Cryptocurrency: CBDC Digital Fiat WARNING BELLS GOING OFF
grarpamp
grarpamp at gmail.com
Wed Feb 8 21:34:47 PST 2023
https://www.telegraph.co.uk/business/2023/02/06/hoarding-britcoin-banned-bank-run-fears-sunaks-digital-currency/
https://12ft.io/proxy?q=https%3A%2F%2Fwww.telegraph.co.uk%2Fbusiness%2F2023%2F02%2F06%2Fhoarding-britcoin-banned-bank-run-fears-sunaks-digital-currency%2F
https://www.telegraph.co.uk/business/2023/02/04/digital-pound-possible-2030-bid-combat-falling-use-cash/
https://www.telegraph.co.uk/business/2022/08/28/cash-has-just-five-years-left-warns-atm-boss/
Hoarding ‘Britcoin’ to be banned over bank run fears under Sunak’s digital
currency proposals
Frictionless digital transfers may increase the risk of commercial banking
collapses, officials say
By Szu Ping Chan 6 February 2023 • 10:30pm
Consumers will be blocked from hoarding new “digital pounds”
issued by the Bank of England because officials fear a run on high street
banks, according to a consultation paper that suggests a new form of money
could be introduced by 2030.
Governor Andrew Bailey and Chancellor Jeremy Hunt revealed a roadmap on
Monday night for creating a new central bank digital currency (CBDC) –
dubbed “Britcoin” in the press – that could enter circulation by the
end of this decade.
It comes after the The Telegraph revealed the pair would throw their
weight behind its creation, saying a digital currency will “likely” be
needed in future as cash use continues to decline.
It is understood that Britons will initially be limited to transferring a
few thousand “digital pounds” into their accounts under plans being
drawn up. The limit will be imposed in order to prevent “large and rapid
outflows” from traditional high street banks.
Officials fear that the frictionless nature of digital money would allow
people to shift their wealth almost instantly between accounts, giving
rise to the risk that banks could quickly collapse if they find themselves
under stress and customers begin to withdraw their funds.
Mr Hunt insisted on Monday that “protect[ing] financial stability” was
a top priority, adding that “cash is here to stay”.
“A limit on individuals’ holdings would apply at least in the
introductory phase,” the Treasury said. “This would strike a balance
between both encouraging use and managing risks, such as the potential for
large and rapid outflows from banking deposits into digital pounds. These
limits could be amended in the future.”
Mr Hunt and Mr Bailey emphasised that CBDCs offer a “new way to pay”
for consumers. Bank and Treasury officials believe it will promote
competition and lead to cheaper financial services.
The Bank will provide a platform for private sector companies to provide
financial services. However, officials are not exploring a route that
would allow people to open an account at the Bank of England.
Officials stressed that any state-backed digital currency would sit
alongside cash and be worth the same as its banknote equivalent. However,
the plans are likely to fuel fears that banknotes could one day
disappear altogether.
A digital pound would be issued by the Bank and would not bear interest.
Unlike other digital currencies such as Bitcoin, it would also be
risk-free.
The consultation, which will invite comments from businesses and the wider
public over the next four months, stresses that no decision on whether to
go ahead with a digital currency will be made until 2025 “at the
earliest”.
The Bank's annual report reveals that millions of pounds has already been
spent researching the economic benefits of a CBDC. Launching a digital
currency will involve “significant public investment” that suggests
the project could potentially cost the taxpayer billions of pounds.
Former Bank of England governor Lord King warned last week that the
introduction of a CBDC offered “risks but no obvious benefits”. He
cautioned against creating something the public didn't need just because
it had the “sexy name of a digital currency”.
Mr Hunt said on Monday: “We want to investigate what is possible first,
whilst always making sure we protect financial stability.”
Mr Bailey added: “This consultation and the further work the Bank will
now do will be the foundation for what would be a profound decision for
the country on the way we use money.”
[–]Snoo_92843 32 points 1 day ago
Thankfully I've got BTC
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[–]TheUnstoppableBTC 4 points 20 hours ago
This news surprised no bitcoiners. We’ve seen this kind of cbdc abuse
coming from miles away.
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[–]BasisOk4268 24 points 1 day ago
I can believe they’d try it. I also believe if they did we’d have Guy
Fawkes 2: Bonfire Boogaloo 🧨
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[–]mottlymonical 8 points 1 day ago
This is coming soon enough
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[–]magenta_ribbon 1 point 1 day ago
They want that- gives them an excuse for martial law.
