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How do you think governments will handle Bitcoin after 2021?

I can’t find any media that offers much insight and YouTubers know just about as much as most of us, so we don’t have much insight on them. And governments are keeping it under wraps until last minute?

It’s fairly obvious that with the proliferation of Bitcoin and crypto that banks have kicked up the R&D on CBDCs, but some things still leaves me a bit curious.

Will they be based on any of the cryptos we currently use today? Will all currencies be worth the same? I’m aware that the Digital Yuan is already a common place in China through the Wechat app. Are we going to see a system like that? Seems a bit intrusive. And which leads me, will it be on a public or private blockchain? Today you’ll be able to cash out your crypto and be given the amount it’s worth in fiat and buy crypto with your fiat, but what would be the plan if they deny transactions with this new system?

Us westerners see Bitcoin as a luxury and mostly a store of value now, but it’s highly possible that in a few decades we might see our need to switch to Bitcoin as a medium of exchange for goods and services similar to El Salvador, because the way things are heading and some of the decisions being made by a handful of governments (Looking at you UK for that Binance stunt), they’ll all potentially become a third world countries if they don’t embrace it. The stubbornness is what is also driving them to create another imitation of fiat digitally rather than using the hard money that’s available to us currently.

What do you think?

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9 Comments

  1. CBDCs simply mean fiat currency with less privacy and less fungibility than todays fiat currency.

    Fiat Currency is already almost completely digital and cryptographically secured. Block chains offer no benefit to these countries or banks.

    We have already seen this fiasco play out with the banking sector with the r3 consortium which has been a miserable failure after years of effort and hundreds of millions of dollars invested.
    We have also already seen several governments try to rebrand their fiat like ecuador , venezuela and Canada which have also been failure.

    There is some misinformation promoted concerning blockchain technology by high priced consultants , altcoin scammers, and the idealistic ignorant. The reality is traditional finance is not held back principally for technical reasons, T+0 is very easy to do and banks have very mature and advanced software.They cannot just upgrade to a blockchain and find an efficiency, in fact the opposite would occur.

    Blockchains have very narrow use cases.The only reason Blocks within a Blockchain exist is specifically because the Poisson process used in proof of work. There is no need to batch together transactions in blocks without this as doing so merely adds latency which is completely unnecessary as one can merely cryptographically link together a chain of transactions if one wanted to . This is also the reason many other projects that do not use proof or work are pivoting away from using the term Blockchain and using the term DLT instead.

    Some people promote “Block Chains” as this transformative technology that will magically improve everything in society which is completely misleading. Block chains , with or without proof or work , are extremely inefficient “databases” by design. This inefficiency is a specific tradeoff to pay for censorship resistance. Therefore if something does not need censorship resistance than it most likely has no need for a blockchain. Fiat currency necessitates certain forms of censorship by design from regulators and they will not change this reality or give up control.

  2. Honestly, nothing will change except the reporting of whether or not we had crypto. That’s all that matters and frankly it will be years before we get proper legislation regarding crypto

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  4. A lot of anti-crypto FUD.

    They all want the same thing as China. TOTAL control. The sort of control where if you state the wrong thing, e.g. on Reddit or Youtube, they turn off your ability to buy food. China makes them salivate and they’re in a race to copy that model.

    They will drag up the old “you’re a Commie!” horseshit again. China and Russia are oppressive, they’ll say, while in the West there’s freedom (while watching and recording you through the “internet of things”, keeping Julian Assange locked up, dissenters basically unpeopled, etc.)

    **They will launch CBDCs just like China’s.**

    People are going to find they can’t afford what they used to be able to afford. Food, energy, utility bills, fuel, housing. They will say, “prices are going up”. Governments will devalue their currencies over and over, in a race to the bottom. Financial institutions, local and central government will behave like Wall Street, and use their access to free money (close to zero % interest) to quickly buy up all the real assets they can. Real estate, precious metals, stocks. NOT cryptos.

    Crypto is done this year. People are too stupid to figure out how to use them, or to start using them. Machine learning, mass surveillance and AI has given big government an immense advantage over the average person. All freedoms will continue to be removed and people will like it!

    That’s what I’m fairly sure governments will do, and why I think BTC is done for 2021.

    All we know for sure though is that there will be another halving in 2024, and hopefully price go up.

  5. > CBDCs

    Not relevant to Bitcoin

    > public or private blockchain?

    No blockchain, just a centralized database

    > driving them to create another imitation of fiat digitally

    Not an imitation. A CBDC will be fiat, a digital replacement for cash paper and coins. It will offer convenience, with surveillance and censorship

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