Central Bank Digital Currency ?? [Archive]

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MountainGirl

09-29-2022, 10:52 AM

BucketBack

09-29-2022, 04:37 PM

You'll be lucky to get Soc Secure in a few years

MountainGirl

09-29-2022, 05:44 PM

You'll be lucky to get Soc Secure in a few years

Could be.
Even if it still comes, whatever the money is spent on will funnel through the FedNow system - as long as it's something we're allowed to buy.

Inor

09-29-2022, 10:26 PM

A few days ago I decided it was time to really learn about crypto currency.
Found some good beginner vids - so I have a base knowledge on it now.

(Inor - did you go with a non-custodial wallet?)

Anyway, near the end of my 'studies' - I learned about CBDC (Central Bank Digital Currency) and all the warnings against it - and now I'm like holy shitski. This is not good.

If you're not familiar with what's coming - here's a short (10min) vid that explains it in simple terms and lays out the pre-steps for the implementation for the roll out scheduled for mid-2023.

https://www.youtube.com/watch?v=YzJjYVZowPI

I'm still learning about this... but what I want to ask you guys is this:

When (not if) the .gov is in full control of all financial transactions - do you think cash will still be in play at all?

Will our only options be either the new "FedNow" or barter?

To really prep for the next 5yrs (if we all live that long)... to stay off the .gov network - would it be better to stock up now on cash? barter goods? crypto ?

Edit/add: I'm thinking Crypto wont work - because - even now, banks are the on-ramp/off-ramp to exchange dollars for crypto (or to convert crypto back to dollars to buy something when the vendor doesn't accept bitcoin etc)... and after the Fed's CBDC is in play, maintaining privacy will be the least of our concerns; conversion (of non-Fed bitcoins) wont even be an option.

2nd Add: It just occurred to me that when CBDC is up an running - our SocSec payments will be deposited into our very own "FedNow" accounts - for use and tracking. Is there no end to this insanity??

All help appreciated -
Thanks in advance -

My wallet is non-custodial as in, not online. It is only local on my old cell phone (not connected to any cellular network). I actually have two wallets. One I use for buying stuff - mostly the feed mill. The other is only used as a storage location and I do not pay for anything from it. If I ever need to use it, I will transfer the funds to my other wallet to spend them.

Just a heads up on Bitcoin and ETH... The federal government has proven to be fairly competent at being able to use forensic accounting to be able to associate a wallet id to a real person. For now, I am counting on the fact that I am doing very small transactions through it to maintain my anonymity. I rarely have more than $2000 in my public wallet and the largest spending transaction I have ever done with it was maybe $200 US.

There is a new crypto called Monero https://www.getmonero.org/ that seems, so far, to be untraceable. Unfortunately, nobody around here accepts it yet for payment. I expect that to change quickly as the Fed moves towards the CBDC.

The way I expect the CBDC to play out... The Fed's CBDC is due to roll out next summer some time. Federal Reserve Notes will continue to be "legal tender" for a few years after that. They may choose to keep them in circulation for several years, but if they do, expect to see them also to change the notes significantly, similar to how the British are currently changing their Pound notes. The old paper Pound notes will no longer be valid after this month - only the new plastic Pounds will be accepted. I'm sure the Fed will do something similar if they choose to keep some kind of non-digital currency. Expect it to have some kind of tracking code on it, think something like a QR code or similar that can be scanned (and tracked) at the bank and by merchants.

I doubt the FedNow accounts will immediately replace private banks, but SSA payments and taxes etc. will all go through the FedNow system. It will force everybody to have a FedNow account, but we will be "allowed" to keep our private accounts. Private banks will eventually just go broke due to lack of deposits. It will take 5-10 years, but will prevent the population from open revolt if they go slowly.

This is obviously EXTREMELY BAD! It is also why we need to start NOW doing business in the "gray economy" using non-CBDC digital currencies. That is going to be the only way we will be able to maintain some degree of privacy. The upside is, folks are starting to wake up to that fact. It will take some time at first, but crypto is here to stay and more and more vendors will start using it since it allows them to save significant taxes. That will only grow faster as it becomes more obvious what is going on with the CBDC.

You do not need to buy crypto through a traditional bank or broker although that is the most convenient way to buy it. But, there are also a bunch of off-shore crypto brokers that do not report to the U.S. government and in most cases, are cheaper than U.S. based brokers.

1skrewsloose

09-30-2022, 08:46 AM

I have a tough time thinking this digital stuff wiil work out, will they pickup up all paper money, render it useless? Illegal drug sales are all cash, something like half a trillion a year just in the US. They went from checks for welfare to debit cards, but folks just buy food and trade for pennies on the dollar to buy dope. I don't like it at all, but implementation will be a rough road. Just opens the door for a black market.

MountainGirl

09-30-2022, 09:22 AM

My wallet is non-custodial as in, not online. It is only local on my old cell phone (not connected to any cellular network). I actually have two wallets. One I use for buying stuff - mostly the feed mill. The other is only used as a storage location and I do not pay for anything from it. If I ever need to use it, I will transfer the funds to my other wallet to spend them.

Just a heads up on Bitcoin and ETH... The federal government has proven to be fairly competent at being able to use forensic accounting to be able to associate a wallet id to a real person. For now, I am counting on the fact that I am doing very small transactions through it to maintain my anonymity. I rarely have more than $2000 in my public wallet and the largest spending transaction I have ever done with it was maybe $200 US.

There is a new crypto called Monero https://www.getmonero.org/ that seems, so far, to be untraceable. Unfortunately, nobody around here accepts it yet for payment. I expect that to change quickly as the Fed moves towards the CBDC.

The way I expect the CBDC to play out... The Fed's CBDC is due to roll out next summer some time. Federal Reserve Notes will continue to be "legal tender" for a few years after that. They may choose to keep them in circulation for several years, but if they do, expect to see them also to change the notes significantly, similar to how the British are currently changing their Pound notes. The old paper Pound notes will no longer be valid after this month - only the new plastic Pounds will be accepted. I'm sure the Fed will do something similar if they choose to keep some kind of non-digital currency. Expect it to have some kind of tracking code on it, think something like a QR code or similar that can be scanned (and tracked) at the bank and by merchants.

