Finally, someone other than me sees this about CBDCs
I'll have to admit that I've never known this guy "Edward Snowden" not until now and I pretty much don't wish to give clues about this "squid puzzle", where the word "squid" is a noun representing the UK pounds. For the most of it, pound sterling is the UK currency, so down this hole it's one of the government regulated units of account, building blocks on routes through human freedom. When we look back on the stages of "money" it's only undeniable that on many accounts, leaving not one section out, it has never functioned as a "store of value" or "proof of wealth". There's been no single record of ownership, the saddest shit of it all is how we've been "puppets on strings" doing whatever it is our controllers decide.
The roll outs of CBDCs is only one shot of what level of stupidity the government can show, however, considering the current status of the world, being caged in these centralized regulations, CBDCs also stand to exact some amount of chaos in the financial system. Following the growth of cryptocurrencies, CBDCs were born to compete even while being a sour loser before birth. While some people see this as the best digital currencies there can be, just because the government said so, their whole "security assured" and "regulated" currency would be their biggest mistakes. As many may already know, this is definitely not the first time I'm writing on this topic, thankfully, every single episode of this "CBDC plotted articles" always has new shits to offer.
Edward Snowden said something incredible, I call it that because I didn't believe someone else had thought of such, I've been trying to understand the differences but never actually said it so I don't sound dumb per se, but behold, Edward has been able to clear my doubts on if I was crazy or not.
CBDCs, according to the government, is a digital currency that is set to replace Fiat. Sadly for them, yet fortunately for the world, crypto is what's defined up there, but if the government is referring to a "regulated digital currency" then they are very dumb to not realize they already have one. In my most recent post I made mention of some recent experience with my bank, now I can finally tell it. Apparently, there was some bad network shits and I was trying to process a transaction. As you may guess, one doesn't and can't possibly rely on one bank so I have numerous accounts with different banks.
Access Bank ( being the dumb bags in mentioned) pulled out some shits that still gets me laughing, apparently I tried to transact with a POS agent but it wasn't going through. After leaving that location, my phone vibrated. I thought I've been debited which would have been bad, but, surprisingly, I got a credit alert, but from who? It was written "POS" and some other shits, but when I checked my bank app, my balance was still the same. When I checked on transactions, I realized two debit transactions, but lol, my balance didn't change but the debit details were there. So how the heck did I get a credit alert as a text, then have two debit transactions on the app but my balance wasn't changed? I was able to remove all the money in there even with those debit receipts, and here comes the best part. After a few minutes, my phone vibrated again and this time, it was the bank charging me for ATM CARD maintenance and transactions for the day, but how is this funny? I had already removed all the money from the account so where the heck did they charge from?
What does this prove?
For the most of it, it makes us understand that the figures displayed in our account balances are just numbers, the physical cash is barely in reserves, meaning that loading an account up with virtual money is very easy, and this brings us to what Edward said.
“I will tell you what a CBDC is NOT – it is NOT, as Wikipedia might tell you, a digital dollar. After all, most dollars are already digital, existing not as something folded in your wallet, but as an entry in a bank’s database, faithfully requested and rendered beneath the glass of your phone.”reference
Firstly, central banks already made money digital with banks and online transactions. With my experience above, it points to the direction that "Fiat" moving through the WAN is possibly more than the physically available supply. Printing more money to spend has never been so easy. Additionally, CBDCs are set to make it even worse.
Advocates of CBDCs contend that these strictly-centralized currencies are the realization of a bold new standard—not a Gold Standard, or a Silver Standard, or even a Blockchain Standard, but something like a Spreadsheet Standard, where every central-bank-issued-dollar is held by a central-bank-managed account, recorded in a vast ledger-of-State that can be continuously scrutinized and eternally revised. CBDC proponents claim that this will make everyday transactions both safer (by removing counterparty risk), and easier to tax (by rendering it well nigh impossible to hide money from the government).
Most people are made to believe that CBDCs are blockchain powered, I doubt how possible that is. Just as Fiat, every currency is central, transactions are only carrying figures and no unique backings. CBDCs ain't Crypto, crypto can't be deposited to an address unless it matches the network type, but CBDCs will freely travel at the central banks will. The ability to manipulate money can only get easier if this system is adopted by the masses.
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