Britcoin

[KDave]

Money week tell me the BoE is preparing its own centrally controlled digital currency aka Britcoin. It seems they wish to use it to bypass banks, ie, centralise control of money creation and distribution into the hands of government/central bank only. Some very totalitarian things can happen then, credit rating would become social credit rating for example, the BoE would no longer need to QE but could just place new funds in whichever account they wish. It's fiat on steroids by the sounds of what I have read. 

Any thoughts on this. 

[KDave]

Also, this signals that power has consolidated enough that it can be safely moved away the commercial banks. 

[Stacktastic]

Fabulously catchy name. Why has no one thought of that before!
Sh*tcoin would be better IMHO. 
Cr*pcoin - I could go on all day! 

All of this has been planned a long time ago in a far off galaxy - nout we can do about it. 
Looking sat some of the dimwits on the streets I am starting to think that little bit of totalitarianism, might benefit them.  

Edited April 27, 2021 by Stacktastic

[GreatBritishBullion]

It's worrying because 1) Zero privacy on transactions, everything recorded 2) They can place expiration dates on each unit of currency forcing you to spend within a certain time period 3) They can assign 'types' to each unit of currency, i.e. this is a groceries unit, this is a unit for paying rent, etc

[KDave]

56 minutes ago, GreatBritishBullion said:

They can assign 'types' to each unit of currency, i.e. this is a groceries unit, this is a unit for paying rent, etc

This is a great point. In my more naive days I would have advocated for food tokens, fuel tokens, etc to be distributed in lieu of benefits, to ensure a certain standard of living is maintained without rewarding the behaviour. However, I know for sure now that it would not work as intended, it would be abused as a lever of power in a way not intended. Such a system would also only further increase the levels of corruption/crony capitalism and just become another tax payer syphon.

56 minutes ago, GreatBritishBullion said:

2) They can place expiration dates on each unit of currency forcing you to spend within a certain time period 

Very interesting yes, it would allow greater control of over inflation and deflation of the money supply in the same/opposite way as the point made on QE. Direct control over currency existence at all times, and thus influence on the behaviour of the public's spending habits would be the ultimate power for central banks. You can see the attraction, and the dystopian potential. 

Edited April 27, 2021 by KDave

[KDave]

1 hour ago, Stacktastic said:

Fabulously catchy name. Why has no one thought of that before!
Sh*tcoin would be better IMHO. 
Cr*pcoin - I could go on all day! 

All of this has been planned a long time ago in a far off galaxy - nout we can do about it. 
Looking sat some of the dimwits on the streets I am starting to think that little bit of totalitarianism, might benefit them.  

I am also amazed the name was not taken earlier by another crypto 

People will follow and think what they are told to follow and think, whether it benefits them is determined only by who is in charge. The people currently in charge do not have our best interests at heart, head or anywhere else, they are pure evil and have been allowed to gain far too much. 

[dicker]

I am far from a conspiracy theorist but I see real risks to individual freedoms where CBDC's are implemented.

Governments and their agencies cannot resist databases and monitoring of citizens.

Best

Dicker

[Roy]

Consider the quote*,

'Permit me to issue and control the money of a nation, and I care not who makes its laws!'

and it is quite worrying!

 

*possibly Rothschild?

Usually @Minimalist weighs in here 

Edited April 27, 2021 by Roy

[KDave]

30 minutes ago, Roy said:

Consider the quote*,

'Permit me to issue and control the money of a nation, and I care not who makes its laws!'

and it is quite worrying!

 

*possibly Rothschild?

Usually @Minimalist weighs in here 

Yes that quote is an appropriate mention in every way, from said Rothschild.

[Relm]

Basically what china wanted to do then ended up "allowing"  trade in bitcoin again

[Stacktastic]

22 minutes ago, KDave said:

Rothschild.

"The bigger the lie, the more people will believe it" 
Adolf Hilter. 😛

Very fitting this year. 

Edited April 27, 2021 by Stacktastic

[GreatBritishBullion]

5 hours ago, KDave said:

greater control of over inflation and deflation of the money supply in the same/opposite way as the point made on QE. Direct control over currency existence at all times, and thus influence on the behaviour of the public's spending habits would be the ultimate power for central banks.

Exactly, summed it up perfectly - complete control over supply and allocation.

[HerefordBullyun]

10 hours ago, GreatBritishBullion said:

It's worrying because 1) Zero privacy on transactions, everything recorded 2) They can place expiration dates on each unit of currency forcing you to spend within a certain time period 3) They can assign 'types' to each unit of currency, i.e. this is a groceries unit, this is a unit for paying rent, etc

China is already going to do the above with an expiring yuan

[HerefordBullyun]

I think they should call it BritCon instead!