Digital Currency
Is a coup to replace the Nation State
Digital currency can be programmed to expire,
can be programmed to work only on certain products,
can be programmed to work in a geographical location, like a 15 minute border
can be programmed to prevent wealth accumulation,
can be programmed with a carbon budget
Can eliminate all vendors not “them"
Can expire with speech,
can be programmed for instant taxation.
It is a totalitarians wet dream.
Speaking of Totalitarians, what do the corporate NGOS governance (definition of fascism) say?
Central Bank Digital Currency? How money could be redesigned
Jan 17, 2023
A carefully designed Central Bank Digital Currency could result in a new payments tool with the best features of cash, digital payments and crypto. Image: By Karolina Grabowska/Pexels
Neha Narula
Director, Digital Currency Initiative, Massachusetts Institute of Technology (MIT)
Lana Swartz
Associate Professor of Media Studies, University of Virginia
This article is part of:World Economic Forum Annual Meeting
Listen to the article
Can a Central Bank Digital Currency serve as a bridge to greater financial inclusion? Or will it deepen the digital divide? The answer is not straightforward.
We're cautiously optimistic a carefully designed CBDC could give a new payments tool with best features of cash, digital payments and crypto.
Success will require thoughtful design of the CBDC intermediary ecosystem, and supporting options like self-custody and strong privacy.
Over the past year, an interdisciplinary research team funded by the Bill & Melinda Gates Foundation and including the MIT Digital Currency Initiative, Maiden Labs, University of Virginia, and 13 research teams in India, Indonesia, Nigeria and Mexico examined where existing payments technologies were failing to serve society’s most vulnerable members and whether a Central Bank Digital Currency (CBDC) might fill this gap.
Have you read?
Affordances refer to what a user can do with a technology and the kinds of activity that object or platform enables and constrains. We found that for CBDC to make a difference, it cannot merely replicate the affordances of the existing system. Instead, CBDC offers a chance to redesign those features in the public interest.
Our research, published on 12 January, identified five affordances that differ between intermediated digital funds and cash, which is perhaps the most inclusive existing payment medium that central bankers and CBDC designers should consider.
1. Who is able to custody the funds?
2. Who is able to access the currency, and what is necessary to send and receive funds?
3. How quickly do funds settle with finality, and what are the processes for reversing a transaction?
4. What kind of data trails do transactions leave behind, and who can access them?
5. How does transacting over distance – particularly over national borders – function?
Considering custody
As an example, let’s look at one differing affordance: custody. Cash can be used by anyone, but digital payments require the creation of a user account with an intermediary, the custodian of the funds. Both payment forms have advantages and drawbacks.
Intermediaries enable funds to be transmitted electronically, which is essential for participation in the economy in the digital age. They help keep users’ funds safe from theft and offer useful services. But this requires trusting an intermediary, not only to remain solvent but to steward transactions, continue to offer access, and to offer redress when problems arise. Intermediaries’ fees can be costly and unpredictable.
In contrast, holding onto cash can be cumbersome and sometimes even dangerous. But especially for those who have very little money or standing in the economy, it can afford much-needed control and certainty.
Lessons from decentralized cryptocurrencies like Bitcoin are instructive here.
First, these technologies have managed to separate custody (which is determined by who controls the cryptographic keys to move the funds) from the transaction execution and settlement layer (which is usually managed by a network of computers in a decentralized network maintaining a ledger). This, perhaps uniquely, enables self-custody in digital payments.
Second, in the cryptocurrency community, there is a popular saying: “Not your keys, not your coins.” This refers to the idea that unless a person controls the private key associated with their cryptocurrency, they don’t really own that cryptocurrency.
Many cryptocurrency exchanges and other intermediaries are custodial, but some services do enable people to transact and trade in cryptocurrency without taking custody of their clients’ assets. Because cryptocurrency exchanges and intermediaries have faced significant fraud, attacks and insolvency, many savvy users choose to keep their funds in their own wallets or use services that allow them to retain control of their own keys.
How might designers of CBDCs take inspiration from the innovations – and the lessons learned – in decentralized cryptocurrency while also taking advantage of the stability and other benefits of state-issued money?
An array of options exists, ranging from retaining the conventional intermediation role of custody to permitting end users to self-custody CBDC.
It’s important to remember self-custody comes with risks: the funds can be stolen or lost, and there is usually no form of redress once a transaction is complete. Managing cybersecurity is difficult, and many users might not want to take on the risk of full self-custody. We should not require them to do so, but we should consider when offering self-custody as an option to users increases overall dignity and welfare.
Beyond custody, each of the affordances of money we investigated similarly opens up a new landscape of questions, risks and opportunities.
Looking ahead
The stakes for redesigning access to money are high. As such, many exciting areas remain for future research, including socio-technical and user research; systems design, security and privacy; and research on the economics of CBDC compared to existing solutions. In exploring these topics, we must always ask ourselves whether new financial technologies increase the self-determination and agency of the poor and vulnerable. In order to achieve a public interest benefit from money technologies, we must achieve inclusion as well as other dimensions of the public good.”
https://www.weforum.org/agenda/2023/01/davos23-central-bank-digital-currency-redesigning-money/
Inclusion of the poor into a scheme of a UNIFIED LEDGER to control the entire planet's wealth is cute.
