I Do NOT Trust CBCD
I do NOT trust the Federal Reserve (Fed)'s fiat CBDC. Why? Because CBDC is CENTRALIZED. In other words, I do NOT trust ANY CENTRALIZED digital currencies.
Why Centralized Is Bad?
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THE FED would fully control how, when, where you receive or sent your money.
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In turn, the Fed could censor your feelings and thoughts they disagree with. By limiting or blocking your transactions.
Why Decentralized Is Good?
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YOU fully control how, when, where you receive or sent money.
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FREEDOM of feelings and thoughts. In other words, with a decentralized digital currency, you are protected against the risk with the Fed censoring your feelings and thoughts.
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Stronger privacy. Only you as sender and the beneficiary see your transactions.
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Stronger security. If the software code of the decentralized digital currency is Libre Source (Open Source), this means that more people are able to both contribute to it and improve it. In turn, this result in stronger security. In other words, more eyes watching for vulnerabilities and fixing those.
Alternatives to CBDC?
Examples of really DECENTRALIZED digital currencies (cryptos):
• Bitcoin at https://bitcoin.org
• Monero at https://www.getmonero.org
• BitcoinCash at https://bitcoincash.org
The main benefit of Monero is that it has a much stronger privacy than both Bitcoin and BitcoinCash. Also, Monero is supported by the third-largest team of software engineers.
BitcoinCash is an improved version of Bitcoin. For example, but not limited to, faster transactions and easier to scale bigger than Bitcoin.
If a state is interested to issue a digital currency, how about using an already existing DECENTRALIZED digital currencies (cryptos). Either:
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As is. That is to say, use the already existing decentralized digital currency. Optionally, support it as a sponsor. With donation, or patch, or any other type of contribution to your liking. Conditional to support it WITHOUT strings attached. So that it fully remain DECENTRALIZED.
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Fork it. That is to say, fork (duplicate) its code and adapt it. While, at the same time, keep it fully DECENTRALIZED. Then let people decide if their forked version better meet their needs or not.
Decentralized Exchange
In addition to DECENTRALIZED crypto. For those who needs a very advanced DECENTRALIZED EXCHANGE software, I suggest the fully FREE Bisq at https://bisq.network
"Buy and sell bitcoin for fiat (or other cryptocurrencies) privately and securely using Bisq's peer-to-peer network and open-source desktop software. No registration required."
With Bisq, both your transactions and crypto have the strongest protection against external interference. They can not be blocked or censored.
Short 2 minutes video of a Bisq trade at https://youtu.be/QjmpAq9RUXM
Your benefits with Bisq:
• Bisq is 100% decentralized.
• Free software. No license to pay.
• Government and organization cannot block you. No censorship. You are really free to trade with anyone to your liking and express yourself. Of course, within the legal limits of your local community.
• No servers that could be seized.
• Libre software (Open source). So stronger privacy and stronger security.
• Video channel at https://www.youtube.com/c/bisq-network/videos
F.A.Q.
What happens when the internet goes down?
Both the centralized CBDC and decentralized crypto face the same challenge when the internet goes down. The main difference is that, from a back end point of view, it much easier and cheaper to resolve this challenge with a decentralized crypto though.
For the last 15 years, in my local community, the internet was available more than 99% of the time. During that period, I recall a total of 2 days of internet down.
In the unlikely event that the internet goes down, with most App (software), your transaction simply automatically resume when the internet is back up.
If your transaction is a real emergency. Which can't wait for when the internet is back. You still can do transaction right away without internet:
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Simply use any other network to your liking
- This is already built-in most modern devices and software
- There are many alternative networks to internet
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Local network (LAN)
- Use a software (App) in a local network (LAN) without internet access. Usually, for many Apps, it is a simple one click button called "Enable local peer discovery setting". For example, if I need to do a real emergency transaction now, one of many options is in person, or via phone call, with the supplier, both parties activate their local peer discovery. Then proceed with their transaction. Done. After the internet is back up, this transaction is recorded on the blockchain. This is called "polled".
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Send Bitcoin by Amateur Radio
- Source at https://news.bitcoin.com/no-internet-no-problem-how-to-send-bitcoin-by-amateur-radio/
- Thanks to CoolAsACucumbe for this suggestion
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LETS
- Use a Local Exchange Trading Systems (LETS) with another network than internet. My favorite is https://communityforge.net Software code is available for free at https://www.drupal.org/project/cforge
- "Local Exchange Trading Systems (LETS) are locally organized, economic organizations that allow the exchange of goods and services among group members. The groups use a locally created units of value as currency which can be traded or bartered in exchange for goods or services. Members of LETS typically view the systems as organized and cooperative schemes that maximize purchasing power while benefiting members and the community."
