Sorry about the title. Mr. CBDC, the anti-bitcoin, was invented because of the threat that bitcoin poses to oligarchical control systems in many countries. Each country will have their own CBDC (central bank digital currency) but none will be secure. The 'coin' they create (out of thin air) will be just as prone to inflation and manipulation as are the Bolivar, Peso or US Dollar.
The dollar, for the most part, has been a free flowing form of payment for hundreds of years. It is the currency of the oligarchs that own the non-federal Federal Reserve that has no reserves. Now they want to replace money that can be freely spent on whatever one wants with one that is programmable.
CBDC blockchain - source: pixabay*
Let's Edit Payments
They say the CBDC that replaces the dollar will be on "the blockchain" but that is a misnomer. It will be on the CBDC blockchain. But any security features that a blockchain would provide are completely sidestepped. They may as well just put all transactions on a ledger or MS Excel spreadsheet, because their blockchain is editable.
Merchants that are not selling approved products will be punished by having their currency privileges frozen a bit like the time-outs that are issued out of the bowels of YouTube.
There will not be some person sitting at a desk that issues these suspensions or deletions of people's ability to buy and sell things. They will create algorithms to castigate certain currency users. This was never possible before except on a bank to bank basis and people still had the ability to pull paper out of their pockets as backup.
Surprise Dish Job - source: pixabay*
Family's Waiting Outside
Imagine the day you and all your friends choose to start using this option for payments - they will likely convert all bank balances for free!!. So you take your family out for dinner and maybe mention that taxes are much too high...
You get up to pay the bill and find that your Fed Now app has given you a strike for what you said while you were eating. Now you are stuck washing dishes for the food you ate. You have no other form of payment!
You may tell me that your government would not do this to you. But remember the Ottawa protests...
Bank Accounts Frozen in Ottawa - source: npr
The people wanted to tell their elected leaders that passports are for visiting another country, not for going downtown or entering a restaurant. The gathered and said "Look at how many of us disagree with this!"
Justin said, "I do not care what you think. I will freeze all of your bank accounts and you will not be able to buy anything as long as this protest goes on."
Then there was the "Oops, I tipped my hand to them..." moment and all accounts were turned back on. This was always the plan, Justin just in a hurry to try out his new super-power, but he gave me this example to use. Yes, they do want to control your every purchase unless you are fully compliant. I have no problem with complying to speed limits or being punished for stealing. But what if the leader is a pedophile? Could it be that everyone has to comply with that leader's wishes? Disaster!
Some of the differences we will be talking about in upcoming posts:
- Immutable Blockchains vs Centralized Chains of Ledger Entries.
- Person to Person vs Person to Gov. to AI to (qualified) Person transactions.
- Consensus vs Government Permission to buy or sell.
- Distributed vs Centralized servers.
- Other news or topics as questions arise.
Thank you for stopping here to read about the latest form of control. If you have seen other articles on this topic, please post them below and I will surely reblog them.