We're getting FedCoin

The Block Crypto. Com

Researchers at the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) will unveil prototype central bank digital currency systems as early as July, according to a new report from Bloomberg.

At least now we know why they are printing massive amounts of cash and hyperinflating the US dollar. They're going to replace it with an open ledger system similar to bitcoin with a centralized governing system and likely the ability to mint new digital coins.

They are banking on the idea that people will beg for a new, stable currency that holds value (not possible without a set supply limit or a limiting factor of some kind), and that currency will be the long theorized FedCoin with which all transactions will be recorded and scrutinized on a public ledger.

This wouldn't be much of an issue if it were a decentralized public ledger like bitcoin. But this isn't the case. This is police state enabling crypto and should be viewed as an attack on your liberty.

Crypto is about censorship resistance. Even the USD can't be censored in cash form and no peer to peer cash transactions can be stopped. The digital ones can and if they control it they will be able to stop you from buying and selling in most or all markets.

Cryptocurrency's promise is to be censorship resistant because you can't stop a bitcoin transaction once initiated. If they can censor your transactions in this new environment of tech fascism, then they can completely ostracize you from society with this.

a reply to: projectvxn

Hopefully (not much of that left) something big happens and ends this nonsense...

How will drug cartels, Wall Street, bookies, and most every other shady cash dealings exist with this?

Not to mention the construction, building, and services that exist solely on a “cash” basis?

Surely there will be a huge pushback on this? I for one; will do what I can to halt this abrasion to freedom.

a reply to: projectvxn

Also what would happen with credit debt, mortgages, wages, etc...

Will it be wiped and reset?

Everything according to plan.

Wondering how long my savings will be worth anything.

And I like cash....its pretty. And I can hold it in my hand.


a reply to: projectvxn

a reply to: projectvxn

If they do, the market will crash. Wall street, big banks and companies like Visa are strongly against it.

Some countries have already started rolling out digital currencies.

Bahamas Launched a digital currency, called the "Sand Dollar," in 2020

Brazil Expects "digital Real" to enter circulation in 2022

Canada Developing the infrastructure needed for a digital currency but no current plans to launch one

China Piloting a digital yuan in major cities with the goal of wider distribution in 2022

Eurozone* Researching potential "digital euro" with goal of deciding on whether to move forward as soon as April

Japan Plans experiments with a digital currency this spring

Russia Plans pilot of a digital currency this year

Sweden Recently extended a pilot of its "e-krona" into 2022

UK Has expressed ambition to develop a digital currency but still in research phase

U.S. Performing research and experimentation with possible technologies but no decision on issuance or timeline

Venezuela In 2018 launched the digital "Petro" backed by oil reserves but it had design flaws and is considered a failure

www.bloomberg.com...

It might be inevitable.

Well at least they give us a deadline, four months before the shtf, massive layoffs, and total chaos...

originally posted by: chris_stibrany
Everything according to plan.

Wondering how long my savings will be worth anything.

And I like cash....its pretty. And I can hold it in my hand.


a reply to: projectvxn

It used to be fun in Europe with all the different banknotes -- so colorful -- so given to making one perform arithmetic -- now ruined by Ewe-Row

Cheers

Better dump all your experimental coins before.
They will make them worthless overnight by choking out the exchanges.

Political boomers need to go into the nursing home before they collapse the world.

a reply to: F2d5thCavv2

Baaaaa Ewe-Rw.
I like at least that they are still largely a cash society there though.
Korea too when I was there. But that was 13 years ago or something.

Cash will always be around, a lot of businesses around here prefer it since less fees/taxes.
I just wonder how much it will be Worth...

a reply to: projectvxn

I think they're seeing the trillions in investment dollars they can generate, a la T-Bills, to float US spending and debt. The sad part is we're gonna own the vast majority of this stuff like we do with our other debt.

Looks like crypto value will go up in smoke in a matter of months.

Might want to put a "uck" between the F and the E. At first glance, it seems this would lead to throwing existing cryptocurrency for a loop, as well as likely other unforeseen issues.

originally posted by: Ohanka
Looks like crypto value will go up in smoke in a matter of months.

That could be the point. Bitcoin has become too valuable for their taste...

Read my lips, nothing digital is safe, nothing, is just more ways to scam the people, because that is all it is, a scam.

Total tracking of earnings and spending. They could wipe out your savings in a single keystroke. I don't like it.

a reply to: marg6043

Exactly, all the income of American tax payers, to feed globalist, you will own nothing anymore, because digital is just an illusion of wealth.

Mean while globalist will be buying into tangible commodities to back up with the fake income their own personal wealth.

The working class and tax payer been scammed from birth and this will be the new normal. In one stroke your entire income will be wipe out under any circumstances even as punishment.

The new mark of the beast and it has nothing biblical in it.

originally posted by: FauxMulder

originally posted by: Ohanka
Looks like crypto value will go up in smoke in a matter of months.

That could be the point. Bitcoin has become too valuable for their taste...

Intended or not coinmarketcap.com is full of red for the moment

is it buying time or dying time?

originally posted by: FauxMulder

originally posted by: Ohanka
Looks like crypto value will go up in smoke in a matter of months.

That could be the point. Bitcoin has become too valuable for their taste...

I keep telling bitcoin bulls that TPTB are not going to allow a completely decentralized currency that they cannot control. It simple isn't going to happen. They will find a way to impede it or make it impractical (or just replace it with a version they can control). It is just like how all these tech companies put in backdoors so the govt can access your info.

originally posted by: notquiteright
Total tracking of earnings and spending. They could wipe out your savings in a single keystroke. I don't like it.

They already can do that though.

How would they choke the exchanges? Surely theirs would use blockchain too?
What would happen to the blackmarket? Bitcoin is already used for illegitimate stuff.