I doubt the FedNow accounts will immediately replace private banks, but SSA payments and taxes etc. will all go through the FedNow system. It will force everybody to have a FedNow account, but we will be "allowed" to keep our private accounts. Private banks will eventually just go broke due to lack of deposits. It will take 5-10 years, but will prevent the population from open revolt if they go slowly.

This is obviously EXTREMELY BAD! It is also why we need to start NOW doing business in the "gray economy" using non-CBDC digital currencies. That is going to be the only way we will be able to maintain some degree of privacy. The upside is, folks are starting to wake up to that fact. It will take some time at first, but crypto is here to stay and more and more vendors will start using it since it allows them to save significant taxes. That will only grow faster as it becomes more obvious what is going on with the CBDC.

You do not need to buy crypto through a traditional bank or broker although that is the most convenient way to buy it. But, there are also a bunch of off-shore crypto brokers that do not report to the U.S. government and in most cases, are cheaper than U.S. based brokers.

My understanding of the difference between custodial and non-custodial wallets is not whether one is safely offline (which is also a good idea) or not, but rather that with non-custodials there is no middle man, i.e., the transaction is direct between you and vendor - whereas with a custodial the transaction routes from you to a third party (the custodian) and then to the vendor. Is that correct? If so, there might be a future problem with CBDC control over custodians whether we're using a non-CBDC digital currency or not. Relatedly, there might be a future problem with vendors being able to accept non-CBDC currency - controlled through regulations, permits, licensing, etc.

You are right that crypto is here to stay- even TNM (Texas Nationalist Movement) is doing a fund-raising campaign and 'Texan Tokens' are being given as a donation premium. (Interest-bearing, 5%, scrapeable)

I didn't know anything at all about the changes in the Pound notes. Wow. Thank you for that. Guessing it's only on their $20s and $50s because of quantities in circulation, or perhaps tracking small notes would be too cumbersome, or maybe because it's only large-bill transactions they're interested in, but whatever the reason yes - I can see the Fed phasing that in here as well IF, like you said, a non-digital currency is kept - which I doubt will be - and if it's 'trackable'? Then the point of using Cash is gone.

Hmmm. Stockpiling cash might be a good short-term (1-2yrs) solution but a better one (for us) might be to make sure we purchase every "I'm sorry, purchasing that item is no longer allowed" thing we want now - and then later, when all there is is CBDC and FedNow accounts, our monthly Social Security would be the only financial assets/income we have - and hopefully with our new FedNow card we can still buy food. If not, we've got that covered too, LOL

Thanks Inor. Very much.

BucketBack

09-30-2022, 10:05 AM

MountainGirl

09-30-2022, 10:16 AM

https://www.youtube.com/watch?v=u-JZb46UZzE

Ya know BB? Sometimes the stuff you post is plain nutz.
In this case - Yeah. I get it. And I agree.

Inor

09-30-2022, 11:01 PM

Disclaimer: Before I comment, I just want to clarify... I have only been accumulating Bitcoin and buying things with it for about 6 months. Before that, I spent about a year studying up on it trying to figure out how it works and satisfying myself about its validity and security. So... I am by no means an expert! The information I give should be taken as nothing more than a somewhat informed (or possibly misinformed) opinion.

My understanding of the difference between custodial and non-custodial wallets is not whether one is safely offline (which is also a good idea) or not, but rather that with non-custodials there is no middle man, i.e., the transaction is direct between you and vendor - whereas with a custodial the transaction routes from you to a third party (the custodian) and then to the vendor. Is that correct? If so, there might be a future problem with CBDC control over custodians whether we're using a non-CBDC digital currency or not. Relatedly, there might be a future problem with vendors being able to accept non-CBDC currency - controlled through regulations, permits, licensing, etc.

Let's take the discussion of crypto (Bitcoin, Ethereum, etc.) separately from the discussion of CBDCs. They are completely different animals.

If you have a cyrpto account using a custodial wallet with a company like Robinhood or Coinbase (what I call "online"), you really do not own ANY crypto yourself. What you really own is a legal claim on some amount of crypto that is owned by the custodian. You can direct them to send some amount of Bitcoin to somebody else and they will send it (probably), but it is not directly in your control. My opinion is, if you want to trade crypto like you would trade stocks (I.E. buy $10,000 of Ethereum today and sell it next month for $15,000), having a custodial account is the way to go. It is easier, quicker and the custodian keeps track of all the paperwork for your accountant at the end of the year.

With a non-custodial wallet you actually OWN the crypto yourself. You buy it, in my case through a broker that owns it now. They get the address of my wallet, transfer it to my wallet, then it is mine as soon as the transaction clears the Bitcoin network. Clearing the transaction can take anywhere from a couple minutes to several hours, but once the transaction has cleared, the crypto is mine and there is nothing anybody can do prevent me from accessing it and doing whatever I want with it.

Using a non-custodial wallet, the government, nor anybody else, can prevent me from transferring it to whomever I want. The key to understanding that part is understanding the nature of crypto is really the Ledger (called the blockchain). The Ledger is a record of every transaction ever performed with a crypto since the beginning. The desirable feature of Bitcoin, Ethereum and others is the fact that the Ledger is not kept in one place. Copies of the Ledger are distributed across millions of servers all over the world. If the Ledger on any of the servers do not match the master Ledgers on all the other servers, the errant server is simply ignored by the Bitcoin network. So if the government wanted to prevent me from accessing my Bitcoin, they could not just prevent it on a couple servers; they would have to prevent it on every single server on the entire Bitcoin network all over the world simultaneously. That is simply not going to happen.

