CBDC: Central Bank Digital Currency , Fedcoin, The Beast System

[NoMoreTO]

Central Bank Digital Currency (aka "CBDC") has been discussed on RVF as Part of the Great Reset, as Part of The Fed Thread, but as it is beginning to hit the mainstream, it is time for it's own thread. Interested in what you guys think about the CBDC. Below are some thoughts of mine and some videos I've came across.

What is CBDC?
CBDC is a digital system supported by a Government or Central bank as legal tender (FIAT): where all transactions occur digitally and are traced by Blockchain.
(1) All transactions are authenticated by block chain. (Rather than financial institutions)
(2) There are no Paper Notes or Cash which today would represent how our system is not closed or fully traceable.
(3) It is programmable. Controls and incentives may be put into place.


Why Now?
It is thought that CBDC is happening now because:
(1) Advances in Blockchain technology mean that our Financial System is outdated and needs an upgrade
(2) The debt situation has become unmanageable in the West since 2008, a new currency almost provides an "out" for a system about to fail. It is a soft landing for a failing currency, and enables negative interest rates in the banking system.
(3) Elites and the "Great Reset" want to increase tracing of citizens along with control (Social Credit). This enables those in power to influence citizens in all sorts of ways in their daily lives, from encouraging certain buying activities, freezing bank accounts of dissidents, etc.

How it will happen?
Most likely in great financial durress the government will push out some CBDC to Vax Passport and/or Digital ID holders for a specific use such as UBI, food stamps, etc. The money will be seemingly "free" an almost every citizen who is able will opt in to accept their CBDC money - it's free "money", it will be pegged to the USD or a local currency. The old system will then be retired, likely over time. It will be important to let the bad money crowd out the good (better FIAT) or gain mass adoption, at which point the old currency will become irrelevant. This could for example by inflating the Federal Reserve Note, decreasing it's use as a store of value while keeping the CBDC stable. It wouldn't take long before people move to the Stable CBDC.

What can we do?
It is hard to know when the system will take hold and who will be the winners and losers. But, once the system takes hold, it will yield a control over people's lives like we can not imagine today. The main way to manage the risk is to hold things outside the system, especially things which could be restricted in the future.
(1) Hold Precious metals outside of the system such as Gold , Silver
(2) Hold Crypto also functions outside of the system when used properly.
(3) Have Real assets - Land, Real Estate, Equipment, Tools, Books
(4) Be aware that a global monetary system that is centrally controlled could very well be a sign of end times AKA the Mark of the Beast.


Short Video Explaining Issues with the CBDC system. He explains how the CBDC could be used as a central planning tool, along with a punishment tool for dissidents.


Long Form discussion going into Project Hamilton a collaborative project between the Boston Federal Reserve Bank and MIT. The video explains how their CBDC design takes all the functionality of Crypto but takes away all anonymity and other positive aspects.


Maajid Nawaaz was on Joe Rogan recently discussing the CBDC. This could signal a breakthrough into the mainstream, where the idea is first socialized. The last 1/4 of the Podcast he lays it out for Rogan, and the connection to Coronavirus
Odysee_Rogan_MaajidNawaz


Federal Reserve Asks for Feedback From American Public!






Somevideos

 

[road_runner]

It seems like, politically, the world is somewhere around 1933 now. High government oppression and totalitarian ideologies (like covid) all over, wars springing up.
GDP to debt ratio is also around there too, pre-WW2.
American gold confiscation and de-coupling of USD from gold was announced in 1933, which was major overhaul of USD system.
Right now might be real close to the end of the monetary beast/usury system as we know it, and those forced CBDC can be real close.

Honestly, watching bank runs in Ukraine and Russia now, Canadian truckers sanctions, total lockstep sanctions against Russia,
Russia banning foreigners from selling their investments, all trading there halted and interest rate hiking to 20% overnight/twice

- I wonder about safety of US brokerage and bank accounts now and if the run is possible, especially if NATO starts further hostile actions (may be that's too far fetched and I'm being affected by the news that are meant to install panic, but I had experienced this stuff in person before, outside the US)

 

[Blade Runner]

Yes, time to start getting more physical cash in hand than you think you should.

 

[NoMoreTO]

Yes, time to start getting more physical cash in hand than you think you should.

I like the idea of taking out cash, but I only think this as a solution will last so long. Crypto and Precious metals are the long term solution.

Gresham's Law is a monetary principle stating that "bad money drives out good." It is primarily used for consideration and application in currency markets. Gresham’s law was originally based on the composition of minted coins and the value of the precious metals used in them.

We can take out our cash, but if they give us "free" or "discounted" digital currency will we use it?

If so what will happen is that the cash itself will be hoarded, because it is perceived to have a higher intrinsic value based on anonymity. The irony of it all is that even people who are aware of the situation will still use their digital money for day to day transactions with ZOG corp.

The majority of people will simply adopt it. Then they cut off the cash gradually and then eliminate it wholesale.

 

[Blade Runner]

I like the idea of taking out cash, but I only think this as a solution will last so long. Crypto and Precious metals are the long term solution.



