Governments Want To Control Crypto So They Can Control Us

The push for central bank digital currencies is an assault on privacy and freedom.


You know who thinks that cryptocurrencies are the future? Central banks, that's who, and they're jumping on board the crypto bandwagon. But that doesn't mean you should anticipate the folks at the Federal Reserve stepping aside to make way for Bitcoin adoption—far from it. Instead, central bankers want to displace grassroots cryptocurrencies with central bank digital currencies (CBDC) of their own design that absolutely will not protect privacy, and that will let governments control private transactions.

"The Federal Reserve plans as early as this week to launch a review of the potential benefits and risks of issuing a U.S. digital currency, as central banks around the world experiment with the potential new form of money," the Wall Street Journal reported October 4. "Unlike private cryptocurrencies like bitcoin, a Fed version would be issued by and backed by the U.S. central bank, a government entity, as are U.S. paper dollar bills and coins."

In the race to adopt state-sponsored digital currencies, the United States is behind the curve. China recently banned the use of private cryptocurrencies to make room for the digital renminbi. Cambodia launched its digital currency, the Bakong, in 2020. Nigeria plans to introduce the eNaira this month. But America lags, and for very good reason.

"Depending on its design, CBDC accounts could give the Federal Reserve access to a vast amount of information regarding the financial transactions and trading patterns of CBDC accountholders," Christopher Waller, a member of the Board of Governors of the Federal Reserve System, commented (PDF) in August. "The introduction of a CBDC in China, for example, likely will allow the Chinese government to more closely monitor the economic activity of its citizens. Should the Federal Reserve create a CBDC for the same reason? I, for one, do not think so."

It should surprise exactly nobody that China's digital renminbi promises only "controllable anonymity" between private parties, and that the state retains the ability to monitor transactions.

"A fully anonymous central bank digital currency is not feasible," Mu Changchun, head of the People's Bank of China Digital Currency Research Institute remarked earlier this year.

But full-time scrutiny by tax collectors and regulators isn't the only downside to government-issued digital currencies. Many officials see real advantage in the ability to control where and how such money is used—an ability they don't have with private crypto or with traditional cash.

"In cash, we don't know, for example, who is using a 100 dollar bill today, we don't know who is using a 1,000 peso bill today," Agustín Carstens, general manager of the Bank for International Settlement, which coordinates activity between central banks, commented last year. "A key difference in the CBDC is that central banks will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability and also we will have the technology to enforce that."

"You could introduce programmability – what happens if one of the participants in a transaction puts a restriction on [future use of the money]?" observed Tom Mutton, a director at the Bank of England, last summer. "There could be some socially beneficial outcomes from that, preventing activity which is seen to be socially harmful in some way. But at the same time it could be a restriction on people's freedoms."

Government power over digital currencies lends itself to both economic and social control. Centralized power over the money could be used to encourage economic activity during periods of slow growth, or to discourage transactions opposed by whoever holds the reins of power.

"Imagine your digital balance shrinking slowly over time to motivate rapid consumer spending," warns Alexander William Salter, a professor of economics at Texas Tech University. "Or the Fed blocking payments to politically disfavored businesses."

It would be easy to introduce such controls in the form of continuations of existing restrictions on the use of government benefits. EBT cards already can't be used at businesses including liquor stores, casinos, and adult entertainment establishments. Switching benefits over to digital currency with restrictions programmed in would be a logical step—but the technology would exist to expand similar controls to other users of government crypto. It's difficult to imagine government officials resisting the temptation to program limits on the use of funds paid to government contractors, subsidy recipients, and an ever-growing list of digital currency users. That's especially true when many CBDC advocates around the world consider such power to be a major attraction of pushing private cryptocurrencies aside in favor of state-controlled offerings. 

There's really no doubt that governments dislike financial privacy and want greater ability to monitor where and how we use our money. As I write, President Joe Biden's proposed tax plan "will give the IRS the resources it needs to keep up with the lawyers and accountants of the super-wealthy," insists the president. "It would ask just for two pieces of information from the banks of these folks: the amounts that come into their bank accounts and what amounts go out of their bank accounts."

