DNWO - Digital New World Order?

Discussion in 'Currencies' started by pmbug, Feb 6, 2020.

  1. pmbug

    pmbug Active Member

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    It seems that central banks are making a lot of noise about digital currencies lately. Welcome to the pending digital New World Order.

    https://cointelegraph.com/news/worl...s-framework-for-central-bank-digital-currency

    This is the framework paper if anyone cares for the details: http://www3.weforum.org/docs/WEF_CBDC_Policymaker_Toolkit.pdf

    More: https://www.msn.com/en-us/money/mar...ith-a-digital-yuan/ar-BBZgb6L?ocid=spartandhp

    https://www.cnbc.com/2020/02/06/reu...igital-currency-meeting-in-april--nikkei.html

    https://www.bloomberg.com/news/arti...-to-release-digital-currency-proposals-friday
     
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  2. pmbug

    pmbug Active Member

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    I don't like quoting/linking Yahoo because their content is live for a short period of time before being deleted, but this was an original report, so...

    https://finance.yahoo.com/news/fed-...yptocurrency-plans-us-response-211840877.html

    Bitcoin's ledger is public domain. Govco can examine the data just like anyone else. It's always been a point of cognitive dissonance IMO with the whole crypto-privacy illusion.
     
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  3. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    I have digital water if you want to buy it. 10,000 dollars a litre on special
     
  4. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    And what personal data can they extract from examining transactions on the blockchain?
     
  5. pmbug

    pmbug Active Member

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    Wallets can be profiled. Here in the USA at least, any conversion of bitcoin to dollars or payment for goods ties a wallet to a person/address. If a bitcoin styled crypto were to be a national currency, you can bet that the technology for tracking wallets would become every bit as robust as the surveillance tech that tracks "smart" phones.
     
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  6. bron.suchecki

    bron.suchecki Well-Known Member

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    One of the topics I'm covering in today's market update for ABC Bullion. Central bankers are keen to become more central to the financial system, I think a digital currency is inevitable.
     
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  7. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    If there are other civilisations out in the universe I doubt that any of them that managed to invent computers and AI survived for long afterwards.

    Computers are the ultimate way for a small number of people to completely subdue the rest of the species. That much power in the hands of so few practically ensures extinction. One mistake, one stupid decision by someone with that much power and the species falls.
     
  8. Ozi

    Ozi Member

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    So a digital currency could exist together with cash initially?
     
  9. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    By digital currency, I presume we mean government backed as opposed to a third party concoction like bitcoin. I know fiat is not gold backed, but we have the 12th largest economy in the world so any digital currency would be backed by the assets of the country.
     
  10. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    They can, as long as they're tied to KYC identities etc, or if intelligence agencies have the software capability to run which they only do in some cases. We all know that.

    However, Jerome Powell's comments (that's if he did say them) were disingenuous and extremely misleading.

    If China is planning to develop a blockchain based currency system for the purpose of tracking the transactions of its citizens, that doesn't necessarily mean if the US government developed a blockchain based cryptocurrency then its function would be to track the transactions of individuals. It could quite easily develop a cryptocurrency that is decentralised just like the many others if it chose to which makes it difficult to trace transactions and in some cases impossible.
     
  11. bron.suchecki

    bron.suchecki Well-Known Member

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    I think so, but as we see with the $10,000 cash ban and consumer preferences for cards and the like, cash will waste away.
     
  12. Ozi

    Ozi Member

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    What would be happening to gold when cash is wasting away?
     
  13. Number 47

    Number 47 Well-Known Member

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    Exactly what's already happening as our fiat gets constantly diluted.
    Gold price will continue to climb because the buying power of fiat dropping.

    Most countries won't go cashless in our lifetimes, it's simply impossible. A form of cash needs to fill the gap between City's and towns with great internet access and remote communities, locations and outposts with poor, unreliable or no internet.
     
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  14. bron.suchecki

    bron.suchecki Well-Known Member

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    I mean waste away in terms of usage, not value (although that continues unabated). A central bank digital currency has big implications for banks, as most mainstream investors holding cash would probably switch - why hold cash at a bank subject to $250k bank guarantee when you can hold directly with the RBA? Most probably won't consider the trap they are getting in if that becomes too popular then the government just says everyone should have balances at RBA and banks just lend.
     
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  15. JOHNLGALT

    JOHNLGALT Well-Known Member

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    PAPER & DIGITAL currency (not MONEY) reminds me of the South Park cartoon characters in the bank.
    POOF, And it's GONE!!!!!! Sound like a TRAP @bron.suchecki ? LOL. _JOHNLGALT.

     
  16. Ozi

    Ozi Member

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    So assuming this happens could something take control of all the deposits sitting in central banks resulting in one global central bank holding them all?
     
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  17. pmbug

    pmbug Active Member

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    The first and second links in the OP lay out several design frameworks for a central bank digital currency (CBDC). See the wholesale and hybrid plans for examples of how they could coexist with cash (at least initially).

    Yeah, that's what I was saying.

    The blockchain ledger by definition/design maintains a record of every transaction. If a digital currency uses a blockchain ledger, then transactions are recorded and can be traced. The issue with Bitcoin, for example, is that wallets that hold the coins are opaque until they "meet the real world" by exchanging the coin for goods or fiat currency. At that point, the wallet is exposed as such exchanges tie wallets to people and/or places.
     
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