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The digital currency thread

Mauritio

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This shall be a thread to summarize new developments in the implementation of worldwide digital currencies.

Here's a good video to start understanding why the powers that be would want that :

View: https://youtu.be/2ss_1vKQjF0


So far I know about digital counterparts for the:
- Euro (Europe)
- Yuan (China)
- Shekel (Israel)
- Peso (Mexico)
- Lira (Turkey)
- Naira (Nigeria)
- Schilling (Tanzania)
- Rupe (India)
 
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Mauritio

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"PBOC Governor Yi Gang said in November that China would continue to advance the development of its central bank digital currency and improve its design and usage, including increasing its interoperability with existing payment tools.


In a year-end meeting, the PBOC said it would continue to push forward with the research and development of the digital yuan."

 

Mauritio

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SPEND IT OR LOOSE IT
Chinas digital currency might come with an expiration date.

"The digital yuan is programmable to the point that the currency can be made to expire, thus forcing consumers to use it up by a certain date. This is a twist on an obscure, unconventional monetary policy innovation known as a Gesell currency: expiring money, which gives the issuing government a heightened degree of control over money velocity."
(Digital Currency: Yuan comes with an expiry date: Spend or it will vanish - ET BFSI)
 

Peatful

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Thank you for this.

As someone who is absolutely ignorant in such matters- im learning and discerning as best as I can.

I haven’t clicked on the links or videos- but I see India and Mexico mentioned in your text.
Please look into Miami Dade as well. Right here in the US.

Financial advantages and dependence on the system have already happened in the US as well: child stimulus checks. Gross unemployment benefits. Ridding student debt loans. The break down of small business. The firing of millions of unvaxxed.

It’s all obvious for even a fool like me.

I look forward to learning more here. Especially in regard to my children’s future.
 

Mauritio

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Thank you for this.

As someone who is absolutely ignorant in such matters- im learning and discerning as best as I can.

I haven’t clicked on the links or videos- but I see India and Mexico mentioned in your text.
Please look into Miami Dade as well. Right here in the US.

Financial advantages and dependence on the system have already happened in the US as well: child stimulus checks. Gross unemployment benefits. Ridding student debt loans. The break down of small business. The firing of millions of unvaxxed.

It’s all obvious for even a fool like me.

I look forward to learning more here. Especially in regard to my children’s future.
Look at the video in the post before you. He mentions Miami's digital currency and the mayor promises to get rid of taxes with it.
He also mentions a possible next stimulus check that you would get more of /faster when you use CBDC.

To the future of your kids : I think the ultimate goal is complete control of the citizens, where the government can basically impose any draconian measure on its people and if you dont comply, they will find a way to not give you your money . This of course only works if people are fully dependent on that new digital currency.
I think everyone has to make the decision if they want to want to be part of the system or not.

To end on a good note: Peat recently said it's enough if about 10-20% of the people dont comply, because that will be enough to form a parallel society.
 

Peatful

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Look at the video in the post before you. He mentions Miami's digital currency and the mayor promises to get rid of taxes with it.
He also mentions a possible next stimulus check that you would get more of /faster when you use CBDC.

To the future of your kids : I think the ultimate goal is complete control of the citizens, where the government can basically impose any draconian measure on its people and if you dont comply, they will find a way to not give you your money . This of course only works if people are fully dependent on that new digital currency.
I think everyone has to make the decision if they want to want to be part of the system or not.

To end on a good note: Peat recently said it's enough if about 10-20% of the people dont comply, because that will be enough to form a parallel society.
If you’re comfortable with this- as I am learning; apart from future noncompliance- what are two or three practices I should be doing in preparation.

Ie: 1- stop using Venmo and Apple pay.
2- have cash on hand.

These are examples.

Can you guide me here?
 

Callmestar

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This shall be a thread to summarize new developments in the implementation of worldwide digital currencies.

Here's a good video to start understanding why the powers that be would want that :

View: https://youtu.be/2ss_1vKQjF0


So far I know about digital counterparts for the:
- Euro (Europe)
- Yuan (China)
- Shekel (Israel)
- Peso (Mexico)
- Lira (Turkey)
- Naira (Nigeria)
- Schilling (Tanzania)
- Rupe (India)


Great video with worryingly few words. The lady is spot on.
 

Vileplume

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Do you think cryptocurrency provides an antithesis to digital currency? My understanding of cryptocurrency, such as bitcoin and ethereum, is just beginning, but from my understanding it aims to be decentralized because stakers are located all throughout the world. No individual entity controls its value or circulation. The FED can't just print more or print less as they see fit, and since it is equally accessible to everyone around the world, having no ties to an individual economy or banking system, it does not depend on the US dollar for its value.

Unfortunately, at this point it's still early on, so a lot of these components haven't totally come to fruition yet. It just seems like it could work against centralized digital currency.
 

Mauritio

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Do you think cryptocurrency provides an antithesis to digital currency? My understanding of cryptocurrency, such as bitcoin and ethereum, is just beginning, but from my understanding it aims to be decentralized because stakers are located all throughout the world. No individual entity controls its value or circulation. The FED can't just print more or print less as they see fit, and since it is equally accessible to everyone around the world, having no ties to an individual economy or banking system, it does not depend on the US dollar for its value.