Oh, is that all? So, we're just talking about really rich people (who, apparently, aren't entitled to financial privacy)?

"This proposal would create a comprehensive financial account information reporting regime," specifies the proposal (PDF). "This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600."

I suspect that $600 is a definition of "super wealthy" that's new to most of us. Government officials who want to monitor cash flows down to that level are absolutely bound to put programmable central bank digital currencies to wildly intrusive uses. It's inconceivable that they would do anything else.

Crypto may well be the future of finance. But, if we want that future to be anything other than a dystopian hellscape of surveillance and control, we'll need private and anonymous crypto that shields us from the prying eyes and manipulating hands of government officials who want power over everything we do.

NEXT: Craft Alcohol Makers Thrive as Government Launches Antitrust Investigation

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  1. Why is it a problem if the fed creates their own crypto? Just use a different one if you don’t like it.

    1. Like they will allow competition.

      1. Yep, the government will ‘encourage’ banks and retailers to only accept the ‘official’ digital currency. Eventually, that’ll be the only currency you’re allowed to use.

        Then we’ll adopt an ‘international standard currency’, because no nation has demonstrated the ability to responsibly administer the world’s reserve currency.

        Finally, each person will get a unique bio–linked chip implanted in their forehead or their right hand, to keep track of how much currency they have and keep it from being stolen.

        1. Sort of how dope sellers are victims or robberies; the feds won’t let banks take their money, so they’re bank-vaults on the hoof.

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        2. and, to stimulate the economy, your balance will continually run out unless replenished:

      2. The promise of crypto was that it was impossible to control by central banks. If crypto can’t deliver on that promise, then I question the value of crypto.

        1. That was never the promise of “Crypto”. It was the promise of Bitcoin, and several other crypto currencies. And no central bank can control Bitcoin. The federal government with guns and tanks and regulation of the banking industry can make it mighty hard for you to use those crypto currencies. But then the same can be said of any thing we might use to resist government tyranny.

          1. That’s kind of what I meant. It was 100% the promise of bitcoin. I have stated (repeatedly) that crypto as a concept will lead to infinite permutations (which is another reason I’m skeptical of crypto as a store of value).

            The federal government with guns and tanks and regulation of the banking industry can make it mighty hard for you to use those crypto currencies.

            Never underestimate that.

            1. $3 Billion in commerce each day occurs on the BTC Blockchain alone. Skeptical or not, it is already moving all sorts of value.

          2. Crypto requires access to telecommunications and electricity, which governments control.

            It also requires use of semiconductors, whose importation is controlled by government. And wiring. And plastics. And materials produced by mining the Earth and refined by labor, all regulated by government.

            To pretend that crypto is secure and independent from government is naive.

            1. Sure, but this also depends on all governments being in agreement for all time as to how they can regulate it.

              Generally, I share your pessimism in the long run, but it’s a tough nut for them to crack at the moment.

            2. To pretend that government would shut down telecommunications and electricity to stop btc is fucking nuts.

    2. I agree, the article is incomplete. The problem isn’t the Feds issuing their own currency, the problem is the feds issuing their own currency and co-opting and regulating existing ones, from copper wires to exchanges to crypto algorithms.

      One way to deal with too many lit candles is to go around extiguishing them. Another is to tax wax production and light every candle at both ends.

      1. I think the article is fair for the point that it is making: Don’t confuse Fiat Crypto with Real Crypto like Bitcoin. Bitcoin’s value is not just the trustless blockchain that solves the Byzantine General’s Problem, but it is also an ecosystem created by the consensus of its users, not some central authority. Several years back, the miners of Bitcoin largely supported increasing the block size of BTC, and tried instituting that change. It was rejected by some miners but more than anything, rejected by Non-mining block nodes that propagate the chain. This is the inherent democracy of Crypto- no one can change it whatsoever without mass consent. And if you don’t have mass consent, then the entire blockchain becomes less useful as it forks into two.

