Fans of decentralized finance might find CBDC* quite unappealing.
Those beloved central bankers have concocted new methods regarding monetary systems. We won't trouble you with the asterisk defining CBDC at the page's end – we'll get straight to the point.
CBDC translates to Central Bank Dystopian Control!
The public's trust in stablecoins could signal a new era dominated by central authority's nightmares.
Just use cryptos already!!!
Central Bankers Want 1984 To Look Like 1776
Central bankers aim to empower governments with unprecedented authority. The centralized structures they envision resemble an ominous version of Bitcoin's decentralized inspiration.
Our current fiat monetary system is dominated by centralization. Many remain unaware that they truly possess nothing – everything is merely a bank's IOU promise. If you don't physically hold cash, you essentially own a bank's morale promise.
Yet, for these banking giants, this isn't satisfactory. Unfortunately, the control levels they desire to create with CBDC will enable central authorities in unimaginable manners. Let's shed light on this new reality.
You Already Own Nothing
Stablecoins have gained traction. Their allure is understandable. Traders seeking profits and individuals needing fiat-pegged assets for real-world expenses have made them essential. As many stick with fiat money, the crypto universe had to adapt.
Here is the problem Comprehending money is elusive for most. Like the gentle rain or afternoon TV reruns, people accept it as given. The underlying mechanics remain enigmatic. Using stablecoins feels akin to Venmo or PayPal for many.
In simple terms, leveraging USDT with Metamask contrasts sharply with transactions via PayPal. With USDT and a decentralized account, you own the wealth. In PayPal's ecosystem, ownership is debatable.
The Value Question
Possessing ownership holds significant worth. Today, true ownership is rare. A house in regions like the US or UK is typically backed by hefty mortgages.
So when individuals claim property ownership, they truly acquire debt. Maybe, one day, genuine ownership awaits them. Over decades? That's speculative.
The banks own everything!
Stablecoins represent a novel form of ownership detached from custodial entities. No command of finances by banks. One can directly possess 1 USDC in a decentralized account, free from banking checkpoints.
Contrarily, CBDC shifts this paradigm – transforming stablecoin's promise into a tool of control.
Control Freaks
To banking authorities, CBDC embodies the supreme tool of societal control. The hazards can't be understated. Crafted by global strategists, CBDC could redefine social norms in unimaginable depths.
Like any major undertaking, the Experimenters have already initiated a prototype within an isolated environment. The trial ground is China. Collaborating with 'private' enterprises, they've developed digital payment systems interconnected with social credit ratings. outrageous amount of power Our shorthand for CBDC remains – Central Bank Dystopian Control!
Consider WeChat – it operates like WhatsApp but integrates functionalities reminiscent of platforms like Grab or Uber. It's tethered to one’s identity, hoarding every piece of user data.
WeRule!
Intertwined with China's social credit system, WeChat provides the state immense influence over citizen lifestyle choices. Within China, opting out is incredibly difficult; even cash can't thwart biometric surveillance severing access to societal essentials.
Admittedly, it's an early adaptation in modern contexts. China’s version is rudimentary yet demonstrating potential. Western planners foresee even more expansive control through CBDC evolution.
This micro-level manipulation extends to what you can purchase, your destinations, and even your financial ceiling. It's granular control, dictating life by the minute.
Default State Of Mind
The global control state wants power over your life At present, direct engagement with everyday consumers isn’t on many central banks' agendas. They're wary of disturbing the retail banking model. Transitioning to a new system requires the collapse of the modern fiat framework.
Money remains a numbers game. Currently, leading Western currencies approach an inevitable end. History dictates all fiat currencies eventually perish; it's but a matter of time.
Anticipate these CBDC features nearing reality:
Restricted Zones Usage: In a CBDC-driven world, spending is confined to sanctioned geographical boundaries. GPS-geared wallets restrict usage outside state-mandated zones, and unauthorized departures are sanctionable offenses.
No Dietary Freedom: Under CBDC governance, dietary choices align with dictated norms. Given medical and lifestyle data, AI alongside planners decides consumer choices.
Absolute Compliance: Aspiring 'good citizens' under CBDC influence face usage suspensions from authorities curbing dissent. Due to real-time monitoring, social isolation ensues for those 'untouchable' statuses.
Observably, CBDC is designed for power-intoxicated overseers. Stablecoins subtly steer crowds towards dependency. Fiat remains dominant, and as CBDC approaches, Bitcoin's liberating hopes face eradication.
Everything's fine. Resume your digital entertainment. TikTok beckons.
Nicholas Say hails from Ann Arbor, Michigan, and has journeyed globally from Uruguay to the Far East, with his writings featured widely online. The focus remains on fostering authentic progress and forthcoming technological evolution.
*Central Bank Dystopian Control
