US Federal Reserve Debating Making a “Cryptocurrency” (FAKE) Controlled by Central Bank

This is apparently what caused yesterday’s crypto crash?

How stupid are people?

4:13 AM EST. Asians and Euros bought it when it was at $38 something after American retards panicked and flapped their paper hands.

We can talk about whales, but whales are not selling unless they are planning to buy it back at a higher price. That is the agenda of whales. So when there is a dump like this, it’s driven by retail retards who saw a news headline. Whales might dump in that situation, because they know institutional investors are going to pick it up.

Whales are not stupid. Institutional investors are not stupid. Paperhand morons who know nothing about anything are stupid.

New York Times:

The Federal Reserve took its first step toward more seriously examining issuing a central bank digital currency, releasing a report on Thursday that examines the idea’s potential costs and benefits and opening the door for public comment.

In a long-awaited report, the Fed avoided taking sides and set out a list of arguments for and against a digital currency, and posed questions that will shape the debate.

“We look forward to engaging with the public, elected representatives and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Jerome H. Powell, the Fed chair, said in a statement. Mr. Powell had previewed that a report would be forthcoming in May 2021.

Central banks from the Bahamas to Sweden and China are experimenting with digital currency offerings, fueling concerns on Capitol Hill that the Fed might fall behind the competition. Breakneck innovation in the private sector has suggested that the Fed, a key financial regulator, needs to understand budding private digital payment technologies.

A central bank digital retail currency would, basically, be electronic cash. While consumers already use digital money when swiping a credit card or making online purchases, that money is actually backed by the banking sector. A Fed version would be backed by America’s central bank, just like a U.S. dollar bill.

Given the U.S. currency’s dominant position in global finance, the Fed has been clear that it is moving slowly and carefully as it weighs a digital dollar. And officials have emphasized that they would not move forward without congressional approval.

“The Federal Reserve does not intend to proceed with issuance of a C.B.D.C. without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law,” the report noted.
Researchers from the central bank outlined how a digital currency could offer benefits and entail risks.
Such a currency “could provide a safe, digital payment option for households and businesses as the payments system continues to evolve, and may result in faster payment options between countries,” the Fed release accompanying the discussion paper stated.

China has been seriously working on a CBDC for like, a decade, and it’s still not finished.

China is a more efficient country than the United States by a factor of multiple tens.

The feds cannot magically make a CBDC appear out of nowhere, and it is basically too late for them to try. What they can do is make a fake crypto that is just a token with infinity issuance – i.e., the “digital dollar.”

That will be prone to super-inflation, much worse than the current dollar.

Every single expert says that making a digital dollar will make inflation go nuts.

That means it will bolster the price of Bitcoin.

This isn’t difficult math, people. Hodl the damn line.

No, it’s not a cryptocurrency.

It’s a digital dollar.

Cryptocurrencies have a controlled supply.

This is just going to be exactly what we have now, except they won’t print the paper, which means it will be way, way worse in terms of the rate of devaluation.

It is intended to set up the UBI program for the peasants. They aren’t even going to try to make it stable. They are just going to click a button and fill your account so you can buy bug meat and porno subscriptions in your government-subsidized tiny apartment in a midrise concrete prison complex.

If you live in an American city, look around you – they are building these midrises everywhere.

The elite know that the lifeboat for them is going to be Bitcoin. They’re not worried about the price. They want it as low as possible, in fact, so they can keep buying it up.

I don’t doubt the whales (and presumably the exchanges) are cooperating. This isn’t insider trading because crypto is unregulated.

Don’t put your rent and food money in Bitcoin. If you’re going to buy it, don’t sell it, and force the elite to buy it from you for more. Or better yet, don’t sell at all. Just don’t even check the price. Unless you’re trying to cash out to buy a farm, in which case, don’t do that when it is experiencing a serious price manipulation.