Also, if the power goes off and shut down all the Bitcoin servers in an area, all of the other servers everywhere else in the world will keep the network active and keep the Ledger current. When the power comes back for the affected servers, they are updated with all of the activity that happened while they were offline and they begin participating in the network again. So even if we get hit with an EMP, the network continues. An EMP would have to shut down the entire world all at the same time to kill the network. (If that happens, losing a couple thousand dollars in my crypto wallet is going to be the least of my concerns.)

That is not to say, Bitcoin or Ethereum is a panacea. The Ledger, while distributed, is also public. Anybody can see any transaction. But individual transactions are somewhat hidden, first by sheer volume and second by the fact that each transaction is only associated with a wallet id and not the identity of a human or company. Like I said in my previous post, the government has shown some ability to be able to piece together wallet ids and associate them with actual people. But you have to figure, even if we were using Bitcoin to buy and sell meth, how much volume would we have to be doing before it would rise to level where it is worth their time to follow it up with as much research as would be required to put the pieces together? In my case, buying a truckload of animal feed and a meal here or there is simply not worth their hassle. But something like Monero, which is supposed to be totally untraceable, will be great if it gains widespread use.

Other than the fact that it is digital, a Central Bank Digital Currency is a completely different thing. With a CBDC, the Ledger is centralized under the control of the central bank and/or government only. They are the clearinghouse for all transactions. If they decide that we should not be able to buy whatever, they can prevent it because all transactions go through their single Ledger.

You are right that crypto is here to stay- even TNM (Texas Nationalist Movement) is doing a fund-raising campaign and 'Texan Tokens' are being given as a donation premium. (Interest-bearing, 5%, scrapeable)

I didn't know anything at all about the changes in the Pound notes. Wow. Thank you for that. Guessing it's only on their $20s and $50s because of quantities in circulation, or perhaps tracking small notes would be too cumbersome, or maybe because it's only large-bill transactions they're interested in, but whatever the reason yes - I can see the Fed phasing that in here as well IF, like you said, a non-digital currency is kept - which I doubt will be - and if it's 'trackable'? Then the point of using Cash is gone.

I do not know what excuse the UK is using for their new script, but they are a completely fucked up country anyway. The last time I was there was at least 7-8 years ago and they were docile as a beat dog back then. I can only imagine it has gotten worse since. But starting tomorrow, their old paper notes are worthless. I assume the coins are still okay?

Hmmm. Stockpiling cash might be a good short-term (1-2yrs) solution but a better one (for us) might be to make sure we purchase every "I'm sorry, purchasing that item is no longer allowed" thing we want now - and then later, when all there is is CBDC and FedNow accounts, our monthly Social Security would be the only financial assets/income we have - and hopefully with our new FedNow card we can still buy food. If not, we've got that covered too, LOL

Thanks Inor. Very much.

Stockpiling too much cash would make me nervous. If the Fed does decide to do a Bank of England where we have to trade in our notes or lose them and you walk into your local bank with $50,000 in a paper bag (particularly in a border state)... I am just going to spread things out amongst a variety of assets - some Bitcoin, some Ethereum, maybe a few others, some gold, some silver, etc. Plus, we have been buying a lot of productive assets since we moved to AZ - tractor, chicken setup, beef setup, soon to be pig setup, etc. No one thing looks like much and if they figure out a way to lock us out of one thing, it does not hurt quite so much. But that is just me, your milage may vary.

1skrewsloose

10-01-2022, 06:29 AM

https://www.bankofengland.co.uk/news/2022/june/100-days-left-to-use-your-paper-20-and-50-banknotes

Just to clarify, instead of paper they'll be polymer, they take more abuse and last longer.

But starting tomorrow, their old paper notes are worthless-this is true.

MountainGirl

10-01-2022, 08:57 AM

Disclaimer: Before I comment, I just want to clarify... I have only been accumulating Bitcoin and buying things with it for about 6 months. Before that, I spent about a year studying up on it trying to figure out how it works and satisfying myself about its validity and security. So... I am by no means an expert! The information I give should be taken as nothing more than a somewhat informed (or possibly misinformed) opinion.

Let's take the discussion of crypto (Bitcoin, Ethereum, etc.) separately from the discussion of CBDCs. They are completely different animals.

If you have a cyrpto account using a custodial wallet with a company like Robinhood or Coinbase (what I call "online"), you really do not own ANY crypto yourself. What you really own is a legal claim on some amount of crypto that is owned by the custodian. You can direct them to send some amount of Bitcoin to somebody else and they will send it (probably), but it is not directly in your control. My opinion is, if you want to trade crypto like you would trade stocks (I.E. buy $10,000 of Ethereum today and sell it next month for $15,000), having a custodial account is the way to go. It is easier, quicker and the custodian keeps track of all the paperwork for your accountant at the end of the year.

With a non-custodial wallet you actually OWN the crypto yourself. You buy it, in my case through a broker that owns it now. They get the address of my wallet, transfer it to my wallet, then it is mine as soon as the transaction clears the Bitcoin network. Clearing the transaction can take anywhere from a couple minutes to several hours, but once the transaction has cleared, the crypto is mine and there is nothing anybody can do prevent me from accessing it and doing whatever I want with it.

Using a non-custodial wallet, the government, nor anybody else, can prevent me from transferring it to whomever I want. The key to understanding that part is understanding the nature of crypto is really the Ledger (called the blockchain). The Ledger is a record of every transaction ever performed with a crypto since the beginning. The desirable feature of Bitcoin, Ethereum and others is the fact that the Ledger is not kept in one place. Copies of the Ledger are distributed across millions of servers all over the world. If the Ledger on any of the servers do not match the master Ledgers on all the other servers, the errant server is simply ignored by the Bitcoin network. So if the government wanted to prevent me from accessing my Bitcoin, they could not just prevent it on a couple servers; they would have to prevent it on every single server on the entire Bitcoin network all over the world simultaneously. That is simply not going to happen.

