How fucking surprising...Good news is that he's brought this to light...CBDC = CONTROL...
That's why if you have any Crypto you need to hold it in Cold Storage...
Cold storage can protect your digital assets by taking them offline and harboring your crypto in a digital wallet. Since these digital wallets aren't connected to the internet, they're less susceptible to hacks...
Bruh, you really do not understand the concept of cold storage.
The coins are on the blockchain. They are fully visible at all times. A cold wallet takes your private keys offline. That's it. They are no magic privacy solutions.
For privacy, people need to implement things like xpub or use privacy coins.
Monero is a privacy coin like I mentioned, right, but it's the same thing when it comes to cold storage. Cold storage keeps you from accidentally exposing your stash to Rajiv in Pakistan who wants to drain it. But the coins are on the blockchain, not "in" the wallet.
Its important to note that some crypto tokens also have this freeze function on them. For example USDT can freeze your funds. I think USDC does too, the source code can be viewed on etherscan
I really don't understand why everyone is freaking out so much about CBDC when the fact of the matter is it that there is nothing that they can do with CBDC they they already can't do now. The only difference is there will be no physical cash. That's the real problem, and I never see that discussed.
Currently, the conversion of electronic into papercurrency allows.for anonymous I.e. not state controlled transactions.
People can structure their retrievals in such a way that over time they have a piggy bank full of paper currency.
Electronic currency can be controlled. The Netherlands is rolling out a programm where every transaction above 100 Euro's is investigated and checked. And if necessary an account is blocked untill the bank is satisfied they KYC and the transaction is.not related to financing of terrorism or money laundering.
Electronic money does not give the government control over how.much and into what money is spent. They also cannot use behavioral influence.
With CBDC that is quite possible, especially because it is deeply connected to anything digital. Anything digital.
Internet access, what is posted online, the time spent online and where, how much and where and what is soent, etc.
In essence, by controlling spending habits the commie government of the EU can prioritize currency to certain sectors, fine you, deduct it from your account, lock you out of your account, lock you.out.from services, etc.
Another difference is lack of competition. With a CBDC the FED or equivalent will be king. Currently there are a bunch of banks that handle money and at the end of the day/week/month/quarter/year/etc have to balance. Whomever controls the CBDC won't have to worry about balancing or any regulations. They will just print/burn money to their hearts content.
Banks can already freeze accounts, within legal bounds. Hard cash is the main issue, but not the issue people assume. Most white collar workers don't use hard cash. The real reason is taxation, many small businesses only accept cash or pay in cash -- meaning they report less revenue which is ultimately less tax revenue and also illegal. I'm not promoting CBDC, but calling Occam's Razor here, as someone who is certified in cryptocurrency fraud/compliance and speaks at conferences on it. Cash creates a smokescreen on financial activity, particularly for sticking it at the tax man. Cryptocurrency is rife with illegal transactions from terrorism to money laundering, etc. CBDC kills two birds with one stone, force increased transparency of financial activity so businesses/individuals report accurately (for taxation) and also make existing cryptocurrencies worthless.
This is exactly what I've been trying to warn the crypto-bros about. The government isn't going to sit idly by and let them bypass international banking. They will take control and abuse it just like fiat. Getting back on Gold is the only way.
not that shocking, they can freeze peoples accounts now
of course they would want to do that in a CDBC
they're not promoting crypto for freedom purposes
A gold-backed reserve currency like BRICS and a CBDC are not mutually exclusive. The CBDC aspect allows for "programming", regardless of how tight/loose the central bank's hands are tied due to the "gold-backed" aspect of the currency.
How fucking surprising...Good news is that he's brought this to light...CBDC = CONTROL... That's why if you have any Crypto you need to hold it in Cold Storage... Cold storage can protect your digital assets by taking them offline and harboring your crypto in a digital wallet. Since these digital wallets aren't connected to the internet, they're less susceptible to hacks...
Bruh, you really do not understand the concept of cold storage.
