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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.”
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. 😉
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?
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 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.