While everyone is playing catch up on the SBF, FTX and Alameda Research Insolvency fiasco, the Power Players are already onto the next phase of Digital Bolshevism. Unless stopped, the Digital ID Act of 2022 will be signed into law next months slipped into the NDAA for FY23, setting up for widespread CBDC Adoption.
US – Fed announces CBDC 12 week pilot with major banks. Remember, CBDC’s must be stopped by the people or you can say goodbye to having any control over any aspect of your life ever again. The IMF aren’t joking, the parameters they set for digital currency will score control over you. Even on how much coffee you drink, this is tyranny, not freedom.
What CBDCs tends to Curtail on Retail trading and DEXs;
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• Traceability: You will no longer transact anonymously, trading presumably tied to KYC.
• Negative Rates: There will be no option to hold physical cash.
• Programmability: Expiration & Helicopter money.
Some, wonder how long it will take before they start erasing history. Because if the CBDC is there, people shouldn’t be able to see that we were once free and were allowed to vote, because very few people know that that is coming. The blow-up of FTX has caused some to question crypto’s value. But the issues at FTX are precisely ones that decentralized finance can solve through increased transparency and security.
CBDC's! Another great invention brought to you by the same great people who kill the livestock, burn down the food plants, block out the sun, poison water and air, eradicate farmers and fishers, shut down the energy system, wage war with Russia and slaughter you with jabs.
— Jan Bennink (@Rumpelstunzchen) November 14, 2022
Crises such as this one help to clarify the true merits of what we’re all building towards. I’ve been watching as the FTX story unfolds, and I am amazed at the amount of backlash and the people losing trust in crypto. This is just another centralized financial institution that collapsed due to mismanagement, over-leverage positions and/or plain fraud.
In 1796, the first land speculation bubble burst in the US, since it was the early days for the US as a nation, most US banks were heavily backed by their UK counterparts through debt and credit. When the bubble burst and loans could not be repaid, US banks started to fall. Alongside the looming threat of a French invasion, the brits started what we now call a bank run on local banks, which ended up with the Bank Restriction Act of 1797 restricting some payments to customers.
In 2022, FTX has done what most banks have done for hundreds of years, but just without a banking license (which is a big deal, but still). It has used its customers’ funds, in a ruse to make more money (or prevent the loss). Since Cryptocurrency isn’t regulated, and there was no FDIC insurance or central banks to jump to the rescue, everyone decided that crypto is a scam? Go check your history books. Sam is a Gen-z version of the same thing happening in finance since it was called finance.
The Implosion of FTX was supposed to be a coordinated controlled demolition of retail crypto followed by CBDC regulatory crackdown from the SEC, WEF, et-al, but it went off before they could all get out of the way. Online privacy is important, but I can turn it off. Computer security is important, but I can turn it off. Banking security is important, but I can use cash. Once CBDCs is in place, it is I who can be turned off.
Congress has some questions. The U.S. House Financial Services Committee plans to conduct a December hearing on the collapse of cryptocurrency exchange FTX, Reuters reported Wednesday. Committee leaders said they will seek testimony from former FTX CEO Sam Bankman-Fried, officials involved with the FTX-linked crypto trading firm Alameda Research, and rival crypto exchange Binance. Some members of Congress have called for new laws designed to protect consumers from events like FTX’s bankruptcy filing, which is expected to involve more than 1 million creditors owed billions of dollars. (Datasheet newsletter)
Presumably, if the CBDC enactment goes through you will never be able to bet your friend 1000 dollars on the Super Bowl, buy a TV from your neighborhood, get a tip, cut a lawn, give your mom 200 dollars to get lunch, buy a fat sack from your dealer without a taxable event taking place, download a betting app to start your betting journey and more.
Mike Alfred tweeted; Shadows will bail him out before it gets to the point of disarray. They are far more concerned about the information’s SBF could reveal to them, or information that would come to light through the bankruptcy proceedings. If SBF doesn’t get prosecuted on the Bankruptcy and Frauds on FTX, it should be absolutely clear he has ties to Washington and the Fed. This implies, FTX was created to fail and bring about CeFi & DeFi regulations that’ll halt crypto progress and usher in the CBDC enforcement.
If SBF is prosecuted in the US he will likely flip and provide incriminating information on Tether, Bitfinex, and Binance to the authorities in order to receive a lesser sentence. This information has the potential to demolish what remains of the crypto industry. Hold on tight.
— Mike Alfred (@mikealfred) November 16, 2022