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[–]OkeyDokeyWokey 1 point 21 hours ago
Remember remember the 5th of september.
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[–]BTCPriestredditor for 7 weeks 90 points 1 day ago
They won't. They'll just give recieved funds an expiry date and that's
it. That's what all govs will do with their shitty CBDCs.
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[–]Cyberus7691 52 points 1 day ago
So your telling me these CBDC’s will have the same business model as
those scammy scam gift cards that steal your money if someone doesn’t
utilize the funds in time?!
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[–]Bitcoin_Maximalistredditor for 3 months 38 points 1 day ago
no, worse.
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[–]scabbymonkey 5 points 1 day ago
It will also be in line with the US welfare food program. You will
have stores and eventually specific food items you can purchase.
Sounds good for those in need, but wait till the corporations get i to
this and claim Kraft Macaroni and Cheese is a vegetable and thats all
you can buy with your shitty cbdc.
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[–]jesschester 1 point 17 hours ago
It’s like getting Airline points instead of a refund when your flights
gets canceled right as you’re pulling up to the airport.
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[–]HurricaneHarvey7 27 points 1 day ago
How does everyone else not realize this yet, and start accumulating
BTC? Sometimes I think I'm just waiting for the entire world to catch
up
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[–]BTCPriestredditor for 7 weeks 14 points 1 day ago*
Sheeple. Sleeping. And once they wake up they find themselves in whole
another world.
There's only one solution to all the coming shit. Switch to BTC.
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[–]Educational_Pea4558 4 points 1 day ago
You think there will be an off ramp for bitcoin? In a world of cbdcs
and digital currency you think they will let you buy necessities with
bitcoin?
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[–]BTCPriestredditor for 7 weeks 11 points 1 day ago
In bitcoin there is no 'they will let you'. There rather is 'They
can't hinder you'. Bitcoin is completely censorship-resistant and once
you and your counterparty agree the deal will be done and set in stone
without anyone being able to interfere.
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[–]amretardmonke 8 points 1 day ago
"They" don't have to "let" us do anything. They aren't as all-powerful
as you think they are.
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[–]Whatnam8 2 points 1 day ago
I think you’d be a fool to underestimate just how much money they have
and how powerful they can be should they so choose. They are making
small adjustments and whittling away more and more as time goes on and
people are okay with it because the changes aren’t big and drastic and
being done all at once
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[–]mottledshmeckle 5 points 1 day ago
If people would stop being egocentric and look back 40 or 50 years to
see how much freedom the governments have incrementally stolen then
maybe people would finally understand. Only looking at the world since
you arrived on it is HOW government can keep stealing everybody's
freedom, bit by bit.
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[–]Professional-Tea2397 1 point 20 hours ago
Which country do you live in and what important freedoms are you missing?
I'm curious
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[–]mottledshmeckle 3 points 13 hours ago
The freedom to not have every transaction tracked, the freedom to have
a conversation without being eavesdropped on. This entire conversation
will be forwarded to an NSA data center in Utah, which according to
the American constitution, is illegal surveillance. There is no
warrant allowing my phone conversations to be tracked, yet they are.
And the governments get away with it because of the snarky ignorance
of the average idiot online today. The government collects EVERYTHING
in the hopes they can someday jam it back up your ass. The freedom to
not have every piece of mail I have sent photographed and cataloged
(because it may have anthrax in it) the freedom to have my
constitutional rights mean something, instead of being slowly eroded
bit by bit, through court precedent by activist judges, try to
legislate from the bench. The freedom to have my relationships with my
doctor priest and lawyer, sacrosanct. The FBI has been given the right
to break into your home or lawyers office, without a warrant. There
might be something in there they want. Fucking illegal as hell, but
making illegal laws has become the legislation du jour since 9/11. The
freedom to not be locked in my home or the local church being closed
on a whim. Rights aren't privileges extended by the government, they
are laws written into the foundational documents of this country.
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[–]CoolioMcCool 0 points 1 day ago
They're already quite powerful and will be moreso when CBDCs are fully
rolled out.
What will you use to obtain BTC if all employers are paying you in
CBDC and exchanges are banned from selling you BTC?
All trade and business in BTC would have to be underground. How would
you aquire or sell if no legitimate business could accept or pay with
it?
Much less easily.
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[–]MiceAreTinyredditor for 6 weeks 2 points 22 hours ago
I would move or use a foreign exchange. The governments jurisdiction
is limited, bitcoin is not.