Also, if the power goes off and shut down all the Bitcoin servers in an area, all of the other servers everywhere else in the world will keep the network active and keep the Ledger current. When the power comes back for the affected servers, they are updated with all of the activity that happened while they were offline and they begin participating in the network again. So even if we get hit with an EMP, the network continues. An EMP would have to shut down the entire world all at the same time to kill the network. (If that happens, losing a couple thousand dollars in my crypto wallet is going to be the least of my concerns.)

That is not to say, Bitcoin or Ethereum is a panacea. The Ledger, while distributed, is also public. Anybody can see any transaction. But individual transactions are somewhat hidden, first by sheer volume and second by the fact that each transaction is only associated with a wallet id and not the identity of a human or company. Like I said in my previous post, the government has shown some ability to be able to piece together wallet ids and associate them with actual people. But you have to figure, even if we were using Bitcoin to buy and sell meth, how much volume would we have to be doing before it would rise to level where it is worth their time to follow it up with as much research as would be required to put the pieces together? In my case, buying a truckload of animal feed and a meal here or there is simply not worth their hassle. But something like Monero, which is supposed to be totally untraceable, will be great if it gains widespread use.
Right, so far I'm with you.

Q: After you purchase crypto through a broker, there is no other party/entity/etc involved in decision-making (allowing or not); it's a straight you>feed mill exchange. Does the transaction itself write to the Ledger?

Wait. Stop. Oh hell. There's more than one Ledger. Ok. That makes more sense. My incorrect picture was one big Ledger, like one set of tracks with many trains trying to jump on it... each vulnerable (in some way) to fed control/regulation/shut down/etc.

Other than the fact that it is digital, a Central Bank Digital Currency is a completely different thing. With a CBDC, the Ledger is centralized under the control of the central bank and/or government only. They are the clearinghouse for all transactions. If they decide that we should not be able to buy whatever, they can prevent it because all transactions go through their single Ledger.

Using the train/track analogy - CBDC wants to be the only set of rails so they can control transactions. Hmmm. Don't see how CBDC could 'shut down' other existing tracks, but I can see a lot of ways they can derail the end-users, us and vendors, etc.

I wonder if, after getting our SocSec deposited onto their train, we could go buy non-CBDC crypto with it - on a different 'track'.

I do not know what excuse the UK is using for their new script, but they are a completely fucked up country anyway. The last time I was there was at least 7-8 years ago and they were docile as a beat dog back then. I can only imagine it has gotten worse since. But starting tomorrow, their old paper notes are worthless. I assume the coins are still okay?

Stockpiling too much cash would make me nervous. If the Fed does decide to do a Bank of England where we have to trade in our notes or lose them and you walk into your local bank with $50,000 in a paper bag (particularly in a border state)... I am just going to spread things out amongst a variety of assets - some Bitcoin, some Ethereum, maybe a few others, some gold, some silver, etc. Plus, we have been buying a lot of productive assets since we moved to AZ - tractor, chicken setup, beef setup, soon to be pig setup, etc. No one thing looks like much and if they figure out a way to lock us out of one thing, it does not hurt quite so much. But that is just me, your milage may vary.

Agree, and I think that's about all one can do right now.

Thank you, Inor, for helping me understand - and for sharing all your lengthy research with us. Much to consider.

Slippy

10-01-2022, 04:44 PM

I don't think I am smart enough to invest in crypto-stuffs...
My head after I read the last few posts...
:exploding:

MountainGirl

10-01-2022, 05:47 PM

I don't think I am smart enough to invest in crypto-stuffs...
My head after I read the last few posts...
:exploding:

I'm hoping I'm smart enough to stay the hell away from it all. :thumb:
Think what I'll soon do is spend most all my money on ammo, smokes, booze and a new pair of jeans...:cool:

Inor

10-01-2022, 10:03 PM

Right, so far I'm with you.

Q: After you purchase crypto through a broker, there is no other party/entity/etc involved in decision-making (allowing or not); it's a straight you>feed mill exchange. Does the transaction itself write to the Ledger?

You are correct. And yes, every transaction I make, buying the Bitcoin as well as paying whomever eventually ends up recorded in the Ledger/blockchain.

Wait. Stop. Oh hell. There's more than one Ledger. Ok. That makes more sense. My incorrect picture was one big Ledger, like one set of tracks with many trains trying to jump on it... each vulnerable (in some way) to fed control/regulation/shut down/etc.

Nope. The feds cannot stop any transaction. They probably can track transactions that happened in the past if they want to spend the time, energy and money to do it. But they cannot interdict anything.

Using the train/track analogy - CBDC wants to be the only set of rails so they can control transactions. Hmmm. Don't see how CBDC could 'shut down' other existing tracks, but I can see a lot of ways they can derail the end-users, us and vendors, etc.

Exactly! They will want as much as they can going through the CBDC since they can easily control/track those transactions. Using cryptocurrencies (if they are on a distributed blockchain/Ledger of course), there is basically nothing they can do to prevent any transaction. The best they can do in that situation, is track past transactions, maybe. If we get a truly secure, distributed crypto (what Monero claims to be), then even the tracking would become impossible or at least, much more difficult.

I wonder if, after getting our SocSec deposited onto their train, we could go buy non-CBDC crypto with it - on a different 'track'.

I do not see why you couldn't. As long as you can find somebody that owns whatever crypto you want and is willing it to trade it for CBDC-bucks, you should be good to go.

Prepared One

10-02-2022, 08:56 AM

I don't think I am smart enough to invest in crypto-stuffs...
My head after I read the last few posts...
:exploding:

I am with ya, I think I'll take my two cents and go home.

T-Man 1066

10-02-2022, 10:07 AM

I tried watching some YT videos on crypto, specificly the "mining".. completely over this dumb hillbilly's head...

If I made something, and the buyer was offering to pay me in crypto, I would decline, I don't understand how to use it... or recognize the value.

Lets stay with currency I understand. Cash, 5 gallon buckets, beer, tools, etc...

MountainGirl

10-02-2022, 01:54 PM

...
Nope. The feds cannot stop any transaction. They probably can track transactions that happened in the past if they want to spend the time, energy and money to do it. But they cannot interdict anything.

