Calm down Jose. This is from defeat the mandates in 2022 @ 23:00. Trump has already banned CBDCs. Dont confuse "digital currency" with "Central bank digital currency". Bitcoins are digital currencies. Stablecoins are digital currency. None of them are CBDC.
Smart Anons will ask the important question. "Why is this out of context clip being circulated now?"
The one way that Bitcoin was supposed to undermine government control and grant freedom was that it was anonymous. It wasn't supposed to be possible to link blockchain transactions to the actual people who made them.
But Bitcoins have turned out to be fully traceable, and can do some of what a CBDC would do, especially as long as it has to coexist with fiat, creating the need for exchanges, which can track where your coins came from and decide whether you get to keep them when you attempt to cash out to fiat. Coins get seized all the time in this manner, and it's on you to prove that you're innocent, just like with civil asset forfeiture.
If people properly understood just how bad of a flaw complete traceability was, Bitcoin would become an obscure altcoin, of little more than historical significance.
I dont know where you are getting that from because Bitcoin was NEVER designed to be anonymous….it was ALWAYS designed to be traceable as it is a public ledger. This is to promote transparency. People who want transactions to be secret wont like that but it is a feature not a bug.
The lack of your real name attached to every transaction was assumed by everyone in the community to be enough to ensure anonymity. That ended when a certain company realized that it was feasible to infer way more than previously thought possible from the subset of transactions that were publicly identified.
The community was only flooded by people promoting this transparency as a virtue after that point.
Full transparency makes Bitcoin another surveillance technology, like social media. It works against you, not for you, unless you work for CIA/Mossad.
If it were to be used as a payment system then yes but no one really uses it for that anymore. Its a store of value now. Like digital real estate. And real estate transactions have always been public so i dont really have a problem with it in regards to Bitcoin but yes, a digital transaction system that were to be adopted as THE national payment system would need to be anonymous to some degree.
Bitcoin is the way of the future. Even without all the issues you have outlined, Bitcoin is simply not efficient to be used as currency.
In anycase, Trump managed to push anonymity as part of the Genius Act and will become part of the nextgen of cryptos. Of course, this also means we need to switch from KYC to something like zero knowledge proofs.
I think all the pieces are there, but the real question is, will the people be okay with the idea that some super criminal can keep using these currencies without ever being able to block them or track them. Imagine the nextgen of Soros using the next gen cryptos to openly fund terrorism in front of our face.
The question is, will the People have the strength to say "Yes, thats exactly what we want"
Cash is vulnerable to being seized if you're caught with more of it than some cop thinks you could have saved up.It doesn't even have to be actual criminal proceeds.
Calm down Jose. This is from defeat the mandates in 2022 @ 23:00. Trump has already banned CBDCs. Dont confuse "digital currency" with "Central bank digital currency". Bitcoins are digital currencies. Stablecoins are digital currency. None of them are CBDC.
Smart Anons will ask the important question. "Why is this out of context clip being circulated now?"
We are not doing CBDC. UK might.
UK has bigger problems than CBDC for sure.
Certainly.
The one way that Bitcoin was supposed to undermine government control and grant freedom was that it was anonymous. It wasn't supposed to be possible to link blockchain transactions to the actual people who made them.
But Bitcoins have turned out to be fully traceable, and can do some of what a CBDC would do, especially as long as it has to coexist with fiat, creating the need for exchanges, which can track where your coins came from and decide whether you get to keep them when you attempt to cash out to fiat. Coins get seized all the time in this manner, and it's on you to prove that you're innocent, just like with civil asset forfeiture.
If people properly understood just how bad of a flaw complete traceability was, Bitcoin would become an obscure altcoin, of little more than historical significance.
I dont know where you are getting that from because Bitcoin was NEVER designed to be anonymous….it was ALWAYS designed to be traceable as it is a public ledger. This is to promote transparency. People who want transactions to be secret wont like that but it is a feature not a bug.
The lack of your real name attached to every transaction was assumed by everyone in the community to be enough to ensure anonymity. That ended when a certain company realized that it was feasible to infer way more than previously thought possible from the subset of transactions that were publicly identified.
The community was only flooded by people promoting this transparency as a virtue after that point.
Full transparency makes Bitcoin another surveillance technology, like social media. It works against you, not for you, unless you work for CIA/Mossad.
If it were to be used as a payment system then yes but no one really uses it for that anymore. Its a store of value now. Like digital real estate. And real estate transactions have always been public so i dont really have a problem with it in regards to Bitcoin but yes, a digital transaction system that were to be adopted as THE national payment system would need to be anonymous to some degree.
Bitcoin is the way of the future. Even without all the issues you have outlined, Bitcoin is simply not efficient to be used as currency.
In anycase, Trump managed to push anonymity as part of the Genius Act and will become part of the nextgen of cryptos. Of course, this also means we need to switch from KYC to something like zero knowledge proofs.
I think all the pieces are there, but the real question is, will the people be okay with the idea that some super criminal can keep using these currencies without ever being able to block them or track them. Imagine the nextgen of Soros using the next gen cryptos to openly fund terrorism in front of our face.
The question is, will the People have the strength to say "Yes, thats exactly what we want"
Cash is perfectly suitable for this kind of activity.
Cash is vulnerable to being seized if you're caught with more of it than some cop thinks you could have saved up.It doesn't even have to be actual criminal proceeds.
And there in lies the catch. Lightning network increases speed but at the cost of security.
I think it’s pretty obvious. Stable coins as regulated by genius act.
Bitcoin is a no go because countries cannot issue treasuries backed by their assets or otherwise using bitcoin.
Bitcoin was a poison pill from day one, but it created enough appetite for freedom in people that now we are ready to move on to real solutions
Sorry that you will have a very hard time in future.