CBDC

SuperC

I read in a local newspaper about the Federal Reserve creating a pathway to convert the United States dollar into Central Bank Digital Currency, if this happens what happens to our savings? Would all the papernotes become useless? Are we, the populace, to become controlled by the government?

I do not wish for this topic to become crazy political.

I have this information that I’m interested in to be answered somehow.

Torey

I don't know very much about digital currencies. I had a quick look and found this article which explains the types of CBDCs used by different countries and how they work.

https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-central-bank-digital-currency-cbdc

It seems that there are quite a few issues to be worked out before any of this will come to pass. Lots of infrastructure needed with solutions if power goes out or computers go down.

SuperC

@Torey I couldn’t access that link successfully.

Torey

@super I'm not sure what is happening when you try as I just tried and it took me to the site. However, here is the link that you can copy and paste into your browser. https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-central-bank-digital-currency-cbdc

LaurieLovesLearning

@SuperC It's certainly is not a pleasant topic, and is political as well. Just the same, it is extremely important that a person stay informed. That said, of course, I'll be monitoring the discussion as aways to make sure this discussion can continue well without going too deep into the messy political sphere.

I don't know much about digital currency, but I'm not a fan of it either. I don't trust the movement.

I recently read that many types are traceable and not private. Also, by using it, you are always at the mercy of the digital world and always need to be connected. I prefer something that is not dependent on that. It takes away freedom and independence. There is no way around that.

dipat2005

Speaking of connected, I have a number of friends that have flip phones and no computers. Mostly by choice. What will it do for those who are not connected and because of monetary issues cannot be connected?

LaurieLovesLearning

@dipat2005 I would think that it will eventually be a thing of you comply or do without... no choice. Most will comply.

There is also the issue of no or poor internet signal.

kbmbillups1

I saw an article that said the WEF says all citizens must be implanted with a CBDC chip to participate in society. To me that's scary and way too much! To not get political I will just say it reminds me of the book of Revelation.

LaurieLovesLearning

@kbmbillups1 I understand the concern. There are an awful lot of things the organization is very open about. Not everyone is aware, and on the other hand, not everyone wants to believe it.

I am curious to know your source if you remember where you read that. If you could pm me a link, I'd appreciate it.

Megan Venturella

CBDC will allow governments so much control over us! I think the best way to resist this kind of change is to start using more cash. So don’t let cash become obsolete! Easier said than done. It’s like eating less to lose weight haha

dipat2005

@Megan Venturella cash is what I have been using for the past year. I really didn't want to purchase any more checks. Too expensive.

Also, there is a warning: do not send checks through the mail!

SuperC

So, in other words not many people have heard about this digital currency. And, the U.S. dollar actually does need to be in the spending arena more as @Megan Venturella stated.

I had seen an article on YahooNews about 2 or 3 years back that some people in New York had received the chip in their forearm or just above the wrist.

kbmbillups1

@Megan Venturella @SuperC My husband and I have been using more cash too. Especially to buy gas because a lot of stations give you 5 or 10 cents off if you use cash. Also, if you have loyalty points that can be 20 cents or more off a gallon.

Also, my sister works for a company here in the south that wanted to chip all workers a couple years ago. Only my sister and a few others didn't take the chip.

LaurieLovesLearning

@kbmbillups1 That's scary. I'm glad she refused, but it is telling by how many did take it how easy it will be to implement that on a large scale.

Yes, cash is one way to try to push back. If you get rewarded for it, even better.

kbmbillups1

@LaurieLovesLearning It is scary!! She said they had to go to court. They ended up getting what amounts to religious exemptions.

Torey

I saw a news show about chips. It was focusing on one company that put them in their employees for entry purposes so they wouldn't have the "inconvenience" of keys or remembering a pass code. They could just wave their wrist over the screen and the door would open. They were also programmed with the person's credit card info so the chip could be scanned in the cafeteria and any of the vending machines in the building.

I was pretty horrified when I saw the program.

However, people have become very accustomed to having chips installed in their pets, in case of loss or theft. So I guess its a small leap for some people to think its a good idea for humans.

I'm sure they will come up with FitBit type ones in the future that can record and send all your bodily functions to a medical computer that will tell you what kinds of supplements to take (as replacements for whole foods). Its something that may have once been thought of as science fiction but might be closer than anyone suspects.