... Using (non-CBDC) cryptocurrencies (if they are on a distributed blockchain/Ledger of course), there is basically nothing they (Feds) can do to prevent any transaction. The best they can do in that situation, is track past transactions, maybe. If we get a truly secure, distributed crypto (what Monero claims to be), then even the tracking would become impossible or at least, much more difficult.

Here is where I strongly disagree. Recall in your earlier post how not all vendors accept Monero? That tells me vendors have a choice about which crypto they'll accept and which ones they wont. I can see how that could easily evolve from 'wont' to 'cant'. What would stop the Fed from regulating vendors - via licensing/tax/etc regulations - to accept CBDC coin only?

I do agree, however, that as long as vendors are willing to continue with non-Fed crypto - all should be well. That said, the Fed has a lot of ways to stand on someone's neck. Or kneel, as the case may be. I really like the de-centralization; and, this could all devolve into a workable 'barter' type situation (small unregulated sellers; black market, anyone? LOL). But for most of the commercial operations, like your feed store? Would they risk accepting federally disallowed crypto?

(Regarding buying non-CBDC with CBDC coins)
I do not see why you couldn't. As long as you can find somebody that owns whatever crypto you want and is willing it to trade it for CBDC-bucks, you should be good to go.

Find somebody? Not sure who would even want to do that - as it would enable Feds to see a non-CBDC source for the purchase... and their crypto vanishing into the ether... all of which could red-flag a possible money laundering situation/investigation.
Then again - maybe I'll sell our CBDC-bucks to YOU ! How does 50 cents on the dollar sound? You'll be rich!! :bounce:

Jester-ND

10-02-2022, 09:00 PM

This is what y'all need to buy....

https://www.jmbullion.com/1-oz-inflation-is-coming-series-unleash-the-beast-silver-round/?utm_source=remarketing&utm_medium=banner&utm_campaign=Criteo

inflation is coming unleash the beast silver round

20224

1skrewsloose

10-02-2022, 09:23 PM

Inor

10-02-2022, 10:49 PM

Here is where I strongly disagree. Recall in your earlier post how not all vendors accept Monero? That tells me vendors have a choice about which crypto they'll accept and which ones they wont. I can see how that could easily evolve from 'wont' to 'cant'. What would stop the Fed from regulating vendors - via licensing/tax/etc regulations - to accept CBDC coin only?

I do agree, however, that as long as vendors are willing to continue with non-Fed crypto - all should be well. That said, the Fed has a lot of ways to stand on someone's neck. Or kneel, as the case may be. I really like the de-centralization; and, this could all devolve into a workable 'barter' type situation (small unregulated sellers; black market, anyone? LOL). But for most of the commercial operations, like your feed store? Would they risk accepting federally disallowed crypto?

Find somebody? Not sure who would even want to do that - as it would enable Feds to see a non-CBDC source for the purchase... and their crypto vanishing into the ether... all of which could red-flag a possible money laundering situation/investigation.
Then again - maybe I'll sell our CBDC-bucks to YOU ! How does 50 cents on the dollar sound? You'll be rich!! :bounce:

I am not trying to sell you on this being the way you should go. I am not even suggesting crypto is THE solution to get away from the government (yet).

Like you, I was looking for a way to continue to be able to buy and sell with a minimum of government interference. Cash is not a good option, especially in an inflationary environment. Gold and Silver are impractical and extremely expensive for small day-to-day purchases. Barter? No! Just No!!! So far, Bitcoin and Bitcoin-Cash for small transactions and Ethereum for large transactions seem to be the best options I can find. If somebody else has a better idea, I'm all ears!

But, at the same time, I agree 100% with T-Man. If you have not taken the time to understand it and get comfortable with it, you should not be messing with crypto, ESPECIALLY investing in it!!! Hell, I do not want anything to do with investing in it and I live for math and statistics (which is right in the wheelhouse of crypto investing). For now, it is a totally unregulated market with a lot of scammers surrounding it and you can lose your ass in a heartbeat if you are not careful!

As far as watching YouTube videos about it, especially the videos made by "miners", don't waste your time. Most of the miners are fools. They are really only focused on how to start and run a mining business. That is a completely different focus than using it for trading goods and services and requires a completely different understanding. And frankly, most of the folks that are into mining are just bullshit artists who are looking to make a quick buck without doing anything.

MountainGirl

10-03-2022, 08:19 AM

I am not trying to sell you on this being the way you should go. I am not even suggesting crypto is THE solution to get away from the government (yet).
That I know my friend. And your posts on this are appreciated by all of us. My skill-set is finding holes and weak spots (current and potential) in ideas, systems, processes. The more I learn about crypto the more I'm impressed with it AND (other than crypto-charlatans) the only weak spot for the whole system doesn't reside in 'crypto' itself - but rather on its perimeter: potential gov regulation of users, primarily vendors.

Like you, I was looking for a way to continue to be able to buy and sell with a minimum of government interference. Cash is not a good option, especially in an inflationary environment. Gold and Silver are impractical and extremely expensive for small day-to-day purchases. Barter? No! Just No!!! So far, Bitcoin and Bitcoin-Cash for small transactions and Ethereum for large transactions seem to be the best options I can find. If somebody else has a better idea, I'm all ears!
I hear that, agree.

We've pretty much landed on keeping some Cash - some in the bank, some at home - finishing our purchases of supplies and productive assets (while the dollar is still worth 40 cents), and then watching how the FedNow thing evolves.

But, at the same time, I agree 100% with T-Man. If you have not taken the time to understand it and get comfortable with it, you should not be messing with crypto, ESPECIALLY investing in it!!! Hell, I do not want anything to do with investing in it and I live for math and statistics (which is right in the wheelhouse of crypto investing). For now, it is a totally unregulated market with a lot of scammers surrounding it and you can lose your ass in a heartbeat if you are not careful!

