A very long time ago, in one of my so-called "conspiracy theory type of posts," I tackled the topic of digital money that has an expiration date. By digital money, we're by no means referring to cryptocurrencies, but rather to "a form of CBDCs".
Now it seems that this type of digital money is entering the Chinese economy. Yes, the Chinese seem to be the leaders in all sorts of evil shit lately. I've come to this piece of information regarding the digital yuan that has an expiration date, and it is being tested right now in China, thanks to @edicted who shilled it on Twitter.
Edicted was somehow seeing this event from a whole different perspective than my own. He considers that people having to deal with cash that has an expiration date will turn more into investing spare cash that would rather end up into a savings account if that cash would not expire, instead of drying the funds up so they don't lose it... now that it has an expiration date.
I am of a different opinion. I believe, and I have stated this one so many times on my blog, that the masses don't have the proper financial education to do so. The majority doesn't have the investors mentality, but rather the one of consumerism.
Hence, I consider that most of the Chinese being forced into accepting such a currency will end up becoming pure slaves of the system. These guys won't be able to save cash, thus they will have to stay tied to the system and accept the systems impoverishing rules "till the end will set em apart".
Where do you leave if living paycheck to paycheck?
Almost nowhere, considering that the Chinese are not earning much on a monthly basis when comparing them with the Americans, The Swiss, Norwegians or even the Germans. China has never ceased of being a communist country, but with this one, it is taking communism to the extreme.
You see, the plebs are not entirely stupid, uneducated, or asleep, they do hear, read and acknowledge a tiny part of this shit I'm almost daily talking about, but they don't do anything about that. Just a couple of days ago a 75 years old dude was telling me that the Russians and the Chinese are planning on creating a new world order...
Well, I guess we already have a war on who's bringing that world order "first". The problem is that these guys(the plebs) don't ask themselves what that new world order shall look like and what can we do to stop it. Cryptocurrency is definitely one way to make their plans drown, but speculating on crypto isn't going to help that...
Colorado residents can now pay state taxes with bitcoin and cryptocurrency... but only with a PayPal account.... But sir, why must they use PayPal and not simply use an "unhosted wallet" to pay their taxes with crypto?
It's because privacy is not a must, Pinky...
This move is also intended in having the citizens under control. PayPal being a centralized company means that every account can and will be susceptible to Orwellian surveillance when needed. I once again will come back to Friedrich Hayek's quote that I love so much: we will never have good money until we take it from the hands of the governments.
Well, Bitcoin, Hive, HBD, DASH, Monero, and quite a few others do fall in that money category Hayek was pointing at, but unfortunately not many see this. Anyway, I hope everyone is having a fantastic day, and see you in the next post.
Thanks for your attention,
Adrian
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The weird thing about the whole China situation is... okay so they have this CBDC... but then everyone immediately acts like this CBDC is the only option. What happed to the CNY? What happened to traditional bank accounts? What happened to crypto? What happened to gold and silver (even if it's just in the form of jewelry)?
These things do not get built and then suddenly exist in a bubble of absolute control.
It would take a decade of insanity for any of this to come to pass.
But people act like today is the threat.
This is Agenda 2030 type shit.
That gives us an entire decade to build something better.
Crypto is just getting started there will be many surprises and upsets.
Half of me subscribes to all of that but the other half is wondering why is this thing an agenda for so long and why its fulfilling steps are so obvious...
Agenda 2030 is the centralized solution to the problem.
If crypto fails that's what we are going to get.
The world is breaking down, and actions need to be taken, one way or the other.
Simply ignoring the problem and carrying on is not an option, but many seem to think it is.
Chickens are coming home to roost.
Creating the CBDC is only an early step. Sooner or later, the CBDC is brought online and rolled out within a region's borders. For a while other forms of money will coexist with it only because it takes time both to gain universal acceptance and to replace other forms of money. At some point, physical money will be phased out, demonetized, or outright outlawed. Cryptocurrency will be the final competitor to CBDCs, and those controlling the CBDCs have armies to back them up when they try to take out cryptocurrencies.
Government solutions may begin as additional choices for the people, but over time they tend to become the only choice allowed to the people. CBDCs will follow that path.
We have time before CBDCs overtake cryptocurrency. Even if CBDCs ultimately win, the cost of that victory must be made as dear and as expensive as possible.
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Probably to move crypto to the masses, we have to agree to kyc finally. With all regulations coming, it looks like its the best way. Im confused about the Chinese digital yuan. When it expires, does it mean you have lost your money?
Not necessarily. If people would start using crypto in exchanges between themselves that would be a good start.
Regarding the digital yuan expiration date, I have no clue how it's going to work. I guess it will be something like 1-3 months, nothing spectacular.
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There may not be a set expiration date for Digital Yuan. The date could be determined by factors such as the overall state of the economy, one's regular credit score, or one's social credit score.
In most cases, there may not even be an expiration date on the money. But it can be set any any time for any duration. This is the defining characteristic of programmable money in the context of a CBDC.
In nations which employ negative interest rates-- ???-- money in banks accounts already disappears. Once CBDC-style programmable money goes online, it will be even easier for that money to disappear.
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Wow, I usually stay on top of the news and hadn't heard of that. And like California, things that start out in China, eventually may make their way over here. First the social credit system, and now this.
source
I could see this being abused in so many different ways. Not only funds that expire, but may be limited to be spent only on on certain things. It could also be restricted to "favored" retailers as a way to further keep everyone in line.
I could also see the experiation dates lengthened or shortened to achieve a desired effect. The decentralized becomes centralized. A control freaks dream...
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Spot on. That's the plan..
The new world order led by China, and Russia will fail, I believe. What people want is freedom and the right to do what they want.
Removing money from the control of government might become a reality!
Hail to that.
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