More Noise About A "Digital Dollar"
The calls for a CBDC relating to the USD is coming from Congress. We now have a Congressman from Connecticut who is saying that there is urgency for the US to get on this and not fall behind technologically.
In this video I discuss how these people really have no clue what they are talking about and how CBDCs are likely to be one of the biggest failures there is.
▶️ 3Speak
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No idea about CBDC and maybe you are right as a tech expert that it going to be fail. Keep updating us.
and because he believes that CBCD will fail he has some reason to think so
When I first heard about CBDCs I thought, ohh we're f0cked here and it looks like this will be part of the future in one form or another, not sure about the failing part...
Who is going to use it?
Certainly the dumbmasses will jump on board especially when offered free money. But do you think corporations, especially internationally, will want to use the USD if the government can see everything as well as alter transactions?
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I'm only thinking about human entities, CBDCs are designed for this/them, and those "dumbMasses" are the big majority. For corporations, they'll find other ways, most probably collaborate to screw, again, the DMasses...
The current leadership is horrible and we know how bad the government is at doing its own job. I don't really know how having giving politicians control over the dollar will help anyone in the US.
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It isnt going to change. In the US, we likely have a decade of this no matter which party is in charge.
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Summary:
In this video, Task discusses the concept of a Central Bank Digital Currency (CBDC), particularly focusing on the United States and its potential adoption of a digital dollar. He critiques the idea of a digital dollar, pointing out that the majority of dollars already exist in digital form and that the current system, though undergoing technological upgrades, won't fundamentally change with the introduction of a CBDC. Task also expresses skepticism towards the necessity and success of a digital yuan outside of China and questions the use case of regional stablecoins like the euro. He highlights concerns about privacy, government control, and potential misuse of a CBDC by politicians.
Detailed Article:
The episode delves into the topic of CBDCs, with Task specifically addressing the increasing calls for a digital dollar in the U.S. Task highlights that the majority of U.S. dollars already exist in digital form and questions the need for a CBDC, given the current digital nature of the currency. He underscores that the Federal Reserve's upgrade to its settlement system, while a technological advancement, will not bring about significant changes to the core structure of the financial system.
Task criticizes the focus on a digital dollar as a response to the perceived threat of the digital yuan. He dismisses the idea that the digital yuan would have significant international uptake due to concerns over government surveillance and control embedded in the Chinese currency. Moreover, Task questions the usefulness of stablecoins pegged to regional currencies like the euro, arguing that they lack a compelling use case, especially in the realm of cryptocurrency exchanges.
Privacy concerns surface in Task's analysis, as he asserts that any government-built digital currency will likely have backdoors for monitoring and control. He is wary of potential governmental overreach and emphasizes the risk of frozen assets based on political motivations, raising doubts about the level of privacy such a system would afford.
The episode concludes with Task's prediction of CBDCs being a failure, given what he perceives as overhyping and misconceptions about their viability. He criticizes politicians for lacking understanding in financial matters and expresses concern about the implications of granting them even more control through a digital currency system. Task warns of the impending consequences of such a system, pointing towards a potential disaster once its inadequacies are exposed.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.