Fun fact: In Oregon, 1933, the coastal city of North Bend resorted to making currency (coins) out of myrtlewood after their only bank shut its doors to avoid insolvency. Denominations ranged from 25 cents up to $10 and it is still accepted as legal tender to this day. No one is giving any of them up though as they are worth far more now as collector's items.
Sounds like the €0 bill, also technically legal tender, literally worth €0. But as a collectors item probably around €10. The motive is different in each member country.
Want some actually rare €uro bill get the Swedish ones, they were printed but never got into circulation. Those are worth a lot.
I wonder how much Moneros are worth :p (I'm referring to the failed tri country currency they wanted to install with the north American free trade agreement)
Supply and demand fren, rare collectibles can be worth a lot if people want them. Tho in North America there's really no reason to not use US dollars. At least up until 1971. Today anything gold pegged is a better choice for international trade.
They just can't help themselves. Symbology and 'phrases' and hiding it in Sekret Places are big in that world. For over a thousand years I would think.
Oh, got a couple Freemasons here. Humorless Kunts. They don't keep sekrets, but... they can't tell you ANYTHING, it's too sekret.. but they don't keep sekrets but... wait.
To Understand Recursion You Must Understand Recursion.
$1.25 at Dollar Tree, and they are some of the best, even comes with a packet of sweet & Sour sauce. I quit wasting money eating at restaurants so I don't know what a restaurant charges anymore.
"Thunk yhoow fhoor cohwling SityBonk, moi naam eez Alex hhhow kan I hhehewp yhooo?"
I hate that all tech support for every major company is manmed by pajeets with fake American names. You can barely understand them but you're supposed to feel comfortable because they use an American name? LOL dumbest marketing ploy ever.
I don't think they can track the history of a specific funnymunny dollar, whereas tokens are going to be serialized and thus traceable.
Oh one of the dollars you paid to your landlord was used to buy a firearm that was stolen and used to do a Known To The FBI? Nice knowing you, sorry about your dog.
Yes, transactions will be instant instead of taking 3-5 bank days. And have a 100% chance of reaching it's destination. With the old swift system money could disappear randomly without trace, and transactions often failed because of internal server errors.
That said, don't confuse these CBDC tokens with actual cryptocurrency like Bitcoin or Monero. The bank tokens will all be in the same wallet technically and you interact via the banks front end, not through any open source interface you want and so on. This is incredibly unsafe in case the key is leaked.
Good, now be sure to never put any of those things in a bank vault and expect the bank to not rob you.
Also never let the bank fool you into believing that chickens can't lay eggs unless they sit in a bank vault. A lot of stupid people seems to think that's the case in this clown world. No wonder they get robbed.
Your fiat dollars lost 99% of it's value against gold and will never recover due to rampant inflation.
Federal reserve act was passed in 1913
In 1929, Americans rushed to the banks to withdraw their gold, only to learn that all their gold was already gone because of fractional reserve banking
1971, the government seized most of the gold as the scam was officially revealed and "gold backing" no longer a possible lie to uphold.
During the 2008 crash, banks were bailed out with your tax money.
2022 the banks were bailed out once again.
In some countries, people who had more than $10 000 or so in their bank account lost everything above that during the bailout. Banks literally stole their money, as a test, nobody hanged the bankers. Soon that shit will come to America too.
Your Bitcoin stash will recover because it's value is based on supply vs demand, even tho you were dumb enough to buy at highest price ever recorded.
After a 1 year stable rise of 2000%, a 60% drop is expected. $3 000 to $60 000 than down to $26 000, over a couple of years.
Now imagine if every street had a corner gold exchange open 24x7 all year round were you can exchange any amount no questions asked, and the price is instantly updated worldwide, what do you think would happen to the Gold price? when more investors than holders show up and does a shitload of exchanges back and forth at practically no fees, trying to get rich quick.
And if it happened then, why won't it happen again and again and again?
This pattern repeats itself in 4 year intervals and over the years as more fiat currencies collapses, more countries abandon the dollar and so on, the volatility of Bitcoin drops, this is because more people are using it as money instead of falling for the old banker trick of seeing commodities as "get rich quick schemes".