        1. There is no ‘real’ crypto. If it’s cryptographically secure but generation/minting is controlled by a tight corporate board, is it ‘real’ crypto? If its production is decentralized but not cryptographically secured, is it ‘real’ crypto? If it’s decentralized and cryptographically secure, but you can only exchange it at approved exchanges and use it for approved uses, is it ‘real’ crypto? If you can’t secure or insure it against manipulation except by storing it in a federally-backed bank, is it ‘real’ crypto? What majority consented to taxing BTC as an asset rather than as a currency?

          1. “If it’s cryptographically secure but generation/minting is controlled by a tight corporate board, is it ‘real’ crypto? ”

            This is a fair point- which is why I tried distinguishing between fiat and crypto “like Bitcoin”. I agree though, that there are many altcoins out there that are not much better than fiat. Even Ethereum, despite its utility, seems to be run by people who are too smart for their own good. Caveat Emptor.

            “If it’s decentralized and cryptographically secure, but you can only exchange it at approved exchanges and use it for approved uses, is it ‘real’ crypto?”

            I don’t know of any crypto currencies that you can ONLY exchange at “approved” exchanges or that are only useful for “approved uses”. Do you have some examples?

            Certainly, the government can make crypto currencies more difficult to use, but that is not an inherent property of the crypto (specifically Bitcoin) itself. Whether the US government likes it or not, people are using Bitcoin to buy wheat in Botswana, and to buy McDonalds in El Salvador. 90% of Bitcoin’s total currency supply has been distributed to people around the world. People do not NEED an exchange to use it. All you need are two consenting individuals- one with BTC and another with a good or service- and the BTC can be traded.

            “If you can’t secure or insure it against manipulation except by storing it in a federally-backed bank, is it ‘real’ crypto? ”

            I’m not certain what you mean by this. How does a bank protect your crypto from manipulation? What even do you mean by manipulation?

            “What majority consented to taxing BTC as an asset rather than as a currency?”

            For some reason people keep acting as if it is some inherent flaw of crypto that Governments are assholes. How governments chose to regulate a thing is completely on the governments, not a problem with the thing.

            Guns are great for protecting your person and property- and even your liberty. Is it an inherent problem with guns that the government can restrict what you are allowed to buy and even confiscate them from you? Is it a flaw of guns that you cannot buy ammo in California without an ID and a Background Check?

        2. In other words, it can’t adapt as needed and will be replaced by a newer and better crypto, of which there is an infinite supply.

          1. History suggests that you are wrong here. Because the block-size maximizers did manage a hard fork later, and rather than replace Bitcoin, the new chain was roundly rejected and now trades at about 1/100 the value.

            While it is possible that Bitcoin will be replaced by something better, so far it doesn’t seem like anything is up to the task. Ethereum is coming up a close second, but it is not clear that its “adaptability” is a selling point. And it is not clear that the two are mutually exclusive. In fact there is already a bridge between the two block chains that allows relatively painless liquidity between the two.

            Rather than consider BTC and other Cryptos a mutually exclusive set, you should think of them as part of a new ecosystem. Do you want something that is cash-like that won’t lose value while you hold it (unlike cash)? Then bitcoin is useful. Do you want to instead put that money to work, with varying levels of risk? Then maybe you move a portion into Ethereum or one of the other block chains. While it is possible that some specific altcoin becomes the new uber-coin to rule them all, it seems like the trend is more towards them all having a utility niche and then free exchange between them.

            1. I think the actual usable benefits of the technology in the medium term will be something we don’t expect. It will be merged with some other technology or function.

              I am pessimistic in the long run. Theoretically, the hardware that could make crypto ubiquitous could also create the processing speeds and power to “break the block chain” in some way. The powers that be will find a way to warp it to their ends.

              In the short term, speculation sure is fun when there’s a bullrun.

    3. An official crypo; once they kill cash, will be the worst possible outcome. I think it will be the inevitable outcome. No, they won’t allow any competition. It will eventually be a felony to use any non-government issued digital currency.

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  2. It’s a pity they released this at the same time as the morning lynx. There really is an amazing revolution in currency underway, and it should be discussed more.

