If we do end up in a hyperinflation scenario, I wonder if the US government won’t use that as an entry point to usher in CBDC’s by way of UBI giving the false impression of increased personal stability while reducing us to a coupon form of money that requires us to trade our freedom in unprecedented ways.
Discussion
👆 this
It all seems very convenient doesn’t it? Like this is all exactly what the government wanted to begin with
Basically, this is my thought for the next couple of years 😬
My progressive politicians seem especially keen on heading in this direction (oh & R’s aren’t any better trying to prohibit freedoms in so many other areas)
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If we are in hyperinflation, whatever CBDC they airdrop will only make inflation worse. The more they airdrop the higher the inflation. #deathspiral
It will make EVERYTHING worse, beyond money.
Except, no airdrop - you'll need to go someplace or apply somehow for it and exchange your existing usd. Some people will just get free starter kits though.
You won’t have to go anywhere, just like we didn’t have to go anywhere in order to get Covid checks. You will merely need to claim your free money with sort of a form online and a card will be sent to you.
Not if scammers use your identity and claim
it first 😁
That's perfectly possible. And I doubt we'll need to fill out some form or anything like that. I can imagine it will be some kind of automatic conversion where all the dollars in your bank account will be turned in to a USDC.
Who knows? 🤷♂️
you can bet on it!
Myanmar scenario was like that but the tech chosen for the CBDC couldn’t deliver, mostly speed wise.
I think the requirement was to be able to “airdrop” money to the population almost at the same time and the centralized ledger solution couldn’t deliver.
So they went to USDT.
And guess who was leading the initiative for “interoperability” between mobile money and micro finance in Myanmar?
A project created by notorious Bill and Melinda Gates Foundation, called Mojaloop.
The company that was leading the core team development was/is called Modusbox.
They split recently to two companies.
One is still working on the Mojaloop project.
I am not sure did they keep the name of one of their entities.
So they split to PortX and Modusbox.
PortX is doing basically connectors between banks and other community financial services and making sure they are Mojaloop ready.
Now we are getting to the saucy part.
FEDNow.
The Federal Reserve Instant payment solution is tightly working with PortX and Modusbox.
When I was still working as a contractor for Modusbox in 2018 they were in a meeting with FED.
And let me close the circle with the CBDCs.
Mojaloop became separate foundation during Covid for lots of reasons. But are still dependent and influenced by BMF. Also some of the Modusbox employees started working at Mojaloop foundation when Modusbox was struggling financially.
Recently they opened a CBDC center of excellence.