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[–]CoolioMcCool 1 point 21 hours ago
I know they can not make it impossible, my point I guess is that they
can make it extremely inconvenient, and you rely on the actions taken
against it to not be applied across the board.
I do think at least in the near term that such extreme measures are
very unlikely by governments as it would be too obviously dystopian.
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[–]MiceAreTinyredditor for 6 weeks 3 points 19 hours ago
they can make it extremely inconvenient
They can make it as hard as it is to get some weed.
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[–]CoolioMcCool 1 point 16 hours ago
Yeah I guess you're right on that. They'd still discourage a lot of
people but not those who need it, and I think in fighting it they
would push many to realise why they need it.
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[–]kurnaso184 2 points 1 day ago
Why btc and not gold/stocks or other assets?
Not that I don't like btc, on the contrary. I just don't see an
argument specifically for it here.
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[–]amretardmonke 7 points 1 day ago
Btc is more liquid. Try transferring gold or stocks to someone in
another country, see how long it takes you.
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[–]Whatnam8 1 point 1 day ago
The Central Banks have been buying gold at a very fast pace. They know
the dollar bill won’t be squat and they will have a currency that is
actually worth something, gold
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[–]amretardmonke 1 point 19 hours ago
That's great, but its hard to do international business in gold. Soon
its going to turn into using "paper gold", and then greed takes over
and somehow they end up with more paper gold than actual gold. Tale as
old as time.
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[–]Adamn27 6 points 1 day ago
It is the same
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[–]bitsteiner 1 point 1 day ago
Or apply a negative interest rate.
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[–]Kaizen_Kintsgui 1 point 1 day ago
Literally negative interest rates. They gain no new capability.
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[–]bawsofsteel 19 points 1 day ago
Why would I want to hoard it when bitcoin exists? The UK government
are just trying to make it seem like their token will be worth
something.
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[–]NE0-Genesis 7 points 1 day ago
Just curious what happens if the pound hyper inflates and the
government comes out with cbdc which is heavily restricted and doesn't
allow you to purchase or cash out bitcoin?
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[–]CallingVoid 19 points 1 day ago
Probably something similar to what's happening in African countries
that ban BTC, where a circular bitcoin economy develops.
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[–]TechHonie 12 points 1 day ago
Once a circular Bitcoin economy develops we rule the world. Frankly I
can't wait because I've got my eye on a large swath of Canadian
territory that I plan to seize control of.
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[–]Double-Tap9336 5 points 1 day ago
I smell a citadel in your future.
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[–]BringTheFingerBack 3 points 1 day ago
Sounds like you are just as bad as the people Bitcoin is trying to overthrow
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[–]lifegoeson2727 2 points 1 day ago
No people buy land all the time. People save money in gold and buy
land. Is gold trying to overthrow people? No. Bitcoin and gold are
inanimate objects, like chairs or tables or rocks or sand. They don’t
try to overthrow things or people, they don’t have a mind of their
own, they just exist.
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[–]BringTheFingerBack -3 points 1 day ago
What?
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[–]lifegoeson2727 1 point 1 day ago
Bitcoin is an inanimate object like a rock. Do you also talk about
rocks trying to overthrow people? Do you ascribe traits like good and
evil to different colored rocks?
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[–]BringTheFingerBack 0 points 1 day ago
What does that have to do with what I said?
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[–]lifegoeson2727 0 points 1 day ago
You were talking about bitcoin trying to do something- I was just
pointing out bitcoin has never tried to do anything, much in the same
way a shoe lace has never tried to do anything, it cannot think, it
simply exists like a rock in a valley.
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[–]lifegoeson2727 1 point 1 day ago
How can bitcoin try to do something?
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[–]BringTheFingerBack 1 point 1 day ago
TechHonie sounds as bad as the people Bitcoin is trying to overthrow
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[–]NE0-Genesis 2 points 1 day ago
But what if the vast majority of people adopt the cbdc leaving only
minority holding out for and using bitcoin. Bitcoin price plummets
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[–]CallingVoid 4 points 1 day ago
That's why I used Africa as an example. Currently bitcoin trades at
something like a 60% premium in some Africn nations because people
want it badly but can't easily purchase it with their bank accounts.
There are still ways to get it though.
It doesn't matter if the majority still use CBDC, in fact, that's the
future I expect (I don't buy into hyperbitcoininisation). Bitcoin is
the opt-out of this abusive model, and it can't be stopped.
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[–]NE0-Genesis -4 points 1 day ago
Bit it's proven to not be a store of value during bad economic times.
