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Edward Snowden: Governments will destroy citizens’ savings with CBDCs

Edward Snowden: Governments will destroy citizens’ savings with CBDCs

coinfeeds-bot

tldr; Former NSA leaker Edward Snowden has warned that central bank digital currencies (CBDCs) are a "subversion" that the state made of the concept of cryptocurrencies. Snowden also warned that these coins could cause irreversible harm to the citizens of countries. He used the term “crypto-fascism” to refer to CBDCs that deny users basic ownership of their money. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*


-SkyPanda

Big government = bad. Big government with access to your every transaction = really bad.


Gwsb1

That's why the $600 transaction reporting is so dangerous.


thefullmcnulty

He is a modern day hero. Knowing his normal life would be over and that he would likely be suicided or put in prison for life, he still did the right thing. Major respect to Edward Snowden. Glad he is still around to be heard.


Magicihan

He is a true hero, followed by Julian Assange!! This two guys have more courage and heart than most people out there!


ArtMacCuinn

It still blows my mind that the media managed to successfully paint him as the badguy in the mind of most Americans. Bipartisan condemnation of the guy who let us know how extensively the government is spying on us. It's fucking depressing.


thefullmcnulty

“Public opinion” was overwhelmingly negative toward Edward Snowden and it surprised me. I always maintained he did something heroic and commendable. My dad, an ex Marine, literally said at one point Snowden should be executed for treason. I laughed in his face at that one. Some people just need to be told what to think I guess.


FolesFootLong

You don’t become a marine without getting real good at licking boots


thefullmcnulty

Just watched Full Metal jacked last week and now that I’m in my late 30’s, holy shit. The brainwashing of the Marines is second to none. They won’t just lick the boot - they will eat that thing.


Extremely-Bad-Idea

Edward Snowden and Julian Assange are the most important figures so far in the 21st century. His analysis is accurate and may foretell what awaits in the relatively near future. China is already part way there, having banned all crypto except its own Digital Yuan.


whitslack

CBDCs aren't crypto, are they? As in, what makes you the owner of some money isn't that you alone possess the private key for it but rather that the central bank has you recorded as the owner. Admittedly this is a big assumption on my part, but I just can't imagine that central banks are promoting a new bearer monetary instrument, given how much governments hate bearer instruments and have been working to eliminate them for decades.


tokyo_aces

It's crypto is the sense that "cryptocurrency" is "crypto" - they generally will use cryptographic ideas in their underpinnings, such as perhaps identity of the participants in transactions, anti-forgery of instruments, and anti-forgery of transactions and transaction history. Every country will do it differently, of course. It's worth noting that "crypto" does not have to be open to anybody, or free to mine/stake/etc, or have immutable transactions, or be anti-censorship, and so on. These are just some aspects of the common cryptocurrencies that came out of the communities who created the first ones. In fact, CBDCs will not have *any* of the above, with the possible exception of immutable transactions depending on whether asset seizure is implemented as a revocation of a transaction (rewrite history) or a forced deposit to a central bank's address (history immutable, but there are 'skeleton keys' for everyone's account).


Extremely-Bad-Idea

CBDC = Central Bank Digital Currency CBDCs are cryptocurrencies issued by the central banks of nations. These cryptos are specifically designed to allow their issuing government's security agencies and tax collection bureaus to track all transactions and deposits. The cryptos allow zero anonymity. They are the opposite of Bitcoin and other independent cryptos. The Digital Yuan is an excellent example of this.


whitslack

I know what the acronym means. And it doesn't imply anything relating to cryptography. A "digital currency" need not have anything cryptographic about it.


MyFeetLookLikeHands

Assange has been doing the bidding of the Russians for a while now… putting him in the same boat as Snowden is not fair to Snowden.


arBettor

mUh rUssIan wIkileAks


MyFeetLookLikeHands

Lol! Okay 🤦🏽‍♂️ likely said by someone that went and voted for a dude that has been shown to have the temperament of a child and squandered hundreds of millions of dollars of money given to him after he stood up and lied about the providence of said money and said it was a small $1m loan. And the guy that legitimately thought building a fucking wall on the border would solve the problem of illegal immigration when 98% of illegal immigrants come in legally and over stay their visas And the guy that defrauded his own university and charity. And the guy that is on record for having raped his first wife And the guy whose son admitted on TV that they get most of their funding from Russia And the guy that literally on his first day in office argued his inaugural crowd was bigger than Obama’s - look at photos; it wasn’t. And the guy that took sharpie to a fucking hurricane map cause he couldn’t stand to be wrong And the guy that “joked” on national TV saying the Russians should release some shit in Hilary Clinton. And the guy that said the “dossier” was a hoax by the Dems even though the vast majority of it was funded by a republican publication during the primaries —- But sure, “oH mUh RusSiaNs.”


arBettor

You've got a serious case of TDS. You might want to check get it checked out.


SpecialX

Is there even a difference between a CDBC and the digital version of fiat that we have already?


This-is-all-

Yes they would have complete control of it. They could make your money have strings attached with smart contracts. They will be able to have a true command and control economy.


maartenprins

The difference being that there are no limitations on fiat especially cash but CBDC will be programmed with limitations. - Government can decide to put an expiration date on the money making it disappear if you don't spend it before x amount of time to encourage spending. - They can limit what items or services you can buy like only foods they approve of but no alcohol/ cigars and no spending at casino's unless it's a casino owned by the government. Maybe you think "Why would anyone accept that?" but truth is most people already do with gift cards which are also programmed to be limited in lifespan and where you can spend them, and people absolutely LOVE gift cards. Make it a free gift from the government in the form of universal basic income in a time of economic turmoil and people will be jumping for the chance to get some CBDC.


volodoscope

Holly shit. Basic Universal Income and CBDCs! This just made such a click! Damn, that’s how it’s gonna be sold to the masses.


whitslack

CBDCs are also how they will succeed in implementing negative interest rates. It's not possible when physical cash exists, as you can just keep your cash outside of the banks to avoid paying interest on it, but with CBDCs they can make your balance evaporate over time.


