Y'all ready for FedCoin™?

[TheDan]

So, these aren't the branches that were closed due to covid?

You referring to that news clip? Headline says closed in 2021... If it was covid related, why not reopen now?

The branches I was personally referring to still had tellers in the lobby just up until recently. When I asked them why they said labor shortage, but they aren't even trying to hire people.


Reflecting back to similar scenarios I saw in 2008-2009, the branch closures probably have nothing to do with covid or the Fed push to go digital, and more to do with the economy imploding.

 

[pronstar]

Digital currency means .gov can control where you spend your “money”, how you spend it, what you can (and can’t) spend it on, but also when you can/must spend it.

And since it’s just digits on an imaginary balance sheet, the .gov can become the lender without having to worry so much about repayment, and instead can focus on who’s being a good little boy so they can give you more credits.

Sent from my iPhone using Tapatalk Pro

 

[popper]

They will have a permanent ledger of all your transactions big or small,
Already do that. Crypto is a loser all around as is bitchain tech. Supposed to be secure - nope already hacked by crooks and FBI.
Coin mines have to 'invent' another coin to keep their ponzi scheme alive.

 

[Darkpriest667]

They will have a permanent ledger of all your transactions big or small,
Already do that. Crypto is a loser all around as is bitchain tech. Supposed to be secure - nope already hacked by crooks and FBI.
Coin mines have to 'invent' another coin to keep their ponzi scheme alive.

no one has EVER hacked the major block chains.

No one has EVER hacked a wallet without having the keys.

 

[TheDan]

They will have a permanent ledger of all your transactions big or small,
Already do that.

It'll be an infinite order of magnitude more than the tracking that is currently going on. Despite credit cards and the banks constantly snitching on you, you still have a little 4th amendment in banking left.

Crypto is a loser all around as is bitchain tech. Supposed to be secure - nope already hacked by crooks and FBI.
Coin mines have to 'invent' another coin to keep their ponzi scheme alive.

CBDC has nothing to do with crypto currency or "bitchain". The Fed is hoping people will conflate the two, however.

We've already pretty well covered crypto currency security over in this thread: https://www.texasguntalk.com/threads/crypto-secure-not-so-much.111752/

 

[TheDan]

Global financial giants and the New York Fed are rolling out a digital dollar test run as crypto reels from FTX's crash

About a dozen global giants, including Citigroup, HSBC and Mastercard, announced plans on Tuesday to test use of a digital token for 12 weeks.

sports.yahoo.com

"Programmable US dollars may be necessary to support new business models and provide a foundation to much-needed innovations in financial settlements and infrastructure," Tony McLaughlin, managing director for emerging payments and business development at Citigroup's treasury and trade solutions division, said in a statement. "Projects like this, that focus on the digitization of central bank money and individual bank deposits, could be expanded to take a broader view of the opportunity."

 

[Hoji]

Global financial giants and the New York Fed are rolling out a digital dollar test run as crypto reels from FTX's crash

About a dozen global giants, including Citigroup, HSBC and Mastercard, announced plans on Tuesday to test use of a digital token for 12 weeks.

sports.yahoo.com

Saw this the other day.
I suspect if this gets traction anyone that keeps paper currency stashed away will soon be facing some pretty unfavorable exchange rates.

Y’all might want to start converting that paper stash into something a little more stable. Whether it be toilet paper( which I imagine in places like Venezuela is more valuable than paper money) or metals of some sort.

 

[Sasquatch]

Saw this the other day.
I suspect if this gets traction anyone that keeps paper currency stashed away will soon be facing some pretty unfavorable exchange rates.

Y’all might want to start converting that paper stash into something a little more stable. Whether it be toilet paper( which I imagine in places like Venezuela is more valuable than paper money) or metals of some sort.

brass, copper, and lead usually holds value...

 

[Darkpriest667]

brass, copper, and lead usually holds value...

commodities are great but you can get them confiscated when you're pulled over. I'm even buying more crypto for exchanging for goods later. Monetary system HAS to exist outside of the central banks.

