Bitcoin Trump and the US Dollar

I don't know much about crypto currency and block chains so I'm at a loss on this one and thought ATS could help clear things up.


www.infowars.com...

Trump also confirmed that “there will never be a CBDC” while he is president.

“Those who say that bitcoin is a threat to the dollar have it exactly backwards, the danger to our financial future comes from Washington DC not crypto.”

Additionally, the former president pointing out that“Bitcoiners understand inflation better than anyone. You all understood it first.”

I've heard Trump has said he wants some of the US Treasury invested in Bitcoin. Is this a good thing? Or really bad.

Seems like a pyramid scheme to me but then again so is the dollar

What does everyone think?

Ps. Try and keep the TDS to a minimum. This thread is about Bitcoin and it's roll in our financial system. .. unless it's really funny. 😉

originally posted by: 5thHead
I don't know much about crypto currency and block chains so I'm at a loss on this one and thought ATS could help clear things up.


www.infowars.com...

Trump also confirmed that “there will never be a CBDC” while he is president.

“Those who say that bitcoin is a threat to the dollar have it exactly backwards, the danger to our financial future comes from Washington DC not crypto.”

Additionally, the former president pointing out that“Bitcoiners understand inflation better than anyone. You all understood it first.”

I've heard Trump has said he wants some of the US Treasury invested in Bitcoin. Is this a good thing? Or really bad.

Seems like a pyramid scheme to me but then again so is the dollar

What does everyone think?

Ps. Try and keep the TDS to a minimum. This thread is about Bitcoin and it's roll in our financial system. .. unless it's really funny. 😉

I don't know for sure about the safety of Bitcoin, but I do know for sure the Fed is a Ponzie scheme guaranteed to cause inflation. They print money with no assets to back it then charge interest so that MORE money than they print is paid back when it had no assets to begin with since we are off of Gold now. The Chinese show you how it works when they control your social score and use a bank or online banking by how "poor" your social score is. Gold/Silver/Platinum backed currency is the only way to be free from this Ponzi Scheme!

a reply to: 5thHead

I never understood the fear of a CBDC.

I don’t like the federal reserve system, I think it’s inflationary and dangerous by nature… but the CBDC would basically just be a blockchain ledger of big transfers on the backend. It would make for faster transactions.

The fear of it being more digital doesn’t change the structure we currently have. 90% of money is digital. Your bank accounts can still be frozen. There are still limits on the ways you can withdraw your money.

I’m bullish on Bitcoin, but I don’t think there should be a huge effort for our monetary system to invest in it.

“Those who say that bitcoin is a threat to the dollar have it exactly backwards, the danger to our financial future comes from Washington DC not crypto.”

This is what's known as a truth bomb.

a reply to: 5thHead

it's just a fictitious idea, that only has value based on what people are willing to value it at. It has no intrinsic value, and it's worth is not based on a tangible asset. Of course I am speaking of the US dollar. Bitcoin is like that, but has a security layer of blockchain attached. Many crypto coins have a function that helps them facilitate a transaction. Some coins are based on nothing but public attention, they are called "meme" coins. Like Doge and Shiba INU. Their value is much like the dollar in that it's based on what others are willing to value it at.

Bitcoin and other crypto are world wide currency, and not just in one country. It's difficult to wrap your head around, but if you focus on the utility aspect of a coin, it becomes easier to grasp.

There are a few here who have some amazing knowledge on crypto and have helped answer many questions, so ask, and hopefully, one of them will come by to answer. I'm in the (I have just enough information to be dangerous) category.

a reply to: 5thHead

If crypto and CBDC are implemented at the same time, well that just about covers the "control" mechanism of their new monetary system. Checkmate.

If crypto is directly competing with CBDC in order to up end the implementation of a CBDC and therefore end CBDC as it currently sits, I sure hope the NWO gives this a nod, but I think they might have a problem with this.

Unless there's some underlying agreement between both camps, THIS could get incredibly ugly, and that's putting it mildly.

I guess a silver lining would be if everything works out and these policies are enacted without pushback, then you'll know they were all in on it from the gate.

That should clear up the ambiguity about our existence in short order.

a reply to: VariedcodeSole

The CBDC doesn’t change any aspect of our poor monetary policy. It merely speeds up some of the mechanisms.

Having a ledger that is more analog vs a new blockchain one doesn’t make a difference in anything other than speed.

I imagine if anything, the current form is more vulnerable to malfeasance than a blockchain one.

a reply to: CriticalStinker

Yes. You already established your affinity for a CBDC in your first response. No need to sell it further.

Your technical jargon notwithstanding, BOTH are just a tentacle on a larger squid.