  3. Just think what a national cryptocurrency could do, with direct federal management of all exchanges. We could have real-time applications of taxes, and even variable prices, based on the social-political status of the parties involved. For example, you thought you were “selling” something to a person with higher status than you, but the feds can transfer money from your account to his, because fairness.

    1. I have no objection to the federal government moving more shit to the Block Chain. Estonia adopted a federal blockchain a mere year or two after Satoshi Nakamoto created it. It actually boggles my mind how quickly they adopted this technology and put it into use.

      Consider this- that you own property in Estonia is a fact that is stored on the Blockchain. And that Block Chain is propagated around the world and highly resistant to hacking or spoofing. The record is also encrypted, so nobody actually knows that Earth Skeptic owns 123 Estonia Blvd. But at any time, you can provide cryptographic proof to somebody- say a bank looking for collateral for a loan- proving that you own it and they can verify it on a copy of the ownership database that they own.

      The Nakamoto Block Chain is an innovation along the lines of the Printing Press. There are amazing things that it can unlock for humanity. So naturally totalitarians of all stripes fear it and want to use it for their own totalitarian ends. Fiat Currency on a Block Chain is, to put it mildly, about as helpful to humanity as mass printing of Das Kapital or Mein Kampf.

      1. Oops, spilled coffee/solar flare/hit the power/got hacked/gov’t decides to change values.

        1. Your nuts may be salty, but you have no concept of a distributed network.

          1. National Socialist Trumpistas only come here for hate raids. The Mute User button top right blocks the pathetic wretches like so many telemarketers or phone bank vote wheedlers. The article is about government thugs bullying a young girl, so small wonder they feel attracted.

      2. The Nakamoto Block Chain is an innovation along the lines of the Printing Press.

        This is hyperbolic bullshit. Just abject garbage.

    2. also it will make freezing your accounts a snap whenever you are being investigated for anything. and you won’t have any purchasing power to pay for your defense.

  4. “Governments Want To Control”

    Every headline until November 2024.

    1. Every headline for all time.


  5. Unregulated money, what could go wrong?

    1. We could never survive without regulation

    2. Stupid Nazis; what could go wrong? Aw, millions of murders or so.

      1. It was wrong, but it felt so Reich.

    3. Never-mind that good old Supply and Demand natural regulation.
      Surely only the same Gov-Gods that make the weather can regulate Supplies and Demands.

  6. The one thing we will never see is Blockchain voting.

  7. BTW, we had a POTUS who did remove many regulations and slowed to increase by quite a bit and Tuccille did everything he could to make sure that guy wasn’t reelected.
    Hey, Tuccille! We got what YOU deserve!

    1. One of the horrors of the [WE] foundation. No person can be left with Individuality.

  8. In other shocking news, water is wet!

    I mean… What else did you expect for a reaction?

    Let’s go, Brandon!

  9. i’m not sure why i would use a cryptocurrency unless i wanted to hide or launder money. given how volatile a currency like bitcoin is and how long the transaction times are and the high transaction costs it is not something that can replace the dollar. criminals like it because they can hide their drug & other criminal money. that being said i can say that we don’t need more big government control.

    1. Well, let me tell you why: I bought BTC in 2012 for $20.

      Now they are worth $57,366.

      And there’s no reason the government is going to slow down the dollar devaluation.

      1. ^THIS… Apparently ‘justme’ is too blind to see the verge of hyper-inflation going on.

        1. How much of that 2850% relative increase in the price of BTC is the dollar being devalued and the BTC being over-valued?

          You do realize that, historically, hyperinflation destroys not just the primary currencies, but several other value stores as well, right?

          Take your pick of ill-gotten inflated currency, what’s to stop it from moving to BTC? How does BTC cryptomagically legitimize it? If we, dollar-for-dollar converted the currency to BTC and the government kept taxing and spending in BTCs instead of dollars, would you be relieved?

          1. The block-chain supposedly doesn’t allow the Gov-Gods to stuff the money supply. Unless of course they ‘own’ the block-chain as well told in the article. It’s the very reason ‘fiat’ money started in the first place – so the Gov-Gods could STEAL the citizens labor under the covers.

