US Digital Dollar/FedCoin created by US government, obvious reasons why?
- Thread starter CPANathan
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- Jun 16, 2020
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It's expected. All countries will have their coins as stable crypto tokens on blockchain. It's cheaper than the current banking backend layer.
- Jun 16, 2020
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Yes, it is fiat money as per description:
"Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it."
It all depends on what you understand by the term "crypto". The word comes from "crypto currency" which stands for:
"A cryptocurrency is a digital or virtual currency that is secured by cryptography."
And "cryptography" is:
"Cryptography is a method of protecting information and communications through the use of codes, so that only those for whom the information is intended can read and process it."
Nowhere in these definitions is mentioned that it will save you from inflation or that nobody can take it from you. But Bitcoin, Ethereum or other similar currencies have extra properties that give you those features.
To sum it all up: BTC and ETH and FEDCOIN are all crypto, but FEDCOIN will 100% be controlled by Government (they can take it from you or devaule it by printing more out of thin air)
- Jun 16, 2020
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They don't really want to pump and dump, but they have no choice.
Technology makes labor cheap. If humans are slowly replaced, then they will want to save as much money as possible. The future is unpredictable. It's normal to not want to die of hunger. If everyone saves and does not spend, then the economy freezes. The only possible way to stimulate spending is to give people free money.
Unfortunately the "free" money needs to be paid back with interest. You can't pay back if you don't grow. This is why there's an increasing debt problem that will eventually pop.
P.S. this in not an USA problem. All countries have the same issue.
P.P.S. I don't think we're close to doomsday, we can still pump this debt up for a few more years
perrymason
Elite Member
- Jul 19, 2018
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was a matter of time, China also has their e-yuan in their agenda I believe.
It's all planned more than a decade ago.
This digital dollar is just to create stagflation to suck out wealth and introduce virtual money to the big public.
It will fail as thats the goal of that coin.
Under Trumps administration there was already a declaration in congress which is currently frozen which represents the second new monetary system which will be similar to the first one but with two major diffrences that the amount of coins will be limited to a special pre defined asset which you already can read in the bill.
It will be basicly a one world currency based on CDR's which will have a diffrent name in each country for the dumb crowd.
This digital dollar is just to create stagflation to suck out wealth and introduce virtual money to the big public.
It will fail as thats the goal of that coin.
Under Trumps administration there was already a declaration in congress which is currently frozen which represents the second new monetary system which will be similar to the first one but with two major diffrences that the amount of coins will be limited to a special pre defined asset which you already can read in the bill.
It will be basicly a one world currency based on CDR's which will have a diffrent name in each country for the dumb crowd.
- Jun 16, 2020
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Yes they do. That's why you see the massive push against crypto lately.
- Jun 16, 2020
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It can be possible. We'll see if the world agrees with USA on this one. Consensus is critical.
The consensus happened in the end of 2012.Now its just being implemented
- Jun 16, 2020
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I don't see China wanting a digital dollar as the backbone of the world. Just saying
The Great Combinator
Registered Member
- Jul 3, 2021
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US dollar is already digital. There are more digital dollars that exist just as 0's and 1's as compared to paper bills that exist. Most of the economy is done based on digital dollars being exchanged electronically.
It would be interesting to see how FIAT would be converted into cryptocurrency. As we all know typically cryptocurrency has a max amount of coins that can exist and USD amount available consistently grows. The Fed keeps "printing" new money year after year.
It would be interesting to see how FIAT would be converted into cryptocurrency. As we all know typically cryptocurrency has a max amount of coins that can exist and USD amount available consistently grows. The Fed keeps "printing" new money year after year.
- Jun 16, 2020
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This is not the case for ETH or DOGE for example. They technically are not hard capped. To be fair nobody can "print" them, but that can be changed in the code.
XRP has not such a limit.Just last weekend XRP,Algo and another coin has been approved by bank of england with an ISO certificate
MZI Palash
Junior Member
- Mar 13, 2019
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It is fiat money and china is doing the same. I guess most of the country will take this type of initiative asap.
The Great Combinator
Registered Member
- Jul 3, 2021
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My whole point was that its a good thing when something has limited supply (ie. gold) and its bad when its unlimited supply (US dollar fiat). I was referring to concept of cryptocurrency where in the original one and many others there is a fixed supply of coins. Adding new coins to blockchain is essentially is the same as "creating" more US dollars to economy.
This is correct.
Bitcoin would be diffrent if it wouldn't have been accumulated by banks and institutions in its early stage
The Great Combinator
Registered Member
- Jul 3, 2021
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Banks and institutions were late to the game compared to Chinese whales that have been in the game for years.
you have no clue what you are talking about