China first major nation to issue a digital currency

[Triplethought]

https://www.thestreet.com/mishtalk/econ ... l-currency

I've heard interviews with US senators and the federal reserve who are on committees researching a US digital currency. Sounds like we have decided to "study the idea to death" before we come out with one. https://www.forbes.com/sites/jasonbrett ... 5e958a5946

I don't know what to think about it all. To me I'm thinking eventually that governments may outlaw other forms of bitcoin other than their own. If that happens I don't want to be holding a big bunch of BTC or GBTC or OBTC stocks.

On the one hand issuing currency is the fundamental job of government. On the other hand you can bet Visa and Mastercard will lobby to keep themselves inserted into the electronic payment game.

[SOL]

In the end, everything comes down to speculation. One can use logic to try to determine what might or might not happen; outcome A or outcome B or whatever other outcome you choose to come up with. However, the analysis leading to these outcomes is based on data that forces one to make intelligent guesses. Intelligence varies per person so that is another can of worms

So what is the solution? Well, before I answer, that remember (and I stated this before) even crap that is marketed well can bring in the bacon. We demonstrated with several stocks. So the idea is to use MP and to follow the trend when the trend ends move to the next one. Bitcoin will most likely end badly but until then the big players will milk it for all its worth

[stefk]

https://english.sawtbeirut.com/business ... ital-yuan/

If China could decide expiration dates for her digital currency, it could give ideas to other governments.

These last days, in the factory where I am working, all my young colleages, the millenials, are crazy about bitcoins. They say me they dont sleep because they make so much money in one night. When everybody begins to speak you about an investment, it could be the end of this investment bubble. I am a little bit puzzled.....

[symbios]

https://english.sawtbeirut.com/business ... ital-yuan/

If China could decide expiration dates for her digital currency, it could give ideas to other governments.

These last days, in the factory where I am working, all my young colleages, the millenials, are crazy about bitcoins. They say me they dont sleep because they make so much money in one night. When everybody begins to speak you about an investment, it could be the end of this investment bubble. I am a little bit puzzled.....

Is it Bitcoin or the altcoins they are investing in? Bitcoin is pretty expensive nowadays to let people make fortunes. Altcoins on the other hand are doing 5x, 10x etc. easily. I’ve been discussing crypto with a few people and it seems that majority of them thinks crypto is Bitcoin and they already understood what Bitcoin is therefore they know what crypto does and does not need to look further into altcoins since they are just Bitcoin clones. But altcoins have evolved in the past few years. More and more of them have legit business case behind them. Sure, majority of them are still crap but a few of them are making real progress.

Take for example, https://www.thetatoken.org/
Currently, it allows users to share bandwidth for video streaming. On the roadmap, it allows sharing the user’s cpu for ML and AI and eventually it’s going to allow the sharing of storage. This technically is a true distributed cloud model.

[SOL]

https://english.sawtbeirut.com/business ... ital-yuan/

If China could decide expiration dates for her digital currency, it could give ideas to other governments.

These last days, in the factory where I am working, all my young colleages, the millenials, are crazy about bitcoins. They say me they dont sleep because they make so much money in one night. When everybody begins to speak you about an investment, it could be the end of this investment bubble. I am a little bit puzzled.....

At TI we have an old saying everyone can make a lot of money on Paper but only a few will bank these gains. The rest will watch them evaporate and their hopes of glory will also go up in smoke. When everyone starts to get excited, it's time to sit on the sidelines. However, for those willing to take a risk, some of the smaller cryptos might make sense but bank the profits fast. In the end, the Bitcoin mania is a prelude to the AR (augmented reality) mania. In this setup people will plug themselves into an alternate reality and be able to experience everything as if it were real. Once plugged in, 90% will be unable to give up this experience and eventually at the very least 60% will opt to be plugged in for days on end or maybe permanently.

[stefk]

https://english.sawtbeirut.com/business ... ital-yuan/

If China could decide expiration dates for her digital currency, it could give ideas to other governments.

These last days, in the factory where I am working, all my young colleages, the millenials, are crazy about bitcoins. They say me they dont sleep because they make so much money in one night. When everybody begins to speak you about an investment, it could be the end of this investment bubble. I am a little bit puzzled.....