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Mesh network
- For example, but not limited to, GoTenna. Read more at https://captainaltcoin.com/how-can-you-send-bitcoin-without-internet-connection/
- Thanks to CoolAsACucumbe for this suggestion
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Wireless transaction payments
- Thanks to propertyofUniverse for this suggestion
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Barter
- Thanks to propertyofUniverse for this suggestion
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Cash
- I always have a small amount of cash at the ready for a real emergency. But cash is more risky. Because you are dependent on who print this cash. Which is the Fed :(
Blog
My related blog at https://www.minds.com/Francewhoa/blog/reject-cbcd-and-alternatives-to-cbdc-1487229402629541905
What happens when the internet goes down?
For the last 15 years, in my local community, the internet was available more than 99% of the time. During that period, I recall a total of 2 days of internet down.
In the unlikely event that the internet goes down, with most App (software), your transaction simply automatically resume when the internet is back up.
If your transaction is a real emergency. Which can't wait for when the internet is back. You still can do transaction right away without internet:
Thanks, good to know. Although TPTB want to eliminate cash, don't they? So that option will go away so you are dependent on some sort of networking to live. Barter is interesting, assuming you are carrying around cigarettes and booze. If you assume, as I do, that our overlords are intent on controlling our lives completely, you don't want to trust them to look out for our interests and keep the alternate paths open, do we???
No Internet, No Problem: How to Send Bitcoin by Amateur Radio
https://news.bitcoin.com/no-internet-no-problem-how-to-send-bitcoin-by-amateur-radio/
How comforting.
Still works Doomer. Wireless transaction payments.
Best wallets to send crypto via Email or SMS - ptpwallet.com
https://ptpwallet.com/cryptocurrency-market-analysis/best-wallets-to-send-crypto-via-email-or-sms/
How can you send bitcoin without internet connection?
https://captainaltcoin.com/how-can-you-send-bitcoin-without-internet-connection/
A Brooklyn-based company GoTenna, a decentralized startup, is collaborating with Samourai Wallet, a bitcoin wallet focused on privacy and security, on an app dubbed TxTenna that allows users to exchange bitcoin when not connected to the web.
Samourai Wallet has some special features like the ability to enter a direct interaction with trusted nodes, added hops to circumvent chain analysis, and SMS commands for remotely wiping wallets. It has seen widespread adoption by users wishing to incorporate an additional level of privacy into their Bitcoin transactions.
The goTenna device, which costs $179 per pair, allows users to access a mesh network and send data without the need for Internet connection.
The app will enable users to pair their smartphones with goTenna’s portable antennas in order to send transactions.
https://archive.ph/983Hl
https://archive.ph/LQ7m2
That goes for CBDCs as well as crypto.
I guess that's when you use cash, barter or PMs.
Cash will be gone. So forget cash. Barter will be dependent on how prepared you are. PM's may be the only option. ????
I would like to add Cardano to the list of alternatives
Thanks for sharing. I'll check it out.
I found Cardano Libre Software (Open Source) is at https://cardanoupdates.com
Done. We reviewed Cardano. I do NOT trust Cardano.
Why? Because:
Cardano is presently HEAVILY CENTRALIZED. Which is BAD for you. In other words, Cardano is presently part of the CENTRALIZED problem. Not part of a present DECENTRALIZED solution.
According to Undersearcher, Cardano is NOT presently decentralized because "IOHK, Emurgo and the Cardano Foundation are in control of the ecosystem as a whole — including all current stake pools" Source:
https://medium.com/@undersearcher/how-decentralized-is-cardano-d3a47f985ce1
https://medium.com/peakchain/building-on-cardano-my-whole-journey-part-2-is-cardano-really-decentralized-778ce0131b4d
Cardano is misleading its investors, developers, and users. Cardano mislead them by not clearly communicating to them that is PRESENTLY centralized and that in the FUTURE, they MIGHT be decentralized. The keyword here is "MIGHT". This is risky. Obviously, PRESENT centralized and FUTURE DECENTRALIZED are NOT to be confused. For those familiar with crypto, according to Cardano themselves, their "decentralized" crypto is a "Proof of concept". Meaning, it is NOT presently decentralized. But in the FUTURE, could be. Source and details are into the above links.
In the future, Cardano might be decentralized. But this is very unlikely and very risky to invest in. Because Cardano started on a HEAVILY CENTRALIZED foundation. And as of now, is still building on a HEAVILY CENTRALIZED foundation. Time will tell if Cardano will shift from CENTRALIZED to DECENTRALIZED. Meanwhile, there are plenty of alternatives presently fully REALLY DECENTRALIZED.
