Probably the worst offender is Facebook and Mark Zuckerborg. You will be assimilated. Resistance is futile.
We’re all skeptics here, but I think that even this group would be surprised to see how much information tech companies have on each of us. Or worse, my kids! And none of this is illegal let alone regulated.
Governments and private corporations alike have a strong history of data collection, so much so, that some even require several acres of land just to house the servers for that data. What’s worse, is how that data can be used, abused, stolen etc… Privacy will become a thing of the past eventually.
Off the current topic of CDBC, I am always busy pursuing new brokers. Since I gained residency outside the US, I’ve gotten a little too comfortable and have run up against a new barrier- My citizenship. I haven’t been able to open accounts recently with a couple of brokers that look promising, so it’s time for the next step. An IBC. The current plan is to put it into a US holding company so taxes are simplified. Have you guys seen the deal in Puerto Rico? Sounds too good to be true but I’m looking into it.
All I’m doing is clearing the hurdle for the broker to take my business. I have that structure worked out, but now, it’s the damn banking. The banks that I’ve spoken with generally view CFD trading as ‘high risk’. Go figure.
Here’s a recent reply about setting up a corporate account from an Asian broker, with zero spread most of the day on majors.
Kindly be advised that we do not have any national limitations on shareholders or beneficiaries associated with individual persons.
However, if the beneficiary is a legal entity located in the US, we cannot proceed with a partnership with you.
Similarly, if the corporate entity is located outside the IRS (Internal Revenue Service) regime but generates business revenue from the US, we are unable to proceed with the partnership.
To put it simply, we will avoid any corporate or individual accounts that are subject to IRS reporting.
Feel free to provide us with more information about your case and we can assess your eligibility to open an account with us.
Just another case to be made for crypto v. CBDC:
True! I am still voting based on politcians’ voting records in all elections. It’s the best metric we have.
Some type of intermediate solution may be the best outcome. Digital dollar without expansion of the central bank’s powers and leveraging private sector is mentioned as a possibility in the gov white paper.
There is value in considering new technology pros versus cons and what a positive path forward would look like. After kicking it around for a while, I agree that any expansion of central bank’s role should be avoided. It is hard to imagine a scenario where more central bank power ends well.
Although I agree, the central banks will expand internationally to the point that all nations will be forced to participate, .Although I am not a fan of CBDC, I see the inevitable. My only hope is that crypto will remain the same and co-exist with CBDC in the future
July 10, 2023
Such is the scale of exploratory work by central banks, there will be 15 retail CBDCs by 2030, the Bank for International Settlements (BIS) has predicted
Most central banks are exploring the viability of introducing a central bank digital currency (CBDCs), according to the Bank for International Settlements (BIS), which expects there could be as many as 15 retail and nine wholesale CBDCs in circulation by 2030.
The new research, released today, is further indication of the promise that CBDCs pose in spite of concerns about security, privacy, and the scope of any future central bank-linked digital currency.
BIS surveyed 86 central banks in late 2022 about their role in exploring a potential CBDC of their own. More than half say they are conducting “concrete experiments” or working on a trial, while the proportion of central banks who say they are engaged in some form of CBDC work has risen to a staggering 93%.
The recent turmoil in the crypto market does not appear to have dented central banks’ confidence in CBDCs, with nearly 60% of those responding saying that the emergence of crypto assets and stablecoins has accelerated their efforts around CBDCs.
CBDCs, or central bank digital currencies, are digital assets linked directly to a country’s central bank – like the Bank of England or the Federal Reserve. On a retail level, CBDCs exist as a type of cashless payment instrument between central banks and consumers; on a wholesale level, they are intended for use in transactions between banks, central banks and other financial institutions.
Despite the excitement around CBDCs, there are still some concerns about their use. Because of their programmable nature, it has been suggested that CBDCs will be used to control consumer spending – for instance, by only being valid in areas of the economy where the central bank wants to stimulate spending.
And, because CBDCs are a digital currency with transactions recorded on a ledger, anyone with access to that ledger has access to your transactions. That means they could be used by unscrupulous governments for surveillance.
https://fintechmagazine.com/articles/cbdcs-15-central-bank-digital-currencies-by-2030-bis-says
-This would be ideal, and I believe that this can be achieved with cryptocurrency, even if I believe that the likelihood of that is slim.
I think that the current model is dated and needs to change. My hope is that we will eventually see more freedom, more privacy, better/faster services with less fees and restrictions etc., but my expectation is that we will actually see a mutated version of this, where concessions are made as a result of our bought-and-paid-for elected/appointed officials convincing the masses what’s best for us.
-If we look at the video posted above about BOA and how banks are making billions per year off of junk fees, it is no wonder why banks are scrambling to push for and implement CBDC’s.
With cryptocurrency, there is no hold on your deposits. There is no middleman charging you junk fees and putting limits and restrictions on your own money. There is simply the miners that know nothing about you, that charge you only what is required to validate the transfer.