          2. When that inflated currency moves to BTC, what happens to the price of that BTC?

            Hint: It’s the opposite of destroying the currency.

      2. 20 dollars in 2012 is the same as 23.83 today (19.2% inflation, officially). The real rate is probably double that.

        But most of that 57K in value is from speculation or from more people starting to use crypto.

        1. lol officially.

          Unofficially we’ve doubled the dollars since 2012.

    2. @justme
      JFC, you are as ignorant as our geriatric overlords.

      1. then educate me. give me 3 reasons to use crypto.

        as to elvis reason i would say that just as many people have lost as much. bitcoin is basically gambling. there is no value behind the currently — its just speculation. if i buy 10 shares of stock i own something — ownership in a company. if i buy 10 shares of bitcoin what do i own? answer: nothing. it can go to zero tomorrow.

        1. I can think of a reason why the party that believes they’re not going to loose anymore elections would like to use/control an official cryptocurrency:

          Funds can be moved around, say between a lobbyist group and and certain elected individuals, and no one will know about it except those at the reins of power. At the same time, transactions that don’t serve the party can be scrutinized as needed, and made public as necessary. Which is a devastating tool to be used against the party’s enemies.

        2. I’ll educate you:

          1) Bitcoin is actually pretty terrible for laundering money. The reason you launder money is so that you can use illegally obtained money for legal purposes. Unfortunately, once you “taint” your Bitcoin with a known illegal transaction, it becomes almost impossible to get that bitcoin out to a legal transaction without identifying yourself in some sort of KYC mechanism. As always, if you are going to be dealing drugs, the best way to do it is Cash.

          2) The transaction times for Crypto Currencies are not significant problem with layer two transaction systems.

          3) If you want reasons to use the currency, ask Tesla or MicroStrategy or the nation of El Salvador.

          As an average american, there may not be a big compelling reason to hold crypto. But for large companies it is an effective reserve that holds significant advantages over other cash-equivalents. Consider that if you were a company operating on razor thin margins this last year, 5 – 6% inflation on your cash reserves can be the difference between paying a dividend and being unprofitable.

          And if you are in the Developing World, crypto is an absolute godsend. Less than a third of El Salvador’s population has a bank account, but there are actually more phones than adults in the country. Bitcoin allows them to receive remittances from family in the US for pennies, rather than the heavy transaction fees and delays of using Western Union. By relieving people in the developing world from having to use banks to transfer money, Bitcoin frees them from the clutches of their crony governments that will inflate the local currency or impose hold limits on their accounts. In this way, Bitcoin is already proving to be an amazing innovation for the most vulnerable people in the world.

          On Smart Contract blockchains, like Ethereum, there are far more complex and striking changes to finance. Decentralized Finance systems like BlockFi, Uniswap and CompoundAI allow holders of currency to deposit money into a transparent pool of liquidity to be used for transparent and predictable purposes.

          We are increasingly seeing the end to days when banks acted like they were doing you a favor and they then “invested” it in various schemes that make them Too Big to Fail. Instead, if you want a modest return on investment, you can pool your money in a Swap pool- when people want to (say) swap Ethereum for Cordana, they use this pool and you get a fee for the action. That pool is totally autonomous and its rules fully transparent. If you want a little more risk, you can fund a loan pool. That allows people to borrow money if they prove that they already have that much money. As soon as their wallet balance drops below some multiple of the loan amount or they miss an interest payment, the block chain automatically clears the loan and you get your money back.

          From stores of value against the nation’s inflation craziness, to giving monetary freedom to the developing world, to new ways to actually invest your money, there are endless reasons to buy crypto.

          But I suppose there is no real reason to convince you. There is over $400 Billion each day in total crypto market volume. Whether you join in or not, it isn’t going anywhere.

          1. “Consider that if you were a company operating on razor thin margins this last year, 5 – 6% inflation on your cash reserves can be the difference between paying a dividend and being unprofitable. ”

            And losing 60 to 80 percent on your company’s cash reserves in a few months when bitcoin tanks again can lead you to an early retirement for making such a boneheaded decision.

