Usually I would just put a comment about an article like this on a shitpost to twitter, or a small form type of blog. This happened to turn into a rant thought, because I think some of the people using crypto have no clue what the fuck the are doing... In case you didn't notice, I will enlighten you.
A recent note from Bank of America analysts said that a CBDC would differ from digital currencies currently available because it would be the liability of the Federal Reserve, not a commercial bank.
This summary alone would explain, to anyone aware of the intentions of the satoshi nakamoto white paper, the issues that are coming our way. The Federal Reserve, CRA here in Canada, is a fallacious organization and the out of control conflicts of interest along with ethics issues are what lead to the original mistrust of the federal (centralized) reserve banking system. They are salivating at the thought of regulating our free market with their shit hole socialist ethics that never end up benefiting the general public and in the hands of special interest groups if it does reach the public.
Hence forth the mediation of the decentralized middleman, the miners, and latter to be the stokers in Proof of Stake consensus algorithms. Satoshi has dawned on us a new way of conducting online money transfer, independent of the need for a centralized middleman like a bank or government.
I have my bones to pick with the witnesses and node operators pertaining the attack vectors presented by their own human nature in a network. That said I still think this technology is interesting and doesnt have out of control ethics issues, they can be fixed with dedication and focus.
What this article has suggested is that all the effort we have put into a consensus on a blockchain will be supersede by a middleman chosen by the central banking system.
Central banking IS NOT DECENTRALIZED.
CBDC is not true to Satoshis white paper.
Banks are out of control criminal organizations with conflicts of interest and ethics violations so out of control they are not even worth discussing trusting until major changes on a systemic level have occured.
a Jan. 20 report titled “Money and Payments: The U.S. Dollar in the Age of Digital Transformation” from the Federal Reserve Bank (FRB) weighed up the benefits and disadvantages of the U.S. potentially adopting a CBDC.
This sounds logical entirely for the banks involved, but the confusing part is the perspective the author of the article took on these centralized ledgers.
However, a CBDC would be different in this respect because it would be the liability of a central bank such as the Federal Reserve, wrote the FRB in a statement about the report.
In layman's terms that means it would loose any intrinsic value it held as a decentralized currency and be subjected to the low quality ethics, conflicts of interest and policy of the central banking system.
Its taking 1 step backward and 0 steps forward...
Source Article: https://cointelegraph.com/news/bank-of-america-says-stablecoin-adoption-and-cbdc-is-inevitable
References for Further Study
This is the real reason low IQ policy makers are interested in CBDC. The yare slaves to their god the FED. Washed up financial boomers whose system failed everyone born after the year 1989, and was already failing everyone before that since the 1913 banking secrecy act. Fuck these fucking goofs.
McAfee didn't kill himself. If he did, it was because of these sick minded socialists who want to tax him and his sovereignty.
I have been sceptical of the whole crypto-will-save-us philosophy from the start, and have written about it. But shilling is more profitable than thinking.
As you also say, there are potentially interesting crypto construct but it is with some dismay to see they are the ones either shut down or ghettoised eg privacy coins.
I think it was one of the BCH founders who said that "mass adoption" will mean abandoning much of what makes crypto unique. IMO there is then a choice - to keep developing truly free-coins or join the borg-hive.
Also note the NLP mass trigger word: inevitable.
inevitable = no choice = enforcement
Oh i was triggered alright LOL thanks for point that point, i overlooked how much that word set me off, thats probably why i had a rant today about crypto.
That said, I am going to do my best to make sure zcash isnt a ghetto by 2040. in Zookos own logic, cant remember the exact quote, but this is close
"By about 2025, we will not think crypto is cool or fun as early adopters. We will be treated like a phone service provider, internet service provider or a service industry of sorts. People will come to us and demand that societies problems are fixed and with penalty for failure."
Just like the central banks eventually mankind will pimp us fun internet junkies and and pinch us for every penny and minute of time we have to evolve these decentralized economies to better serve the public. Our own motivation will die eventually as our sovereignty takes a back seat to servitude to the common good.
I personally am not huge into socialism or communism, i have some communist friends who i enjoy talking with but simply just would rather live independently, maybe in a future without sheepdog enforcement i would be more open to sharing a community, but for now the community just seems like a big liability to my sovereignty.
Many years ago, I lived for a while in a Tibetan centre in Italy; it had recently started so there were things to do, books to translate - I had skills, and wasn't a pest (lol). In the library was a whole shelf devoted to Chinese propaganda books - the usual puffed up communist success stories and bad colour alignment. I asked the master why he kept them - he said so that people remember. China destroyed Tibet totally, both physically and spiritually. I suspect the same is planned for the truly disruptive cryptos - like zcash. It is up to us to ensure that the algorithms are not tyrannical. From what I've seen, very few could tell the difference - coz optimising greed has taken over. Financial algorithms are much easier than social ones.
Not sure that I will see 2025, never mind 2040 ;-) Like you, perhaps, I am not, deep down, a communitarian - most groups make me suspicious, never mind large groups! "Do what thou wilt," but leave me alone! That bargain has been broken - reaction time.
suspicious would be a understatement. I have sociology to quantify the fact that about 4% of the people in the world are full blown psychopaths.
that means at least 1 of these witness nodes if there is even 25, is statistically probably to be a psychopath that demonstrates a severe neglect for human life.
Yes, and now that 4% is surrounded by a large ring of psychological-psychopaths who enjoy being on the enforcement side of the tyranny - that's perhaps 25% now.
The book Political Ponerology distinguishes natural born psychos from behavioural pseudo-psychos. Then there is the mass of scared normies.
A question I have asked myself is what would be at the opposite pole to a psycho - or perhaps more pertinent, the antidote? Opposite and antidote may well be different.
you are one of my favorite humans for using the term pseudo-psycho and don't even know it.
It's obvious that crypto was invented to create a permanent record one can't escape from for financial transactions. I would wager if it was possible to know the full extent, the crypto world would be floored to know exactly how many wallets have been tied to them. They constantly monitor wallets and activity and log away, each day connecting more wallets to people.
Then, you know one of the first things the feds do when they raid a place is look for anything that would hold password keys to these damn wallets. There is a reason a couple of years ago the U.S. Feds were the single largest holder of Bitcoin, and wasn't because they were buying any dips, lol.
Not your wallet, not your coins.
It will be so much easier for them to steal all your money with their corrupt asset forfeiture laws once they get to hold your wallet for you 24/7.
Its starting to annoy me how much people talk about CBDC when it was basically declared an enemy of the bitcoin state over a decade ago.
Jamie Diamond is a fucking goof.
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