Should you be concerned about CBDC’s

[365DaysofSilver]

Hello all,

I wanted to get everyone’s thoughts on CBDC’s (Central Bank Digital Currency). The Bank of England has announced they are working on the digital pound & judging by the information on the BoE website, it won’t be long before it is released. 

Now my question to you is, are you concerned & how do you think it will effect the precious metals market?

I will share my thoughts once the discussion gets started! 

[365DaysofSilver]

For those that haven’t really looked into it, and wonder how it will be any different from spending on a credit or debit card. This video explains the differences very well & also highlights some of the potential concerns..

 

[Bigmarc]

Think it's coming whether we like it or not. Spread your wealth, take any incentives they offer but luckily I think we are behind the rest of the world so will have a small window to see how it plays out. I think Brazil and India are launching next year and currently 11 countries have launched so far but most of those are small islands that are unbaked. 

As for metal markets, I'm not overly sure, as usual it probably depends on what our cousin's across the water decide. 

[HonestMoneyGoldSilver]

I'd rather stretch my foreskin around my forehead than use a CBDC

[AddictedtoPreciousMetals]

17 minutes ago, HonestMoneyGoldSilver said:

I'd rather stretch my foreskin around my forehead than use a CBDC

If there’s a video for this be sure to tag me 😂😂😂

[AddictedtoPreciousMetals]

1 hour ago, 365DaysofSilver said:

Hello all,

I wanted to get everyone’s thoughts on CBDC’s (Central Bank Digital Currency). The Bank of England has announced they are working on the digital pound & judging by the information on the BoE website, it won’t be long before it is released. 

Now my question to you is, are you concerned & how do you think it will effect the precious metals market?

I will share my thoughts once the discussion gets started! 

Very concerned, don’t like the idea of it one bit! Cash is king 👑 well fiat isn’t great but I’d prefer to CbDC’s lol 

[SidS]

On 20/09/2023 at 22:14, HonestMoneyGoldSilver said:

I'd rather stretch my foreskin around my forehead than use a CBDC

You sir are a poet. Imagery with words and what an image you have painted.

[westminstrel]

On 21/09/2023 at 07:14, HonestMoneyGoldSilver said:

I'd rather stretch my foreskin around my forehead than use a CBDC

I almost thought I misread that! 😆

[Bratnia]

CBDC. Russian Rupee. Pretty much the same to me.

Conversions will be the barrier, converting CBDC into gold or other tokens/currencies will be inclined to be closed down, similar to currency controls, only allowed to take out £100 in cash/spending for you week long family holiday a.k.a not permitted to go on holiday abroad. The hope is that a global alternative rises to commonality, where you can convert to/from that, is safe, widely accepted/used and easy. However if that is permitted to occur then the Pound would dive having lost its wide acceptance/use, so the more likely is the rise of CBDC and further controls/restrictions. Not good.

How will you sell some of your gold stack when converting the sale of gold proceeds into CBDC is banned? Same for bitcoin/whatever. Likely all gold and silver will need to be submitted to the state at some point, otherwise its a temptation for individuals to use that as a currency.

https://www.companydebt.com/hmrc-tax-problems/hmrcs-connect-computer-system-used-tax-compliance/

Quote

HMRC can now gather information from banks, peer-to-peer lenders and even platforms like Airbnb to build an accurate picture of an individual’s spending. It can also access Land Registry records to see whether any properties have been purchased and determine whether a taxpayer is likely to be able to afford such properties.

But there’s also plenty more; the Connect Computer System can also access:

• Visa and MasterCard transactions: Information on all payments
• DVLA: Details of vehicles purchased and owned
• The UK and overseas bank records: Information from banks in more than 60 countries
• Internal tax documents: Details of council tax paid, relevant VAT registration, last year’s tax return and previous tax investigations
• Earnings: Income received from casual employers, details of company benefits and child benefit and maintenance payments
• Online platforms: Trading activity on eBay, Gumtree and more
• Social media: Public social media account information from Facebook, Twitter and Instagram
• Web browsing and email records: The ‘Snoopers Charter’ allows HMRC to access digital information

[Bratnia]

On 20/09/2023 at 20:52, Bigmarc said:

Think it's coming whether we like it or not. Spread your wealth, take any incentives they offer but luckily I think we are behind the rest of the world so will have a small window to see how it plays out. I think Brazil and India are launching next year and currently 11 countries have launched so far but most of those are small islands that are unbaked. 

As for metal markets, I'm not overly sure, as usual it probably depends on what our cousin's across the water decide. 

Something like 28% gold taxation rate already in the US. The more they'd prefer you didn't use/hold it, the higher the taxation rate tends to rise.

[JohnA1]

I'm keeping a close eye on the subject, I suspect there will be a long list of 'gotchas' involved, that you'll have to agree with in advance.

Perhaps for certain functions it may be impossible to bypass (maybe not in the introductory stage though) so can't say I'd never use it under any circumstances.

It does look like the cheese at the end of a mousetrap - I've seen mice pick it up and eat it without triggering the mousetrap.

Would I go out of my way to adopt it? Hell no, don't have even explored applepay or any such mobile phone gizmos.

It's like saying I'd never use a credit card - I do, when it suits me (and always have a zero balance, except when it suits me - I keep a £50 balance on a card with £10K limit just to keep it alive, you never know)

There may not be an alternative for certain actions, say if your future employer will only pay in CBDC.

I'd use it as little as possible, diversifying to everything else where I can.

