The Feds, IRS, and Wall Street won’t like it, nor will the BTC Heads. But the US must offer a digital US dollar ASAP or else lose its status as the most stable and traded currency in the world.
This article explores the "be careful what you wish for" space. Full disclosure: I'm a staunch CBDC opponent and see no reason for it when Stablecoins has proven its worth and effectiveness with billions in transactions YoY.
1. CCP is the last entity we should be copying anything from. It's them who always copied everything from us. CBDC is a terrible idea and assumes government social control via programmable money. It goes against all the freedoms and constitutional rights of the good'all U S of A.
2. USD can no longer be backed by gold because gold is also controlled and manipulated with London Fix and paper gold overleverage, maybe 5:1 to the physical. Physical gold is also a lousy asset: it does not pay dividends, incurs constant storage and insurance costs, and good luck transporting it cross-border. Bitcoin is a much better underlying asset for the USD, as proposed by RFK, Jr.
3. I'm 100% for cashless USD in the form of Stablecoin, but it should be issued and circulated on several public blockchains with no single rule address-freezing feature. Only courts can administer freezing or seizing, e.g., USDC, from a particular address.
4. To get to this point, the Feds should stop printing money, and we all will have to go through the excruciating process of "money printing withdrawal." As Milton Friedman said, "Inflation is just like alcoholism. In both cases, the good effects come first when you start drinking or printing too much money. The harmful effects only come later. That's why, in both cases, there is a strong temptation to overdo it."
This article explores the "be careful what you wish for" space. Full disclosure: I'm a staunch CBDC opponent and see no reason for it when Stablecoins has proven its worth and effectiveness with billions in transactions YoY.
1. CCP is the last entity we should be copying anything from. It's them who always copied everything from us. CBDC is a terrible idea and assumes government social control via programmable money. It goes against all the freedoms and constitutional rights of the good'all U S of A.
2. USD can no longer be backed by gold because gold is also controlled and manipulated with London Fix and paper gold overleverage, maybe 5:1 to the physical. Physical gold is also a lousy asset: it does not pay dividends, incurs constant storage and insurance costs, and good luck transporting it cross-border. Bitcoin is a much better underlying asset for the USD, as proposed by RFK, Jr.
3. I'm 100% for cashless USD in the form of Stablecoin, but it should be issued and circulated on several public blockchains with no single rule address-freezing feature. Only courts can administer freezing or seizing, e.g., USDC, from a particular address.
4. To get to this point, the Feds should stop printing money, and we all will have to go through the excruciating process of "money printing withdrawal." As Milton Friedman said, "Inflation is just like alcoholism. In both cases, the good effects come first when you start drinking or printing too much money. The harmful effects only come later. That's why, in both cases, there is a strong temptation to overdo it."