Is it Bitcoin or the altcoins they are investing in? Bitcoin is pretty expensive nowadays to let people make fortunes. Altcoins on the other hand are doing 5x, 10x etc. easily. I’ve been discussing crypto with a few people and it seems that majority of them thinks crypto is Bitcoin and they already understood what Bitcoin is therefore they know what crypto does and does not need to look further into altcoins since they are just Bitcoin clones. But altcoins have evolved in the past few years. More and more of them have legit business case behind them. Sure, majority of them are still crap but a few of them are making real progress.

Take for example, https://www.thetatoken.org/
Currently, it allows users to share bandwidth for video streaming. On the roadmap, it allows sharing the user’s cpu for ML and AI and eventually it’s going to allow the sharing of storage. This technically is a true distributed cloud model.

They are busy with a crypto money from Germany, it is not pure bitcoin

[stefk]

Once plugged in, 90% will be unable to give up this experience and eventually at the very least 60% will opt to be plugged in for days on end or maybe permanently.

wel, this world becomes a real netflix dystopia. Incredible to say the least.

[AstuteShift]

Once plugged in, 90% will be unable to give up this experience and eventually at the very least 60% will opt to be plugged in for days on end or maybe permanently.

wel, this world becomes a real netflix dystopia. Incredible to say the least.

90-95 percent of the population currently are just walking zombies anyway unfortunately.

[Yodean]

The U.S. nonprofit Digital Dollar Project said on Monday it will launch five pilot programs over the next 12 months to test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States.

The private-sector pilots initially will be funded by Accenture Plc and involve financial firms, retailers and NGOs, among others. The aim is to generate data that could help U.S. policymakers develop a digital dollar.

A partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a U.S. central bank digital currency (CBDC).

CBDCs are the digital equivalent of banknotes and coins, giving holders a direct digital claim on the central bank and allowing them to make instant electronic payments.

While debit cards or payment apps are a form of digital cash, those transactions are created by commercial banks based on money central banks credit to those banks' accounts. They are not fully government-backed, can take days to settle, and often incur fees. Cryptocurrencies, meanwhile, are controlled by private actors.

Central banks around the world, including in China and Europe, are revving up CBDC projects to fend off threats from cryptocurrencies and improve payment systems.

As guardian of the world's most widely used currency, the U.S. Federal Reserve is moving more cautiously. It is working with the Massachusetts Institute of Technology (MIT) to build a technology platform for a hypothetical digital dollar, but chair Jerome Powell said last week that it is "far more important" to get a digital dollar right than it is to be fast.

https://www.kitco.com/news/2021-05-03/D ... ilots.html

The War on Cash continues unabated, with the spewing forth of associated propaganda.

[SOL]

10 to 15 per cent of the populace will refuse to embrace this and that is all the astute investor needs to win. And when it comes to Tactical Investors 90% will refuse to follow the masses, so the Tactical Investor is safe. The masses are the ones that will get creamed as is always the case. Where there is a will there is a way. Never forgot that

[Yodean]

"Most central banks around the world are closely examining the potential for digital currencies. Several countries have already embarked on pilot schemes – Sweden is testing an e-krona and China is running trials of a digital yuan. The Boston Fed is working with the Massachusetts Institute of Technology to design a CBDC. The Bahamas' "Sand Dollar", launched last October, claims to be the world's first operational digital currency. The Bank for International Settlements estimates that within three years a quarter of the world's population will be living in countries with digital currencies.

In Sweden the use of physical cash has become so intermittent that many retailers no longer accept it for payment.

No doubt many policymakers would welcome the opportunity to direct savings via a central bank to their pet projects, whether green energy investment or providing a universal basic income. But economic development normally suffers when states take over the allocation of capital.

Money is coined liberty, wrote Fyodor Dostoevsky in "The House of the Dead". Digital money has the potential to enslave a people.

The digital yuan is set to become the keystone of President Xi Jinping's surveillance state, complete with its system of social credits and network of face-recognition cameras. The day may not be far off when a jaywalker in Chongqing has a fine automatically deducted from her digital wallet. Tellingly, the Chinese Communist Party already accepts monthly dues paid in digital yuan.

In other ways, China's Red Capitalism is perfectly suited to the advent of digital currencies. Beijing already controls its banking system and largely directs how credit is allocated across the economy. The digital yuan will also reinforce China's capital controls, making it harder for nationals to sneak money out of the country.

Beijing has greater ambitions, however. China has long railed against the role of the U.S. dollar as the global reserve currency. If the digital yuan were used across borders, Beijing would have a way around U.S. sanctions."

https://www.kitco.com/news/2021-05-04/C ... banks.html

Nice read on CBDCs, the ongoing Currency War and War on Cash.