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Thread: Thoughts on the Chinese government's new digital currency?

  1. #1

    Question Thoughts on the Chinese government's new digital currency?

    Anyone have thoughts or insights about this?

    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

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  3. #2
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  4. #3
    I wouldnt use any chicom stuff . I already have better alternative currencies available now .

  5. #4
    Digital currency is in our future. Imagine the massive data collection capabilities of the government on everything you buy, they could send stimulus dollars straight to your crypto wallet. They could (and would) tax every transaction because they could monitor every transaction. Not to mention they could stimulate targeted sectors of the economy. Say, we give you $100 digital dollars and its good for shoes only, but you must spend it within two weeks or the kill switch goes off. There is a ton of advantages for government to do this, all in the name of convenience.

    This will also tie into your social score like a credit score for social behavior and they could easily shut you down and thus you either conform or become a marginalized member of society.
    Last edited by Pauls' Revere; 12-28-2020 at 08:31 PM.

  6. #5
    It's much ado about nothing; people are so hot on any "digital currency," that they don't pay attention to the details. If you want to know how the world monetary arrangement is changing, watch the dollar-yuan exchange rate (dollar dropping) and the dollar price of gold (rising). This digital currency business doesn't matter at all.

  7. #6
    This belongs here too:

    MasterCard signs on to Bill Gates’ ID2020

    China, Gates, whatever, @Pauls' Revere said it above.
    “The right to life is the source of all rights—and the right to property is their only implementation. Without property rights, no other rights are possible. Since man has to sustain his life by his own effort, the man who has no right to the product of his effort has no means to sustain his life. The man who produces while others dispose of his product, is a slave.”

    An Agorist Primer

  8. #7
    I have a plan to marry digital currency, electric vehicles, bitcoin, ....uh, other popular stuff....beanie babies!

    ...and it's totally ESG.

    ...very very ESG, for sure.

    This is pre-idea-phase enterprise, SPAC, totally not like the exact same thing that happened at the height of the dotcom bust boom.

    Tesla's undervalued at 1400 P/E...

  9. #8
    And it makes perfect sense that a phone company would make cars, because phones are practically cars.

    And said phone company has a lot of experience in making phone-cars, or something.

    And vice versa too, why not.

    Perhaps I should bet my life savings on this sure-to-be-successful operation.

    ...I hear good things about
    Last edited by r3volution 3.0; 12-28-2020 at 10:39 PM.

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  11. #9
    Or, we could live in reality.

  12. #10
    Some interesting thoughts on the proposed Fed Coin:
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  13. #11
    Banks pretty much already own most governments. It one of the things that made the original USA shine like no other, and the world followed our model, but ultimately too, our country fell prey to the ruin of the banking cartels who now control the issue of our currency.

    With Digital Currency, borders will effectively become meaningless as we will all be owned by the same banks. Actual borders may remain to control which Human Farm people are allowed to go to. Digital Currency, when it is issued by a Central Bank, can only end in a new level of destruction and control the likes of which we have NEVER seen.

    You wont have to deal with Laws any more. Instead, you get Bank Policy, enforced by actual Police. Did you buy more than your "fair share" of food this month? Because why? Are you giving food to criminals? Well that makes you a criminal, and your Socialist Credit Score will get dinged and continue to get dinged until you are out on your ass. Digital Currency allows those mega-banks constant Litmus Testing for Blind Obedience to their rules. If they say you broke a rule, they wont even tell you as it will ALL be automated. Your life will belong to robots who are not even self aware, yet decide what you can and can not do in your life.

    I fear that in the US, you will not be told about dings to your Socialist Credits Score, and just like trying to correct an error, there will be no one to talk to, no one to appeal to, no way to correct invalid information. You will have ZERO representation. And this will be your new DIGITAL SLAVERY. FOREVER. You will not even be allowed to live past the age of your usefulness. As soon as you go to retire, the system will do everything in its power to kill you, and of course the blame will always fall somewhere else. Cancer. Covid. Old age. Heart Attack. Starvation. All things that can be caused by a Health Care System designed to kill you while simultaneously providing the ILLUSION they are making you healthy.

    This is not only the Great Reset, but THE GREAT CULLING, as Jesse Ventura was warned about years ago.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  14. #12
    I was also thinking of how foreign policy can be used in conjunction with a FEDCoin. Say the government decides to sanction a country. Sure they can stop imports and freeze bank accounts of foreigners they target. But, what do you do with the goods that are already in country in the domestic market and supply chain. If you have a FEDCoin you could immediately stop all sales of said items that were imported from the country you are trying to sanction. The reaction time this has on foreign policy (and other policies I imagine) would be much quicker if not immediate. Thus, the economic affect of said sanction affects the sanctioned much faster and may even catch them off guard. That too, would have repercussions in the targeted country. If a country is unprepared for such an event or to small to sustain and endure such an event, well, they get hurt even worse.

  15. #13
    Quote Originally Posted by Matt Collins View Post
    Some interesting thoughts on the proposed Fed Coin:
    + REP

    The report (p. 6) offers only very fuzzy reassurance against the surveillance of FedCoin transactions:

    The digital dollar will support a balance between individual privacy rights and necessary compliance and regulatory processes, decided upon by policymakers and ultimately reflecting the jurisprudence around the Fourth Amendment.

    The Fourth Amendment to the US Constitution secures "persons, houses, papers, and effects, against unreasonable searches and seizures." Its application to financial privacy depends on whether financial data counts as "papers" or "effects," and on the standard for what is "unreasonable." The currently dominant 4A jurisprudence regarding the privacy of transactions involving ordinary bank deposits, unfortunately, is that there isn't any, based on the "third party doctrine." As Jennifer Lynch of the Electronic Frontier Foundation has explained:

    This principle holds that information you voluntarily share with someone else — whether that "someone else" is your bank (such as deposit and withdrawal information) or the phone company (the numbers you dial on your phone) — isn't protected by the Fourth Amendment because you can't expect that third party to keep the information secret. By sharing that information with a third party, you have assumed the risk that it will be shared with others.

    A very basic design choice, then, is whether FedCoin transfers will share information with a third party (like the Fed), in the manner of deposit transfers, or won't, in the manner of purchases using paper currency. Under the third-party doctrine, however, sharing with the Fed means in effect sharing with any federal agency that wants the information—whether the Justice Department, the FBI, or any other bureaucracy. So much for privacy.

    To the extent that FedCoin payments provide information to the Fed (namely, the payment's size, sender, and recipient), there will be no barrier to government surveillance unless one is specifically enacted into law. Information would not always be provided to the Fed if some payments were allowed to be anonymous or pseudonymous as with paper currency.

  16. #14
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

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