CBDC digital bank currencies are scary!

I’ve been involved with blockchain and cryptocurrency for around 3 years now. Starting as a speculative investor in the bitcoin bubble of 2017/18, the move was hugely risky but it paid off and I made a little before it burst.

I started accumulated over the next couple of years leading up to the crypto rally of Jan 2020. People called me crazy, but having read enough about the past to know that this technology was being introduced not just speculated upon. It was game time!

A learning curve

Like many, I initially fell for the hype and it was certainly easy to do. However in reality, it was nothing but a “dog and pony show”. Meme coins, Meta verse tokens…what the hell right? Here is where I would like to clear the murky waters and change the direction towards the actual facts as to what this bubble is all about.

This technology will be systemic in the near future. The reason being, cryptocurrency is not just for speculating. Shocking right?

Blockchains and their economies are a trustless system of computers on a network. These computers decide the fate of each transaction and then records it across every computer known to each other.

The fourth industrial revolution

Now, as we are moving into the newest industrial era. The fourth evolution in fact, we will see many new forms of artificial intelligence. This could be something like an “autonomous shop” where there are no staff, just cameras that know who you are and what you have left with.

To implement this kind of technology, they need to ensure that you can’t steal or leave without paying instantly. This can only happen if you have the Ai system transacting automatically with your bank.

With today’s traditional banking system., it’s impossible to implement this all ready to go technology. The Ai must have access to all of your financial data and and the Ai service to be paid, this requires the use of a public ledger.

Ai…Are you ready?

We will lose our privacy

You can start to imagine to privacy issues surrounding this technology. For everyone involved, and this is the reason I believe why we are seeing such a debacle surrounding cryptocurrency.

While I believe blockchain can make many industries super efficient. I also understand that many more will be put out of work from such adoption. With automation comes less jobs.

Ultimate Control!

I do hope this will result in a huge culture change around smaller working weeks and a sustainable basic income package to supplement. We can make it work if we have input. But if left to be decided upon by governments, we could see an over reach of financial control like you couldn’t believe.

While digital currencies are great at moving money with the speed of an email. They are 100% programmable, you could program for freedom or control. Once a fully integrated pos system is in place. Banks could issue a cbdc digital currency that is only spendable in certain postcodes. Yep, just in your town. Hell, add an expiry date on that money too! Yep, it can disappear if you don’t spend it!

Knowledge is freedom!

DeFi is the alternative

While I advocate for DeFi, Central bank digital currencies will be the ultimate stranglehold over the global populous. Decentralized finance is controlled by those participating. If you believe in the DeFi project, than you own tokens. The more you own, the more voting rights you have and the more you can be rewarded. The price is dictated by the supply and demand of the Token itself.

This comes back now to the narrative you are being shown. Right now, DeFi = scary and I feel like the next move is to adopt a central “more stable” token. “Oh wait, here’s one we prepared earlier” the central bank says….a cbdc. Which you’ll hear all about on the news very soon.

I’ll sum this up by saying, if your following with the 99%…your often wrong and late.

Thank you for reading 📚

Chris ❤

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