Programmable Currency, a Tool of Enslavement

With all the talk about CBDC and other digital currencies, I thought it would be good if I looked up programmable currency.

This is the US Federal Reserve definition:

Two natural components of the definition are a digital form of money and a mechanism for specifying the automated behavior of that money through a computer program (this mechanism is termed "programmability" in this note).

www.federalreserve.gov...

Ultimately, programmable currency is digital money and an AI algorithm that will determine how it can be used. 

One facet of successful public blockchain systems that may provide some clarity is how they closely link digital value and programmability in a single system that only functions properly when both are present.

This means that the value backing the digital currency is based on your ability to use.  i.e. what your social credit score allows you to purchase.  An AI will be determining what, where, and how you can use your own money.  Wrote something negative on social media?  Now you can't buy non-essential goods, or maybe clothing.

This will be the end of free speech.  Fools and sheep will support it.

The Fed phrases this as:

In both designs, the value represented in those systems and the programmability of that value are tightly integrated. There is no notion, for example, of "bitcoins" without an associated script governing their spending conditions...

Under the transaction scripting approach, a (small) program is attached to every discrete amount of value tracked by the system, indicating how that amount may be spent.

This is obviously a tool of enslavement.

By contrast, the virtual machine approach embeds programming capability in the system itself in the form of virtual machine instructions that can recognize and manipulate the value stored in the system. This is the approach taken by Ethereum, which allows transactions to contain programmatic instructions and further allows programs written for its own virtual machine (the EVM) to be deployed to and stored in the blockchain.

Same as the other one, just reworded.

The Fed describes the benefits as such:

Potential benefits of the "digital cash" model using programmable UTXOs are the ability to specify spending constraints on any discrete amount of value and a greater facility to trace the provenance of any particular "virtual banknote."

Provenance means origin.  So, they will be 'tracking' your every transaction. 

Limitations include:

Another key consideration in the technical design of a programmable money system is how to prevent abuse of the programmability. Even if the mechanism correctly functions to only allow valid commands to be programmed, valid commands may be combined (maliciously or inadvertently) in ways that lead to undesirable consequences. One major form of potential abuse is a denial-of-service attack...

I read that, and all I see are false flag breaches and inadvertent blocking of users accounts when they disobey.

The Fed's article is longer, but I bailed at programmable.  I'll let readers add more to it.

Once this is fully understood ...

...it'll go over like a ton of bricks.

S&F for an eye-popping OP!!

Absolute and total control over the individual and community
Chinese social credit system with no escape
Been coming for nearly half a decade and they now have the capability in their hands and the psychopaths to implement and abuse it

Slaves, and happy slaves until

a reply to: Wisenox

In light of the revelations of the past few years, I'm focused on upping my bartering game. I'd be a fool to trust these psychos with my livelihood.

originally posted by: zosimov
a reply to: Wisenox

In light of the revelations of the past few years, I'm focused on upping my bartering game. I'd be a fool to trust these psychos with my livelihood.

Bingo, we have another winner.

In these times of ignorance, self-entitlement and laziness, being able to give people what they want and get paid in "stuff" will be the greatest asset me thinks.

Save the crypto-digital-computer banking for paying the bills and the rest is INVISIBLE TREASURE.

Sheeple relying on a regular salary, pension or investment will be the greatest asset to TPTB.

Wanna trade?

originally posted by: zosimov
a reply to: Wisenox

In light of the revelations of the past few years, I'm focused on upping my bartering game. I'd be a fool to trust these psychos with my livelihood.

This is exactly what happens.
It’s happened in the past too, it’s called the black market.

The one stop gap I see is that they will monitor social media and electronic trades.
A couple of examples come to mind.

Ebay. When this first was really taking off I made a small killing. It was fantastic and there were very few scammers.
Soon the costs, shipping, fees were all raised and the scammers came out of woodwork.

Then Etsy… Not sure if anyone caught this news, they just raised their Seller Fees by 30% while all the stuff was breaking with Russia. There are many independent mom and pop sellers on Etsy. This is a major blow.

originally posted by: nerbot

Wanna trade?