As far as watching YouTube videos about it, especially the videos made by "miners", don't waste your time. Most of the miners are fools. They are really only focused on how to start and run a mining business. That is a completely different focus than using it for trading goods and services and requires a completely different understanding. And frankly, most of the folks that are into mining are just bullshit artists who are looking to make a quick buck without doing anything.

Thanks again, Inor. You filled in a lot of blanks for us. :)

T-Man 1066

10-03-2022, 08:40 AM

Thanks again, Inor. You filled in a lot of blanks for us. :)

That is what makes this forum awesome, like-minded folks with a broad knowledge base. :bigthumbup:

Jester-ND

10-03-2022, 04:04 PM

UN calling for FED to quit raising rates because it is causing global recession...... that cat is out of the bag ladies and gents...

red442joe

10-04-2022, 05:39 AM

Tagged

Joe

Inor

10-07-2022, 12:34 AM

https://www.youtube.com/watch?v=MGGIvaF234c

This is a very excellent overview of achieving some level of anonymity with crypto, specifically Bitcoin. It is not technical at all and hits the main bullet points of what to keep in mind.

Sasquatch

10-07-2022, 12:51 AM

When we all get nuked into oblivion does the crypto keep gaining value in non-nuked cyberspace?

Prepared One

10-07-2022, 10:18 AM

When we all get nuked into oblivion does the crypto keep gaining value in non-nuked cyberspace?

It's a race to the bottom. Does Nuclear war break out before the economy goes to hell or after? Look out for civil war coming up on the outside. Either way, it ain't gonna be pretty.

1skrewsloose

10-07-2022, 02:59 PM

UN calling for FED to quit raising rates because it is causing global recession...... that cat is out of the bag ladies and gents...

You got it right, the USA is geting its marching orders from the UN. Global economy.

Jester-ND

11-15-2022, 03:53 PM

Wondering how the latest FTX crypto fiasco has affected yall's thoughts on it's security? couldn't the creator of bitcoin do something similar and crater the price?

shootbrownelk

11-15-2022, 05:54 PM

Wondering how the latest FTX crypto fiasco has affected yall's thoughts on it's security? couldn't the creator of bitcoin do something similar and crater the price?

The founder of FTX makes Bernie Madoff look like an amateur. The guy fleeced folks out of many billions of dollars more than Bernie ever dreamed about. I'll give crypto currency a pass after seeing how FTX currency vanished into cyberspace, never to be seen again. The founder was also a BIG Biden campaign donor, (using his investor's money).

Inor

11-15-2022, 11:31 PM

Wondering how the latest FTX crypto fiasco has affected yall's thoughts on it's security? couldn't the creator of bitcoin do something similar and crater the price?

The FTX mess is more of a curiosity to me than anything else. It has zero effect on what I am doing since I am using Bitcoin and Monero as a purchasing medium and to maintain privacy. As I explained in post #9 on this thread, keeping your crypto in an exchange is a roll of the dice. I have always kept mine in a local wallet, so I have no risk associated with any exchange playing games. The only thing I use an exchange for is my initial purchase of BTC. As soon as the purchase order fills, I immediately move the BTC from my exchange account to my local offline wallet. There is a very small window of time, between when I move my fiat currency onto the exchange to make the purchase and when I move my newly purchased crypto onto my local wallet where I could be at some risk. But that is a very small window, between about 10 and 30 minutes, and it is a risk I am willing to take since the amounts we are talking about are pretty small - usually less than $1000 USD.

As far as Satoshi Nakamoto (the creator of Bitcoin) building in a backdoor either to steal or otherwise cause havoc, it would have been possible when BTC was first created. But once BTC went live (2007), the entire source code base was also made public. In my particular case, I did spend a fair bit of time studying the source code before I decided to experiment with buying it to satisfy myself that no such backdoor exists. I am sure millions of others have as well.

I fully expected FTX to fall apart at some time, not because of fraud, but because they had a stupid business model. They were supposedly paying "depositors/account holders" 8% on their crypto deposits when they could have just issued corporate bonds or even borrowed USD from a commercial bank for 3% and bought the crypto outright. What the hell kind of business model plans to lose 5% on every transaction and make up the difference on volume?!? The fraud was bad, but in reality, all it did was speed up a massive wipe out that was already baked into the cake. The FTX founder was a media darling so they could have maybe stretched it out for a few more years without the fraud, but in the end they were going die spectacularly with or without the fraud. Keep an eye on Coinbase and Crypto.com. I expect they will meet a similar fate in the not too distant future.

But in terms of keeping a crypto wallet offline and maintaining privacy in your transactions, I am still a fan. My only wish is that the Ethereum transaction fees would come back to earth a little bit. The exchange rates on it have held up much better than most of the others so it would be my hands down favorite if it weren't so damn expensive to use it for purchasing things.

MountainGirl

11-16-2022, 08:12 AM

The FTX mess is more of a curiosity to me than anything else. It has zero effect on what I am doing since I am using Bitcoin and Monero as a purchasing medium and to maintain privacy. As I explained in post #9 on this thread, keeping your crypto in an exchange is a roll of the dice. I have always kept mine in a local wallet, so I have no risk associated with any exchange playing games. The only thing I use an exchange for is my initial purchase of BTC. As soon as the purchase order fills, I immediately move the BTC from my exchange account to my local offline wallet. There is a very small window of time, between when I move my fiat currency onto the exchange to make the purchase and when I move my newly purchased crypto onto my local wallet where I could be at some risk. But that is a very small window, between about 10 and 30 minutes, and it is a risk I am willing to take since the amounts we are talking about are pretty small - usually less than $1000 USD.

As far as Satoshi Nakamoto (the creator of Bitcoin) building in a backdoor either to steal or otherwise cause havoc, it would have been possible when BTC was first created. But once BTC went live (2007), the entire source code base was also made public. In my particular case, I did spend a fair bit of time studying the source code before I decided to experiment with buying it to satisfy myself that no such backdoor exists. I am sure millions of others have as well.

