Welcome back my Fellow CRYPTO DENIZENS
so, What is a CBDC?
Short answer; Government issued digital tracking devices, linked to social credit that act as debt certificates, AKA- cash.
Known as “The Dictators Dream Currency:, CBDCs are programable government-issued debt “Smart” tokens designed to replace fiat (our cash). The sales pitch is that they’re similar to crypto stable coins. The truth is that the only similarity a CBDC has to Bitcoin and crypto is the word “Digital”. If you ignore the small detail that CNDCs are totally centralized, non-transparent, mutable debt tokens that have a direct and assigned signature to you then maybe you could pretend it’s the same thing.
**Anyone who advocates for a CBDC either hates humanity, has excessive political power, or has no clue what they actually are.**
So, a guy is walking down the street, and he sees a YouTube notification on his phone. It says “Central Bank Digital Currency: How Freedom Dies.”
It’s by one of his favorite creators “Heresy Financial”. He thinks to himself, “man, I wish I had known about this before I voted.”
He goes home and looks up the definition of a CBDC, and he realizes that it would be a disaster for freedom and liberty. He decides to write a blog post about it, warning people of the dangers.
Now, before you read on, you need to be very very careful about who you ask about CBDC’s.
You also need to have an idea about their specific motivation for answering in the way that they’re answering. With that said, I value individual sovereignty over everything else. I’m politically centered with a strong libertarian spirit.
I believe in truth, not your truth or my truth; The truth. In his article “The Potential Orwellian Horror of Central Bank Digital Currencies“, John Adams explains it as a digital or virtual form of physical cash, represented through an electronic record or digital token.
But what does that mean?
Well, it’s a Digital Dollar” replacement for our fiat currencies. CBDC development is aimed at connecting the federal reserve and central bankers way for the government to keep track of your money and control what you do with it.
They can issue and regulate it however they want, without oversight or having to tell you what’s going on behind the scenes. And if they don’t like what you’re doing with your money, they can just change the rules whenever they feel like it.
How our freedom dies through CBDCs is that governments can develop finance-related services that enhance their ability to search for and watch over anyone and everyone they choose.
Most people will be conditioned to believe in catchphrases like “financial stability”, “monetary sovereignty” and “create a better world”. In reality, CBDCs are non-transparent, mutable forms of control that the government can use to manipulate the economy however they see fit. Enjoy!
Have you ever thought to yourself how amazing your life would be if only the state could tell you when, where, and how to spend your money and what you could spend it on?
Even better, how about adding in a salary and tax ranking system tied to a state-issued social credit score?
Doesn’t this all sound like a utopia?……. Yeah, I didn’t think so.
HOW CBDC’S ARE A ROADMAP FOR HOW OUR FREEDOM DIES.
This looks very innovative and convenient doesnt it? Well, that part’s been copied from Bitcoin. The Problem is that this will tell you Where, When, Why, How, Who and What you can spend your money on. And don’t forget the people who control this will decide for you and this will depend on your obedience score.
We all know that our economy is a bit of a mess. And, as always when things are in a bit of a mess, some think that the solution is to simply print more money. Next time, however, they want to do it digitally.
After all, the Chinese Government is doing it with its introduction of the Digital Yuan and everyone knows how morally virtuous and transparent the Chinese Government is right? What could go wrong?
A CBDC could easily dictate how Our Freedom Dies. Non-transparent and mutable controls over the CBDC would give those in power the ability to dictate how much money people have, where they can spend it, and what they can buy.
This would effectively end financial privacy and give the government unprecedented control over the economy. In addition, a CBDC could be used to track people’s movements and purchases, further eroding our privacy rights.
With the power to track and control our money, the government would have a stranglehold on our lives. So be careful what you wish for when it comes to a CBDC – it could easily lead to the loss of our freedom.
The idea of central bank digital currencies (CBDCs) has been gaining traction in recent years, with a number of major central banks, including the Bank of England, the European Central Bank, and the People’s Bank of China, all researching the possibility of issuing their digital currencies.
The case for them is that they would be more efficient than cash or coins, and could help to reduce crime. They would also, proponents argue, give central banks more control over the money supply and interest rates.
Tracking
However, there are several potential risks associated with CBDCs, not the least of which is the fact that they would totally eliminate our privacy and freedom of movement. Under a CBDC system, the central bank would effectively have a database of all of our financial transactions.
This would allow them to track our spending, and see exactly where our money is going.
If the central bank decided that we were spending too much on “non-essential” items, they could simply freeze our accounts or impose negative interest rates-meaning they could tax us simply for holding our money in our accounts., in order to discourage us from doing so.
In other words, CBDCs would give the central bank unprecedented control. And, as history has shown, when government gains more control, freedom always suffers.
The very first casualty of a central bank digital currency (CBDC) would be freedom. A CBDC would be nothing more than government-issued fiat money on steroids – and we all know how well that’s worked out.
Privacy
Although Cointelegraph makes multiple attempts to present a more pragmatic approach to CBDCs and these profoundly loud concerns, I’m not as PC.
There is no way to opt out of a CBDC – It would be mandatory for everyone to use it. This would be the death of cash and privacy. It would have the ability to track and record every single financial transaction made by every single person in the country.
The government would then have a non-transparent, mutable control over all of our private financial data. In other words, they would be able to see everything we spend our money on and could potentially use that information to manipulate or pressure us in ways that we might not even be aware of. for example, they would be able to dictate how we use it.
They could tell us what we can and can’t buy. They could force us to spend our money in certain ways or prohibit us from spending it at all.
So not only would a CBDC destroy our privacy, but it could also be used as a tool of oppression by those in power. Therefore, we should be very wary of any plans to release a CBDC into the wild.
FINAL THOUGHTS
City Journal sums it up well in their article; “If not deliberately and carefully constrained in advance by law, CBDCs have the potential to become even more than a technocratic central planner’s dream. They could represent the single greatest expansion of totalitarian power in history”
Non-transparent, mutable, and centralized – if those aren’t the hallmarks of a totalitarian regime, I don’t know what are. CBDCs have the potential to become the single greatest expansion of totalitarian power in history.
With the ability to track and control every transaction, there has never been a regime with such insight and power over its people. And yet, this is the technology that is likely to be smuggled into use in our societies in the name of convenience, social justice, and patriotism.
I for one don’t want my government to have this level of control over me. Do you?
Frequently Asked Questions.
Well, you would be out of luck. The CBDC would be mandatory for everyone to use.
Nope! The CBDC would replace cash altogether. So say goodbye to your privacy!
Too bad! With a CBDC, the government would have a database of all of our financial transactions. So they would know exactly where your money is going.
Well, you’re out of luck. With a CBDC, the government would have unprecedented control over our finances. They could freeze our accounts or impose negative interest rates if they wanted to. In other words, they could make your life very difficult!
Um, well, they would be very convenient I guess. But other than that, no, not really. In fact, they could potentially be very dangerous!