As to the digital currency, we're already part way there with the amount we use debit and credit cards to pay for things. We can do without cash at all, or so some people think. Pay cheques go in by direct deposit. Bills are paid by pre-arranged payments directly from bank accounts. Parents give allowances via e-transfer. They are using electronic payments at farmers markets. You don't even need a physical card; you can wave your phone over the transaction machine if you have the right app. I have seen some young people completely stumped when you give them a large bill and they have to make change. And that's with the till telling them how much to give back.

LaurieLovesLearning

@kbmbillups1 That's good that that was honored. Up here, that is not always respected anymore and just dismissed.

Yes, @Torey, you are spot on. It won't be a huge leap. The most effective way to make change is little subtle changes over a long period of time. Marketing something as convenience or appealing to ideological emotion ("for the greater good") makes it even easier.

I know that a certain "pay" company has very tight & intrusive foreign ties. All you need to do is actually read their fine print, which nobody does anymore. It is so intrusive that I closed my very old account. I had to use it once for a refund, but I never wanted to sign up in the first place. It makes transactions seamless & easy. People dismissed the intrusion of privacy for the convenience. I'll take inconvenience over intrusion if at all possible. It's not a fair (or wise for the user) trade off.

I will accept etransfer for my birds when I sell them, but I always prefer cash in hand.

Our kids know how to count back change. It's an important & simple, easy to learn skill. It is one that I highly suspect must no longer be taught in public schools because it is now considered "obsolete." It's kind of like cursive, although in some areas, I hear the teaching of it is being reinstated.

Megan Venturella

It’s amazing what we are willing to sacrifice for convenience. Now that I have farm animals I can see how we are being managed and farmed. Anyone else see it?

vickeym

@Megan Venturella you are very correct. We have been trained, managed, farmed and manipulated for decades to get us to this point. It is scary where we seem to be heading and how many are blindly accepting and even going so far as to ask for it now.

annbeck62

I just returned from the UK last night and can relay some things that are already happening. I feel it's information not political as long as I stick to the facts. But if the moderators feel different, you can remove my post. To combat climate change London is implementing a daily fine for those who drive a diesel vehicle with in city limits. A friend of mine has to sell her car because of this. And she can only sell for scrap value even though the car runs perfectly. There are also 2 cities in the UK implementing 15km towns also to fight climate change. If residents are found outside a 15km radius of where they live they are fined. These two towns are being used as test locations before rolling this out. I'm not sure if the plan is to roll out throughout UK or just selected locations. With both of these there are some protests but mostly compliance. Also in UK banks are starting to requiring to know why (and must approve the reason) of cash withdrawals. The rationale here is to protect their customers from fraud. But the result is someone can be denied access to their own money.

There is a worldwide goal for CBDC to replace cash which will become obsolete. The government will convert your bank account to CBDC. Accounts can be locked or amounts removed by authorities as fines. There is also the ability to decline a non-approved purchase by not releasing funds. Although digital, crypto currency is different from and a solution for CBDC which is why most governments are against it.

dipat2005

I was very dismayed to learn that my mobile company wanted to take money every month from my bank account. The amount is almost never correct so I was not very happy. So far so good.

I withdraw money for my rent once a month or transfer it into a different account. Times are getting rough.

Now instead of 12 rolls of TP we can only buy 8 rolls in a package.

SuperC

I had read in an online [this afternoon while reading online news feeds on google] article that the digital dollar may become a programmable token. Stating that if humans don’t use a certain amount of token spending that there may be consequences like money subtracted from your bank account, less gas purchasing for your vehicle. Or, forced purchases if electric vehicles or forced medicines; say.

Other topics were Project Hamilton, and Project Lithium (electronic currency).

Being injected with a chip into our body seems crazy, just so our governments can track our whereabouts and spending seems unusual. Well, there have already been countries that have begun this like China and their digital e-yuan currency. Sure some people have chipped their pets but into people, I mean, is our freedom at risk of being free from making choices?.

I do appreciate those who have responded. I apologize that I do not have the name of the newspaper as citing is necessary for having correct information.

LaurieLovesLearning

'Tis crazy (and evil) times we live in. It blows one's mind. Who would think we'd be alive to witness these events unfolding?

