CBDC: Fedcoin is Now the Topic of the Hour – It Won’t Stop Bitcoin and is Actually Good for Bitcoin

Andrew Anglin June 13, 2021

It has become obvious that cryptocurrency is the logical money of the future.

The government is now trying to preempt the mass adoption of Bitcoin by inventing their own cryptocurrencies.

Governments across the world are talking about CBDCs (“Central Bank Digital Currencies”).

POLITICO:

The Federal Reserve is taking what may be the first significant step toward launching its own virtual currency, a move that could shake up banks, give millions of low-income Americans access to the financial system and fortify the dollar’s status as the world’s reserve currency.

The idea of creating a fully digital version of the U.S. dollar, which was unthinkable just a few years ago, has gained bipartisan interest from lawmakers as diverse as Sens. Elizabeth Warren (D-Mass.) and John Kennedy (R-La.) because of its potential benefits for consumers who don’t have bank accounts. But it’s also sparking strong pushback from those with the most to lose: banks.

“The United States should not implement a [central bank digital currency] simply because we can or because others are doing so,” the American Bankers Association said in a statement to lawmakers this week. The benefits “are theoretical, difficult to measure, and may be elusive,” while the negative consequences “could be severe,” the group wrote.

The explosive rise of private cryptocurrencies in recent years motivated the Fed to start considering a digital dollar to be used alongside the traditional paper currency. The biggest driver of concern was a Facebook-led effort, launched in 2019, to build a global payments network using crypto technology. Though that effort is now much narrower, it demonstrated how the private sector could, in theory, create a massive currency system outside government control.

Now, central banks around the world have begun exploring the idea of issuing their own digital currencies — a fiat version of a cryptocurrency that would operate more like physical cash — that would have some of the same technological benefits as other cryptocurrencies.

That could provide unwelcome competition for banks by giving depositors another safe place to put their money. A person or a business could keep their digital dollars in a virtual “wallet” and then transfer them directly to someone else without needing to use a bank account. Even if the wallet were operated by a bank, the firm wouldn’t be able to lend out the cash. But unlike other crypto assets like Bitcoin or Ether, it would be directly backed and controlled by the central bank, allowing the monetary authorities to use it, like any other form of the dollar, in its policies to guide interest rates.

The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology’s Digital Currency Initiative are aiming next month to publish the first stage of their work to determine whether a Fed virtual currency would work on a practical level — an open-source license for the most basic piece of infrastructure around creating and moving digital dollars.

But it will likely be up to Congress to ultimately decide whether the central bank should formally pursue such a project, as Fed Chair Jerome Powell has acknowledged. Lawmakers on both sides of the aisle are intrigued, particularly as they eye China’s efforts to build its own central bank digital currency, as well as the global rise of cryptocurrencies, both of which could diminish the dollar’s influence.

…

Neha Narula, who’s leading the effort at MIT to work with the Boston Fed on a central bank digital currency, called the project “a once-in-a-century opportunity to redesign the dollar” in a way that supports innovation much like the internet did.

There are several obvious problems with this.

Firstly, everyone must note that Bitcoin already exists, and it is the perfect money.

So what is the point of a CBDC?

Well, so that the government can continue to control and manipulate the money supply. They will also be able to track you, or to shut off your ability to spend, if they decide you are metaphysically evil (racist, science-denier).

What is actually even the benefit of going to cryptocurrency if the government is going to control it, and be able to inflate it at will?

You end up with only very minor benefits. Basically, the current dollar already is a digital dollar, because most people pay using credit. Cards are slowly disappearing and being replaced with CashApp or other bank apps where you pay by scanning a QR code. So most of the benefits that a CBDC would present already exist with the current dollar.

The benefit of Bitcoin is that it is sound money – it is a limited supply, which means that it cannot be inflated. The government cannot rob you by printing money and making your money worthless. It is also a perfect balance of transparency, privacy and independence.

Bitcoin could fix our broken economic system by creating financial independence.

The only potential benefit I could see to a CBDC would be to serve as a stablecoin to replace Tether (which has a lot of problems). It would also allow the government to compete with the open market. So, I’m not against it existing, necessarily, but I am very much against the Liz Warren plot to replace Bitcoin with a pure proof-of-stake fedcoin, and use that to say “oh well, there’s no reason for Bitcoin anymore!”

In fact, the CBDC will get more people into Bitcoin!

I think there will be a fedcoin pretty soon. However, I don’t think that Tomahawk Liz is going to succeed in banning Bitcoin. The global warming hoaxery is going to fail. It would be great if the entire stupid lie would collapse, but that doesn’t have to happen – Michael Saylor’s new mining council is focusing on using “green” energy for mining, and this is going to be really easy to do. There are isolated renewable resources all over the world that can’t be used to power cities because they are too far away from them, and that is all going to be used for mining.

There is also going to be a second layer scaling of Bitcoin, with a minimal proof of stake, which will reduce transaction costs for small sums and reduce energy usage.

I know people got mad about some comments I made about Lightning limited proof-of-stake solving the electricity issue, but it will reduce some of the electricity usage and is at least a good talking point against the global warmers. Ultimately though, we need to press the point that crypto will eliminate the entire banking system, which will mean all of these high-rise buildings and the millions of employees will no longer be using their electricity. We also need to press the point that Tomahawk Liz is shilling for Wall Street and the international banking cartel.

DeFi can completely kill the banks. Individuals can loan to other individuals. There becomes no point for banks to exist.

Destroying inflation will also mean everything costs the real price, not some fake debt inflated price, which will mean that fewer loans will even be necessary.

After this hoax is jumped, there isn’t really much more to cockblock Bitcoin with. Liz Warren will have to come out and say that she just wants people to be poor because of her socialist agenda.

I’m glad Liz is the face of this, frankly, because she is proven to be so unlikable.

That fake Indian thing really killed any chance she ever had.

She’s also just such a nagging cunt.

The other big topic here – which is too big to discuss right now – is that the digital dollar might be launched as a replacement for the current dollar after the current dollar becomes so inflated that it is no longer viable.

The digital dollar will also be used to give allowance money to all of these lazy people who don’t want to work. It will be the core of the UBI thing they’re doing. So the brown people and losers will get their fedcoins to buy their bug gruel, marijuana, and porno subscriptions, while a second, real economy exists on Bitcoin.

This will allow the socialists to live out their total corporate control grid dream, while also allowing people who believe in free economies to operate separately. I think it can also be another wedge for pressing for secession.

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