Unfortunately, at this point it's still early on, so a lot of these components haven't totally come to fruition yet. It just seems like it could work against centralized digital currency.
I think it would work if it was completely independent in the sense that governments can't destroy/ban it, which is possible unfortunately as you can see in china . In the west it's possible as well, they just need to twist the narrative in a way that makes bitcoin seem dangerous and that will be enough to undermine it. They could also crash it in the coming cyber attack, if that's even necessary.

So in all I dont have much hope in bitcoin anymore. I actually sold a good part of my bitcoin today, because I think it might go even lower.

There's some rumours from time to time that chinas new digital currency will be gold backed, that would be an interesting scenario ,but I'm not sure if that's going to happen.
 

Mauritio

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If you’re comfortable with this- as I am learning; apart from future noncompliance- what are two or three practices I should be doing in preparation.

Ie: 1- stop using Venmo and Apple pay.
2- have cash on hand.

These are examples.

Can you guide me here?
I can just tell you what I'm doing personally. My biggest asset by far is physical gold and silver coins, I'd aim for 2/3 silver coins, 1/3 gold.
Keep a lot of cash in well hidden places,too.
Invest in things that make you independent and cant be taken away from the government too easily.
 

Vileplume

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I think it would work if it was completely independent in the sense that governments can't destroy/ban it, which is possible unfortunately as you can see in china . In the west it's possible as well, they just need to twist the narrative in a way that makes bitcoin seem dangerous and that will be enough to undermine it. They could also crash it in the coming cyber attack, if that's even necessary.

So in all I dont have much hope in bitcoin anymore. I actually sold a good part of my bitcoin today, because I think it might go even lower.

There's some rumours from time to time that chinas new digital currency will be gold backed, that would be an interesting scenario ,but I'm not sure if that's going to happen.
However, it's hopeful that El Salvador adopted bitcoin as national tender, and who knows, maybe more countries will follow suit this year. A lot of venture capitalists and big names, such as Elon Musk, Jack Dorsey, and Mark Cuban, have invested in cryptocurrency, and major companies (such as Nike, Disney, Adidas) have gotten into NFT's. In the growing world of gaming, cryptocurrency seems to have a lot of potential in play-to-earn games, and the gaming world is using NFT's increasingly. Even Microsoft :yuck: has touted its software that allows people to create cryptocurrency blockchains, and the Metaverse :yuck: seems deeply embedded and reliant on cryptocurrency. This all makes me think that most governments aren't likely to ban it anytime soon.

I don't like or trust any of the people I mentioned above, and I don't like or trust the trend toward a digital world, but crypto does seem to be gaining a lot of utility as the world becomes more digital. Maybe there will be a cyber attack rug-pull, but I also think there's a lot of potential in crypto to expand. At the very least, perhaps there's money to be made.

Edit: Also, check out this chart, showing the value of gold vs. stock market vs. bitcoin. Even with all the inflation we had, gold's value went down 7% relative to the stock market, and bitcoin outperformed the stock market.

gold bitcoin 2021.jpg
 
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Mauritio

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However, it's hopeful that El Salvador adopted bitcoin as national tender, and who knows, maybe more countries will follow suit this year. A lot of venture capitalists and big names, such as Elon Musk, Jack Dorsey, and Mark Cuban, have invested in cryptocurrency, and major companies (such as Nike, Disney, Adidas) have gotten into NFT's. In the growing world of gaming, cryptocurrency seems to have a lot of potential in play-to-earn games, and the gaming world is using NFT's increasingly. Even Microsoft :yuck: has touted its software that allows people to create cryptocurrency blockchains, and the Metaverse :yuck: seems deeply embedded and reliant on cryptocurrency. This all makes me think that most governments aren't likely to ban it anytime soon.

I don't like or trust any of the people I mentioned above, and I don't like or trust the trend toward a digital world, but crypto does seem to be gaining a lot of utility as the world becomes more digital. Maybe there will be a cyber attack rug-pull, but I also think there's a lot of potential in crypto to expand. At the very least, perhaps there's money to be made.

Edit: Also, check out this chart, showing the value of gold vs. stock market vs. bitcoin. Even with all the inflation we had, gold's value went down 7% relative to the stock market, and bitcoin outperformed the stock market.

View attachment 32157
Yes I agree there are some upsides to crypto /bitcoin that's why keep some. Its just more risky because it might go down to zero because it doesn't have any inherent value . So I treat it as what it is: a risk asset.

It always depends on what time span you look at. I recently saw someone choosing a time span in which gold outperformed bitcoin.
Also bitcoin is highly volatile ,so you can't really compare it to gold , which is relatively safe, especially physical gold.
Most people buy gold as safe store of value and not to make money. With that beeing said there are scenarios,which are getting more likely, in which gold increases a lot.
 

Mauritio

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Adding russia to the list
Seems likely, as he is on board with the long term goal "digital currency".

"The CryptoRuble is a digital currency currently in development, commissioned by Russian President Vladimir Putin. It will not be a cryptocurrency in the way that Bitcoin is, as it will be issued by the government with no mining involved."

"Russia’s President Vladimir Putin said in October of 2017 that his country would issue CryptoRuble, a state-sponsored cryptocurrency."

(What Is CryptoRuble?)
 

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