THEY FACT CHECKED ME on CBDCs!! What It Means!!

Last week a meme I posted to Instagram About Central Bank digital currencies or Cbdc’s was fact checked This came as a shock because everything The meme says about cbdc’s is factually Correct it also came as a shock because It suggests that governments are slowly Starting to clamp down on narratives That go against their upcoming cbdcs if This is true then it is flat out Terrifying That’s why today I’m going to analyze The cbdc meme I posted explain why it’s Accurate summarize what the fact Checkers said and assess whether this is An anomaly or the beginning of a bigger Trend Foreign Let’s start by taking a closer look at That cbdc Meme as you can see it Features a gray NPC all excited that the Government is rolling out a cbdc this is Because the only thing the NPC can see Is the convenience of a cbdc the NPC Doesn’t see all the dystopian attributes That cbdc will have Now as a fun fact the NPC meme has its Origins in psychological research which Found that many people have no inner Monologue in other words there’s a Substantial percentage of people who do Not reflect on their past present and Future emotions decisions Etc NPC stands for non-player character and

Any gamers in the crowd will know that This term refers to any video game Character that isn’t controlled by a Real person in other words NPCs are Robots that just go along with the Programming the more you know now you’ll Notice there is a social media handle on The bottom left of the cbdc meme it Reads the free thought project which Appears to be an alternative media Website I reckon it’s safe to assume that this Is the creator of this Meme and it would Actually explain a lot That’s because when I searched for the Free thought project on Google one of The first results was from PolitiFact an American fact checking website PolitiFact notes that the free thought Project has published two articles that It takes issue with one of which is Mostly false and another which is Entirely false This is significant because it’s Possible that the mention of the free Thought project in the meme was why it Was fact checked by Instagram in case You didn’t know Instagram’s algorithm Can read text in images it might have Seen that content by the free thought Project had been fact checked before To the alternative media site’s credit It did Issue a correction on the article Which was mostly false after getting

Called out the other one that was deemed Entirely false hasn’t been corrected and That’s because it deals with a very Contentious political issue that I won’t Even try to discuss lest I be fact check Too I also can’t help but find it funny That PolitiFact seems to take issue with The fact that the free thought Project’s Purpose is to quote Foster the creation And expansion of liberty-minded Solutions to modern day tyrannical Oppression I suppose that tells you all You need to know about these fact Checkers Note that I’ll break down the fact check On this cbdc meme near the end of the Video but trust me when I say you’ll Want to stick around until then Now while it’s possible that the cbdc Meme was fact checked because of its Creator it’s equally if not more likely That it was fact checked because of its Contents as you can see there are 12 Statements made about cbdc’s in the meme Before I unpack those you should know That there are two types of cbdcs Wholesale cbdcs and Retail cbdcs now if You’ve watched any of our videos about Cbdc’s you’ll know that wholesale cbdcs Will be used by select individuals and Institutions while retail cbdcs will be Used by regular folks like you and me What this means is that there will be Two different digital currency systems

One system for the elites the Corporations and the governments and Another system for everyone else the Statements about cbdc’s made in this Meme as well as others like it pertain To a retail cbdc not a wholesale cbdc so The first statement is quote banks have Full control of every penny you own Assuming other forms of fiat currency Like cash are phased out then this is 100 correct Central banks will have total control Over what you can buy when you can buy It and even how much money you can save You might be wondering how this is Different from the current Financial System after all we’ve seen Banks freeze Bank accounts before a recent example is Canadian Banks freezing the accounts of Protesters back in February something That was truly unprecedented for a Developed country The difference is that the existing Financial system is still relatively Decentralized for example there are Multiple Banks and payment processes if One of them starts to limit what you can Buy and when then you can take your Business elsewhere In a Canada type scenario you can still Use cash more importantly there are many Non-bank entities or so-called Shadow Banks a great example is cryptocurrency Platforms that offer Visa debit cards

These platforms don’t always require Extensive kyc and they can’t be forced To comply with say an order to freeze The bank accounts of protesters in a Cbdc system however there won’t be any Competing Banks and there certainly Won’t be any Shadow Banks instead you Will have an account directly with the Central Bank the commercial Banks and Payment processes will only exist until The government has rolled out its own Infrastructure now in theory the central Bank is independent of the government But in practice it’s not I would argue That the introduction of a cbdc would Actually cause the two to merge as many Are already predicting this means that It’s really the government that will Have total control over what you can buy And when If that wasn’t bad enough the bank for International settlements or bis the Bank for central banks recently Published a report detailing what it Believes the future of the financial System will look like the tldr is that They see all assets being tokenized on a Government and Central Bank blockchain What this means is that you will Unironically own nothing and be happy This is because you think you will own Your assets when in reality the Government will have the ability to turn Your ownership off at the click of a