You might as well buy gold now and wait for the cbdc to come out, then
use the gold to buy bitcoin when it plummets to like $100 after all
governments simultaneously ban ot in the west.
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[–]CallingVoid 4 points 1 day ago
Not sure I agree with your statement, bitcoin hasn't been around for
long enough yet. But what I can say for sure is bitcoin goes far
beyond just being a store of value. That's a shitcoin narrative.
Bitcoin is a permissionless network of sovereign individuals, it is
the base layer on which so much can and likely will be built.
As for timing the market. It's not that simple of course. If I could
predict the future I would trade, but I can't. I consider it safer to
accumulate now and arm myself with the tools to buy when the
government bans it. That way I can average down if I need to.
Question, what makes you think gold is safe in this scenario? If they
go for bitcoin you can bet they'll go for gold as well.
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[–]Correct-Log5525 1 point 15 hours ago
Doubt that will happen
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[–]amretardmonke 2 points 1 day ago
Quite the contrary. Bitcoin is going for a premium in places where it
is banned, just like any other banned material, such as drugs or
weapons, etc.
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[–]Double-Tap9336 1 point 1 day ago
I can't wait for that, I would be exit liquidity for all.
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[–]lifegoeson2727 1 point 1 day ago
What if everyone is forced to sell all their gold all their land all
their jewelry all their artwork all their technology all their work
everything? For cbdc. Well at that point you must ask yourself if you
can’t buy anything with cbdc, then what’s the value of cbdc? It’s a
fundamental tenet of a currency that it is worth more the more things
you can buy with it. A dollar which can buy nothing is worthless, a
dollar which can buy everything on earth is worth everything on earth.
They could ban you from buying bitcoin. And they could ban you from
buying gold. But as long as you can pay for a haircut with cbdc, the
barber can pretend to cut your hair then send you bitcoin. As long as
something can be bought with cbdc, you can buy bitcoin with cbdc.
And if you cannot buy anything with cbdc, then cbdc is functionally
worthless because there is no answer to one simple question: what can
you use it for?
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[–]TechHonie 3 points 1 day ago
Then you work for Bitcoin over the internet and you send Bitcoin to
people over the internet to receive packages of supplies.
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[–]NE0-Genesis 1 point 1 day ago
So you assume the vast majority of people won't adopt the cbdcs even
after hyper inflation. And you assume you will be able to do jobs
under the table for bitcoin?
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[–]lifegoeson2727 2 points 1 day ago
If you say you gave me a haircut, I say you gave me a haircut, I send
you CBDC and you send me bitcoin- how does the government prevent
that?
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[–]NE0-Genesis 1 point 1 day ago
Because the person who gave you the haircut can't get bitcoin since
cash is gone and the cbdc is restricted
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[–]lifegoeson2727 2 points 1 day ago
So we can’t get haircuts in this new cbdc economy? Everyone just has long hair?
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[–]NE0-Genesis 2 points 1 day ago
No if you want a haircut you'll have to transact in cbdcs
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[–]lifegoeson2727 1 point 1 day ago
I never said don’t transact in cbdc. I said you pay your barber for a
haircut in cbdc. He gives you bitcoin. Is the government coming to
inspect if your hair is shorter? Even if it is the barber could just
cut off some of your hair to satisfy that inspection
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[–]NE0-Genesis 1 point 1 day ago
Again, how is your barber going to send you bitcoin unless he had it
before cbdc? If the cbdc is restricted, nobody will be able to buy
bitcoin anymore.
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[–]lifegoeson2727 1 point 1 day ago
He can easily obtain bitcoin by mining it. Also he can buy it himself
from someone who runs another business instead of haircuts maybe hes a
plumber. Also all bitcoin currently in existence is already owned by
people like the barber. It won’t just cease to exist when cbdc comes
in to existence.
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[–]NE0-Genesis 1 point 1 day ago
Yes but it's value might plummet, that's all I'm saying
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[–]Z3LS3 1 point 1 day ago
You are twisting yourself into a pretzel trying to make your
hypothetical work. It’s a silly idea. This wouldn’t be a practical or
rational strategy for western governments.
I’m an electrical contractor. I do electrical work for you- and offer
a 5% discount if you transfer me Bitcoin instead of CBDC. Other people
that use bitcoin take me up on this, to the tune of half my gross
profit.
Now the balls in your court, IRS. You want to get paid, right? So, BTC
is either legal tender which you will accept tax payments in, or
you’re going to give me a CBDC/BTC swap.