Transfers on the blockchain never sleep. There is no waiting until the bank opens and there are no hidden fees. This is where we should be looking, but banks and governments do not want this because it places limits and restrictions on them instead of on us; limits on their profit, access, control and power etc…
I think what you wrote here also makes an argument for them closing the Fiat On/Off-ramps? What’s going to stop them? And of course, it will be for our ‘safety’.
-I assume that you are referring to crypto-to-fiat transfers and vice versa?
We have seen some attempts of that already. US regulation and opposition to crypto has been very strong here. The result of such activity has resulted in pushing crypto-based companies and innovation overseas and isolating US investors. They have carefully crafted a narrative that has left crypto looking like an unsafe, complex investment that causes banks to fail and that is actively used by criminals.
In addition to ‘operation isolation and smokescreen’, they began to target US players, which further-isolated US investors, while also causing great panic and fear about crypto stability and security. As the crypto markets reacted significantly to everything that was taking place, this only gave more credibility to their argument that crypto was not a stable investment.
All of this paved the way for the great solution. The great, innovative solution that will solve so many of our problems. I guess, their hope is that people are too stupid to realize that most of what they are proposing is already available with crypto, but without all of the shenanigans.
I honestly think that crypto is here to stay. Seeing massive companies like BlackRock join the game is significant. You do not see companies like this make moves unless they are absolutely certain. So, the best the banks/governments may hope for is to continue putting significant pressure on US players, cracking down on bad actors and non-compliance, while positioning CBDC as the ultimate solution.
My hope is that with bigger financial groups joining the game, that we will see wider adoption and overall acceptance of crypto here in the States, and we will continue to see groups like the SEC scrutinized for deviating from their supposed, primary objective.
It is no surprise about Blackrock, Fidelity et al., by the way. Even I would not be surprised if everything that has transpired up until now, had these groups backing their play, and were all part of the plan.
It’s interesting when we talk about going offshore to escape the CFTC/SEC etc., but I never thought that we would actually have to seriously consider doing that in any literal way. I have always entertained the idea as an option, but never seriously considered that it could be our only option.
It doesn’t help any to read articles about how the EU wants to put an end to golden passport programs and how the US renunciation fee is the highest in the world at over 2.3k. It should be very clear that the fundamental purpose for governments to serve their people is not the reality that we currently live in, and that governments are self-serving entities that will stop at nothing to maintain power, profits and control etc…
I believe that things can change, even without a nuclear reset of sorts. But such great change can only happen if people educate themselves and speak out, take action and refuse to settle for anyone or anything that does not serve their best interests.
Although I foresee more things being decided at the state level in the future, and the political divisiveness that will result from that, I do see how having smaller government could be beneficial, and can potentially help pave the way for a better future, where we can prioritize the fostering of well-being of both, humanity and planet etc…
Eventually, having smaller, state-level government could bring about more awareness and realization that government, in the current, traditional sense, is simply not needed, and that the borders that divide us today, will become a thing of the past. We will be able to self-govern and self-sustain. Some day, anyway.
Yes, exactly. You mentioned heavyweights like Blackrock and Fidelity coming in. All part of the plan. I’m sure they’ll have access to crypto liquidity and make billions while the unwashed masses will be excluded. Yet another club that we can’t join. They don’t have to trade FIFO at 50:1, right? And don’t get me started about spreads and swaps of “regulated” US brokers. It’s legalized theft. I just read a comment here from some guy who paid $10USD for one day swap, on a half lot E/U trade. SMH. I’m sure the spread was just as ugly.
I already had one foot offshore when Silvergate collapsed. That caused problems for my business and set off an alarm to get busy. I became complacent.
I don’t believe you have to go that far offshore (for now). As I’ve posted a few times, brokers don’t want Americans because of reporting and capital requirements courtesy of U.S. Treasury, CFTC, etc… Remove that hurdle for them and they’ll happily give your non-US entity an account. The banking is the hard part to navigate but it can be done.
I hope you’re right but I think the odds of some type of reset now are climbing. The rot is deep and most voters are too busy being indoctrinated on their cell phones to look up and ask a question. Their tolerance and indifference, to so many things that have shocked me in the last few years, has reached levels I never thought possible.
Even worse, when voters do look up, many are now afraid to speak their mind.
They won’t let go easily.
-Indeed. My hope stems from the fact that we are seeing more and more of the dirt rising to the surface. I predict that this will continue to happen. I believe that a shift is occurring, not only in this country, but on this planet, and that as more is exposed, more and more people will wake up and speak up. This is how change will happen. It won’t happen overnight, it will happen very slowly, but it will happen. And if it doesn’t, I expect that another reset will occur.
