Announced Today : UK Government Pursues Digital Pound While Restricting Bitcoin Access

[honestinjun]

Let me translate this into non-satanic language, it means your digital pounds will have an expiry date, and can only be used for what they allow you to use them for. In other words, it's worthless scrip, not money.

Watch the zombies and sheeple walk into this eyes wide shut.

Keep stacking and hold till you die.

Injun.

Edited February 9, 2023 by honestinjun

[Darr3nG]

1 hour ago, honestinjun said:

Keep stacking and hold till you die.

Do the undertakers accept payment in gold/silver?

[bluemoon]

It beggars belief that a nation and it's people can sleepwalk from a relatively free & laid back country such as it was in the 1990s, to now a Soviet style country that people back then understood was undesirable and thought only happened under repressive regimes in backwards parts of the globe. Now we are one of those countries. RIP Britain and indeed the former "Western World".

[harrygill111]

I'll be surprised if they go through with it - can't see any valid use case for digital currencies. Arguably they're already digital enough. 

More innovation sounds like a step backwards in this case. 

Edited February 9, 2023 by harrygill111

[paulmerton]

I'm gonna start stacking aluminium to meet the demand for tinfoil hats.

[Bigmarc]

4 hours ago, honestinjun said:

Let me translate this into non-satanic language, it means your digital pounds will have an expiry date, and can only be used for what they allow you to use them for. In other words, it's worthless scrip, not money.

Watch the zombies and sheeple walk into this eyes wide shut.

Keep stacking and hold till you die.

Injun.

Do you have a link? 

[honestinjun]

15 minutes ago, Bigmarc said:

Do you have a link? 

https://www.bankofengland.co.uk/paper/2023/the-digital-pound-consultation-paper

[Bigmarc]

56 minutes ago, honestinjun said:

https://www.bankofengland.co.uk/paper/2023/the-digital-pound-consultation-paper

Cheers, interesting read. Not sure I translated it in the same way tho. 

[honestinjun]

22 hours ago, paulmerton said:

I'm gonna start stacking aluminium to meet the demand for tinfoil hats.

Got gold? NO but I have crypto, EV and a peloton.

[LawrenceChard]

8 hours ago, honestinjun said:

NO but I have crypto

Oh dear!

😎

[Earthmetal]

On 09/02/2023 at 17:22, Bigmarc said:

Cheers, interesting read. Not sure I translated it in the same way tho. 

You will.

[Bigmarc]

35 minutes ago, Earthmetal said:

You will.

Consultation period, not even been invented yet. No YouTube channel with a guy reporting from his mum's spare bedroom is going to convince otherwise (at the moment) 

[honestinjun]

CBDC is just another kind of data ledger system, but with some potentially ugly strings attached:  instead of your local bank keeping track of your transactions, all that data will go to the Bank of England.  They will become the central clearing house for all non-cash financial transactions -- and the big banks are loving it!  

The issue is privacy. Right now, only the HRMC and police have the power to examine your personal financial history, but only in the context of a criminal investigation or tax law violation (at least it used to be).  But with CBDC, your entire financial history is just setting out there for anyone in govt. to peruse without legal safeguards (like a court order).  And you just know its all gonna end up in the hands of some third-party data broker.

No, the govt. is not going to force you to use CBDC ... they won't have to.

But the big banks and big corporations most definitely will.  And big media will be out there selling it to young & dumb 20-30 somethings who can't take a dump without clicking some app on their precious SmartPhones!  These Tesla-driving-soy-boy-mask-Karens will be the early adopters of CBDC, singing its praises as the greatest thing since Pop Tarts ... just as they all lined up to get their clot-shots while threatening internment for those who didn't.

Here's how I think this thing will play out:

1.  The pre-rollout sales pitch by big media.

2.  Focus group studies to identify pockets of stubborn non-conformity and how to deal with them.

3.  Instil a false sense of security by telling people they'll still be able to use cards, cash, checks, etc. 

4. Major retailers will proclaim their support.

5. Full rollout & activation.

After a few years, expect to see fewer and fewer venues accepting cash payment or limit cash transactions to a single automated checkout lane.  The UK will move towards CBDC by social pressure, not govt. force.

[Bigmarc]

37 minutes ago, honestinjun said:

CBDC is just another kind of data ledger system, but with some potentially ugly strings attached:  instead of your local bank keeping track of your transactions, all that data will go to the Bank of England.  They will become the central clearing house for all non-cash financial transactions -- and the big banks are loving it!  

The issue is privacy. Right now, only the HRMC and police have the power to examine your personal financial history, but only in the context of a criminal investigation or tax law violation (at least it used to be).  But with CBDC, your entire financial history is just setting out there for anyone in govt. to peruse without legal safeguards (like a court order).  And you just know its all gonna end up in the hands of some third-party data broker.

No, the govt. is not going to force you to use CBDC ... they won't have to.

But the big banks and big corporations most definitely will.  And big media will be out there selling it to young & dumb 20-30 somethings who can't take a dump without clicking some app on their precious SmartPhones!  These Tesla-driving-soy-boy-mask-Karens will be the early adopters of CBDC, singing its praises as the greatest thing since Pop Tarts ... just as they all lined up to get their clot-shots while threatening internment for those who didn't.