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[–]lifegoeson2727 1 point 1 day ago
I never said cash. I pay him CBDC for a haircut. He gives me bitcoin.
How does the government prevent that?
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[–]Ur_mothers_keeper 2 points 1 day ago
Purchase "paintings" that secretly come with bitcoin for free. What do
you think the art market is even for really?
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[–]mottledshmeckle 1 point 1 day ago
Paying for human trafficking.
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[–]ThreetoedJack 1 point 1 day ago
Money is fungible though. The cbdc that I can buy bread with but can't
buy BTC with is what I'll use to buy bread. But then the non-cbdc
money that I was going to use to buy bread with is now freed up to buy
BTC.
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[–]Satoshi_Nakamoto44 4 points 1 day ago
Tory nonce cunts
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[–]murram20 6 points 1 day ago
They are just advertising bitcoin
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[–]knuF 5 points 1 day ago
“Britcoin” LOL
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[–]Fatbaldmuslim 18 points 1 day ago
I don’t believe this, people would just exchange into a different
currency inc BTC
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[–]entilfeldigfyr69redditor for 3 months 22 points 1 day ago
They could easily ban it's transfer to exchanges and only make it
transferable to KYC'd individuals.
CBDCs are so programmable they can make it very hard to buy BTC or other assets.
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[–]CallingVoid 11 points 1 day ago
Use cbdc to buy some asset, trade asset for bitcoin.
For an example, you can do it with Amazon gift cards on a
decentralized exchange like BISQ (and people do)
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[–]Halo22B 15 points 1 day ago
Awesome until they say 3gift cards is your annual limit....or they go
to Amazon and ask who made a purchase using gift card#123abc....they
flag you and restrict future use. Or better yet fine you for past
"indescretions"
People don't understand the control vector a CBDC is.
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[–]CallingVoid 6 points 1 day ago
No I understand, I simply used it as an example because people
currently do it. There are less intrusive commodities that could be
traded for bitcoin. And not everything needs to go via a CBDC.
For example, I'm a farmer that sells at a local market. I use CBDCs to
buy my seed and fertilizer. I go to market and I sell my produce to
regular CBDC using customers, I also allow BTC under the table. So
some customers buy my produce for BTC and I report it as unsold/spoilt
goods.
I may offer computer repair services and business may appear slow
(because 40% of my clients are off the books, paying in BTC). Oh well!
I guess I'm not a natural businessman!
There are ways around it with circular bitcoin use. There is already a
lot of BTC out there.
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[–]Better_Call_Salsa 6 points 1 day ago
I make that illegal, all CBDC traded for BTC is rendered void since I
can now void any dollar I want to. Now it's both illegal and I've
nullified the marketplace for any currency swap since it's a financial
loss.
CBDC is literally the worst power you can give to a government, it is
absolute slavery.
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[–]CallingVoid 2 points 1 day ago
Make it illegal all you like, you have to be able to identify when a
transfer is used to purchase bitcoin. That is easy if you ban
exchanges, but much, much harder, much more intrusive for p2p.
But regardless I may never have swapped currency for bitcoin. I traded
goods and services. No CBDC can track that.
Remember, making something illegal doesn't stop it from happening,
especially if people think it's not justified.
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[–]MiceAreTinyredditor for 6 weeks 1 point 22 hours ago
You can make something illegal, but without a way to enforce it, it is useless.
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[–]lifegoeson2727 4 points 1 day ago
If you say you gave me a haircut, I say you gave me a haircut, I send
you CBDC and you send me bitcoin- how does the government prevent
that?
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[–]Halo22B 3 points 1 day ago
Where is your license to cut hair? Are you making a profit cutting
hair? Why aren't you paying taxes on that profit?.....and on and on
and on
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[–]lifegoeson2727 2 points 1 day ago
What are you talking about? You have your license to cut hair, you are
making a profit cutting hair and you are paying taxes. Just like in
todays world.
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[–]Bitcoin_Maximalistredditor for 3 months 2 points 1 day ago
because your gov banned bitcoin and your hairdresser won´t touch it
because of fear.
or because you won´t be able to download a bitcoin wallet in the
"appstore" (because it was banned) . only people which a good IT
understanding will be able to use it in this case.
prepare for that.
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[–]lifegoeson2727 0 points 1 day ago
Too many people already have electrum and bisq downloaded. The
hairdresser already uses bitcoin
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[–]alpubgtrs234 1 point 1 day ago
Ass, gas or grass…?