We can take out our cash, but if they give us "free" or "discounted" digital currency will we use it?

If so what will happen is that the cash itself will be hoarded, because it is perceived to have a higher intrinsic value based on anonymity. The irony of it all is that even people who are aware of the situation will still use their digital money for day to day transactions with ZOG corp.

The majority of people will simply adopt it. Then they cut off the cash gradually and then eliminate it wholesale.

That's probably true. The key is that you have the buffer or transition period to limit your use of the ZOG transactions to only the minimal degree that you'd want to ... or possibly decline to use it at all.

 

[road_runner]

United States just banned bringing/sending any amounts of USD cash to Russia or facilitating such activity, by any US person (which includes Americans living overseas or any US resident). Even for a personal trip - not allowed in your own wallet.
Europe did similar ban for Euros earlier but at least they made an exemption for personal trips.
Definitely increased cash-grabbing is seen.
Americans should be able to bring their hard-earned cash anywhere, but can't even drive on the road safely with much cash in your car because of civil forfeiture problem.
(and Russia is basically being pushed into yuan zone, US is helping this, and there's digital yuan already)

Тurns out there're a lot of safe, organized P2P crypto services transacting in cash in a lot of countries - I didn't realize that before.

 

[Renzy]

NS Lyons has a fascinating article exploring how CBDCs could be used to influence ("nudge") a population into behaving the way the central planners want them to. I have not seen it referenced here and thought it was worth a share. Part of the article is written as a hypothetical day in the life of a consoomer who lives in a time where CBDC has replaced traditional currency as the means of transaction.

Just Say No to CBDCs

A Central Bank Digital Currency would enable a totalitarian nightmare

theupheaval.substack.com

They can use it to push their alternative green energy goals-

Your morning starts to go downhill quickly, however, when you realize that your SUV is almost out of gas. You pull the old clunker, with its antiquated combustion engine, into the nearest open station you can find – it looks pretty run-down – and roll up to the pump. A dull-eyed teenager in a facemask inserts a nozzle into your vehicle and waits for you to pre-pay. You wave your phone at the pump. Nothing happens. You try again. Your phone buzzes, and you look at it. There’s a message from the Fed: “You have already spent more than the $400 maximum weekly limit on fossil fuels specified in the FedWallet User Agreement. Your remaining account balance cannot be used to purchase non-renewable energy resources. Please make an alternative purchase. Have you considered a clean, affordable New Energy Vehicle? Thank you for doing your part to build a more just and sustainable world!”

To encourage you to eat less meat-

Well, you’re not going to be able to make it to work at the warehouse on what you have in the tank. How could you be so foolish? You’re going to have no choice but to park here and blow a bunch of money on hailing one of those sleek, incredibly expensive self-driving electric cabs to take you there instead. But, as you’re about to tap the screen to do so, you notice there’s a classic fast-food joint next door. Might as well head there first to unload a little stimmie money. Nothing makes you feel better like a greasy breakfast sandwich.

Entering the establishment and sidling up to the old touchscreen kiosk, you order a McKraken with extra bacon. But when you wave your phone to pay, an error message pops up again. “You have exceeded your weekly purchase limit for complex animal protein, as stipulated in the FedWallet User Agreement. Have you considered purchasing a delicious vegan or mealworm alternative? Thank you for doing your part to build a more just and sustainable world!”

And to be more politically correct with your speech-

This is a sandwich too far for you during an especially hard week. “Ugh FedWallet is so fucking lame!” you post on Twatter as you idle hungrily in front of the kiosk. “Your message has been flagged for review,” says an immediate notification. “As a reminder, using ableist hate speech may impact your ESG score and future financing opportunities. Thank you for doing your part to build a more just and inclusive world!”

“Omg this is absurd, life was so much better before FedCoin, when we still had cash!” you post again to Twatter, unable to control yourself. “Your account has been locked pending national security review,” says a notification from FedWallet. “As a reminder, the proliferation of false or misleading narratives which sow discord or undermine public trust in government institutions is classified as a potential domestic terrorism offence by the Department of Homeland Security. We value your feedback.”

He then goes on to surmise all the myriad of ways a CBDC could be used to carry out the Left's agenda.

..how about targeted microfinance grants, added straight to the accounts of those people and businesses that are extra deserving? There’s no need to wait for annual tax credits and loopholes when those are now antiquated.

A Fed-funded discount could even be applied to those businesses the people most want to help; Google and Yelp already flag which businesses are or are not black-owned or LGBTQ-friendly, presumably so people can preference their patronage, so why not assist with a little nudge here and there? Or we could go in the other direction and effectively change the price of anything based on the identity of who’s buying it.

Indeed a CBDC could make ending any kind of systemic inequities much easier, and through market friendly means. And as the Federal Reserve Bank of San Francisco has reminded us, after all, being “‘race-neutral’ is not enough” when it comes to monetary and fiscal policy. The central bank could really be doing more in general.

Discriminatory practices like redlining by banks would certainly be a thing of the past; unless of course we wanted to do a little bit of redlining, just to make things a bit more equitable maybe, in which case we could do it, like, super easily.