That is the INCLUSION in DEI. It is the inclusion of the entire planet into the scam of losing control over wealth as your work product. It becomes only a social credit tool. Inclusion is a net none shall escape.
Most importantly through monetary policy the STATE IS BYPASSED.
CBDC IS A COUP OF EVERY LEGISLATIVE AUTHORITY.
policies for the entire state are at the individual spending, food resource level. Dissent is instant disenfranchisement. Association with dissent is disenfranchisement.
THERE WILL BE A QR CODE TO GET INTO YOUR DWELLING. This is already happening in China. The testing ground.
People are governed solely through their “digital expiring money”.
Thus all authority devolves to the smart contract between the individual and the BIS the central banks.
They don't manage inflation or rates for our interest. Imagine.
One ring to rule them all.
It is an anathema to the nation state, and every local level of governance.
The drive to make you poor will be because of climate (Fool thinks the transnational tropes are what they appear. Fool. Are you reading this and want to vomit. Vomit on your phone and open your mind with your gullet)
The “money” disappears when you don't take the injection. When you worship God.
The gender trope is transhumanism. Trans rights are transhumanism rights. Get your chip to facilitate the rfid purchase .
You become a piece of the UNIFIED LEDGER.
I tell you this is the hill.
It will bring such a despotic control.
I see their evil. DEI ESG media control all a tool for their grand play. We see it now don't we.
Do like the Chinese after the cultural revolution. Trade in onions if you have to.
This is a coup on every form of self autonomy, it is a control play.
Inclusion is not what the purple hair brigade thinks it is. Except that reproducing and reproduction is theirs
It is a line item on the Unified Ledger.
Have you noticed inclusion as it's current iteration REDUCES REPRODUCTION?
They believe we are animals when we display thinking no better than animals. I am sure they view the bright hair colors as steak on the plate, taking their genitals and reproductive capacity.
Convince me I'm wrong and this evil avarice loves them. They tell the world lies and use anyones belief in them as their satanic consent for all taking.
The control of population is on.
They are behind schedule. Aka the agenda 21 is Agenda 30. Ever think Gen Z was supposed to be the last natural born generation.
Push my dearest. I'm sorry if you wake up here. If you prefer to trust that Die works for you and is about leveling the playing field, think.
Since when did power ever own Social Justice. That's like your drug dealer owning the rehab facility.
Why are you gullible while this walks in. It isn't skin that makes someone evil.
Dei
It is to sideline the hearts that care and can organize. The ones that would march against power get cooped to working for it.
This stratagem is all connected. The play is moving.
Stand in the places you are.
Stand in the place where you live
Now face north
Think about direction, wonder why you haven't before
Now stand in the place where you work
Now face west, think about the place where you live
Wonder why you haven't before
If you are confused, check with the sun
Carry a compass to help you along
Your feet are going to be on the ground
Your head is there to move you around
So, stand in the place where you live
Now face north
Think about direction, wonder why you haven't before
Now stand in the place where you work
Now face west, think about the place where you live
Wonder why you haven't before
Your feet are going to be on the ground
Your head is there to move you around
If wishes were trees the trees would be falling
Listen to reason
Season is calling
Stand in the place where you live
Now face north
Think about direction, wonder why you haven't before
Now stand in the place where you work
Now face west, think about the place where you live
Wonder why you haven't before
If wishes were trees the trees would be falling
Listen to reason
Reason is calling
Your feet are going to be on the ground
Your head is there to move you around
So stand (stand)
Now face north
Think about direction, wonder why you haven't before
Now stand (stand)
Now face west
Think about the place where you live
Wonder why you haven't
Stand in the place where you live
Now face north
Think about direction, wonder why you haven't before
Now stand in the place where you work
Now face west, think about the place where you live
Wonder why you haven't before
Stand in the place where you are (now face north)
Stand in the place where you are (now face west)
Your feet are going to be on the ground (stand in the place where you are)
Your head is there to move you around, so stand
Rem
Take down the beast
CBDCs are, indeed, a most insidious instrument of control that is about to be unleashed on an unsuspecting public. Apart from getting the word out to others about what is coming,—which I would encourage everyone to do—perhaps the best means of countering CBDCs would be paying with cash for everything: if "everyone" is using cash it will be very difficult to have CBDCs foist upon us. While this might be inconvenient at first, it is something that is easy to adapt to. Doing so has the added benefits of making it easier to not overspend, of simplifying your banking statements, and of preventing the accumulation of debt. I would not have thought so, but I now actually prefer paying with cash. Everyone who wants to avoid digital slavery should at least try using (or reverting back to) it; I suspect that most that make an honest attempt at switching will readily adopt the practice.
Very, very concerning!