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[–]Asleep_Plant6117 1 point 1 day ago
Gras I guess
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[–]Rice-Fragrant 1 point 1 day ago
Yup… it will become a black market but it won’t stop anything.
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[–]thisguyhaschickens 2 points 1 day ago
I assume a CBDC would be peer to peer though? You could potentially
bypass an exchange by buying and selling BTC direct
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[–]lifegoeson2727 1 point 1 day ago
Let’s say you say you gave me a haircut, I say you gave me a haircut,
I send you CBDC and you send me bitcoin. The government has no way to
prevent that?
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[–]Rice-Fragrant 1 point 1 day ago
It won’t affect getting bitcoin because people could get BTC by BARTER
with things like groceries, tools etc… it hampers adaption speed but
it can’t stop people actually getting bitcoin.
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[–]BTCPriestredditor for 7 weeks 1 point 1 day ago
Unless they completly restrict on-and offboarding to exchanges. Better
get some bitcoin now and once the shit hits the fan participate in a
bitcoin circular economy.
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[–]lifegoeson2727 1 point 1 day ago
If you say you gave me a haircut, I say you gave me a haircut, I send
you CBDC and you send me bitcoin- how does the government prevent
that?
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[–]Lexsteel11 0 points 1 day ago
I mean once you are tagging the cbdcs as individual tokens, it would
be pretty easy to run a cross-chain explorer query/GraphQL to see the
transaction number and token ids of what you exchanged them for with a
kyc exchange.
The idea has been floated to continually tax held-wealth as a fine for
“not allowing your liquidity to be used productively to the economy”
which I could see gain traction unfortunately.
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[–]lifegoeson2727 3 points 1 day ago
Why do you use kyc exchanges? just use bisq. It’s actually a better
user experience than kyc exchanges
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[–]Lexsteel11 2 points 1 day ago
Well in this scenario I’m assuming a move to cbdcs and taxing held
wealth would be accompanied by new measures to force people through
the preferred channels of exchange
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[–]lifegoeson2727 2 points 1 day ago
How could you prevent someone from using a no kyc exchange though? By
definition it does not know the identity of its users
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[–]Lexsteel11 2 points 1 day ago
Subpoena the servers for the site (as long as its domiciled in a
country with extradition/cooperation between governments) and get IP
addresses of everyone conducting transactions. Let’s say 20% of those
addresses knew to use a vpn/dns proxy but 80% either didn’t or had a
leak in their setup (I’d say that’s a generous estimate of the
population knowing how/why to set that up). Then just make a public
spectacle of throwing a few of those in the 80% in cages and you will
scare most people into compliance
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[–]lifegoeson2727 4 points 1 day ago*
Hmm but that’s actually not how it works.
Bisq does not use a website, and there are no bisq servers. Each bisq
users data is stored on the respective bisq users devices- to such an
extent that if their device is no plugged in to a power source and
connected to the internet with the bisq application installed and open
and running, you functionally do not exist as far as bisq is
concerned. Your bisq orders will only be visible for the duration that
your computer is on and connected to the internet with your bisq
application open. You can think of it like a system of walkie talkies-
bisq users don’t have a server in the middle, it’s walkie talkies
communicating directly with each other. If a walkie talkie is off,
they cannot hear or see you, and you cannot hear or see them. There is
no satellite between the walkie talkies.
Additionally all bisq traffic runs through tor, so no one’s IP is visible.
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[–]Lexsteel11 2 points 1 day ago
That’s actually really interesting and I didn’t know that was
functionally how bisq worked- that’s a good point, not sure if they
could get a list of addresses of those who downloaded it or last
connection date/time but all I know is the FBI caught ISIS members
using private party chat on Xbox live to communicate rather than
sms/calls and that blows my mind how they could have caught that, so
in my mind I just know there are people smarter than me being paid to
solve these problems and given enough time they probably could, but
idk
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[–]graphic-crypto 4 points 1 day ago
Thank but I’ll just be hoarding bitcoin
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[–]HamsterNo7320 3 points 1 day ago
Pay wall, anyone? I want to read the whole article.
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[–]ChuckieEgg77 4 points 1 day ago
https://12ft.io/proxy?q=https%3A%2F%2Fwww.telegraph.co.uk%2Fbusiness%2F2023%2F02%2F06%2Fhoarding-britcoin-banned-bank-run-fears-sunaks-digital-currency%2F
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[–]HamsterNo7320 1 point 1 day ago
I don't have any reward, so take that response as one.