The "stability" of BTC value is a lie as shown clearly by its history.
Because "stability" doesn't refer to dollar value, it refers to utility and predictable inflation. This is like an agreement between you and me to value your car to "100", where 100 is just an arbitrary number I just wrote on a slip of paper.
Now I add another zero, look, I just printed 9 cars out of thin air... nope, that's not how it works. Did your car just get 10x more valuable, yes, if value is defined by this arbitrary number. In reality your car ins neither worth more or less than before.
This just shows that you don't understand value, you probably don't even have chickens and eggs either because if you were that prepared you'd understand the true value of having those.
Your bank robs you every single day. They take your money, the money of all your friends and neighbors, pool it together to make massive profits off of investments (risking none of their own money, only yours) and giving you next to nothing in return. You're getting ripped off every day and are just too stupid to see it.
That's not robbing me at all. That's my voluntary agreement with them. They make money on my money. So what? I can chose to keep my money under my pillow and then no one is "ripping me off". But it's kind of hard to pay my mortgage in cash. So, for my convenience, I store my money at a bank. I don't give a rats ass what they do with it while it's stored there. As long as they send it where I want when I ask them to, our contractual agreement is fulfilled.
If I wanted to, I could start a bank too. That's what makes America great and the whining victims so pathetic.
Fractional reserve banking does indeed cause inflation by magnifying any increases in the money supply. Reserve requirements are basically zero now. It also magnifies any decreases.
Of course banks help cause inflation. That's the nature of fractional reserve banking. When you go take out a loan, the bank itself only possesses roughly 10% of the money it's loaning to you. The other 90% is just blinked into existence out of thin air, and you effectively create it as you pay it back with your future productivity. That's exactly how money is created in a fractional reserve system and how economic growth occurs. It's spelled right out in the Federal Reserve Act.
That's why we're in a constant state of currency devaluation. In a fractional reserve system there is NEVER a time when debt doesn't exceed currency. In other words, there's NEVER enough money to pay off American debt.
But the Federal Reserve effectively controls this from the top. In that sense, they're ultimately responsible for it, but the banks absolutely play a major role in inflation.
That's a technicality designed to fool people as dumb as you are, fact:
By increasing supply of currency, that currency will see an increase in inflation.
Loans in fiat currency, means that new currency is printed out of thin air.
Up until the start of the plandemic, banks needed to have 10% coverage for loans. That is, for every $1000 they lend out, they need to have $100 in their vault.
As of 2022, banks do not need reserves anymore. Unlimited lending with $0 in reserves.
While local banks themselves technically not "creates new money", they still grant loans without having to worry about security, as your tax money will bail them out if lenders can't pay them back. The actual creation if new fiat happens many levels up, through shady shell companies and various middlemen.
It's a complex process I just simplified for you to help you understand how inflation works, and were it comes from.
The older you are, the more they've stolen from you. Even if you were just one year old today, banks would have still stolen 10% of your life savings in this last year only. Let that sink in.
No it did not. If you kept your bitcoin, one bitcoin = one bitcoin. That's how it's supposed to work. If you are playing the dollar to bitcoin to dollar gambling roulette, that's your own damn fault, not bitcoin's.
If you are trading bitcoin for USD or vice versa, you're a fucking moron and deserved to lose your shirt. It was never meant for that. Some people use it as intended. For instance, it's a lifeline for people in Cuba, who are using it to buy and sell, not "stack."
Storing your crypto on FTX is as retarded as storing your gold in a bag, taking it to the park, then ask a stranger to watch it for you while you take a dump, and expect them to still be around when you come back.
Leaving your crypto on any exchange for longer than it takes to complete a trade is retarded. As they say "Not your keys, not your crypto". When not being used, your crypto should be stored in your own wallet.
They try to fool you into thinking it's a cryptocurrency.
If that really was the case, you wouldn't need a bank in the first place.
What it really means is that they're gonna put your money, and everyone else's money into the same wallet, to cheap out on fees and "for muh convenience". Then someone will "hack that wallet" using a vulnerability in their centralized interface, or some bozo leaks the private keys. Bam, everything gone.
