{"id":57670,"date":"2021-05-05T06:06:31","date_gmt":"2021-05-05T11:06:31","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57670"},"modified":"2021-05-05T06:06:31","modified_gmt":"2021-05-05T11:06:31","slug":"dangers-of-programmable-money-explained","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57670","title":{"rendered":"Dangers Of Programmable Money Explained\u00a0"},"content":{"rendered":"
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Dangers Of Programmable Money Explained\u00a0<\/a><\/h3>\n<\/header>\n
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Dominic Frisby with\u00a0Money, Markets & Other Matters<\/em><\/a>\u00a0talks about the\u00a0war on cash<\/a>\u00a0and central bank digital currency, known as CBDC. He questions if CBDCs are\u00a0“the final step into the brave new world – Orwellian great reset dystopia – we seem to be heading towards” or are they “the onramp to the Bitcoin motorway.” He said the answer is “both.”\u00a0<\/em><\/p>\n

Frisby points out the biggest issue with CBDCs is that digital money is “programmable,” which means the issuer, such as the Federal Reserve or the Bank of England, can build specific rules into it.\u00a0He said cash grants users\u00a0freedom and power.<\/strong><\/p>\n

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Programmable money, such as\u00a0CBDCs<\/a>, means the user has even less control over their money.<\/strong>\u00a0Frisby said almost any kind of rule could be coded into CBDCs. He provides an example of\u00a0China mulling over the idea of expiry dates for its digital money.<\/strong>\u00a0This means those holding the programmable money have to spend the money by a specific time or it disappears from their account.<\/p>\n

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For those who aren’t familiar with Chuck Palahniuk’s 2018\u00a0“Adjustment Day”<\/em>\u00a0book, a similar concept of expiring money was detailed. Palahniuk is also the writer behind\u00a0“Flight Club.”<\/em><\/p>\n

Back to Frisby, who said issuers could manipulate money velocity by changing expiry dates. He said the money could be programmed to work only in certain areas or jurisdictions. He then warned:<\/p>\n

“Every transaction ever made will be visible to the all-seeing government.”\u00a0<\/strong><\/em><\/p><\/blockquote>\n

Governments will know your whereabouts and habits at all times simply by tracking your use of funds through the CBDC payment system. This can already be done, to some extent, by tracking credit card transactions, but the CBDC system will make state surveillance more pervasive.<\/p>\n

CBDCs also allow the government to have direct access to a person’s wallet to remove taxes and other fines.\u00a0<\/strong><\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Dangers Of Programmable Money Explained\u00a0 Dominic Frisby with\u00a0Money, Markets & Other Matters\u00a0talks about the\u00a0war on cash\u00a0and central bank digital currency, known as CBDC. He questions if CBDCs are\u00a0“the final step into the brave new world – Orwellian great reset dystopia – we seem to be heading towards” or are they “the onramp to the Bitcoin […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[56,3756,1035,124,4955,303,12394,31175,3650,4318],"class_list":["post-57670","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-bank-of-england","tag-boe","tag-cash","tag-central-banks","tag-digital-currency","tag-fed","tag-physical-currency","tag-programmable-money","tag-us-federal-reserve","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57670"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57670\/revisions"}],"predecessor-version":[{"id":57671,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57670\/revisions\/57671"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}