We're getting FedCoin

originally posted by: surfer_soul
How would they choke the exchanges? Surely theirs would use blockchain too?
What would happen to the blackmarket? Bitcoin is already used for illegitimate stuff.

Of course, I don't know I'm a complete novice at crypto, but expand on why you think this is okay for the cryptocurrency market? Just trying to learn here #1 and #2 if true should be a buying opportunity

a reply to: projectvxn

Just two days ago I warned about this and similar in the current crypto thread.

I had no idea it was already done thing.

a reply to: chris_stibrany

Wondering how long my savings will be worth anything.

And everyone's 401k plans.

a reply to: projectvxn

What will this mean for the price of BTC?

I think people ate reading a little too much into what what is being proposed.

This isn't going to replace the dollar or wipe out the value of savings. It also isn't going to challenge existing crypto as they serve a very different market.

What seems to be being discussed is a direct electronic settlement system. Basically you can pay for goods and services digitally without going through an intermediary . Potentially useful and interesting but I suspect not nearly as radical or transformative as a lot of people imagine.

Dont make me angry/cry. . . I also just bought my first home.


:|

What a woild.


a reply to: butcherguy

Hence you see the pushback.

You think Citi/Visa/Mastercard/Anus-man are going to just let these vendors stop paying fees?
Nor the SWIFT folks and everything tied to it.


a reply to: ScepticScot

a reply to: chris_stibrany

Yes this would impact more on retail banks & credit card companies however I suspect the impact will be fairly small (which won't stop them opposing it).

originally posted by: chris_stibrany
Everything according to plan.

Wondering how long my savings will be worth anything.

And I like cash....its pretty. And I can hold it in my hand.


a reply to: projectvxn

wouldnt effect it at allthe US already has a digital currency, and it is called the dollar. Chances are, you own it and transact with it regularly! Any money in your bank account isn’t stashed in a vault—it is a digital accounting entry. Whenever you shop online, you are paying with digital dollars. When you use your credit or debit card at brick-and-mortar stores, you are paying with digital dollars.

What the fed wants to do is use block chain instead of serial numbers on currency. Mostly because its easier to track. However reality for 99 percent of people you wouldnt notice a difference. That 1 percent is illegal activity and they would notice. Make laundering money impossible.

originally posted by: dragonridr

originally posted by: chris_stibrany
Everything according to plan.

Wondering how long my savings will be worth anything.

And I like cash....its pretty. And I can hold it in my hand.


a reply to: projectvxn

wouldnt effect it at allthe US already has a digital currency, and it is called the dollar. Chances are, you own it and transact with it regularly! Any money in your bank account isn’t stashed in a vault—it is a digital accounting entry. Whenever you shop online, you are paying with digital dollars. When you use your credit or debit card at brick-and-mortar stores, you are paying with digital dollars.

What the fed wants to do is use block chain instead of serial numbers on currency. Mostly because its easier to track. However reality for 99 percent of people you wouldnt notice a difference. That 1 percent is illegal activity and they would notice. Make laundering money impossible.

But that's my bread and butter....

My idea and a lot of other people is the purposeful hyper inflation of the dollar to just ruin it as a currency like the Weimar mark or whatever it was and then the ONLY currency is this digital snap.


What do you think?

a reply to: ScepticScot

Some related info below about the new world monetary order and 'the new Bretton Woods moment'.

Do you know what it means when the Managing Director of the IMF warns of a “new Bretton Woods moment?” How about when the head of the BIS revels in the total surveillance power that digital currencies will afford the central bankers? Well, you’re about to.

links

originally posted by: chris_stibrany
My idea and a lot of other people is the purposeful hyper inflation of the dollar to just ruin it as a currency like the Weimar mark or whatever it was and then the ONLY currency is this digital snap.


What do you think?

a reply to: ScepticScot

I don't think it makes any sense. Why would they want to replace one currency they issue with another they arguably have less control over?

I also suspect the final version we see won't he a new currency but just a different way of using the existing one.

a reply to: ScepticScot

Why would it be less controllable? The new one? It seems it would have more because ti would be even more tied into the internet and computers vs yes digital dollars etc but at least there is cash there and a visible sign of wealth/respect.

originally posted by: chris_stibrany
a reply to: ScepticScot

Why would it be less controllable? The new one? It seems it would have more because ti would be even more tied into the internet and computers vs yes digital dollars etc but at least there is cash there and a visible sign of wealth/respect.

Because in the current system the majority of dollars are centralised in an electronic format in the form of bak reserves.

a reply to: ScepticScot

I'm leaning towards this. It might just be a sort of renovation of the old currency, perhaps a cashless society is the end game goal?

Furthermore, on a global scale, this might lead to basically everyone having access to a bank account globally. All you need is a cell phone.

In a poor rushed way that's just what I just said . the Current dollar is a digital format but you at least have cash no? You can do what you like with it and also currently our savings in the States are protected by Federal insurance and especially if you are in a credit union its more secure.
Seems to me the new alternative would be less secure. Crypto is not really encrypted that well and you can just delete it without any protection.
Look at the crazy way the numbers fluctuate there versus the fiat currency.
I say go back to the gold standard.

a reply to: ScepticScot

Finally got a chance to read the rest of the article, this just sounds like it's the opening salvo to capture some of cryptocurrencies thunder. He declined to say if they were using blockchain tech. Part of me thinks stuff like this gets floated about to drive prices down so the whales can invest regardless they seem to be many months or even years from affecting the cryptocurrency market long term. It seems like they are just sniffing it out right now. Hell for all we know the story is planted on Bloomberg because Mikey is trying to recoup some of his payments to the DNC. Wouldn't be the first time media moguls manipulated markets.

The researchers, whose collaboration was announced in August 2020, have been “developing prototypes for a digital dollar platform,” according to Bloomberg.

James Cunha, who leads the project for the Boston Fed, said that the team will unveil at least two platforms capable of moving, storing, and settling digital dollar transactions. He declined to say whether any of them use blockchain technology.

Last month, Federal Reserve chair Jerome Powell told the House Financial Services Committee that 2021 would be “an important year” for the digital dollar in that the central bank would be engaging a lot more on the issue with the public.

Cunha said the research at the Boston Fed is meant to demonstrate what’s possible. The bank is not advocating for a specific policy. “We think it’s important that we not wait for the policy debate because then we’ll be a year or so behind,” Cunha told Bloomberg.

originally posted by: Ohanka
Looks like crypto value will go up in smoke in a matter of months.

Maybe for the FedCoin

originally posted by: chris_stibrany
In a poor rushed way that's just what I just said . the Current dollar is a digital format but you at least have cash no? You can do what you like with it and also currently our savings in the States are protected by Federal insurance and especially if you are in a credit union its more secure.
Seems to me the new alternative would be less secure. Crypto is not really encrypted that well and you can just delete it without any protection.
Look at the crazy way the numbers fluctuate there versus the fiat currency.
I say go back to the gold standard.

a reply to: ScepticScot

I don't disagree(apart from the last sentence) I think in the majority of circumstances crypto offers more disadvantages than advantages