This is CBDC, it's instant instead of taking 3-5 days to complete. So the back end technology is modernized and more stable.
But the front-end is still the same shitty bank as it's always been, with just as shitty security, probably less as these bozos have no clue on how to keep digital assets secured properly. Wire transfers had some sort of physical assets involved which were relatively safely stored in big vaults.
As a business owner who makes many wires, I can confidently state that if the wire is done before 15:00 then the recipient receives it the next morning. In my 25 years of doing it I've never had any issues.
Maybe the banks are not all on board... or maybe the announcement of Metal blockchain being the basis of the "instant transfer" FEDNow capability was wrong.
It has been argued that blockchain projects are secure, but back-to-back attacks in 2022 shattered this myth. Over $20 billion worth of cryptocurrency was stolen from users in 2022
Citibank is owned by the Kingdom of SA who just so happens to be a member of BRICS now, so this isn't really surprising. Haven't done business with them since 2001, can't stand the damn Wahhabists.
Can you withdraw digital tokens into paper currency?
If so, nothing different than today's funny money, except borderless and no day/time restrictions.
Wooden nickles can't be far behind....
Mandatory reminder that Citibank picked Obama's cabinet.
🚓 🚨 HALT CITIZEN! THIS IS THE OBSERVATION POLICE!!! 🚨 🚓
Edit: apparently the observation police actually did come and delete who I replied to.
Fun fact: In Oregon, 1933, the coastal city of North Bend resorted to making currency (coins) out of myrtlewood after their only bank shut its doors to avoid insolvency. Denominations ranged from 25 cents up to $10 and it is still accepted as legal tender to this day. No one is giving any of them up though as they are worth far more now as collector's items.
Sounds like the €0 bill, also technically legal tender, literally worth €0. But as a collectors item probably around €10. The motive is different in each member country.
Want some actually rare €uro bill get the Swedish ones, they were printed but never got into circulation. Those are worth a lot.
Those trillion dollar Zimbabwe bucks are worth a pretty penny these days.
I wonder how much Moneros are worth :p (I'm referring to the failed tri country currency they wanted to install with the north American free trade agreement)
Supply and demand fren, rare collectibles can be worth a lot if people want them. Tho in North America there's really no reason to not use US dollars. At least up until 1971. Today anything gold pegged is a better choice for international trade.
Absolutely, I was only saying that even our coins don't have any precious metals in them anymore. And haven't for quite a few years.
Very interesting.
At least you can burn a wooden nickle.
Tokens, like Kids used in Arcades to pay for fucking GAMES. The Same Butt (D)ifferent.
A Token, a Token! My kingdom for a Token!
Oh my god: This is EXACTLY the Same Scheme the Knights Templar used to Dominate the Western World and Control and Monopolize Banking. FFS.
convert your life savings to Citi Casino Chips, bigot.
our current money is as good as tokens, most of it is steel/copper.
Copper coated plastic in our current pennies.
Don't know what country you're in but it aint America. Our coins haven't had either for years.
living in canaderp. what are your coins made of?
Not steel and copper, that's for sure. Mostly zinc and magnesium honestly.
and speaking of knights templar, I noticed poker stars is run by the malta gaming company lol, they even use the templar cross in their logo.
They just can't help themselves. Symbology and 'phrases' and hiding it in Sekret Places are big in that world. For over a thousand years I would think.
Oh, got a couple Freemasons here. Humorless Kunts. They don't keep sekrets, but... they can't tell you ANYTHING, it's too sekret.. but they don't keep sekrets but... wait.
To Understand Recursion You Must Understand Recursion.
And to think eco protestors were outside citibank recently.
Pawns in a Game of Stupid. They go where they are told go go.
If checked (ha!) I bet not one of them have a bank account of any type anywhere. Progressive rebellion is a Cash biznezz.
If I have to trade goods I no longer have to pay taxes on it.
Wait , did you say special lightning followed by Wooden nickels & Paradise Burning?
It's all just chopped Salad anymore.
Egg roww cos a dollah! No eggrow fo fwee!
I wish an egg roll cost a dollar.
