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ImpObs's avatar

I had it down as a gateway drug to the digital gulag ever since the CBDC picture emerged.

Since they control the on/off ramp to cryptos, you'd need to convert to "legal tender" to actually spend any of it, which means you'll be converting to CBDC or the CBDC by another name stablecoins. The Programmable digital money gulag, leading to:

Negative interest rates without bank runs since you can't withdraw it and hide it under the matress.

Geo fenced spending ability, think lockdowns where you're not allowed more than 5 miles from home or your 15min city, go too far and your money is unspendable.

Time limited money to control the velocity of money, e.g. spend it in 30 days or it goes poof from you digital wallet.

Spending ability and automatic fines Linked to your social credit score (see the dystopian system Thailand is trying to impliment right now).

Linked to your Carbon allowance (mastercard has built the digital infrastructure for this already), can't buy that steak, or all that fuel for your car because you've run out of carbon credits.

It's a dystopian nightmare, globally, if we allow it. They need digital ID to be ubiquetous to pull this off, so that is the hill to die on, refuse to be assimilated, even if it's inconvinient.

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Stuart Lee's avatar

Impressive post, thanks

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