With all of this stressful information of the events that appear to be unfolding, make sure to take time out & away to breathe and disconnect from it all and be grounded. It is important.

I would love to say more about my thoughts about what I believe is transpiring, but I need to remain mindful that I am to remain as impartial as possible on the public end of the forum (respecting the rules as I am not above them), given my role.

Jason's Works

I feel the CBDC's are the dream (nightmare) come true for the central banks. I also feel the blockchain can be an incredible opportunity for humanity to free themselves from the international banking cabal. It just depends what we the people accept, or do not accept.

Blockchain is an incredible invention. But just like any invention, it can be weaponized by those that seek power and control. The central banks are scrambling to gain a foothold in this new form of "currency" before they loose the power they currently hold over the monetary system.

Don't get me wrong, I believe growing your own food, having skill sets, having a strong community and silver/gold (money) are the foundations to creating personal health, freedom and a strong society. The blockchain, if used for good, can be the next step in our development but CBDC's are not that way! Imagine the banks having the power to increase or decrease the value of your "currency" at their will, in order to pressure you to spend or save? To have your account canceled or paused because you spent your allotment on "CO2" causing products or carbon credits? Or you have a medical issue so you are not allowed to purchase certain food?

Blockchain cannot be un-invented, like the wheel or fire. It just depends how people decide to use it. I feel it is important to know the basics but keep aware of the future, keep a foot in both rings. I raise, slaughter and process my own meat (beef, lamb and chicken), raise vegetables, honey bees and make my own medicine including ionic silver. At the same time, I find public ledger blockchains very interesting but incredibly nervous of the private ones being created by the international banking cabal.

Here's a scary one, a patent for a crypto running off of a persons bodily functions. Bill Gates is involved. Patent # WO 2020 / 060606 A1

Cryptocurrency system using body activity data

Abstract

Human body activity associated with a task provided to a user may be used in a mining process of a cryptocurrency system. A server may provide a task to a device of a user which is communicatively coupled to the server. A sensor communicatively coupled to or comprised in the device of the user may sense body activity of the user. Body activity data may be generated based on the sensed body activity of the user. The cryptocurrency system communicatively coupled to the device of the user may verify if the body activity data satisfies one or more conditions set by the cryptocurrency system, and award cryptocurrency to the user whose body activity data is verified.

Sources:

https://patents.google.com/patent/WO2020060606A1/en

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://patentimages.storage.googleapis.com/11/a4/fe/095b0d0459d9c4/WO2020060606A1.pdf

https://fullfact.org/online/bill-gates-patent-microchips/

vickeym

One of the ways I have heard that they will try implementing the chips is to use the safety of our children. If they are chipped, they can be found if they go missing, their medical conditions would be quickly available in the event of an injury, etc.

Pretty much the same way they got us to put them into our pets. After all, how hard was it to get folks to willingly accept doing DNA and or fingerprinting especially for the children when they pushed it as being for their safety if they ever went missing or something. Then all the DNA testing for genealogy and heritage stuff. People not only lined up for it but were even willing to pay a pretty good amount to get it done.

Someone, somewhere, is storing all that DNA information and there is now at least one if not multiple data bases with the DNA on file.

But of course it is just for our safety and protection, or knowing more about our history. It would "never" be used for anything else. Until it is.

couridge

My understanding is that the government has already been testing the CBDC for more than a year and it actually rolled out on 7/26/23 of this year. It is programmable so the government can track ALL of our spending and while you would think they would never be able to monitor everyone, with the use of AI, they can now sift through billions of transactions in minutes. So if they aren't in agreement with a political candidate that you support or the vehicle you buy, you can easily be fined or have your account frozen. If they need to boost the economy, they can start charging negative interest rates so you spend your money instead of saving it or you will be charged negative interest on what is in your account (they are already doing negative interest rates in some EU countries). The goal is actually to do away with cash completely. The government doesn't like cash because it's anonymous and they can't track you. Like many of you said, they will promote it as a convenience or chip our children under the guise of keeping them safe. I am truly afraid of our government. We are not free anymore; we sheep being led to a slaughter.

SuperC

Thanks so much for each of your ideas shared as I’m sure others have had similar interests of learning about this topic.