I fully expected FTX to fall apart at some time, not because of fraud, but because they had a stupid business model. They were supposedly paying "depositors/account holders" 8% on their crypto deposits when they could have just issued corporate bonds or even borrowed USD from a commercial bank for 3% and bought the crypto outright. What the hell kind of business model plans to lose 5% on every transaction and make up the difference on volume?!? The fraud was bad, but in reality, all it did was speed up a massive wipe out that was already baked into the cake. The FTX founder was a media darling so they could have maybe stretched it out for a few more years without the fraud, but in the end they were going die spectacularly with or without the fraud. Keep an eye on Coinbase and Crypto.com. I expect they will meet a similar fate in the not too distant future.

But in terms of keeping a crypto wallet offline and maintaining privacy in your transactions, I am still a fan. My only wish is that the Ethereum transaction fees would come back to earth a little bit. The exchange rates on it have held up much better than most of the others so it would be my hands down favorite if it weren't so damn expensive to use it for purchasing things.

With FTX, and eventually Coinbase and Crypto.com, it seems the overall public confidence in the whole crypto idea would be diminished - causing less vendors to be willing to accept it, etc. Especially when 'the masses' don't understand it as well as you and others do.

On an unrelated but similar note - PO stopped at our fav booze house yesterday to stock up - and their 'card reader' wasn't working. He had no cash on him so came home without my blackberry moonshine. Grrrrr.

I doubt he and I will still be alive when Cash is finally 'retired' - but I truly feel for y'all and your young'uns when the whole system is digitized, monitored and controlled; and it will be.

MountainGirl

12-05-2022, 11:11 AM

Inor

12-14-2022, 10:56 PM

The Feds rolled out the CBDC's FedCoin Beta test on the Wednesday before Thanksgiving... while no one was looking.

The only place you can find/read about it is thru Glenn Beck. I wonder why that is.

https://21stcenturywire.com/2022/11/30/cbdc-in-beta-mode-get-ready-for-fed-coin/

There has been quite a bit of news about the project on several investment web sites including ZeroHedge. It sounds like the current state of the project is a settlement system for banks running in parallel with the current systems. They are not using it (yet) for doing the actual settlements; those are still being done via the old system. This is just a parallel system with no money changing hands. They have not yet given an exact "go live" date but they are targeting somewhere between April and July 2023. Initially it will just be used for settlements between banks and the Fed. Depending on who is reporting, they will start rolling it out to John Q. Public anywhere between a couple months and a couple years after the banks actually go live.

More disconcerting is the renewed interest in congress to begin heavy-handed regulation of the real crypto markets (Bitcoin, ETH and others). Some of that was to be expected due to the fraud at FTX. But in the hearings over the last 2 days, both in the House and the Senate have the usual numbnuts coming out of the woodwork with their usual level of stupidity. I'm thinking the IRS hiring 75,000 new auditors might be about putting together a team of people to associate wallet IDs with taxpayer IDs.

If you think you might ever want to use crypto in the future, it would be wise to set up 20-30 offline/cold storage wallets now when you can still set them up for free without having to give a name and/or SSN. That may not be an option in the not-too-distant future. If you do decide to use them in the future, keep one wallet designated as the ID associated with your name. The others can be kept for more private use.

BucketBack

01-28-2023, 09:47 AM

Is America at its worst economic point since the Great Depression?

Biden and the Democrats have been boasting about the economic wonders he and his administration have performed with their modernizing, equitable, diverse, green energy economic policies. However, E.J. Antoni, a research fellow at The Heritage Foundation’s Center for Data Analysis, says that the devil is in the details—and the details behind the latest GDP report show that ordinary Americans are in the worst economic condition they’ve been since the Great Depression.

RNC Research (a very good Twitter feed, despite the RNC’s dismal performance in other areas) assembled a few clips showing Biden’s economic boasts:

https://www.americanthinker.com/blog/2023/01/is_america_at_its_worst_economic_point_since_the_g reat_depression.html

BucketBack

01-28-2023, 09:49 AM

The next article shows why the digital currency is needed. In the last 2 years the US has printed 80% of the greenbacks in existence

When you print more money it means there are more dollars chasing the same amount of goods and services, which causes prices to rise. In just the past three fiscal years, federal spending has swollen to nearly $7 trillion a year, up from about $4.4 trillion in fiscal year 2019. Spending was $6.6 trillion in 2020, and $6.8 trillion in 2021.

If we want to put this into perspective, we can take a look at the monetary supply at the beginning of 2020, which showed just $4.0192 trillion in circulation. By January 2021, that number had jumped up to $6.7 trillion — but this was only the beginning.

By November of last year, that number climbed to $20.354 trillion dollars in circulation — meaning that since January 2020, the United States has printed nearly 80% of all US dollars in existence.

https://thewashingtonstandard.com/80-of-all-us-dollars-in-existence-have-been-printed-in-just-the-past-two-years/

MountainGirl

01-28-2023, 01:55 PM

BucketBack

01-28-2023, 03:33 PM

The M.O.B. probably has stashed a bit of cash.

That doesn't seem to be counted though.

Maybe only $$$ in the bank will be converted to digital currency, along with the SS check.

IE - The money they printed.

I did buy some Dollar Store Tinfoil along with a 15 pak of Bud 2Day

TJC44

01-29-2023, 07:47 PM

Sorry for being dense - but do those numbers represent actual hold in your hand green pieces of paper?
Just the physical effort, not to mention materials, to create that quantity, in that timeframe - seems not possible.

My guess would be no.
The Federal Reserve "Creates" dollars, Transfers them by electronic bank transfer (EBT) to the .GOV general fund, They get disbursed to the various agencies as their budget allows, they pay their civilian contractors by EBT, and their employees by Direct Deposit, and so on down the line. Hell, you don't even need real money to buy a cup of coffee anymore.