 

[mroper]

The Banking Industry will fight this tooth and nail they do not want a central Digicoin. They make way too much money on credit cards and transaction fees. Plus they have a powerful Lobby.

 

[TexasRedneck]

commodities are great but you can get them confiscated when you're pulled over. I'm even buying more crypto for exchanging for goods later. Monetary system HAS to exist outside of the central banks.

Yeah - crypto has been killing it the last month or two.....oh, wait......

Look to Canada to see what can happen when you have your money in a central location that they can access without any fear of interference.....

 

[BeatTheTunaUp]

I can't get into the crypto currency. Finding someone to accept it is far and few between. Certainly will be useless to most people in a shtf scenario. I'll stick to bartering goods for the future bad days.

 

[TheDan]

The Banking Industry will fight this tooth and nail they do not want a central Digicoin. They make way too much money on credit cards and transaction fees. Plus they have a powerful Lobby.

The large banks are the Federal Reserve. They stand to gain the most from it. I'm sure smaller banks are worried, but the point of the trial run they are conducting right now is to see how it would work with bank branches functioning as the infrastructure. They'll probably make plenty in transfer fees.

Lines of credit could be attached to a CBDC wallet so it could actually make it even easier to trap unobservant people in debt than credit cards.

 

[toddnjoyce]

… crypto currency...

Marketed as money, treated like investment (no stable value), wholly unregulated and fighting to stay that way by 30yr old kids sayin “trust me.”

What’s not to like about that?

 

[Mowingmaniac 24/7]

And only a scant few comprehensively understand 'crypto currency', yet many are enthralled with it being some kind of magic...

 

[Sasquatch]

The Banking Industry will fight this tooth and nail they do not want a central Digicoin. They make way too much money on credit cards and transaction fees. Plus they have a powerful Lobby.

JP Morgan Chase just filed for a trademark for their own cryptocurrency, so I'm not sure this is true for all of the banking industry.

 

[Darkpriest667]

Yeah - crypto has been killing it the last month or two.....oh, wait......

Look to Canada to see what can happen when you have your money in a central location that they can access without any fear of interference.....

Hey man, I don't lecture you on water filtration so I'll be kind and say, that's not just wrong, it's REALLY badly wrong.

All the coins that were blocked with the Canadians were on EXCHANGES. First rule of crypto, not your keys not your coins, second rule of crypto, never keep anything on the exchanges. Exchanges by TRUE crypto proponents are considered as bad as the federal reserve and central bankers.

Now as far as killing it. Go look at your 401ks. Everything is suffering in our now FOUR QUARTER recession.

 

[TexasRedneck]

Hey man, I don't lecture you on water filtration so I'll be kind and say, that's not just wrong, it's REALLY badly wrong.

All the coins that were blocked with the Canadians were on EXCHANGES. First rule of crypto, not your keys not your coins, second rule of crypto, never keep anything on the exchanges. Exchanges by TRUE crypto proponents are considered as bad as the federal reserve and central bankers.

Now as far as killing it. Go look at your 401ks. Everything is suffering in our now FOUR QUARTER recession.

That was a two-part statement...crypto is one thing - and the rate of return is abysmal, plus as was recently proven, it can be raided by crooks.

My primary thrust was in re to central banks becoming involved in electronic currencies - the Canadian banks proved what a crappy idea having your financial resources all stored there in ANY fashion.

 

[TX OMFS]

Marketed as money, treated like investment (no stable value), wholly unregulated and fighting to stay that way by 30yr old kids sayin “trust me.”

What’s not to like about that?

This. I used to think I just didn't understand it. Now I realize I do understand it. And it's as ridiculous as it sounds.

 

[toddnjoyce]

This. I used to think I just didn't understand it. Now I realize I do understand it. And it's as ridiculous as it sounds.

I sell it at a discount out of my panel van.