$1.25 at Dollar Tree, and they are some of the best, even comes with a packet of sweet & Sour sauce. I quit wasting money eating at restaurants so I don't know what a restaurant charges anymore.
Maybe call it the Five & Ten Spot Store instead of the dollar store / five and dime.
We call it the Five quarter store now, instead of Dollar Tree, but that's Biden's fault. Their egg rolls are still a deal and fucking delicious.
They must still put eggs in the rolls around you
Damn you mongorrians
"Thunk yhoow fhoor cohwling SityBonk, moi naam eez Alex hhhow kan I hhehewp yhooo?"
I hate that all tech support for every major company is manmed by pajeets with fake American names. You can barely understand them but you're supposed to feel comfortable because they use an American name? LOL dumbest marketing ploy ever.
Their real names likely aren't easily to pronounce.
Is that fundamentally different from how wire transfers work now? Asking because I don't know...
$10 says, if this is even real, it's rage bait and the real story is something mundane about them tokenizing international transactions or something.
I'll take that bet, but I'm putting up $10 worth of tokens.
Well, they're worth $10 for now...
Soon they'll only be worth $10, but what $10 is worth then.
Depends on how they manage the pairing between your actual dollar and their made up tokens.
I don't think they can track the history of a specific funnymunny dollar, whereas tokens are going to be serialized and thus traceable.
Oh one of the dollars you paid to your landlord was used to buy a firearm that was stolen and used to do a Known To The FBI? Nice knowing you, sorry about your dog.
Yes, transactions will be instant instead of taking 3-5 bank days. And have a 100% chance of reaching it's destination. With the old swift system money could disappear randomly without trace, and transactions often failed because of internal server errors.
That said, don't confuse these CBDC tokens with actual cryptocurrency like Bitcoin or Monero. The bank tokens will all be in the same wallet technically and you interact via the banks front end, not through any open source interface you want and so on. This is incredibly unsafe in case the key is leaked.
Yea, something like FTX would be waaaay safer.
Safest is always to own and operate your own wallet, as is advised by crypto users. Basically owning your own bank in practical terms.
"Not yours keys, not your crypto."
FTX is just another bank, they all steal your money, that's the whole point. Don't use banks at all.
I'm safe. I only trade in chickens & eggs. I laugh at the globalists. I'm so poor no one cares!
Good, now be sure to never put any of those things in a bank vault and expect the bank to not rob you.
Also never let the bank fool you into believing that chickens can't lay eggs unless they sit in a bank vault. A lot of stupid people seems to think that's the case in this clown world. No wonder they get robbed.
Chickens and eggs brother? You are far richer than you think. 😉
Weird. My bank never stole my money. My BTC lost over 60% of its value. But that's a win, right?
Your fiat dollars lost 99% of it's value against gold and will never recover due to rampant inflation.
Federal reserve act was passed in 1913
In 1929, Americans rushed to the banks to withdraw their gold, only to learn that all their gold was already gone because of fractional reserve banking
1971, the government seized most of the gold as the scam was officially revealed and "gold backing" no longer a possible lie to uphold.
During the 2008 crash, banks were bailed out with your tax money.
2022 the banks were bailed out once again.
In some countries, people who had more than $10 000 or so in their bank account lost everything above that during the bailout. Banks literally stole their money, as a test, nobody hanged the bankers. Soon that shit will come to America too.
Your Bitcoin stash will recover because it's value is based on supply vs demand, even tho you were dumb enough to buy at highest price ever recorded.
So what changed to cause that 60% drop? Supply? Or demand?
And the winter of 2018/2019 where it stayed under $4k for 6 months. Was that supply or demand?
And if it happened then, why won't it happen again and again and again?
The "stability" of BTC value is a lie as shown clearly by its history.
After a 1 year stable rise of 2000%, a 60% drop is expected. $3 000 to $60 000 than down to $26 000, over a couple of years.
Now imagine if every street had a corner gold exchange open 24x7 all year round were you can exchange any amount no questions asked, and the price is instantly updated worldwide, what do you think would happen to the Gold price? when more investors than holders show up and does a shitload of exchanges back and forth at practically no fees, trying to get rich quick.
