Interesting interview @ https://www.youtube.com/watch?v=M1cy7opc6To
The dude believes CBDC's are imminent, of which we are at the bottom of the 9th inning. But even those within the crypto community aren't aware, or don't care.
There have already been 3 successful CBDC pilots in the USA. In 2022, signed into law was the executive order to authorize the regulation of decentralized cyrpto & the exploration of CBDC. We are just one manufactured "emergency" away from having CBDC bill implemented into the USA. The worst financial laws for the people get passed after emergencies happen. The US Privacy Act was 45 days after 9/11, TARP was 18 days after Lehman Brothers collapse, the 2.2 trillion CARES Act was passed 16 days after covid declared as pandemic (via voice vote). Right now, there are still people in congress that voted for all three of those laws, those same people will happily vote in favor of CBDC's.
Within the last week alone, U.S. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced a new stablecoin bill, which proposed a ban on algorithmic stablecoins - he says this is designed to push Tether out of the way which will allow only US banks to issue stable coins.
Even more recent is the FBI warning to avoid services that do not request KYC information - one day after seizing SamouraiWallet.com for money laundering. All of decentralized crypto is at risk, from self-custody wallets to decentralized exchanges, until there are no longer viable alternatives to CBDC's.
@16 minutes:
From his research, he believes there is a movement towards one world government, with a digital currency, backed by carbon credits, and social credit system that resembles the "UN Agenda by 2030" and the 17 Sustainable Development Goals outlined. This "movement" has been the agenda as far back as 1970's from "behind the scenes groups" using their power & influence on public facing organizations like WEF & UN to push their agenda.
@23 minutes:
How to develop an alternative to CBDC? If Visa can process 65,000 transactions per second, how does current crypto compare: BTC is still stuck at 6-7 transactions per second, Monero is at roughly 1,000 transactions per second. Need something that can actually compete. He says also need an open source, point of sale system for merchants, that works with multiple cryptos (not just one aka single entity that has a single point of failure). And we need better wallets. At the end of the day, people need to be able to do their daily transactions like buying groceries. And need to be able to easily onboard users.
We cannot control the release of CBDC, the only thing we can do is have an alternative solution that can be ready and available and have the ability to scale - at the very moment they try to push CBDC.
He gave presentations in 20 different states last year, and took surveys with his audiences. Boomers hold 43% of USA wealth, they don't use crypto but learned & use Apple Pay, Google Pay, and digital banking. More boomers have heard of Sam Bankman-Fried than Satoshi Nakamoto. Almost none of them heard of the idea that you can use crypto as money, and assumed BTC was only a speculative asset (of which they held a negative opinion of). He believes this aligns with the mainstream belief, aka the majority of people, those who do not live inside the crypto twitter bubble.
@25 minutes:
When he first used bitcoin is 2012, it was better money than existed. It was faster, cheaper, and peer-to-peer with no 3rd parties or banks, no censorship, etc. Now you have Venmo, Zelle, Apple/Google Pay - none of which existed when BTC launched. The traditional financial system has entirely leap frogged crypto. When CBDC launches, crypto will be unable to compete, let alone have the ability to onboard people in masses.
There are 100 million OpenAI users in 18 months, FaceBook & TikTok hit one billion users in a short period of time. BTC has been around for 15 years, nowhere near mass adoption, and surpassed by traditional finance technology - and nobody seems worried about it.
BTC has become intentionally hi-jacked, the focus switched from peer-to-peer cash as direct competition to Visa & MasterCard, and conveniently switched to the concept of digital gold. BTC was originally funded by the Bitcoin Foundation, which was a community based effort. Then it went to being funded by Joi Ito, head of MIT multimedia lab & founder of Digital Garage (a big VC investing in crypto). Joi Ito received funding from Jeffrey Epstein. He literally funded the development of SegWit, as well as Lightning Network, and all three CBDC pilots. Follow the money, the funding behind BTC is the same funding for US Government CBDC.
Can Xen become the alternative solution to CBDC? What steps/actions would open up that possibility, what would be the biggest bottle necks? Or is all defi crypto doomed by uncle sam?
