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Josh Sigurdson talks with author and economic analyst John Sneisen about the recent attempts by central banks to create their own cryptocurrencies including the Federal Reserve with "Fedcoin" and the Bank of England with what we at WAM will from here on call "Britcoin".
The funniest part is that they will fail much like Venezuela will fail with their petro coins. Cryptocurrencies are doing so well because people are flocking away from centrally planned currencies. All fiat currencies eventually revert to their intrinsic value of zero. They have since their inception in 1024 AD in China.
While the fundamentals are off the table in the monetary system due to the level of manipulation and we can't put a date on the coming crash, we know it's going to happen and this is a desperate attempt by central banks to keep people's faith. It's simply not going to work.
The global establishment wants to put forward a centrally planned cashless society through the IMF's SDR as we've seen most notably in China, India and Sweden, but this attempt is losing valuable time as the Fed attempts to push interest rates up in order to drop them out at the inevitable fall, and in doing so thus far they will end up with negative interest rates.
So they're offering gruel at the cafeteria while people are flocking to the 5 star meal. This is going to be to their detriment.
Individuals are intrinsically free and we will see people continue to flock to decentralized cryptocurrencies as well as gold and silver. The centrally planned systems will come crashing down as they should.
Stay tuned as we continue to cover these important issues.
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I don't think it is a good thing if centralized currencies crash. There should be a day where both find an equilibrium. I think that the US dollar really should be both paper and electronic at the same time. Completely equivalent and transferrable back and forth. This way there is a stable currency to trade from and base value from. That would be a benefit to cryptocurrency traders and the US government at the same time. For folks that want anonymity, there will always be plenty of decentralized currencies to choose from.
Tell that to the Rothschild family.
I find that pretty funny. Seems like they are losing their their own ideas. And options :)
They're desperate and it's hilarious. While we're at it, we gotta go get our hands on one of those new Venezuelan petrocoins! ---said no one ever.
Oh, I've read about that. They are willing to save their problem with oil-backed cryptocurrency. Well, it is surely better than US dollar. Or any other currency, losing value daily... But on the other way, the whole point of cryptos is that they are not backed by anything, or led by banks/governments. So I wouldn't take a chance with this one
The elites will do everything an anything they can to keep the wealth for themselves. Too bad the fiat currencies we have had to use that only made them rich is going by the wayside. The tides have turned. What good will $100 trillion dollars be when it can't be used?
Great post and i think there will be a lot more banks producing their own cryptocurrencies in the next couple of years,well it's either embrace crypto or loose out to it, as they must be releasing now.Thanks for sharing.
Very interesting! This looks very promising.
I upvoted your post plz
We have to be really careful for what's coming up next. If they fail at creating their own, they will take control of existing ones.
And that coin will only be helpful to them.
Probably. And it will definately not be anonymous.
Right! Lets just hope they will able to see the people who are really in need
I’ve been waiting for the value of the dollar to start decreasing cause of crypto currencies
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Holy shit, I feel so bad for Dodobirds. People just 'willed' them out of existence over time.
Their are many new available cryptocurrency now
there is low value of dollar rate in pakistan
Love your content mate!
Thanks a lot for this. Very concise and informative. I liked how to go over FIAT Money and talk about Freedom. My goal in the Steemit community of 2018 is to definitely become Free. My passion and exploration with the power of Steem I believe can do that.