Anyway, so all you did is use 12ft.io? How can I use it myself? Does
it works on every website with a paywall or is it specific to a few
ones?
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[–]ChuckieEgg77 3 points 1 day ago
Just go to https://12ft.io and paste the article's address into the
box. It might not work for every website but it seems to have fairly
good coverage.
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[–]stevem292 1 point 1 day ago
thx
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[–]bitsteiner 2 points 1 day ago
archive.is
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[–]Opening-Group-7841 2 points 1 day ago
Bullish
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[–]TaiwanNumberOne1 2 points 1 day ago
No problem, just use the shitcoin to buy BTC. Problem solved.
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[–]MrQ01 2 points 1 day ago
I still can't see the connections being made between CBDCs and
Bitcoin. If the UK wants to ban Bitcoin, then can just ban crypto
exchanges (from being used by UK citizens), and they can do this today
and drive Bitcoin to the underground - while we're still in the midst
of a bear market. They've already banned crypto ETFs, crypto leveraged
trading etc.
But they don't ban exchanges. Meanwhile, using CBDCs to attain Bitcoin
is even harder to control, because all you're doing is transferring
your CBDC to someone else - there's zero method of proving it was used
in parallel with a P2P transfer.
Am I missing something?
I definitely don't agree with the idea of banning GBP hoarding, but
this is a separate issue to Bitcoin.
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[–]stevem292 2 points 1 day ago
talk of 'consultation' until 2025 and the 'end of the decade' for the
infliction of this nonsense.
moving at the speed of bureaucracy, these degenerates shuffling into
obsolescence is a wretched spectacle.
most of this stuff honestly seems to be happening over my shoulder of
late - they're talking only to themselves, publicly demonstrating
their irrelevance - i can't be the only one sensing this, as there's
nothing particularly special or exceptional about me.
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[–]PointOfTheJoke 2 points 1 day ago
Sometimes I think mainstream global Bitcoin adoption is a pipe dream.
Then old dingbats in power say words and im convinced its inevitable.
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[–]before686entenz 1 point 1 day ago
Misleading title. They plan to prevent people withdrawing all their
money from banks into it to prevent a bank collapse.
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[–]bitsteiner 1 point 1 day ago
That would be the consequence of "hoarding" CBDC. Nothing wrong with the title.
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[–]fnetma 2 points 1 day ago
Buy Bitcoin
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[–]Automatic-Ad3612 2 points 1 day ago
What happens to the black market weed game when they do away with the
almighty dollar? Asking for a friend
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[–]OB1182 1 point 1 day ago
They also could BAN savings accounts with banks now. But they won't.
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[–]OkeyDokeyWokey 0 points 20 hours ago
Considering there is no difference between a savings and checking
account other than semantics, they have no reason to.
Interest rates are negligible or non-existant already.
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[–]BastiatF 1 point 1 day ago
Why would you self-custody a CBDC which is entirely under the control
of the central bank anyway?
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[–]bitsteiner 1 point 1 day ago
Right, a CBDC "wallet" will simply access your personal account with
the central bank.
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[–]BastiatF 1 point 1 day ago
The difference with a traditional bank account being that they can
restrict, freeze or expire your funds at will and there is nowhere
else to go
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[–]bitsteiner 0 points 1 day ago
They can do that with both, no difference.
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[–]BastiatF 1 point 1 day ago
No, your bank cannot freeze or expire your funds AT WILL. Also if you
don't like your bank, you can go to another. If you don't like your
central bank, where do you go?
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[–]bitsteiner 1 point 1 day ago
Banks can't do that at will, but they have to by law based on
suspicion of money laundering. I agree, CBDCs will make it worse, but
on the other hand there is not the counter party risk of a bank
failure.
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[–]BastiatF 1 point 21 hours ago
I'd take that any day compared to the risk of having my money frozen
because the state doesn't like my social media posts or my diet,
imposing negative rates and spying on every single one of my
transactions.
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[–]CYjgb 1 point 1 day ago
Fucking Commies!!
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[–]Victouflachips 1 point 1 day ago
Source ?
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[–]harmlessdissent 1 point 1 day ago
How are they going to artificially give this shit token any value at all?
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[–]Lam7r 1 point 1 day ago
Same way they artificially give the paper money value
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[–]skyboy10 1 point 1 day ago
Using controlled “crypto” defeats the whole purpose of it
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[–]Tipyapha 1 point 1 day ago
A clown country
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[–]Dazzling_Marzipan474 1 point 1 day ago
Better load up on BTC now fellas.
