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Posted on 02/05/2022 1:22:54 PM PST by RomanSoldier19
he Federal Reserve Bank of Boston and the Massachusetts Institute of Technology’s Digital Currency Initiative have come up with an initial design for a central bank digital currency.
The theoretical coin, which was unveiled just as the Federal Reserve explores the pros and cons of adopting one – could handle 1.7 million transactions per second, and settle in under two seconds, the Boston Fed and MIT surmise.
The research initiative dubbed Project Hamilton is a multi-year collaboration between the Boston Fed and MIT’s Digital Currency Initiative that started in 2020. The project is exploring different designs that would optimize the functionality of a CBDC, which could be used in retail, e-commerce and person to person payments, among other areas.
The Hamilton initiative is separate from the Fed’s Board of Governors current evaluation of using a digital currency, which are also being studied by other global central banks. Still in early stages of research, several technical design questions remain open, which could have implications in determining whether the Fed could pursue a CBDC.
One issue the Fed is concerned about is when adopting a CBDC it could create more runs in the financial system; but if designed properly, the Fed could guard against that. Other considerations include how well it guards against cyber security, and criminal activity like hacks and money laundering, while protecting Americans’ privacy.
(Excerpt) Read more at msn.com ...
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Oooh! A cryptocurrency run by the feds.
Can I get an extended warranty with that?
Last thing mentioned is privacy.
You might as well volunteer to carry around a gubmint bodycam whose output goes straight to Big Brother.
Protecting privacy??? The entire point of this exercise is to eliminate privacy.
The government would know exactly where each coin is at all times, and exactly who has it and what it is being used for each time. That means it can be selectively turned off for specific products out of favor with the regime, or just turned off for you because your social credit score is too low, or, turned off if you have wandered too far from your home - say 5 miles - because they are quarantining you.
nothing crypto about this
digital currency
Nothing crypto about this
digital currency
+++++++++++++++++++
OK, That sounds much worse!
No doubt the technical research is about preventing conversion of CBDC into cash or any other currency. Basically keeping all of us trapped in the roach motel of fiat.
With our money trapped in Fed-controlled digital accounts, they’ll have free reign to impose negative rates, new taxes, new criteria for civil asset forfeiture of bank accounts, race-based “reparations” for social justice, and of course bail-ins for when the bank decides to “fail”.
To herd everyone’s funds into CBDC they’ll have to do away with cash afterwards. That part seems to be de-emphasized for some reason...
what do
Visa and Mastercard
think about all this?
And how quickly can it be devalued? One extra zero per day or even faster?
Glenn Beck mentions this all the time.
It sounds like FedCoin, meant to devalue and replace paper currency altogether.
Which did the same to gold and silver
“could handle 1.7 million transactions per second,”
That’s professionaly designed for real world scale out and use. Unlike the hobbyist cutsy bitcoin that has a max rate of 10 transactions per second.
Cartels, criminals, illegals, and bad actors excepted.
Gotta keep those tax donkeys corralled don’t you know.
“It sounds like FedCoin, meant to devalue and replace paper currency altogether.”
I doubt it.
Replacing paper currency would be an economic & psychological disaster.
Maybe the largest disaster in economic history IMO.
BItcoin has a defined limit to compensate the miners. If they don't want to compensate miners to process and store 1.7 million transactions per second (about 10,000 TB per year), then they will have no cutesy hobbyist miners. That means it will be centralized and run only by the central banks and NSA. Then they will mandate its use.
If it can’t scale out, FOR WHATEVER REASON, its a dead man walking.
This government can’t rollout a Healthcare application website without effing it up, and they are going to develop a crypto-currency that will settle all transactions in less than 2 seconds? Does Vegas have a line on this?
Disaster is what the left wants in order to ride to the rescue with more government control. They create the crisis and then use it to implement more power to themselves. They have done this over and over again, and the sheeple plead with them to do it.
“Disaster is what the left wants in order to ride to the rescue with more government control. They create the crisis and then use it to implement more power to themselves. They have done this over and over again, and the sheeple plead with them to do it.”
You’re correct about the way the left operates.
However, eliminating Federal Reserve Notes would be an economic disaster, an uncontrollable disaster because private entities would likely fill the “cash/paper void.”(Which is why it won’t happen)
No, I see articles like this as trying to get some upward trajectory for cryptos like bitcoin & ethereum. I’ll be watching both stocks when trading opens Monday.
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