this post was submitted on 14 Nov 2023
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digital currency is a good idea....right?
Not only does it allow the banks to monitor everything we buy, not only does it allow the banks to lock us out of society if we don't obey, but it's also hackable.
I said all this because the nanny-state known as Australia went cashless recently and implemented digital currency made by the banks
It’s so complicated. I see it more and more as you frame it here but of course the main selling points are “decentralization” “privacy” focused so it’s kind of twisted and you wonder who is really fleecing who here.
crypto currency is good. I'm talking about central-bank-digital-currency being bad.
The dictatorship of Australia just went cashless and their systems for managing it have failed to work the way they're supposed to multiple times now.
That’s the thing. Crypto by its nature is somewhat murky and we’ve never really known who hold what or how many whale institutional investors have been pumping and dumping coins to circumvent troubling anti money laundering KYC regs etc
Now that you have actually central banks getting into the mix, pushes for global digital ids and mandating that citizens participate or not have access to free trade is truly dystopian imo though this too was written long ago
Ultimately I am optimistic but I understand the real hardships being faced by global citizens stuck behind the curtain of oppressive regimes. I watched the shift in the EU and it’s like night and day where things are now compared to a decade ago
Many crypto currencies that no one has ever heard of are worthless and will always be worthless, but bitcoin, manero and dogecoin are worth something. bitcoin and manero are worth A LOT, dogecoin is worth almost nothing, but its value goes up and down really fast and really drastically every time it changes.
Also it's a good thing that no one can track who has what amounts of which crypto currency, don't you think? That way the banks can't monitor or control it.
It's a good selling point but I believe the whales have always been able to manipulate markets as a result of these supply chain issues not to say its very different from central banking but I truly question how decentralized control is across the cryptolandscape.