Political wind in the USA has shifted on crypto

[pmbug]

 

[Serial]

lol the fact that DEMS are the one supporting this should be ringing alarm bells

 

[pmbug]

You misunderstand. A week or so ago, all Dems were blindly following Sen Warren's anti-crypto crusade. The Political winds are changing now that it is becoming a political issue that threatens their position in upcoming elections. Watch the YouTube video for context.

 

[Sandy Gooch]

I dont like using anything that relies on me having a phone for trading. Its resource intensive. Those data centres in syd western suburbs are gonna swallow up so much of warragamba and it aint pretty.

 

[alor]

Very sad, much love: Shiba inu of ‘Doge’ meme fame and face of $31b cryptocurrency dies​

RIP

 

[pmbug]

* bump *

With Trumps election, America's war on crypto is over. Investment into crypto that has been wary is now starting to flow. Everything crypto is green this morning. Everything.

 

[Silver Soul]

I'll stick with my gold and silver thanks because when the hot thermo winds from the east hit power grids crypto will be crap.

 

[STKR]

I'll stick with my gold and silver thanks because when the hot thermo winds from the east hit power grids crypto will be crap.

Lots of things will be crap.

I detest Bitcoin so much it nearly hurts. It's not because of what it claims to be, it's because I see it's just a tool for the rulers to normalise a digital currency. What better way to implement this than through a crypto casino? Even people living under a rock in the dark ages have heard of Bitcoin. If anyone was given a Bitcoin for free, the majority of people would be ecstatic - even if most would just sell it immediately. The association of value to Bitcoin has been very successful, and that's all that was needed to assign trust to a central bank digital currency when the time comes... Hence why I hate it.

 

[Silver Soul]

Yes, before Russians go down the rest of the NATO bloc will burn. It's a shame really because NATO was formed as a deterrent a peace keeper and here we are years later it is insulting the victors of ww2 with endless aggression! So what gives? NATO will never get Russian assets nor any of its land. I'm bumb founded by it all.

 

[pmbug]

... Bitcoin ... it's just a tool for the rulers to normalise a digital currency. ...

...
When Bitcoin was born, very few people took it seriously. But it's novel invention has sparked a revolution of growth in the development of cryptocurrency technologies. Bitcoin was designed to be strong on decentralization, but it's energy per transaction is not efficient/scalable. The blockchain technology does allow for transaction surveillance, but wallet ownership can be anonymous. Wallet interactions with know-your-customer (KYC) on-ramps and off-ramps can expose wallets and transaction histories to financial surveillance.

Lots of smart people have grappled with Bitcoin's shortcomings and that has led to the development of new blockchain technologies and advancements including various consensus algorithms (proof of stake, proof of agreement, etc.), smart contracts, block chain data storage (commonly used for NFTs, but has other uses too), sharding, zero knowledge proofs, parallel chains, etc.

The crypto space is evolving with tremendous speed. Where the big knock on Bitcoin (with respect to it's potential as a global currency) as always been it's inefficiencies with both energy and transaction commitment times, newer technologies have closed the gap and in some cases exceeded the cost and speed of legacy financial digital systems (SWIFT, ACH, CC, etc.).

Most central banks publish press releases and papers on their CBDC projects. They are working hard to develop systems that do the same thing that existing crypto systems are doing. The big difference though is that CBDC systems are closed systems (wallet creation is tightly controlled) designed for centralized control whereas cryptos are open systems (wallet creation is free and available to anyone) designed for decentralized control (with democratic systems for governance of network development and management).

Centralized control means that the central bank controls the creation and ownership of wallets. For wholesale CBDCs (aka wCBDC), this means the central bank controls the dissemination of wallets to participating banks. For retail CBDCs (aka rCBDC), they control the dissemination of wallets to the general public. That's a huge task and in order to do it, governments are preparing to roll out digital IDs that will be integrated with CBDC wallets.

In addition to the opportunity for total financial surveillance, CBDCs can be smart technologies. They can be programmed to reject transactions with specific wallets. The central bank can shut off access to anyone, anywhere, any time. That's total financial control. If you think operation choke point or algorithmic debanking are odious today, just imagine how central bank owned AI systems in the future will decide if you are allowed to buy a loaf of bread. Better keep your social credit in the green comrade!
...

CBDCs = TOFO (Tools of Financial Oppression)

Chatter about CBDCs has grown in the last few years. Central banks around the world are engaged in various projects to design, test and integrate CBDCs for future replacements of their national paper/coin currencies. In the absence of any compelling justifications, pundits proclaim CBDCs as a...

www.pmbug.com

CBDCs <> decentralized crypto

I understand your point, but the people have a choice on whether they will accept the yoke of totalitarian control. The cat is out of the bag though. People do understand the difference between a CBDC and decentralized crypto. Here in the USA, there is a strong political wind to kill any CBDC development.