4um: The Circle Is Complete: BOJ Joins Fed And ECB In Preparing Rollout Of Digital Currency

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Title: The Circle Is Complete: BOJ Joins Fed And ECB In Preparing Rollout Of Digital Currency
Source: [None]
URL Source: https://www.zerohedge.com/markets/c ... aring-rollout-digital-currency
Published: Oct 9, 2020
Author: Tyler Durden
Post Date: 2020-10-09 21:31:30 by Horse
Keywords: None
Views: 182
Comments: 18

Bond giant DoubleLine has called digital currencies a "Pandora's Box" that will ignite an "inflationary conflagration" and it now appears that the entire world will be part of this effort.
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#2. To: Horse (#0)
I'm hopeful central bank digital currencies will serve to legitimize the public regard of free market cryptos like bitcoin.
Though bitcoin suffers from a serious lack of capability to support widespread retail usage. Seven transactions per second with a 30 minute to 1 hour settlement time simply won't cut it. I recently learned of a crypto called EOS that apparently has solved that problem. It's capable of doing an enormous number of transactions per second, well exceeding what Visa & Mastercard routinely do, and settling them in under a second.
It's the first crypto that is actually capable of replacing national currencies in everyday use. And it doesn't require mining. Still needs to prove itself in terms of qualifying as true free-market and decentralized, but the theory is there.
It's the cyrpto that Mike Maloney did a video about, interviewing the creator. It was posted here but is on YT.

Pinguinite posted on 2020-10-10 0:59:30 ET Reply Untrace Trace Private Reply
#3. To: Pinguinite (#2)
The progression is this 1) Vaccine 2) You are chipped 3) FED issues a digital currency. Say bad words about FED, Bill Gates or NSA and your digital cash is gone in 60 nanocesonds. Then after all that comes the release of Bioweapon 2.0 which is far more lethal than Bioweapon 1 which is the coronavirus.

Horse posted on 2020-10-10 5:44:30 ET Reply Untrace Trace Private Reply
#4. To: Horse (#3)
3) FED issues a digital currency. Say bad words about FED, Bill Gates or NSA and your digital cash is gone in 60 nanocesonds.

... which is the kind of thing that will make decentralized crypto more attractive and safer to hold than will digital dollars.

Pinguinite posted on 2020-10-10 6:54:14 ET Reply Untrace Trace Private Reply
#5. To: Pinguinite (#4)
Not much of a future for crypto. Go for gold, silver and productive farm land.

Horse posted on 2020-10-10 7:41:20 ET Reply Untrace Trace Private Reply
#6. To: Horse (#5)
While metals and land are forms of tangible wealth, the question is: what works as currency?
Land obviously cannot be currency at all. Using actual gold and silver as money has certainly been the norm in the past, but is not directly suited for the current age where electronic purchases over the net constitute a good amount of the economy. Gold/silver back currency is the next best thing, but invariably leads to banks ending up as the fiduciary of the actual metal while people trade the notes that represent it, which is what got us where we are today.
Crypto can work effectively as a currency that renders banks largely obsolete.
There are a number of criteria that determine whether something can serve as quality money. (I'm sure you've seen this):
Generally Accepted, Divisibile, Transportable, Durable, Standardized, Stability in Value, Intrinsic value.
Among these, crypto scores quite well, lacking primarily in intrinsic value, but doing well in most other areas, including being divisible and transportable where it outscores metals.

Pinguinite posted on 2020-10-10 14:05:47 ET Reply Untrace Trace Private Reply
#7. To: Pinguinite (#6)
renders banks largely obsolete.

One of the banks here in town is closing. There are four of them now and that will be reduced to three. They change names like the wind too. ;)

BTP Holdings posted on 2020-10-10 14:18:58 ET Reply Untrace Trace Private Reply
#8. To: BTP Holdings (#7)
That's obviously not because of crypto. Probably has more to do with either consolidation or the lockdown impacting even banks.

Pinguinite posted on 2020-10-10 14:31:08 ET Reply Untrace Trace Private Reply
Replies to Comment # 8.
#9. To: Pinguinite (#8) (Edited)
That's obviously not because of crypto. Probably has more to do with either consolidation or the lockdown impacting even banks.

Yes there are other branches of that bank in nearby towns.
Also I am going to be forced to get a new cell phone since the one I have now will stop working in January. This has something to do with the system the provider is using since it is being upgraded. ;)

BTP Holdings posted on 2020-10-10 14:33:54 ET Reply Untrace Trace Private Reply
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