The US needs to end the Federal Reserve Note, and return the control of our monetary system to said US. All these other schemes are just ultimately reinforcing the control that's already established.

Time to expand, apparently.

a reply to: VariedcodeSole

I think you misunderstood me.

I clearly said I don’t like the federal reserve and the inflationary nature of our monetary system.

I’m pretty agnostic in the CBDC, as it has pros and cons.

The historical contention with a central bank is that it’s a public private blend. In many respects, the private banks have as much say in our monetary policy, which benefits them and their largest clients.

Digital money was always inevitable with a fast paced economy that now sees a lot of traffic on the internet. So we see banks and card issuers get fees on every digital transaction. These are sloppy, imperfect and take days to months to reconcile depending on if they’re debit or credit.

My understanding is initially at least the CBDC would be more for backend transactions between banks and the federal reserve. Usually transactions take days to settle, but blockchain can do that much faster while having several validating ledgers.

The fear of the CBDC many have is that there will be digital control over money. There already is. This doesn’t change that, merely the mechanism for how it operates.

I know extremely little about Cryptocurrency, most of it Ive gleaned from here on ATS. Its main positives of security can not be denied, it's the same function that makes it incredibly easy to abuse. Like any tool, it can be used in positive ways and negative ways. TPTB can try a CBDC but that doesn't make it as secure or as functional, as well as what will keep it from being used as the Chinese RMB is likely to be used to monitor and with the ability to turn it off.

Am I wrong...

I saw this mentioned elsewhere seems germane and I believe this too...

a reply to: CriticalStinker

Now do the "cons".

a reply to: CriticalStinker

is your understanding of CBDC that it would hold it's value at the dollar, like USDT and USDC? Or would the value fluctuate based on crypto factors?

Thanks for the thread. I'm also interested in hearing opinions of those much more knowledgeable than I on this subject.

Bitcoin is the chosen one because it’s the first. It isn’t even the best choice due to how much energy it consumes to mine it.
We don’t even know who created it, which in itself should be a warning.
All that said, the dollar is collapsing and they’re looking for the alternative we can all get behind.

Now that companies like Blackrock are all aboard and buying all they can tells me they’re in a race to control Bitcoin. The SEC is attacking every other coin except Ethereum and Bitcoin, so that should tell us which ones the government has already chosen.

If they get there way Bitcoin will be the central backed digital currency because these companies that already control the world are buying as much as they can so they can control it. It will be digital gold and Ethereum could be equivalent to a digital silver.

So should you join in and buy bitcoin? Only if you don’t want to be left behind in this economic collapse coming.
But if you don’t want to risk crypto then buy real silver and gold, except you really can’t use that to buy groceries at Walmart.

I don’t currently own Bitcoin but I am into cryptocurrencies. I understand Bitcoin isn’t our best option, it’s just the most popular.

a reply to: VariedcodeSole

The cons differ based on perception and opinion.

If CBDC did get to the point one day that individuals could have wallets and transact with it. That would mean private banks are less relevant for at least minor transaction, but potentially even larger ones if smart contracts took the place of escrow.

So it’s a con to people who believe the monetary policy should have a large private element to it.

It’s a pro to people who believe the private element has too much conflict of interest to have a say on the nations currency.

My point is that it won’t make a difference, because the monetary policy itself isn’t changing. There can still be money printed, and money is already mostly digital. In those regards we won’t see any meaningful impact unless people don’t interact with banks as much.

Right now there’s around a 2%~ fee on any digital transaction charged by the card issuers. That’s on top of a baseline target of 2%~ inflation every year even outside of crisis. That’s not to mention all of the ways banks have been able to extrapolate money on very mundane transactions we all make throughout our lives.

The state could be set to take control of the fiscal policy in a way that benefits citizens and companies outside of the financial industry. I strongly doubt that actually happens.

But alas, at the end of the day, a vast majority of people have almost all their liquid wealth being stored digitally anyways. So how does CBDC create more threat there than there already is? Can a bank tell the Feds no if they say to freeze an account?

How is a blockchain digital dollar different than a digital dollar now?

originally posted by: network dude
a reply to: CriticalStinker

is your understanding of CBDC that it would hold it's value at the dollar, like USDT and USDC? Or would the value fluctuate based on crypto factors?

It would be pegged at the USD just like USDT and USDC.

How it’s pegged is where I think there could be cause for alarm.

But my guess is it will just be allocated as total supply of USD. So the markets see it the same as USD because it was issued as supply.

Ultimately, it would come down to trust which is no different than the system now, the inherent value of FIAT to begin with.