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[–]Lam7r 1 point 1 day ago
I draw all my money out of my bank now and save in BTC and boring
stocks and they haven’t banned me so far. Not that I would save in a
digital £ either so no matter
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[–]tjangofat 1 point 1 day ago
Arent most banks currently also buying bitcoin as assets?
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[–]bitsteiner 1 point 1 day ago
It is understood that Britons will initially be limited to
transferring a few thousand “digital pounds” into their accounts under
plans being drawn up. The limit will be imposed in order to prevent
“large and rapid outflows” from traditional high street banks.
Officials fear that the frictionless nature of digital money would
allow people to shift their wealth almost instantly between accounts,
giving rise to the risk that banks could quickly collapse if they find
themselves under stress and customers begin to withdraw their funds.
Right, it would empty the reserves of the banks if only a small
fraction of deposits was transferred into CBDCs, hence banks run
fractional reserve. There will be a also ban on transferring your CBDC
in and out of the bond market, since it would allow people to gain
interest on their savings while bypassing banks, since a CBDC doesn't
pay interest.
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[–]ThomasAurlant 1 point 1 day ago
All is built on consume, consume more and consume again. So the best
way to make people consumé is to add a Time value on money. Could be
inflation too.
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[–]zesushv 1 point 1 day ago
It's not here yet, they are making efforts to make it hell there.
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[–]BEETOKENS 1 point 1 day ago
Just sell it all and buy bitcoin... Problem solved
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[–]Enormouslypoor 1 point 1 day ago
Only the chosen ones are allowed to save and invest. The rest are
their slaves, they don’t deserve owning anything.
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[–]GodOfOdium 1 point 1 day ago
Perfect!!
What more can you ask for?
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[–]GodOfOdium 1 point 1 day ago
Just keep as many CBDC as you can afford to lose.
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[–]connell83 1 point 1 day ago
Why aren't the media calling the government out on this attempt to
control and spy on people. A cbdc is literally the beginning of the
end of freedom.
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[–]hughlanko 1 point 1 day ago
Ah yes, Jeremy…
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[–]Chipjack 1 point 1 day ago
Banks make a profit. If they loaned out those profits, rather than
loaning out the money they're supposedly holding for their customers,
they could continue to be profitable even if every customer showed up
and withdrew every bit of their account balances.
Unfortunately, that sort of theft-and-fraud-free banking model would
be less profitable than the one we've got now, so it's very important
to them to embrace the safe new digital money while making sure that
they retain the same power over it that allowed them to destroy the
value of the old paper money.
Flushing the pot does no good if you fish out the shit first and then
drop it back into the clean water later.
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[–]Ur_mothers_keeper 1 point 1 day ago
This is too good. They can't be this stupid. They're guaranteeing
liquidity for other currencies you can save and that don't expire.
Gresham's law, people will save, they just won't save pounds.
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[–]Kaizen_Kintsgui 1 point 1 day ago
They could do this with negative interest rates. CBDCs give them no
new capabilities. And who cares, were going to use bitcoin.
I just don't understand why you guys are so afraid of this when you
are voluntarliy exiting the fiat system anyway.
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[–]noyrb1 1 point 1 day ago
Sounds excellent 😂👍
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[–]WilsonFx1997 1 point 21 hours ago
Crypto regulations are hard i swear😅
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[–]Puzzleheaded_Heat502 1 point 20 hours ago
So you have to buy goods and hoard those instead
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[–]Short-Survey7013redditor for 6 weeks 1 point 19 hours ago
Dunno what this means. PDF of the article please.
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[–]likethis999 1 point 18 hours ago
They also drive left of the road
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[–]bobbyv137 1 point 17 hours ago
‘Britcoin’
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[–]emka-ace 1 point 16 hours ago
Buy the dip
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[–]sylsau 1 point 12 hours ago
CBDCs are an even worse version of fiat currencies.
Those who refuse to open their eyes today may regret it in the future
with the mass surveillance and controlled society that these
governments want to impose on us all over the world.
They criticize China but seem to take example without any remorse on
the digital yuan and the closed society model that the CCP imposes on
its people.
Bitcoin is your peaceful weapon to protect from this future.
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[–]ZachCope 1 point 9 hours ago
‘Freicoin’, one of the original shitcoins tried this years ago. It was
shit like all shitcoins but at a faster rate of decay.
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[–]PhysicsDazzling1318 1 point an hour ago
Q.
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[–]Lovelotsoffreedom 0 points 1 day ago
Sorry UK but you guys need #Dero
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