          2. 3) If you want reasons to use the currency, ask Tesla or MicroStrategy or the nation of El Salvador.

            Uh, Tesla stopped accepting BTC, I’ve never heard of Microstrategy, and El Salvador is hardly an economic paragon to emulate.

            Also, your championing of layer 2 transactions, a.k.a. off-chain transactions, demonstrates that you don’t actually give a shit about crypto, decentralization, or freedom as much as masturbatory hype.

            It’s actually getting hard to tell if this isn’t an OBL-style parody of crypto fanbois.

            1. “Uh, Tesla stopped accepting BTC”

              They still hold enormous amounts in their treasury reserves. Look it up.

              “I’ve never heard of Microstrategy”

              Which says more about you than it says about Crypto.

              “and El Salvador is hardly an economic paragon to emulate.”

              Why, exactly? They just introduced Bitcoin as legal tender in the last month. Why was this wrong?

              “Also, your championing of layer 2 transactions, a.k.a. off-chain transactions, demonstrates that you don’t actually give a shit about crypto, decentralization, or freedom as much as masturbatory hype.”

              Why do you think that, MC? An off-chain transaction can still be trustless. The Lightning Network trades on-chain transparency for lower transaction costs and speed. These transactions are not suitable for large money movements (that is what the block chain is for), but they are perfectly suited for (say) paying Starbucks for coffee. Of course, since you know nothing about the Lightning Network, you probably don’t know how this could be Trustless as well as Off Chain. If you would like, I can happily educate you.

              “It’s actually getting hard to tell if this isn’t an OBL-style parody of crypto fanbois.”

              WHy? Because people like myself disagree with criticisms that have been made and answered 5 years ago?

              You think you are the first person to suggest that Bitcoin is slow (or not anonymous, or one of the other three or four criticisms that smart people come up with)? This shit was being discussed within the first weeks of Bitcoin’s existence. Within months it was being figured out by contributors- you can actually go read the primary sources on mirrors of cypherpunks and the bitcoin forums.

              This isn’t about “fanbois” this is about you bringing up arguments that are 10 years old.

              1. This isn’t about “fanbois” this is about you bringing up arguments that are 10 years old.
                This is 100% true. It’s sort of how libertarians feel when a bunch of new accounts show up and start asking “WHO WILL BUILD THE ROADS?!?!?!?”

          3. @overt, thanks a lot.

        3. Nobody has possibly lost 57,200 per coin. If you bought at the very top @ 62 and sold the bottom @30, you lost 50% of your value. That’s literally the worst case scenario. If you bought at the top and held, you’re down 10%.

        4. The company you own stock in can also go to zero, and then you own just as much nothing

  10. I’m sure Biden & Co will handle this with the deft and efficiency they’ve shown over and over the last 10 months.

  11. The money printer going brrrrrrrr… Has printed itself into uselessness.
    Next step; cypto-currency printer goes brrrr…..

    Lefty Politics every-time; to Conquer and Consume. Until the terrible day; there is no longer anything left to Consume.

  12. Only a libertarian would be surprised that governments would keep control of their currencies. You know, like governments have done as long as there have been governments and currencies.

  13. Government regulators are having a cow because they don’t know where the 67 billion dollars supposedly backing Tether’s “stablecoins” are located, and are not sure if they have actual dollar reserves to match the stablecoins one for one.

    Without mentioning that regular old banks are allowed to operate with 10% reserve levels.

    1. The owners of stablecoins are the ones who should worry about that.

    2. And why are banks allowed to operate like that? Is it because government likes taking huge risks? Or is it because the FDIC mitigates any risk for customers of any particular bank?

      If you want to be a bank and you don’t want the protections that come with it, you’re probably making your money selling drugs or kids.

      1. lol… right; because using *earned* money instead of ‘fiat’-theft money is like selling drugs or kids…. UR a funny one aren’t you.

