Federal Reserve on Crypto

Hello Swapp. Josh here. I’m not sure how many of you have been following the Federal Reserve and their discussions about stablecoins and crypto in general. I thought it was very interesting topic and wanted to discuss and hear your thoughts . As most of you know, the government has been trying to figure out what to do about crypto currency for quite a while. Recently however, it seems they have gotten a bit more serious about it. What do they want to do and what can they really do about it? That is the million dollar question. Obviously, the government has been in control of the dollar since it was conceived. The idea of decentralized currencies that they do not control, scares the **** out of them. If they lose control of money, the extent of control they have on the masses will also start to decrease. This is the same for the bankers who have made billions and billions from using your own money you store in their banks. We all know that they use our money to make money. Without it, how will they stay as wealthy? How will they stay in control? I think the answer obvious. It will be much harder since they will no longer have the upper-hand. The chance at a fair playing field and a redistribution of wealth are just a few, of the many reasons, crypto is where it is today.
In a recent meeting, Jerome H. Powell said, “With cryptocurrencies, it is not that they did not aspire to be a payment mechanisms, it is that they have completely failed to become one, except for those who desire anonymity of course”. I found that to be an extremely comical and uneducated statement. ETH might not be accepted at Starbucks, but that does not mean it cannot be used for payments. This goes for the majority of crypto currencies right now. The last part of his statement, he was obviously hinting toward the idea that people use crypto to conduct illegal activity. I’m sure some do. However, I would be willing to bet that the amount of money spent in physical dollars to conduct illegal activity vs how much crypto is spent on illegal activity would not even be comparable, in the least. This is the same type of propaganda we have seen by the government for years when it comes to crypto. They are scared and they should be.
The US government, along with every other government is working on their own digital currencies. For a long time, many governments denied it. Now, we know for a fact that that is not the case. Governments are looking to create their own stablecoin or CBDC (central bank digital currency), so that they do not need the others. Why would they want to create their own? Control, maybe? The idea of a government digital currency might sound good at first, but let’s really think about that. First, if they did create CBDC, I think it is likely that fiat currency will slowly disappear. If fiat currency starts to disappear, we would be forced to trust the government and their CBDC. That scares me the most. They would literally have unlimited control of everyones money who used their CBDC. Not only that, but they would be able to see exactly where you were and what you spent at any moment of any day. The idea is terrifying. With fiat currency, at least we can make sure we hold some of our own, even if it is a very small amount. This is the same for decentralized currencies we have all come to love. We control them. No one else.
I think the Government will create a CBDC and incentivize people to use it, rather than use decentralized crypto currencies. I think people who have not educated themselves, or are looking for what they might think is a “safer” option, will turn to a government CBDC. The rest, will stick to the crypto currencies we love and that we know are decentralized. They can try to make all of them illegal. At this point though, I think it is impossible to completely rid the world of decentralized crypto currencies . I also think that if they try, it could be the start of one of the biggest revolutions this country has ever seen. That is just my opinion though. Regardless of what does end up happening, it will be extremely interesting to watch unfold over the next few years. Thoughts? Comments? Let me know!

Gosh where do we start here, but anyways it’s clear to see that nation’s states are not trying to let the banks go. And off course the decentralised platforms will give them a run for their money but how this whole thing is going to turn out will be very interesting for sure

I am betting on Defi and the blockchain developers that invested their time and expertise to build out the architecture that will defend us all and protect us against our government and nation states that wish to control us and all economic activity. The people will win or we shall at least make it very difficult on the state to find us. F#*k Big brother