and some taxes or you'll lose more social credit points.
Ironic that central banks feel any urge to embrace currency inspired by bitcoin.. Given its premise was to eliminate counterfeitability, mandate transparency, and facilitate transactions which cant be blocked.
All of which the central banks hate like poison.
As noted however in the ZH article, its the small nations banks who are embracing this and none of the major ones. Smart by them, they have everything to gain. How many nations have currency immune to being counterfeited?
A digital currency could be counterfeited if it is designed to be so by the government. Such a government would design a system where they can create digital currency out of thin air, to enable all the shenanigans common with fiat currency. The privacy protections would also be removed. Instead of being designed as a sound money system like Bitcoin, the new CBDC would be designed as a surveillance and control platform. In other words, the very opposite of Bitcoin.
True, and then its just as worthless as all others. Far more so if truth be told, since to run money-printers it at least consumes some time and resource.
This my questions about who creates and controls the digital currency and it's transfer mechanisms.
This is how Bitcoin is designed to more or less maintain itself. There is a core group of developers tasked with updating or tweaking the current version of the Bitcoin client that everyone uses. Beyond that the system runs itself. It's hardwired in exactly how many fresh Bitcoins will be mined each day. And it's also hardwired in that each user's name and identity is not directly connected to their blockchain wallets. The whole system is designed to be as private and tamper proof as possible, and has been very successful in that respect.
What is the value of the email protocol? Priceless. It's an extremely valuable protocol to move messages, just as Bitcoin is a protocol to move wealth.
Any Central Bank Digital Currency will be a pale copy of Bitcoin, a Frankenstein tool to remove all privacy and not be a sound money, but an infinitely manipulated currency capable of enslaving those who use it.
Anything that is "programmed" or "hard-wired" can be changed. But, it is likely to be destructive to the entire system. A bothersome notion.
To the best of my knowledge, no one has been able to compromise the blockchain by altering the Bitcoin client.
These "super smart" central bankers fail to realize that if they get this digital currency, they're going to force back in a bartering system to a HUGE degree. Look at some parts of deep Alaska, money isn't quite so important as what kind of goods you have, or what kind of work you can do. If they try to crush people with a social credit based digital currency we-the-people will just go around them.
Their absolute power will get folded by regular people who don't give a fuck about them.
We still have to fight this harder then anything else. Only God’s money (gold & silver) is real money.
I'm not doing federal blockchain. I'll go black market first.
They won't allow themselves to be stymied in printing a the money they want. Blockchain crypto doesn't let them UNLESS the compromise the system and they. Most certainly will. Time for our own economy. Gold backed.
I live in China controlled Hong Kong and this is exactly what they are doing here. We are presently in heavy lockdown and they're giving us money with the excuse because of the lockdown. Then there's also a time limit and how we can spend that money.
There's a lot of agendas going on because of 'covid' but seems like this is part of the financial experiment. Free money that they print, and at the same time, we have to spend it to push a consistent consumer driven economy to keep the GDP up.> >
This is fascinating, in a despotic sort of way. Lockdowns in order to experiment with acceptance and usage of digital currency.
XRP will be pegged to gold and the banks will transact with each other in a sea of liquidity.
Still has a robbery and civil forfeiture risk.
So live in a money free society?
While not perfect Monero can protect you from civil forfeiture.
Digital Currency would be a disaster. Not to mention what happened in Canada and the Government just cutting people off from there own bank accounts. Can you imagine not towing the line and then not be able to survive when they steal you already hard earned and taxed to death money? Then what about garage sales, flea markets, farmers markets etc? I dont like having that much of my life controlled and will make sure that doesnt happen if I have anything to do with it. I think we have all seen the last few years what a total cluster fuck it would be! HARD PASS............
‘The next cryptocurrency will be vaxx-free blood and semen and WE are the ATM.’
‘Cryptocurrency is like Facebook friends…everyone has hundreds until you need ONE to help you move.’
‘Place $10 of silver coins in one hand, place $10 of cryptocurrency in the other and tell me which weighs more.’