This pattern repeats itself in 4 year intervals and over the years as more fiat currencies collapses, more countries abandon the dollar and so on, the volatility of Bitcoin drops, this is because more people are using it as money instead of falling for the old banker trick of seeing commodities as "get rich quick schemes".
Because "stability" doesn't refer to dollar value, it refers to utility and predictable inflation. This is like an agreement between you and me to value your car to "100", where 100 is just an arbitrary number I just wrote on a slip of paper.
Now I add another zero, look, I just printed 9 cars out of thin air... nope, that's not how it works. Did your car just get 10x more valuable, yes, if value is defined by this arbitrary number. In reality your car ins neither worth more or less than before.
This just shows that you don't understand value, you probably don't even have chickens and eggs either because if you were that prepared you'd understand the true value of having those.
Your bank robs you every single day. They take your money, the money of all your friends and neighbors, pool it together to make massive profits off of investments (risking none of their own money, only yours) and giving you next to nothing in return. You're getting ripped off every day and are just too stupid to see it.
That's not robbing me at all. That's my voluntary agreement with them. They make money on my money. So what? I can chose to keep my money under my pillow and then no one is "ripping me off". But it's kind of hard to pay my mortgage in cash. So, for my convenience, I store my money at a bank. I don't give a rats ass what they do with it while it's stored there. As long as they send it where I want when I ask them to, our contractual agreement is fulfilled.
If I wanted to, I could start a bank too. That's what makes America great and the whining victims so pathetic.
Ever heard of inflation?
You do realize that the banks don't cause inflation right?
Fractional reserve banking does indeed cause inflation by magnifying any increases in the money supply. Reserve requirements are basically zero now. It also magnifies any decreases.
Of course banks help cause inflation. That's the nature of fractional reserve banking. When you go take out a loan, the bank itself only possesses roughly 10% of the money it's loaning to you. The other 90% is just blinked into existence out of thin air, and you effectively create it as you pay it back with your future productivity. That's exactly how money is created in a fractional reserve system and how economic growth occurs. It's spelled right out in the Federal Reserve Act.
That's why we're in a constant state of currency devaluation. In a fractional reserve system there is NEVER a time when debt doesn't exceed currency. In other words, there's NEVER enough money to pay off American debt.
But the Federal Reserve effectively controls this from the top. In that sense, they're ultimately responsible for it, but the banks absolutely play a major role in inflation.
That's a technicality designed to fool people as dumb as you are, fact:
While local banks themselves technically not "creates new money", they still grant loans without having to worry about security, as your tax money will bail them out if lenders can't pay them back. The actual creation if new fiat happens many levels up, through shady shell companies and various middlemen.
It's a complex process I just simplified for you to help you understand how inflation works, and were it comes from.
The older you are, the more they've stolen from you. Even if you were just one year old today, banks would have still stolen 10% of your life savings in this last year only. Let that sink in.
No it did not. If you kept your bitcoin, one bitcoin = one bitcoin. That's how it's supposed to work. If you are playing the dollar to bitcoin to dollar gambling roulette, that's your own damn fault, not bitcoin's.
That's retarded. This is equally true:
one USD = one USD
The number of bitcoins required to purchase any asset varies wildly. Far more useless than the USD.
If you are trading bitcoin for USD or vice versa, you're a fucking moron and deserved to lose your shirt. It was never meant for that. Some people use it as intended. For instance, it's a lifeline for people in Cuba, who are using it to buy and sell, not "stack."
https://youtu.be/UPp0Xbk4bFo?si=9w_AyX__UzJaaDyF
Bitcoin is a medium of exchange, not a lottery ticket.
Umm no, not your keys, not your coins/tokens.
Storing your crypto on FTX is as retarded as storing your gold in a bag, taking it to the park, then ask a stranger to watch it for you while you take a dump, and expect them to still be around when you come back.
Leaving your crypto on any exchange for longer than it takes to complete a trade is retarded. As they say "Not your keys, not your crypto". When not being used, your crypto should be stored in your own wallet.