KnightzEnd2

Add in that they will make absolutely sure you cant use it to invest in anything they do not approve of. Like crypto.... etc


krom1985

It's only clicking \*now\*?!


-richthealchemist-

I dunno, I think the comparison with gift cards is a bit flawed. People buy gift cards because THEY want to shop at a certain place. In the case of CBDCs it’s the government dictating where people do their spending, in theory. I actually use sites like Bitrefill and coingate all the time to buy gift cards with crypto. It’s the only way to live on crypto for the time being until more merchants start accepting it directly.


maartenprins

You can sign up for a crypto Visa debit card at Binance, Blockfi, Coinbase and my favorite Crypto.com which either converts your crypto into the local currency or you preload it with fiat.


-richthealchemist-

They're all custodial services though, not your keys, not your coins!


shawster23

Back in the day people were turning their guns in to the police and received Walgreen's giftcards that were worth less than the value of their guns. This happened all across the country.


bogus83

Heck, I'll buy government cheese with free money, and everything else with... anything else.


COVID-19Enthusiast

Chuckee cheese tokens are one step from fascism.


Seeders

> Maybe you think "Why would anyone accept that?" but truth is most people already do with gift cards which are also programmed to be limited in lifespan and where you can spend them, and people absolutely LOVE gift cards. Gift cards can no longer expire.


maartenprins

Depends what part of the world you live in.


jk3639

Only diff I see is that it will be a lot easier for them to track down every single penny that you are spending with CBDC.


[deleted]

cash with tracers- where did you spend you paycheck? and why does the drug dealer now arrested have your money from it and now you are fucked too based on this new law we got.... type shit


colinralls16

First we need to earn it and now we need to protect it too from government


NearbyTurnover

One of the most influential people in our lifetime, too bad too few see it.


Gracket_Material

What savings?


unfuckingstoppable

what do you mean? govt will give lots of free money to everyone!


StonksPeasant

FrEe MoNeY


ztsmart

They will only destroy the savings of citizens stupid enough to buy their shitcoins


sebito

You will be paid wage in this shitcoin bro.


ztsmart

This does not matter


hendrew1221

Such a brilliant man, such bs he is stuck overseas. Dude is a hero for exposing the obama administrations spying practices. Viva!


lookitstheinternet

You realize PRISM predated Obama, right? Why would frame it as a partisan when it’s a bipartisan problem.


-richthealchemist-

Spot the Trumptard, lol.


hendrew1221

Cry more


lookitstheinternet

Exactly the response I would expect for you. Someone brings up facts and you claim it’s crying.


hendrew1221

lol. I said a fact and your cried. Does the reality of what barry was bother you that much?


shawster23

What's the point in even trying? The govt always wins.


StonksPeasant

That attitude is why they always win. If 5 to 10% of the population refuses to go alone with something, there is absolutely no way for the government to do it. They do not have the manpower.


shawster23

They do have the manpower, there are millions of blind citizens backing them.


StonksPeasant

Citizens dont have authority over you. At worst they can report you but even then if 10% of your fellow citizens are doing the same thing, the government cannot do anything about it to all of you and will eventually stop trying to


shawster23

Citizens are the government ( suppose to be) and the government is limited to what the citizens "allow". Unfortunately the majority takes the side of the Federal Reserve and just let's them run rampant. Ed Snowden is in danger because the fear of the majority becoming aware of what's actually happening is grave. People will stay blind because they want to, its easier to have someone else think for you and to form your opinions.


rtheiss

because Live Free or Die.


shawster23

I had something more constructive typed out but I've wrote the majority of people off on this platform so its hard for me to be constructive.


rtheiss

Evil wins when everybody writes everyone off. I have faith in people and believe in a better future, otherwise what is the point? It's literally why I buy bitcoin.


shawster23

Evil wins right now because the earth is filled with it and people continually have evil in their hearts. I believe in a better future but my faith isn't in humans.


rtheiss

Humans is all that we have.


shawster23

Tell that to metaphysics. We don't even have 1/3rd of all the knowledge that's out there.


halt_spell

I'm a big fan of Snowden but I'm going to disagree with him here. CBDCs will _absolutely_ give governments more power. And generally they don't gain that power with the intention of helping people. Generally they also don't gain that power specifically to fuck people over. It just happens to be a byproduct of their own greed. But it does make them a player in a financial industry which has left them in the dust. CBDCs would draw billions of dollars in revenue away from huge banking corporations. This is not a speculation, it is _the goal_ of CBDCs and their major advocates. Greed doesn't care who it fucks over and they'll start by fucking over whoever has the biggest stash. In short: People Using Bitcoin > People Using CBDCs > People Using Corporate Banking


rtheiss

When printing infinite money isn't enough for you... I wonder how long before they drop all these extra steps and just make us slaves.


ContWord2346

Governments will destroy anything they set their attention upon. FTFY


oksigen

Unless you own bitcoin


dannymanders

We should not accept this coin, this is not decentralized like Bitcoin


TheFutureofMoney

Say what you want about Snowden. He knows what's up.....


joostburg

A coin made by the government? That destroys the whole point


aduong828

Edward is really a Inspiration for many of us.he is working for the public.


spaceem911

Government is such a shameless thief stealing money from its own citizens


JAGODIC7777

They will only destroy the savings of citizens stupid enough to buy their shitcoins