A Goldman Sachs-funded cryptocurrency startup is leading the fight against public digital money.

Homepage | Forums | Topics In Depth | Economics | A Goldman Sachs-funded cryptocurrency startup is leading the fight against public digital money.

Viewing 1 reply thread
  • Author
    Posts
    • #473727
      eridani
      Participant
      • Total Posts: 11,935

      https://www.dailyposter.com/the-big-money-battle-over-cryptos-public-option/#comments

      Momentum is building for a central bank digital currency, a kind of public option for cryptocurrencies, which advocates claim would be more stable and viable than highly volatile and speculative cryptocurrencies, and that wouldn’t require energy-intensive proof-of-work systems that can have larger carbon footprints than entire countries.

      But now a Goldman Sachs-backed cryptocurrency startup, Circle, is framing such a central bank digital currency as a threat to financial privacy. At the same time, the tech firm is spending big on ads promoting its own digital alternative: a so-called “stablecoin” that it claims will provide financial reliability in a turbulent market — even though experts warn such “stable” coins may not be as trustworthy as their name suggests.

      Circle stands to profit from its stated goal of making its stablecoin the dominant currency of the internet. Likewise, the company would miss out on a share of the digital currency market should the Federal Reserve issue a CBDC.

      Circle’s efforts are the latest skirmish in the growing battle over who gets to manage the underlying infrastructure of the 21st-century economy. As big-money interests spar over personal privacy matters and financial reliability issues, the outcome of the conflict could determine whether the digital money that will comprise an ever-larger share of everyday transactions, from buying groceries to paying rent, will be regulated by public banks, or whether it all will be under the control of private companies looking to maximize profits above all else.

       

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

    • #473751
      djean111
      Participant
      • Total Posts: 8,712

      When Trudeau froze the bank accounts of protesters, I am sure many people got a little thrill over the punishment – but this is something that can be done to anyone, anywhere – and sputtering about legality or mistakes does not matter in the least.  Like Biden’s souped-up asset forfeiture, the ability to freeze or just appropriate someone’s money and/or property is, I believe, intoxicating and addictive.  And that is not reserved for big lawbreakers, it is inflicted on individuals and it is up to the individuals to try and try and try to get their money back, even if it was taken/frozen in error.  If the government or banks controlled Bitcoin, they would be all for it, IMO.

      America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

      "Sometimes when I try to understand a person's motives, I play a little game. I assume the worst. What's the worst reason they could possibly have for saying what they say and doing what they do? Then I ask myself, 'How well does that reason explain what they say and what they do?'" GRRM

      A YouTube comment – we need new conspiracy theories – the old ones have all come true.

      • #474004
        eridani
        Participant
        • Total Posts: 11,935

        https://en.wikipedia.org/wiki/Cryptocurrency_and_crime

        In 2018, around US$1.7 billion in cryptocurrency was lost to scams, theft and fraud. In the first quarter 2019, the amount of such losses rose to US$1.2 billion.[4]

        Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

        • #474026
          djean111
          Participant
          • Total Posts: 8,712

          What they control, they can deny access to in an instant.  The government can, and does, freeze and seize assets – Biden made that even worse than it was – and banks claw out fees and charges.  Every alternative has its risks.  What is really at stake here is control of money.  When money is controlled, everything else has to fall in line.

          What are the sanctions that are imposed on Russia that some are crowing about?  CONTROL OF MONEY.  People may starve, people may die, but control of money is the way governments seek to control people and other countries. Mostly the US government, IMO.  And then others do its bidding.  Can’t do that if there are alternatives.  And, IMO, the banks and the government are quite as corrupt as anything or anyone else.  Wall Street really just wants its bite out of this.  Or, if Wall Street cannot get its bite, it wants it gone.

          America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

          "Sometimes when I try to understand a person's motives, I play a little game. I assume the worst. What's the worst reason they could possibly have for saying what they say and doing what they do? Then I ask myself, 'How well does that reason explain what they say and what they do?'" GRRM

          A YouTube comment – we need new conspiracy theories – the old ones have all come true.

          • #474510
            eridani
            Participant
            • Total Posts: 11,935

            I personally don’t think that the Boeing Employees Credit Union is a thief either.  Anyone who trusts crypto is insane.l

            Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

            • #474527
              djean111
              Participant
              • Total Posts: 8,712

              Plus – if the government tells a credit union to block access to an account, or seizes the contents of an account due to asset forfeiture – the credit union will comply.  A credit union is not the government, but it obeys the government.  And takes its own fees out of people’s money.   What happened to the protesters in Canada can and will happen to anyone a government wishes to punish or silence.  It is now a political tool that can and will be used on more and more people, IMO and all that.  Who will pay for roads?   I don’t think bitcoin is there to avoid taxes. And I have all faith that the government will be able to get its taxes.  Right now the IRS actually has official cryptocurrency guidelines for taxes.  FFS.   And I hope you are not a psychologist, because declaring so many people insane over a currency you do not care for is a bit iffy. Just don’t buy it yourself.  How easy is that?  On the other hand, I think people who think voting for Democrats in the hope that progressives will eventually have a say are insane. Or abysmally stupid. If not either of those, then liars.  So there’s that.

              America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

              "Sometimes when I try to understand a person's motives, I play a little game. I assume the worst. What's the worst reason they could possibly have for saying what they say and doing what they do? Then I ask myself, 'How well does that reason explain what they say and what they do?'" GRRM

              A YouTube comment – we need new conspiracy theories – the old ones have all come true.

        • #474564
          Voltairine
          Participant
          • Total Posts: 2,567

          we the people own money creation and initial distribution? Practically e.g. in forms of voluntary co-ops to create and distribute means of exchange and basic social security, UBI.

          Co-op self-governance with programmable p2p legders would be a new innovative field for social expermentation and evolution.

          Aloha!

Viewing 1 reply thread
  • You must be logged in to reply to this topic.