 

It will be a medium of control and surveilance, needs to be treated as such

[Bigmarc]

Apparently there is a anti cbdc bill trying to go through in America at the moment. It's has something to do with surveillance laws. 

[Bigmarc]

Talking of surveillance, what's with the new tabs. 

[KitboyE17]

 

[JohnA1]

Hard to see how there will be any resistance from all those clapping for the NHS and queuing to be injected experimental substances

[Bigmarc]

On 28/10/2023 at 08:13, KitboyE17 said:

 

Do you think people outside of the UK think we all talk like this? 

[JohnA1]

I've been thinking about this, with jobs disappearing right centre and left and UBI becoming more likely by design.

I suspect a CBDC or variant would be used for UBI, a programmable token that you'd need to register for.

The more I think about it, the more private details (and permissions) they'd be likely to demand for eligibility.

So there's a good chance I may have to forgo the 'free money' option, depending on the terms I'd have to agree in advance

 

Free money? Not so fast..

[VGfine]

8 minutes ago, JohnA1 said:

I've been thinking about this, with jobs disappearing right centre and left and UBI becoming more likely by design.

I suspect a CBDC or variant would be used for UBI, a programmable token that you'd need to register for.

The more I think about it, the more private details (and permissions) they'd be likely to demand for eligibility.

So there's a good chance I may have to forgo the 'free money' option, depending on the terms I'd have to agree in advance

 

Free money? Not so fast..

I have no intention of living in a CBDC / UBI / AI / 15 Minute City S**thole. If this is what they have planned, the NHS clapping seals & the eternally offended they thems, can have it, I will be checking out of this world.

[BLOOMMAN101]

Skip to 4mins EU Bringing in Digi Wallet

 

[VGfine]

[SeverinDigsSovereigns]

18 hours ago, BLOOMMAN101 said:

Skip to 4mins EU Bringing in Digi Wallet

 

Does this surprise anyone that the EU, a pseudo-state with a pseudo-parliament literally no one votes for, would like to take this step to protect their pseuso-democracy?

The EU is also considering forcing brouser makers to automatically trust their certificate for all https websites (ironically a measure first envisaged by the UK, under our chief europhile Lord Cameron).

And all the europhile parroting puppets "Remainers" who kept calling Brexiteers fascists. Mosley was a europhile, too, you know...

[Bigmarc]

3 minutes ago, SeverinDigsSovereigns said:

The EU is also considering forcing brouser makers to automatically trust their certificate for all https websites (ironically a measure first envisaged by the UK, under our chief europhile Lord Cameron)

What does this mean in layman's terms?

[SeverinDigsSovereigns]

4 minutes ago, Bigmarc said:

What does this mean in layman's terms?

https://www.theregister.com/2023/11/08/europe_eidas_browser/

In plain English, EU governments will be able to see every website you browse. It's actually part of their eID plan but at the website end.

I'm not clear if VPN is sufficient in bypassing that surveillance, but imaginably there could be an EUVPN which has eID incorporated, or maybe VPNs are banned altogether like in China. A lot of what EU does right now reminds of China anyway.

[Bigmarc]

2 hours ago, SeverinDigsSovereigns said:

https://www.theregister.com/2023/11/08/europe_eidas_browser/

In plain English, EU governments will be able to see every website you browse. It's actually part of their eID plan but at the website end.

I'm not clear if VPN is sufficient in bypassing that surveillance, but imaginably there could be an EUVPN which has eID incorporated, or maybe VPNs are banned altogether like in China. A lot of what EU does right now reminds of China anyway.

Cheers, makes sense. 

I am fairly new to the world of vpn's and currently it is working but I did wonder if they would eventually get around it. To be honest I didnt think a VPN hides the information but just where you are from. 

[SeverinDigsSovereigns]

50 minutes ago, Bigmarc said:

Cheers, makes sense. 

I am fairly new to the world of vpn's and currently it is working but I did wonder if they would eventually get around it. To be honest I didnt think a VPN hides the information but just where you are from. 

VPNs basically means you're browsing from an ip that is shared by many people, so the website won't know who you are. I'm no expert in IT but I'm sure there are ways they could find you even if you're useing VPN. That however means a lot of additional effort to establish your identity.

This is also what ghe eID thing is about. Government already can see which website you browse, but to do that they'll go to the non-govermengal companies and ask them, which usually means with prosecutors' orders. If the certificate is already government-issued they can ask for information without prosecutors' involvement.

I know somebody will say prism Snowden etc but that's actually hard labour and shady operation. This eID saves a lot of effort, technical or legal, essentially making surveillance a norm instead of an emergency measure. This is the kind of stuff China does. Rumour is they introduced security scans at underground stations for the 2008 Olympics. When the Olympics was over the scurity stayed.

A bit more on the EU: the idea of an EU superstate is that power is transferred from member states, whose parliaments are elected, to Brussels with an unelected legislature that partially overrides member states' laws. Similar transfer happens in finances and culture. ECB and the euro for example, are efforts to take financial independence away from member states. There are arguments on both sides when it comes to a similar transfer of cultural identity, but many EU citizens today will consider themselves Europeans before their respective nationals (French, Italian, etc), especially amongst the young. And it can be said that foreign cultures, though a very diverse mixture, are distributed across the continent to dilute the regional elements so that overall the cultures of members are homogenised. So while Brexit may have been disastrous in its implementation, its conception is one of the wisest of a generation, and it's an existential test for the UK.