Can you believe the world central bank has the nerve to say cryptocurrencies 'work against the public good'? Well I can, and I think this is just the beginning of their full court press.
As CBDC's (Central Bank Digital Currencies) start to be pitched more and more frequently by central banks around the world I figured it's just a matter of time before they attack their "competition".
For the record I don't believe CBDC's are real competition for crypto's but that wont stop central banks from attempting to position their product against them.
World's central banks launch new campaign against cryptocurrencies
Woke up to a fun little article in the CBC on how central banks will begin openly campaigning against cryptocurrencies. I mean with nearly the all the resources in the world on your side, why would you sit back and passively attack from the sidelines?
Makes total sense to me that the establishment go through main stream media to "inform" people that their product is superior and that the competitor (cryptocurrencies) "work against the public good".
Tell me how open source decentralized technology works against the public good?
If you want to read this complete piece of FUD you'll find it here.
If not here's the too lazy didn't read version:
- Central banks launch new campaign against cryptocurrencies
- Central bank-owned Bank for International Settlements says cryptocurrencies 'work against the public good'
- Recent china crack down
- BTC down nearly 50% from ATH
- Alt coins like DOGE down from ATH, holders sad
- Traders got wrecked margin trading
- Compare to great crash of 1929
- Bitcoins wild ride. Show charts with volatility.
- The Pitch: Central bank digital alternative
- Explain the problem with crypto's
"Innovations such as cryptocurrencies, stable coins and the walled garden ecosystems of big techs all tend to work against the public good element that underpins the payment system," declared the BIS report in its conclusions. Walled garden systems are a bit like Canadian Tire money — effectively, chits that you can only spend in-house.
Apparently they haven't heard of blockchain interoperability or this little thing in DeFi called composability!
Proposed CBDC solution: Cutting out the intermediaries.
No your eyes aren't playing tricks on you, the central bank is proposing to solve the same problem that cryptocurrencies solve.
"You could pay someone just as you would by handing over cash, but do it digitally using your smartphone," said Shin in a video presentation Tuesday. "CBDCs are a claim on the central bank, which means the payment is certain and final without leaving things to intermediaries to complete the transaction."
Diagram To Explain How CBDC's Work
What Does This All Mean?
I think we need to understand that a war is about to be waged in which the establishment, central banks and their access to main stream media channels begin programming and conditioning the public to believe their product is what's best for you.
This is big business and there's a lot at stake for those in control of global economic policy.
Crypto has had a great head start, first mover advantage! While I think the cat is out of the bag and this may be some damage control to start changing the narrative, we should not underestimate the lengths at which these corporations (central banks) are willing to go to in order to maintain control of your mind and your wallet.
Ciao for now,
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