    3. Caveat Emptor.

      If you are on a libertarian website, you had better grapple with a specific concept: When you no longer have the government managing every little risk, you assume some of that risk. Personally, I find it to be a trade worth making. Federal Regulation and Oversight didn’t stop a $100 Billion Worldcom from collapsing, wiping out millions of share- and bond-holders. And lack of Federal Regulation and Oversight may mean you lose everything if you foolishly hold significant Tether reserves.

      That article adds some color commentary which is very interesting, but honestly, I and my circle of investor friends have steered away from Tether since reading their first audit. A significant amount of their “cash reserves” are in commercial paper which is inherently risky. Compare that to USDC (a competitive stable coin) and it looks extremely fishy.

    4. Even completely removing that 67B from BTC’s valuation doesn’t cause a significant drop.

      BTC Cap: $1,005B
      New BTC Cap: $938B

  14. The only way to avoid any sort of tracking of spending is to use currency and coin. Credit card transactions and checks can either be tracked, or they can be subpoenaed.

    On the other hand, non-government cryptocurrency is used for illegal activities, whether drug transactions, blackmail, extortion, ransom, or the laundering of illegal activities.

    Warren Buffet thinks cryptocurrencies are worthless, because they don’t value anything, unlike stocks, bonds, currencies, precious metals, or commodities.

    His business partner, Charlie Munger, thinks cryptocurrencies are contrary to the interests of civilization.

    Based on the Oracle of Omaha, a cryptocurrency from the Fed, despite the privacy concerns, makes more sense.

  15. Good idea.. used too much in CRIME. Ban the worhless junk.

    1. As-if the federal counter fitting operation in the USA wasn’t a crime.
      For every $1 they print those who labor for it just got screwed out of 50% of their labors.

  16. Only when Democrats are in charge are they talking about crypto, yet they claim Republicans spend sooo much money. Here is an easy way to check the current debt.

    That’s it. Trump raised it 1.1 trillion before Covid. Biden has raised it over 3 trillion so far. He also has 190 more people on his White House staff spending an extra $10 million a year than Trump. Obama doubled the debt, which went to 22 trillion before Trump came in. Trump raised it 3 trillion and Biden increased it 3 trillion in 8 months. Yet, we’re constantly told Republicans spend more. Trump spent less in his first 4 years. Imagine if he had 20 years?

    1. You forgot to explain why “spending less” is a virtue. Especially during a global crisis.

      1. You forgot that government is the primary cause of the global crisis.

        But how about Inflation? Saddling future generations crushing debt? Destroying basic incentives to be productive for yourself and your family? Because increased dependency on public spending gives them all sorts of levers of control on the lives of individuals?

        Unless you think governments can just create as much currency as they want and arbitrarily tack whichever value they like to it. Which, funny enough, is the long term wet dream of government electric currency.

        1. The US government can create however much money it wants, as we have seen under Republican and Democratic administrations for many decades. If you haven’t had to pay a “debt tax” in all that time, why should your ancestors?

          “Government is the primary cause of the global crisis.”

          Government infected everyone with a virus? Sounds like a conspiracy theory.

      2. Why should the [WE] foundation “spend less”?
        BECAUSE it’s NOT THEIR MONEY!!!!
        You just as well of asked why armed bank robbers need to spend less.

        1. It is their money. They manifest it out of thin air. That’s what the government can do.

  17. The real problem is that over the decades we’ve let the government frogboil us into giving up one of humankind’s most treasured rights–financial privacy. We’re told that only evildoers, as opposed to everyone who has ever lived and worked, desire or need financial privacy.

    And so, the governments strip us all of that fundamental right, while simultaneously imposing enormous transaction costs and vulnerabilities on all of us, in the name of stopping evildoers.

    Of course, evildoers also use restaurants, clinics, grocery stores, gas stations, consumer electronics, personal security devices, babysitters, video streaming, plumbing, etc. Frogboiling KYC and other such regulations into all those activities would take too long.

    So they’ve dreamed up CBDC.

    BTW, stopping evildoers has always been subterfuge. Finreg is almost entirely about control and plunder.

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