Central Banks Launch Public Attack on Cryptocurrencies

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(Edited)

Can you believe the world central bank has the nerve to say cryptocurrencies 'work against the public good'? Well I can, and I think this is just the beginning of their full court press.


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As CBDC's (Central Bank Digital Currencies) start to be pitched more and more frequently by central banks around the world I figured it's just a matter of time before they attack their "competition".

For the record I don't believe CBDC's are real competition for crypto's but that wont stop central banks from attempting to position their product against them.

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World's central banks launch new campaign against cryptocurrencies

Woke up to a fun little article in the CBC on how central banks will begin openly campaigning against cryptocurrencies. I mean with nearly the all the resources in the world on your side, why would you sit back and passively attack from the sidelines?

Makes total sense to me that the establishment go through main stream media to "inform" people that their product is superior and that the competitor (cryptocurrencies) "work against the public good".

Tell me how open source decentralized technology works against the public good?

If you want to read this complete piece of FUD you'll find it here.

If not here's the too lazy didn't read version:

  • Central banks launch new campaign against cryptocurrencies
  • Central bank-owned Bank for International Settlements says cryptocurrencies 'work against the public good'
  • Recent china crack down
  • BTC down nearly 50% from ATH
  • Alt coins like DOGE down from ATH, holders sad
  • Traders got wrecked margin trading
  • Compare to great crash of 1929
  • Bitcoins wild ride. Show charts with volatility.
  • The Pitch: Central bank digital alternative
  • Explain the problem with crypto's

"Innovations such as cryptocurrencies, stable coins and the walled garden ecosystems of big techs all tend to work against the public good element that underpins the payment system," declared the BIS report in its conclusions. Walled garden systems are a bit like Canadian Tire money — effectively, chits that you can only spend in-house.

Apparently they haven't heard of blockchain interoperability or this little thing in DeFi called composability!

Proposed CBDC solution: Cutting out the intermediaries.

No your eyes aren't playing tricks on you, the central bank is proposing to solve the same problem that cryptocurrencies solve.

"You could pay someone just as you would by handing over cash, but do it digitally using your smartphone," said Shin in a video presentation Tuesday. "CBDCs are a claim on the central bank, which means the payment is certain and final without leaving things to intermediaries to complete the transaction."

Diagram To Explain How CBDC's Work

What Does This All Mean?

I think we need to understand that a war is about to be waged in which the establishment, central banks and their access to main stream media channels begin programming and conditioning the public to believe their product is what's best for you.

This is big business and there's a lot at stake for those in control of global economic policy.

Crypto has had a great head start, first mover advantage! While I think the cat is out of the bag and this may be some damage control to start changing the narrative, we should not underestimate the lengths at which these corporations (central banks) are willing to go to in order to maintain control of your mind and your wallet.

Ciao for now,

@agr8buzz

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12 comments
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That's going to be wild; with all the media on their side (in their pockets) they can make people believe anything (as has been tested extensively during the last 15 months).

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I'm really hoping they're too late and too many people have entered crypto that they'll just come across as looking tired and antiquated..

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Sure Central Bank knows that Blockchain itself is not dangerous, but the fear that if we start using decentralized blockchain as a complete substitute for our traditional transaction methods, it would destroy the very human foundation of our financial system as it will only breed insecurity and chaos due to absence of liability. Whereas incorporating cryptocurrency in the traditional centralized financial system not only speeds up transactions exponentially, but also it makes the system more user-friendly.
I just believe the CBDC n the govt are making all of these moves cos with Cryptocurrencies, it’s been hard for Google to take your privacy, government to take your rights, banks take your money, corporations to take your jobs. Crypto provides solutions

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Banks have been exploiting people and devaluing the dollar for long enough. Blockchain is a massive threat to any centralized "authority". They will wage war before they roll over and concede defeat.

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Not surprised by this attack. They always fight what they cannot control. The thing is, they are too late for this has cryptocurrency and the blockchain is here to stay

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Exactly, my guess is the popularity of crypto has probably taken them by surprise and now it's time for them to act or face inevitable extinction.

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The banks do not want a situation like El Salvador to be replicated in another country, and since that would prevent them from having control over the economy and the people, they will fight with everything they have.

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For me it is normal for this criticisms to come up. The perception to which everyone sees things different so it is normal for them to do this. I am sure itlf they can reason from our perspective they may have a change of mind

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