MountainGirl

01-29-2023, 08:54 PM

Inor

01-30-2023, 12:06 AM

My guess would be no.
The Federal Reserve "Creates" dollars, Transfers them by electronic bank transfer (EBT) to the .GOV general fund, They get disbursed to the various agencies as their budget allows, they pay their civilian contractors by EBT, and their employees by Direct Deposit, and so on down the line. Hell, you don't even need real money to buy a cup of coffee anymore.

This should be a "fun" year to watch the Federal Reserve Note. The Fed's CBDC is due to go live sometime between April and July for bank transfers. The BRICS have their big shindig meeting sometime in August. I expect that is when they will formally announce whatever they come up with to challenge the US petrodollar for reserve currency status. Right now, I do not expect it to be fully backed by gold, but I am also pretty sure that it will at least be pegged against gold setting a nominal minimum value for the new currency against gold.

Oh yeah, did you notice Saudi Arabia signed a 30 year deal with China to sell them oil in Yuan two weeks ago?

Like I say, this is going to be one hell of a ride by late summer. A tinfoil hatter might even suggest that is why the pols in Washington (democans and republicrats) are so keen to get us into a shooting war with Russia over Ukraine.

Prepared One

01-30-2023, 09:38 AM

This should be a "fun" year to watch the Federal Reserve Note. The Fed's CBDC is due to go live sometime between April and July for bank transfers. The BRICS have their big shindig meeting sometime in August. I expect that is when they will formally announce whatever they come up with to challenge the US petrodollar for reserve currency status. Right now, I do not expect it to be fully backed by gold, but I am also pretty sure that it will at least be pegged against gold setting a nominal minimum value for the new currency against gold.

Oh yeah, did you notice Saudi Arabia signed a 30 year deal with China to sell them oil in Yuan two weeks ago?

Like I say, this is going to be one hell of a ride by late summer. A tinfoil hatter might even suggest that is why the pols in Washington (democans and republicrats) are so keen to get us into a shooting war with Russia over Ukraine.

Frankly, I was expecting this to happen sooner, but the bottom line is the signs are there and it will happen. I hope everyone has their ducks in a row.

TJC44

01-30-2023, 05:54 PM

Thanks much - and I kind of figured it had to be that way... the whole thing is so convoluted.
This was helpful for me: https://www.stlouisfed.org/in-plain-english/who-owns-the-federal-reserve-banks

Money outta thin air.
No more cash
Maybe crypto, maybe not

Fk. I'm gonna start trading in chickens, LOL
Or eggs. They're worth more. :)

Thanks, Tracey. Hope you're enjoyin your new digs!Love the place, despite all of the issues I didn't see before closing. Turns out that I am the only year round place on the road. Just trying to get by, pay the bills each month, have enough left to put gas in the truck. Ironic, huh?

Sent from my SM-A037U using Tapatalk

BucketBack

04-30-2023, 09:03 AM

https://www.youtube.com/watch?v=P_1LA1YIeMs

BucketBack

04-30-2023, 09:04 AM

https://www.youtube.com/watch?v=GHsfVbhBbWQ

BucketBack

08-09-2023, 08:05 AM

Interesting take on banks freezing accounts from the Trumpet folk.

On July 26, the Epoch Times reported that JPMorgan Chase shut down accounts for companies owned by covid-19 vaccine critic Dr. Joseph Mercola. This hearkens back to the Canadian government’s response to the Freedom Convoy protests in Ottawa last year.

https://www.thetrumpet.com/27956-your-ability-to-buy-and-sell-is-in-danger

The establishment are trying to force me out of the UK by closing my bank accounts.

I have been given no explanation or recourse as to why this is happening to me.

https://twitter.com/Nigel_Farage/status/1674357026921623552?ref_src=twsrc%5Etfw%7Ctwcamp%5 Etweetembed%7Ctwterm%5E1674357026921623552%7Ctwgr% 5Eb0308afe1a37ff8836d14a394082a679367c086f%7Ctwcon %5Es1_&ref_url=https%3A%2F%2Fwww.thetrumpet.com%2F27956-your-ability-to-buy-and-sell-is-in-danger

StratBastard

09-21-2023, 12:49 AM

House Republicans advance legislation to block central bank digital currency

https://www.washingtonexaminer.com/policy/economy/house-republicans-advance-bill-block-central-bank-digital-currency

Sasquatch

09-21-2023, 02:02 AM

House Republicans advance legislation to block central bank digital currency

https://www.washingtonexaminer.com/policy/economy/house-republicans-advance-bill-block-central-bank-digital-currency

Have we not seen this play from the uniparty before? House puts out bill Senate blocks it. House comes back with some BS bill that furthers Democrat reign of terror but with same name and Senate advances it to the President who signs it.

MountainGirl

09-25-2023, 06:26 AM

FedCoin™ is unnecessary.

Kids using Bitcoin to pay for a Happy Meal in El Salvador.

Coming soon to a country near you.

https://www.youtube.com/watch?v=PKRZGj_yxB4&t=33s

Inor

09-25-2023, 10:36 AM

FedCoin™ is unnecessary.

Kids using Bitcoin to pay for a Happy Meal in El Salvador.

Coming soon to a country near you.

https://www.youtube.com/watch?v=PKRZGj_yxB4&t=33s

We can only hope...

It is good to see the SEC getting their asses handed to them!

https://finance.yahoo.com/news/sec-lost-again-next-digital-090100411.html

If we can finally get a couple tools like Bitcoin and Ethereum to be part of the "mainstream" financial markets, that is good enough to be able to use truly secure tokens like Monero for commerce. That would be HUGE.

MountainGirl

01-15-2024, 10:40 AM

Apparently, sometime last year, Canada was looking towards a Canadian CBDC - but there was such an uproar from the citizens that the idea was scrapped.

Also apparently, and very quietly, over this last Christmas the govt of Canada applied for the patent/trademark for the Canadian digital coin.

****

I spent this morning looking for the latest news on the US efforts in this direction; found nothing later than mid 2022.

Apparently, things are being done in the dark here too.

Just sayin.

Add: If anyone has any current info - a link would be most appreciated. Thanks!