They’d have an opportunity to give more trust if the blockchain had some level of transparency. I’d be curious if they did a white paper and showed the code so people could audit and validate it.

Unfortunately there’s no way it could be an equal to BTC in the sense that people can see into the blockchain and constantly validate the ledger. The reasons blockchains are so attractive is their transparency, and so many people actively aiding the infrastructure. You can’t shut a lot of them down because they aren’t centralized, but more like a TOR network. You’d have to shut the internet down to stop them (which shouldn’t be discounted, whether domestic or foreign).

The CBDC would have to be centralized for security, which wouldn’t necessarily be a bad thing if the monetary policy was static. For instance, they could say the policy was there could never be inflation, or no more than 1% or 2% a year. That would eliminate the unpredictable nature of the USD. And the total supply could be completely transparent at all times. We’d also have to eliminate fractional reserve banking practices, though I’m not sure what the short medium and long term ramifications of that would be.

Ultimately, there always has to be a legal tender currency. And we’re always going to have skepticism about it even if it’s in a better form. It’s why we’re also allowed to use our currency to buy assets. That’s why there is a target inflation of 2%~ a year at all times so that people don’t hoard money, and they use it.

That’s why it’s best practice to have a diverse wealth portfolio. Real estate, savings, stocks, bonds, gold, BTC ect.

originally posted by: CriticalStinker
a reply to: VariedcodeSole

The cons differ based on perception and opinion.

If CBDC did get to the point one day that individuals could have wallets and transact with it. That would mean private banks are less relevant for at least minor transaction, but potentially even larger ones if smart contracts took the place of escrow.

So it’s a con to people who believe the monetary policy should have a large private element to it.

It’s a pro to people who believe the private element has too much conflict of interest to have a say on the nations currency.

My point is that it won’t make a difference, because the monetary policy itself isn’t changing. There can still be money printed, and money is already mostly digital. In those regards we won’t see any meaningful impact unless people don’t interact with banks as much.

Right now there’s around a 2%~ fee on any digital transaction charged by the card issuers. That’s on top of a baseline target of 2%~ inflation every year even outside of crisis. That’s not to mention all of the ways banks have been able to extrapolate money on very mundane transactions we all make throughout our lives.

The state could be set to take control of the fiscal policy in a way that benefits citizens and companies outside of the financial industry. I strongly doubt that actually happens.

But alas, at the end of the day, a vast majority of people have almost all their liquid wealth being stored digitally anyways. So how does CBDC create more threat there than there already is? Can a bank tell the Feds no if they say to freeze an account?

How is a blockchain digital dollar different than a digital dollar now?

Well then thanks for your opinion. Isn't the Federal Reserve a "private element", as you mentioned?

You are for it, not exactly against it, and I am not. The "cons" you mentioned were simply minimalized by the rest of your response which doesn't make them cons at all.

Here's a con: The end of "For ALL debts public, and private."

ALL debts will be public. NO transactions will be private, a fact that's a complete deal breaker for many including myself. People gave up freedom for security and that same asinine reasoning will have them ultimately flocking to their own digital prisons.

"Convenience" and "ease" is a double edged sword.

CBDCs can be programmed with any conditions that the issuing country wants. Conditions like where and for what they can be used or embedding expiration dates.
Thailand gave their people about $300 worth of Thai baht that could only be spent within a 10km radius of your home and expires in 6 months. It's a small step to tying CBDCs to a social credit system - then things get really bad.

a reply to: VariedcodeSole

Well then thanks for your opinion. Isn't the the Federal Reserve a "private element", as you mentioned? You are for it and I am not. The "cons" you mentioned were simply minimalized by the rest of your response which doesn't make them cons at all.

The federal reserve is a mixture of public officials (appointed and unelected), and private bank representatives.

I’ve said multiple times I don’t like the federal reserve. My political philosophy is more libertarian than anything else, and what really inspired me was Ron Paul and end the Fed.

But I also have to be a realist and understand it’s incredibly unlikely I get what I want.

So if I’m viewing this, I try to be agnostic and remove my bias of not liking the system as a whole to address a change in mechanisms.

I suppose one would have to decide for themselves if they trust the public or private element in this equation. Mine personally is that the private element has too much of a conflict of interest since they are for profit institutions. But the other side of the coin is the government has their own agendas and are largely incompetent.

The only solution in my mind is making monetary policy static, and ending fractional reserve banking practices. That’s likely never to happen unfortunately.

a reply to: putnam6

as well as what will keep it from being used as the Chinese RMB is likely to be used to monitor and with the ability to turn it off.

imo that's what the whole deal is, to monitor and control.