WSJ - Bitcoin’s Future Depends on a Handful of Mysterious Coders
Developers with power to change the cryptocurrency’s software hold an unorthodox role, are elusive—and have been known to head off disaster for the coin. 5 developers have the power to push commits on the open source github.
https://archive.ph/IoyiR
Cardano Improvement Proposal CIP 1694 - A First Step Towards On-Chain Decentralized Governance
https://github.com/JaredCorduan/CIPs/blob/voltaire-v1/CIP-1694/README.md
Currently right now when a major update is decided on the Cardano blockchain for Hard Fork Combinator Event IOG, Emurgo, and Cardano Foundation all have to decide to give it the green light. If any one of the 3 decides no then the update is further worked upon and delayed. This is still much better than Bitcoin foundations 5 developers that can push code on Github or the sole Ethereum Foundation deciding things.
CIP1694 takes out IOG, Emurgo, and Cardano Foundation as the sole organizations that can push an update. It has been heavily discussed and debated for months now, soon to come to vote and be implemented. This is the very last part of the initial Cardano Roadmap called Voltaire where the governance is completely decentralized and given to the ADA coin holders.
Charles Hoskinson Video on March-14-2023 on the latest on the CIP 1694 Governance debates
https://www.youtube.com/watch?v=ZXHxT10CRw8
Please name something more decentralized than Cardano. I got arguments ready for Bitcoin, Ethereum, and Algorand...
3.888 Million Cardano wallets with about 1.259 million wallets staking which is about 32.4% of the total wallets on Cardano. https://datastudio.google.com/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/p_wxcw6g0irc
Over 3200 stake pools (mostly small businesses) processing your transactions on the Cardano blockchain https://datastudio.google.com/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/ngPAC
The wealth distribution of the Cardano Blockchain wallet addresses https://datastudio.google.com/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/r2LQC
1.113 Billion Ada in the Cardano Treasury wallet with about 5.8 million Ada added in the last 5 days (an epoch). This Treasury wallet is used to fund project proposals and startups that YOU vote for in Project Catalyst. # of Ada coins is number of votes. https://datastudio.google.com/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/ad3AC
My related blog at https://www.minds.com/Francewhoa/blog/reject-cbcd-and-alternatives-to-cbdc-1487229402629541905
Is there a gold backed crypto we can use? Buy based on price of gold and exchange company makes money from each transaction like the CC companies do. They’d have to have a vault full of inspectable gold. Allow anyone in to inspect. Not just “authorities”
I have a gold IRA and can go to the vault at anytime
I do NOT trust gold IRA. Because Gold IRA is part of the CENTRALIZED problem. Not part of the DECENTRALIZED solution.
For those not familiar with gold IRA, it is a paper-gold. It is not physical-gold. Yes, you can go at the vault asking to see and old your physical goal. But the challenge is that to do that you're dependent on a CENTRALIZED third party. I do NOT trust any form of paper-gold or paper-silver or paper-crypto.
By leaving your gold IRA at a third party vault, you expose yourself to a CENTRALIZED third party limiting or blocking your transactions or access to it. Or worst, stealing it! Because the centralized holder disagree with your feelings or thoughts.
Physical gold might be useful if ONLY YOU have access to it. For example:
Stored in a safe in your private home. NOT at a centralized third party. But then, for trading, you have to find people interested. Which might be a challenge for daily transaction or large volume.
Still store at home. For a long term investment. Assuming you have surplus, you are willing to lose.
Exactly my thoughts. There has to be a decentralized solution so you don't have to trust a corruptible 3rd party entity.
IRAs can easily be confiscated by the government.
There are not many gold-backed Cryptos I know of (and I wouldn't necessarily trust the entities "reporting" the gold supply either). Trust in a 3rd party keeping tabs is the problem with a gold backed crypto.
Now there are algorithmic stablecoins that are being pegged to the price of gold. I would look at MELD white paper, Indigo Synthetics, and DJED/SIGMAUSD protocols. In AgeUSD protocols, Reserves backs up the stablecoin value and you can have an Oracle reporting the price of gold in real time (but you still need to trust the Oracle(s) data).
The whole issue I have with gold and silver is that unless you have it in your hand, you have to trust a 3rd party entity to not fudge the numbers and this leads us back to the situation we have today.
If we want to make international payments/commerce seamlessly, crypto is the way to go. Gold/silver is for the individual in a local economy.