Here's how I think this thing will play out:

1.  The pre-rollout sales pitch by big media.

2.  Focus group studies to identify pockets of stubborn non-conformity and how to deal with them.

3.  Instil a false sense of security by telling people they'll still be able to use cards, cash, checks, etc. 

4. Major retailers will proclaim their support.

5. Full rollout & activation.

After a few years, expect to see fewer and fewer venues accepting cash payment or limit cash transactions to a single automated checkout lane.  The UK will move towards CBDC by social pressure, not govt. force.

Judging by other threads they will probably just make it harder and harder to spend your own money in your own bank and just make it a inconvenience on transactions under the disguise of fraud. If cbdc's put a stop to that then adoption would come. 

[HillWalkerDundee]

Quote

 

Things to know about CBDCs. Each CBDC is programmable, use it by the expiry date or lose it. The CBDCs technical specification include the feature - the EU report, China and America all state this (I have not read the BofE one yet). 

The CBDCs also have the ability to take into account you carbon and social scores.

If you are interested in the non mainstream  media version of what is happening in the great outside world have a look at the YouTube channel for Neil McCoy-Ward.

[Bigmarc]

1 hour ago, HillWalkerDundee said:

The CBDCs technical specification include the feature - the EU report, China and America all state this (I have not read the BofE one yet

Any chance of a link?

[HillWalkerDundee]

1 hour ago, Bigmarc said:

Any chance of a link?

The 2020 Report on a digital currency can be found at https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf . This is just one of many EU reports which you have to piece togerther but it is a starting point for your research. I will dig out the China and US versions.

Chapter 5 of the EU report does specify ". Anonymity may have to be ruled out, not only because of legal obligations related to money laundering and terrorist financing, but also in order to limit the scope of users of the digital euro when necessary –" it then gives just one example of how this could be used.

[harrygill111]

Still no use case for this thing, unless it's backed by gold, why would anyone want it? 

[HillWalkerDundee]

4 hours ago, harrygill111 said:

Still no use case for this thing, unless it's backed by gold, why would anyone want it? 

The CBDCs proposed by the BRICS nations, together with Iran, are reputedly to be designed with that in mind.

[harrygill111]

Makes absolute sense for BRICS, they are rich in commodities and some are unstable. We're an importing, services nation with little to no gold, Cheers Gordon, who do most transactions (85% in 2021) without cash already. 

CBDCs here just mean cheaper transactions and tracking capability, but little more than we have now. I've worked in banks as a data scientist for a number of years, we knew what people spend on in granular detail (retailer, location etc) a decade ago. We've built models that figure out if you had a baby, and when they're off to school, if you're into fraud, or purchased a property. Mastercard go a step further and categorise your spend, roll it up to postcode level and sell it. Same as boots and dunhumby (Tesco). 

Banking data gets volunteered to the authorities if you look dogey due to the risk of facing fines. Also HMRC can already see balances you hold in a portfolio view across most banks and mortgage providers. With grounds they could go a step further and can stitch it up with a multitude of sources. But the data alone is mostly useless, expencive to hold and query. Lots of small/medium fish buying stupid c**p. 

The vast majority of people crack on with the day job and pay thier taxes before they even see thier wages. Its very uninteresting. 

Back door legislation changes would be easier and cheaper than the CBDC route if data were driving this. 

The data and implications of this are alot more interesting when it comes to companies, institutions etc. 

Will the public adopt CBDCs probably... they're using digital cash already backed by a formidable government and central bank. Theres no real advantage from CBDCs so there will probably be a simple opt in/automatic rollout via your banking app. Cash goes on becuase a fifth of the UK are reliant on it.

Three things are for sure, all these sh*t coins go to 0 as they're shut down one government at a time. Fine imposed for using them. About time. How the world have moved tens, maybe hundreds of billions of thier money, willingly into the hands of a couple tech kids and a fricking mystery person who invented bitcoin is totally beyond me. Gambling money, ok, remortgaging your house, well... 

No Anonymity... well becuase that's completely absurd for obvious reasons. But may still be achievable via businesses and shells. 

Central control, because a decentralised currency is bananas. You need to be able to control supply and parity to other CBDCs and don't want a starving nation, or to end up with retail and investment banks holding your balls becuase we've seen how that can end. 

 

 

 

 

Edited February 20, 2023 by harrygill111

[Bigmarc]

6 hours ago, harrygill111 said:

willingly into the hands of a couple tech kids and a fricking mystery person who invented bitcoin is totally beyond me. Gambling money, ok, remortgaging your house, well... 

Great post but one thing I will say after buying my house 2 years ago and after my remortgage my monthly payments have gone up 42%. Both are gambling in my opinion. 

[lubi29]

13 hours ago, harrygill111 said:

Still no use case for this thing, unless it's backed by gold, why would anyone want it? 

They could back it by gold until masses adopt it and then do the same trick. 1971

[honestinjun]

8 hours ago, harrygill111 said:

Will the public adopt CBDCs probably... they're using digital cash already backed by a formidable government and central bank. Theres no real advantage from CBDCs so there will probably be a simple opt in/automatic rollout via your banking app. Cash goes on becuase a fifth of the UK are reliant on it.

 

 

 

 

 

It will last as long as they can keep creating currency from nothing but promises and digital entries into their fake accounting system which is about as transparent as a Boris Johnson tax return. 

[honestinjun]

On 09/02/2023 at 13:11, Darr3nG said:

Do the undertakers accept payment in gold/silver?

 

On 09/02/2023 at 13:11, Darr3nG said:

Do the undertakers accept payment in gold/silver?

"Our favourite holding period is forever.

Warren Bufett