Title: (Rise of the Phoenix) Blockchain Paves The Way For CBDC's & One World Currency (Are You Surprised?) Source:
[None] URL Source:https://www.youtube.com/watch?v=4Qq8sU3zDxc Published:Mar 5, 2021 Author:staff Post Date:2021-03-05 09:34:51 by Horse Keywords:None Views:148 Comments:3
He's a good speaker and is quite knowledgeable of economic history. However, he's missing an important detail about crypto currency. Blockchain tech is decentralized tech, and as central banks don't want a decentralized currency, they have no use for blockchain tech.
Blockchain tech includes decentralized, worldwide redundant databases that are constantly updated in a consensus manner. A central bank digital dollar has no need of a redundant database. They only need a single data base in their HQ, and then have all transactions be reported directly to that single DB. There is no room or need for blockchain tech in that arrangement.
Ripple, which is a crypto he refers to is a centralized digital currency. Because the issuer guarantees redemption of all ripple coins at $1 each, the price is fixed at that price, but htat guarantee is only as good as the company that backs it. Ripple is centrally issued so it's not comparable to what I call a free market crypto like bitcoin. I call in "free market" because it is decentralized and no one entity can simply will more bitcoin into existence.
And that's the key difference that this guy misses. CB issued digital dollars will be worse than the cash system we have now. Yes that's true. But what makes them exploitive is that such coins can be counterfeited and entered into the economy and act as a means of shifting wealth from the lower working class to the wealthy every time.
Since free market cyrpto like bitcoin cannot be willed into existence but must be mined, it cannot be used to exploit the working class. At least not the way fiat dollars or digital dollars can be.
He misses that distinction in his presentation and appears to conflate all crypto as subject to central control, which is certainly not the case.
#2. To: Pinguinite, Horse, Esso, potential miners here (#1)
Thanks for this thread and keep the information/discussion coming!
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
I think initially, block chain and crypto started off as a rebellion against regular currency. When it became tied to the stock market and the paper dollars, that’s when the fix was in. Initially, crypto was about purely mining the crypto and the crypto itself was valued purely as an E-currency and you did not buy it with real money. Once people started buying E- currency with paper money, that was the end of Crypto and Block Chain currencies being the rebellion. You see, it was bought. ALL of it bought.
Getting out of crypto is smart, but in the end, they’ll own it all regardless of what we us, unless we start using gold and actual silver.
"Call Me Ishmael" -Ishmael, A character from the book "Moby Dick" 1851. "Call Me Fishmeal" -Osama Bin Laden, A character created by the CIA, and the world's Hide And Seek Champion 2001-2011. -Tommythemadartist