Bank transfers in Europe are already instant
I'd bet this would be a lot cheaper than a wire transfer is currently
It means they're going to convert your USD to USDC crypto.
UNSUBSCRIBE
Jesus had to toss the money changers from His Father's house.
Aaaaaaaaaaaaaaaand it's gone.
They try to fool you into thinking it's a cryptocurrency.
If that really was the case, you wouldn't need a bank in the first place.
What it really means is that they're gonna put your money, and everyone else's money into the same wallet, to cheap out on fees and "for muh convenience". Then someone will "hack that wallet" using a vulnerability in their centralized interface, or some bozo leaks the private keys. Bam, everything gone.
Then they'll get a bailout from your taxes.
So... a wire transfer? Isn't this old technology?
This is CBDC, it's instant instead of taking 3-5 days to complete. So the back end technology is modernized and more stable.
But the front-end is still the same shitty bank as it's always been, with just as shitty security, probably less as these bozos have no clue on how to keep digital assets secured properly. Wire transfers had some sort of physical assets involved which were relatively safely stored in big vaults.
As a business owner who makes many wires, I can confidently state that if the wire is done before 15:00 then the recipient receives it the next morning. In my 25 years of doing it I've never had any issues.
Because you're in America, were the banking system doesn't suck as much as it does in the rest of the world.
It's an Ethereum based blockchain... not mainnet....
https://metalblockchain.org/
As expected then, ERC-20 token probably. But you keep all your stash in their centralized wallet.
Never trust banks.
Metal blockchain has the ability to directly run any mainnet ERC-20 token, but I'm sure the tokens will be limited.
USDC is currently running on Metal.
There's a blockchain explorer, but the number transactions seem way too low for any sort of active use.
https://explorer.metalblockchain.org/
Maybe the banks are not all on board... or maybe the announcement of Metal blockchain being the basis of the "instant transfer" FEDNow capability was wrong.
https://cointelegraph.com/news/federal-reserve-s-fednow-will-integrate-with-metal-blockchain
Weeeeeeeeeee hyper inflation is so fun. We're gunna fix a fiat with a fiat!!
But we need to print moar so we can bomb da mazlums for Jeebus!!!!
Won't get hacked. /s
How do you think current banking transfers are done? Trucks of cash?
It has been argued that blockchain projects are secure, but back-to-back attacks in 2022 shattered this myth. Over $20 billion worth of cryptocurrency was stolen from users in 2022
Nice data point! I'm now reading about the Ronin bridge and Wormhole bridge hacks.
it will transform customer money into others money
{{{OTHERS}}}
time to withdraw all of your money
So, Itchy and Scratchy money?
It's like Camel Cash but with less tobacco.
what could go wrong?
"Sorry your token has become invalidated because of your tweet you posted yesterday. To restore your token, delete that tweet.".
Banks cannot deny you from using your money but they can deny you virtual currency which is why they are converting it into tokens.
We call it: "Virtual Tulip Bulbs"!
Citibank is owned by the Kingdom of SA who just so happens to be a member of BRICS now, so this isn't really surprising. Haven't done business with them since 2001, can't stand the damn Wahhabists.
Reminder: Citibank fired their employees who wouldn't get the clot shot. Don't do business with them.
The fuck you will. Give me gold or fuck off
Wave goodbye to your money if you ever get scammed.
Meaning unless you get the mark of the beast you can't access your cash you were stupid enough to deposit here.
Sounds exactly like how things work now, but with the word "token" inserted.
“We only transact with dollars, but here are some ‘tokens’ for you and your friends to pass around like it’s real money.”
Define "real money". You might be surprised how long you've been trading pretend money.
Everquest platinum farms are finally paying off!
Wtf
shittybank
Can't cyber criminals "instantly transfer" your shit into their account?across the worlz...
One world currency. You can already send cash anywhere in the world instantly.
Digital slugs. Coming soon
Can you withdraw digital tokens into paper currency?
If so, nothing different than today's funny money, except borderless and no day/time restrictions.
Tokens.
Who knew the currency of my childhood arcade would one day become the coin of the world...
Theft.
Remember whan money meant something?
alwayswas.jpg