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+--- Thread: Federal Reserve making a Crypto Dollar (/showthread.php?tid=6158926)
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RE: Federal Reserve making a Crypto Dollar - Tommie R - Jun 15, 2021
(Jun 14, 2021 04:19 PM)Omniscient Wrote: I think the Fed exploring an implementation plan is good news but I think it's more of a contingency plan than something they will execute. I think they want to have a plan just-in-case.
btw, look at this quote.
Crypto already evening out the world power stage.
I agree in regards to the Contingency Plan. You can only fool your citizens for so long.. The world will eventually always transition to what's best for them.
Look at electric vehicles, digital privacy, renewable energy, .. It's all transitioning to the best interest of the average citizen. Perhaps slowly on some fields, but surely.
Bitcoin is no different.
RE: Federal Reserve making a Crypto Dollar - th3c0rrupt3d0n3 - Jun 15, 2021
A centralized shitcoin by the Fed will only be good for Bitcoin. People will learn and realize the economic system they have been into is totally fraudulent and will get more used to the idea of digital cash.
It's insane to think that in a few years, kids will never know what it's like to have paper dollars and will grow up familiarized with digital cash and of course, Bitcoin. Good times ahead fellas.
RE: Federal Reserve making a Crypto Dollar - AeroBlue - Jun 15, 2021
We know the FED will do something like this and it will probably be pretty popular. Of course until the problems set in. Siezures will happen, money will get lost, and the system will be so shit people will stop using. The government can't even make a decent medicare website, much less an actual working crypto lol.
RE: Federal Reserve making a Crypto Dollar - GiraffeBear - Jun 15, 2021
(Jun 14, 2021 03:56 PM)Omniscient Wrote: https://www.politico.com/news/2021/06/12/fed-remake-us-dollar-493548?utm_source=pocket-newtab
Anyone read that from a couple days ago? Basically discussing the concept of the Fed making a crypto dollar. It's not going to work as they want imho. If their idea is for control, it's going to fail. People will choose holding Bitcoin or a decentralized stablecoin like Dai.
But stuff like this is coming.
To be honest this was sort of expected - but yeah, I agree that a lot of people will choose to hold decentralized stablecoins compared to a centralized dollar
RE: Federal Reserve making a Crypto Dollar - Omniscient - Jun 15, 2021
(Jun 15, 2021 11:46 AM)GiraffeBear Wrote: To be honest this was sort of expected - but yeah, I agree that a lot of people will choose to hold decentralized stablecoins compared to a centralized dollar
Correct. And when the governments figure that out they'll create decentalized official dollars pegged to their reserved Bitcoins.
RE: Federal Reserve making a Crypto Dollar - Omniscient - Jun 15, 2021
btw, Saylor says same thing...
RE: Federal Reserve making a Crypto Dollar - Aeowulf - Jun 15, 2021
Yeah... pass. Especially if the fed controls it. Are they going to make it a money printer and just create more out of thin air? Probably. That's why no one trusts the dollar anymore.
RE: Federal Reserve making a Crypto Dollar - popZmoke - Jun 15, 2021
I am happy. Feds notice that crypto can't be stopped so they decide to move into it. :)
RE: Federal Reserve making a Crypto Dollar - Cash - Jun 15, 2021
If it's not backed by Bitcoin it is pointless and will fail.
RE: Federal Reserve making a Crypto Dollar - haunterr - Jun 15, 2021
Ths is the definition of the dinosaurs trying to "be cool like the kids nowadays"
RE: Federal Reserve making a Crypto Dollar - Mr. Moe - Jun 15, 2021
I didn't get a chance to read the article, but I believe governments are starting up with CBDCs.
I'm from Canada, and our CBDC will be run on a program called "Real-Time Rail" (RTR) & "Project Jasper" (as mentioned in the MIT course led by Gary Gensler)
This is way more beneficial for our traditional system as wire's cost $50 here (takes up to 1 week), Canadian Cheques take 5 days to process, U.S cheques takes 10 days to process, and international cheques takes 30 days to process. Drafts & certified cheques are 10$ here and require a lot of time to create.
I believe a CBDC will eliminate some of these process times/cost.
RE: Federal Reserve making a Crypto Dollar - Darkwin - Jun 16, 2021
Yeah its clear they've had this in the tuck for quite some time and the IMF has hinted at it in the past, During the elections i even recall Pelosi sneaking it in the stimulus bill: https://www.coindesk.com/digital-dollar-reintroduced-by-us-lawmakers-in-latest-stimulus-bill
The US will be moving to a cashless society soon no doubt about it, I wouldn't be too sure that it will fail because COVID has shown that there are many sheeps - But you're right this is all for control and it will hurt the banks the most as people will simply choose to put there money in other decentralized/physical assets ie; BTC/NFTs, Real Estate, Gold/Silver etc.
(Jun 15, 2021 03:57 PM)haunterr Wrote: Ths is the definition of the dinosaurs trying to "be cool like the kids nowadays"
I don't think a blockchain system will benefit the dinosaurs because its in their best interest for govt. spending to remain difficult to trace,
If they upgrade to a transparent system everyone has access too, I think it will get folks rattled at the amount of spending we are doing.
RE: Federal Reserve making a Crypto Dollar - Lilith - Jun 16, 2021
(Jun 16, 2021 01:31 AM)Darkwin Wrote: I don't think a blockchain system will benefit the dinosaurs because its in their best interest for govt. spending to remain difficult to trace,
If they upgrade to a transparent system everyone has access too, I think it will get folks rattled at the amount of spending we are doing.
I agree that being able to openly verify exactly who every single dollar is going to would be awful for said fossils, but I doubt that the US gov would allow for something like that. I'm positive if they were to go this route, there would be some level of faux anonymity involved the stops the general public from being able to track it while also being able to be observed by the US government. Gotta make sure they can still funnel funds to rebel groups and foreign criminal orgs that act in the interest of the US gov.