Yes! Maybe we could start by trading ideas regarding the best types of skills to learn?

I'm working on my breadmaking (I get lots of good feedback on the bread I bake), gardening (herbs/teas/medicines), embroidery (still in the noob category here) and sharpening my music skills.

What do you anticipate being most sought after homemade goods?

I am too old for this crap.
So your social credit credit score will dictate your money?

So, the sites like facebook and ticktock will have (more) control of your life?
Hell, I can't even get facebook to give me my page back, that was hijacked 3 years ago.

Pretty sure I saw a Black Mirror episode like this. Screw that.

As long as my cash says "Legal tender for all debts, public and private" or something close, I am using it.

I will not be using this nonsense.

@Zosimov I'll barter with you!

originally posted by: Wisenox

Fools and sheep will support it.

Surely, even blind sheep will be able to see this is a terrible idea...

hopefully

a reply to: Wisenox


Great OP.


I suspected that "defund the police" would be used to usher in the new digital implant so everybody would be tracked 24/7 and therefore unable to get away with committing a crime.


Now the "defund" movement is no more. Joey boy shut it down.

a reply to: Wisenox

Here's an interesting angle that I heard regarding UBI handouts - all of your programmable "benefit" that is unspent will expire at the end of every month. No more savings accounts - your ass belongs to the government in perpetuity.

originally posted by: zosimov
What do you anticipate being most sought after homemade goods?

Food.

a reply to: underpass61

I have heard that the currency will expire as well. They don't want anyone to have the ability to accumulate wealth, which is also 'influence'.
There won't be any family inheritance and no one's family line will ever rise to prominence. Forever poor and enslaved.

a reply to: Wisenox
I hope we get adequate warning before they switch out our fiat currency in the bank for a Fed-produced digital dollar. Central Bank Digital Currencies (CBDC's) will have all of the same controls. I'd recommend trading most of your cash for a portfolio of quality decentralized cryptos, especially the institutional banking coins used for cross-border payments (ISO20022 compliant).

deleted

a reply to: Wisenox

More ways for globalist to stea your money in the name or progress, modernization and technology.

Do not think for even one money that banks are not taking a big chunk of your hard-earned dollars, they are reaping profits and all they do is pull those fees every month out of your check.

99% of money already exists on computers, and as we saw in Canada, all it takes is a few key strokes to freeze an account or block funds going to a cause we believe in. Then we saw the convoy movement start to accept crypto because it can't be stolen or frozen, and almost instantly the Canadian government tried to crack down on crypto, going so far as to harass crypto companies and demand they hand over personal details of their clients, but most crypto services are designed in a way where the wallet owner has full control, and even the company can't freeze their money.

So, we need to be very clear about what we mean when we talk about programmable money. Cryptocurrency is programmable money, but so is digital fiat money, and it's much easier to manipulate fiat than crypto. A cryptocurrency controlled by the government would be the antithesis to open source crypto, so yes cryptocurrency could be exploited by governments but we have no reason to use their currencies when we have so many other choices of crypto. Decentralized cryptocurrencies are the only way to escape monetary enslavement, contrary to the message of this thread.

originally posted by: ChaoticOrder
Decentralized currencies are the only way to escape monetary enslavement, contrary to the message of this thread.

What is monetary enslavement and how are you being impacted by this?

a reply to: Wisenox

Ill barter with other currency then.

If the power company wont accept it, then ill have no power.

...but ill still have power.

a reply to: AugustusMasonicus

The debt based central banking money system is basically enslavement as far as I'm concerned. It's one of the core reasons so many people live in debt and poverty, the money system is rigged against the little guy and mostly benefits those who control the money supply. Our savings slowly wither away into nothing as they print endless amounts of new money.

When I first got into crypto many years ago it amazed me how much control I had over my own money. How easy it was to send coins anywhere in the world in a fraction of a second with relatively low fees. And since Bitcoin has a low amount of inflation I was actually making money over time and not losing money (it has some inflation since new coins are always being mined).