The coins are on the blockchain. They are fully visible at all times. A cold wallet takes your private keys offline. That's it. They are no magic privacy solutions.
For privacy, people need to implement things like xpub or use privacy coins.
Monero
Monero is a privacy coin like I mentioned, right, but it's the same thing when it comes to cold storage. Cold storage keeps you from accidentally exposing your stash to Rajiv in Pakistan who wants to drain it. But the coins are on the blockchain, not "in" the wallet.
Ty for your input but I understand fully...I ONLY keep privacy coins.
Its important to note that some crypto tokens also have this freeze function on them. For example USDT can freeze your funds. I think USDC does too, the source code can be viewed on etherscan
For sure...I try to stay away from 'stable coins' unless i sell to buy another coin...
A cold wallet doesn’t remove anything from the blockchain…
I really don't understand why everyone is freaking out so much about CBDC when the fact of the matter is it that there is nothing that they can do with CBDC they they already can't do now. The only difference is there will be no physical cash. That's the real problem, and I never see that discussed.
Not quite.
Currently, the conversion of electronic into papercurrency allows.for anonymous I.e. not state controlled transactions.
People can structure their retrievals in such a way that over time they have a piggy bank full of paper currency.
Electronic currency can be controlled. The Netherlands is rolling out a programm where every transaction above 100 Euro's is investigated and checked. And if necessary an account is blocked untill the bank is satisfied they KYC and the transaction is.not related to financing of terrorism or money laundering.
Electronic money does not give the government control over how.much and into what money is spent. They also cannot use behavioral influence.
With CBDC that is quite possible, especially because it is deeply connected to anything digital. Anything digital.
Internet access, what is posted online, the time spent online and where, how much and where and what is soent, etc.
In essence, by controlling spending habits the commie government of the EU can prioritize currency to certain sectors, fine you, deduct it from your account, lock you out of your account, lock you.out.from services, etc.
Another difference is lack of competition. With a CBDC the FED or equivalent will be king. Currently there are a bunch of banks that handle money and at the end of the day/week/month/quarter/year/etc have to balance. Whomever controls the CBDC won't have to worry about balancing or any regulations. They will just print/burn money to their hearts content.
Banks can already freeze accounts, within legal bounds. Hard cash is the main issue, but not the issue people assume. Most white collar workers don't use hard cash. The real reason is taxation, many small businesses only accept cash or pay in cash -- meaning they report less revenue which is ultimately less tax revenue and also illegal. I'm not promoting CBDC, but calling Occam's Razor here, as someone who is certified in cryptocurrency fraud/compliance and speaks at conferences on it. Cash creates a smokescreen on financial activity, particularly for sticking it at the tax man. Cryptocurrency is rife with illegal transactions from terrorism to money laundering, etc. CBDC kills two birds with one stone, force increased transparency of financial activity so businesses/individuals report accurately (for taxation) and also make existing cryptocurrencies worthless.
This is exactly what I've been trying to warn the crypto-bros about. The government isn't going to sit idly by and let them bypass international banking. They will take control and abuse it just like fiat. Getting back on Gold is the only way.
Brass, Lead, and God may be the only way
This is sure to make folks who are already distrustful of digital currency in general super comfy.
Yikes!
u/#badsocial
not that shocking, they can freeze peoples accounts now of course they would want to do that in a CDBC they're not promoting crypto for freedom purposes
Not surprised, we said government would do this all along.
not an accident
Is BRICS "gold-backed currency" a red herring for CBDCs?
I'm not sure what you mean. Can you flesh out your thought a bit?
Brazil is one of the major players of BRICS. If Brazil is creating a CBDC, then what's the goal of BRICS then?
A gold-backed reserve currency like BRICS and a CBDC are not mutually exclusive. The CBDC aspect allows for "programming", regardless of how tight/loose the central bank's hands are tied due to the "gold-backed" aspect of the currency.
Does this surprise you??? Wake up. this is the entire plan.
Pick one.