Probably, some of you here have seen videos from this channel, if you have thought about citizenship-by-investment programs, golden visa programs, offshore banking and residency, offshore tax-reduction schemes, even citizenship renunciation etc., but here is a different take on CBDC’s and how to protect yourself going forward:
Gensler’s SEC is a complete joke, He needs to go ASAP
Rep. Torres (D-N.Y.) requested investigations into the SEC granting a special purpose broker-dealer (SPBD) licence to Prometheum, “a trading digital assets platform that does not trade digital assets,” under unusual circumstances, and for its failure to create a rigorous but workable process for registering real-world digital assets platforms.
“The dubious decision to licence a deceptive digital assets platform reflects the latest attempt by Chair Gary Gensler to politicize the registration process to an extent seldom seen in the SEC’s history,” Torres wrote. “When it comes to trading platforms that operate in the real world, the SEC’s path to registration remains a bridge to nowhere.”
https://www.yahoo.com/finance/news/congressman-torres-calls-investigation-sec-063120445.html
Regardless of which political party you associate yourself with, it is always good to know that there are elected officials that:
It seems that there is ever-increasing justification for removing Gensler as Chair.
Agreed!
DeSantis, Ramaswamy, and RFK so far are outspoken against CBDC. We might hear from others as well.
As noted, it’s key to discern who is likely to keep their promises. Several states have already enacted laws to stop CBDC.
Over 100 countries are researching CBDCs, but only 11 are deployed, according to the Atlantic Council. There are several studies pretty far along, including a two-year project from the European Union, a multinational initiative in the Middle East called Project Aber and, perhaps most worryingly to U.S. pols, China’s “digital yuan,” which debuted to the world during the last summer Olympics, among dozens of other on-going proof-of-concepts and pilot programs.
Whoever was impacted by the FTX debacle or have a email on file should have receive this email.
|NOTICE TO ALL FTX CUSTOMERS**: SEPTEMBER 29, 2023 IS THE DEADLINE TO FILE PROOFS OF CLAIM ON ACCOUNT OF CUSTOMER CLAIMS AGAINST THE FTX DEBTORS.**
On June 28, 2023, the United States Bankruptcy Court for the District of Delaware (the “Court”) entered an order [D.I. 1793] (the “Bar Date Order”) in the chapter 11 cases (the “Chapter 11 Cases”) of FTX Trading Ltd. and certain of its affiliated debtors and debtors-in-possession (collectively, the “Debtors”) establishing September 29, 2023 at 4:00 p.m., Eastern Time as the deadline for each person or entity (including individuals, partnerships, corporations, joint ventures and trusts) holding a Customer Claim (as defined below) to file a proof of claim in these Chapter 11 Cases (the “Customer Bar Date”). All proofs of claim must be filed so as to be actually received on or before the applicable Customer Bar Date.
Please find below a link to the following important notice filed in the bankruptcy proceedings of FTX Trading Ltd., et al., Case No. 22-11068, United States Bankruptcy Court for the District of Delaware:
This email contains important instructions for submitting customer proofs of claim and we encourage you to read it in its entirety. Below are a few important things to highlight about this email and the notice you are receiving herein:
You are encouraged to submit proof of claim forms electronically using the Customer Claims Portal that has been established at https://claims.ftx.com/.
Receiving this notice does not mean that you have a claim or that the FTX Debtors believes that you have a claim – all FTX customers with emails on file are receiving this notice.
Additionally, not all customers need to file claims. The below notice describes which customers should file claims.
Please click here https://claims.ftx.com/ to access the Customer Claims Portal, where you may view your account balance and transaction history, submit Know Your Customer (KYC) information and electronically file a proof of claim via an online claims platform.
If you are unable to login to the Customer Claims Portal, please contact support (available via the Customer Claims Portal) to recover your account login. Otherwise, please click here https://ftx-forms.ra.kroll.com/efiling/fr/410/customer-claim-form/new to submit a claim without (i) viewing your account balance, and (ii) submitting KYC information.
It seems like we’re getting some movement out here now
U.S. House Republicans introduced a new digital assets oversight bill on Thursday that aims to establish a regulatory framework to protect investors in the crypto sector.
“Today’s introduction of the Financial Innovation and Technology for the 21st Century Act marks a significant milestone in the House Committees on Agriculture and Financial Services efforts to establish a much-needed regulatory framework that protects consumers and investors and fosters American leadership in the digital asset space,” said Chairman of the House Committee on Agriculture Rep. Glenn “GT” Thompson (R-Pa.) in a statement.
The bill, one of several introduced in recent years that aim to create comprehensive rules for digital assets, comes at a time when a perceived lack of regulatory clarity and a wave of aggressive enforcement actions are spurring established crypto businesses to consider leaving the U.S., and deterring startups from forming there.
Thursday’s bill, first drafted in early June, aims to lay down a regulatory path for crypto exchanges to register with the U.S. Securities and Exchange Commission (SEC), and would enable them to trade digital securities, commodities and stablecoins all in one place.
https://www.yahoo.com/finance/news/u-house-republicans-introduce-crypto-215511651.html