Button so be sure to keep physical Documents proving your ownership and Your identity Now the second statement is quote Vulnerability to State and foreign Actors and this is a fact about cbdc’s That is often overlooked it’s also a Concern that’s been mentioned in many Cbdc reports namely the Federal Reserves Report about a digital dollar from Earlier this year You see if every person in a country has Their bank account at the central bank Then this creates a single point from Which the entire Financial system of a Country could be exploited or Manipulated history suggests that it’s Not a question of if this will happen But when it will happen This ties into the third statement which Is quote social credit scores now this Is not actually something I’ve seen Discussed in any cbdc reports at least Not yet That probably has to do with the fact That people associate the concept of Social credit scores with the Chinese Communist Party attempting to roll out Such a system would likely result in a Revolution in most other countries That’s why these other countries are Taking a slightly different approach and That’s to introduce a carbon credit System for their citizens sounds

Environmentally friendly doesn’t it An individual carbon credit system is Something I discussed at length in Another video which I’ll leave in the Description the short of it is that Governments will create an elaborate Incentive structure for their citizens To emit less carbon a cbdc and Centralized digital ID will be required For this system Now the fourth statement is quote every Transaction is documented which is Literally in every cbdc report obviously The central banks and governments are Going to want to know about every Transaction that’s ever happened Something tells me that data protection Laws like gdpr won’t apply with cbdc’s The fifth statement is quote access to Your money can be turned off at any Moment this is essentially the same Statement as banks have full control of Every penny you own and the sixth Statement which is quote Frozen funds If you’re skeptical that cbdc’s will Have these restrictions consider the Following quotes from the bis quote Quantity-based safeguards would restrict The use of cbdc through imposing hard Limits on the transfers and or Holdings Of cbdc Quote limits could also be applied Varyingly for different cbdc account Holders and finally quote such limits

Could be imposed on a permanent basis or On a transitional basis Now this actually reminds me of Something that’s important to point out Believe it or not but the money you have In your bank account technically doesn’t Belong to you it belongs to the bank it Just sits in its Vault saw on its Electronic ledgers under your name The same is true of any other asset you Hold with a third party including any Coins or tokens you have on a Cryptocurrency exchange newsflash Financial Freedom doesn’t mean having Lots of Assets in custody it means Owning your assets and deciding how and When they are spent the value of Financial Freedom will become evident Once Central Bank digital currencies are Rolled out and this will lead to Serious Crypto adoption anyways the seventh Statement is the one the NPC in the meme Is focused on and that’s the convenience Of cbdc’s funnily enough central banks Governments and international Organizations have held up the Convenience of cbdc’s as the fundamental Justification for their rollout they say That cbdcs will be faster safer and Cheaper than traditional banking The irony is that they simultaneously Admit that existing Financial Technologies are evolving to become even Faster safer and cheaper including

Cryptocurrency This just proves that cbdcs are about Control and nothing more Now this relates to the eighth statement And that’s centralization this one is Admittedly debatable because some Countries want commercial Banks and Payment processes to run nodes on their Cbdc networks whereas others want the Central banks and the governments to be The only cbdc nodes Regardless of the setup though it’s Almost guaranteed that the government Will have a back door this is very bad Because centralization is inherently Unstable this is because any issue with Or compromise of the core infrastructure Means that the entire Financial system Is Thought my French Now what’s scary is that the financial System has been trending towards Increasing centralization for quite some Time this was revealed in a 2019 report By BlackRock which stated that all the Financial regulations we’ve seen since 2008 were implemented to further Centralize the financial system The reason why the financial system is Centralizing is because its current Iteration is collapsing central banks And governments are desperately trying To keep the Ponzi from falling apart Being able to dictate every transaction

In the economy with a cbdc is the only Solution as they see it The ninth statement is similarly scary And that’s quote all your movements and Actions are traceable this is also Something I haven’t seen in cbdc reports And to be honest I think it borders on Conspiracy Then again there is precedent for it Because of all the data collection by Commercial banking apps as per reporting By the Telegraph and others many banks Are now tracking their customers through Their mobile apps this is supposedly Being done to catch scammers and Criminals but I suspect it has as much Or more to do with Gathering data that Can be sold to advertisers for Additional profits as such it’s not Far-fetched to think that the mobile app You’d use to access your cbdc account Would track your movements and location For similar reasons it’s possible that It would even be required as some Central banks have discussed to limit Cbdc payments to Merchants within Specific locations The tenth statement is quote zero Anonymity and this one is probably the Most accurate and up to date that’s Because Federal Reserve chairman Jerome Powell recently specified that a digital Dollar will be quote identity verified So it would not be anonymous similar

Statements can be found in most cbdc Reports Now the 11th statement is quote cyber Security attacks which is almost the Same as vulnerability to State and Foreign actors it goes without saying That no Central Bank wants a Cyber Attack on its cbdc but this is something That all of them are again extremely Concerned about and understandably so in The case of the United States the Federal Reserve wants to make sure that Its digital dollar is resistant to cyber Attacks from quantum computers without Getting too technical quantum computers Will eventually be able to crack any Encryption that exists today and it’s Possible that they can already Now although many are worried about a Cyber attack on a cryptocurrency the Fact of the matter is that the existing Financial system is a much bigger and Much more lucrative Target this is why According to PWC the FED is working with MIT to make its digital dollar resistant To quantum computers as I’ve mentioned Before algorand recently achieved Quantum resistance and its founder Silvio mikali is based at MIT Not saying that algorand is going to be The blockchain that powers a digital Dollar but its Max usdc supply of 18.4 Trillion suggests that the crypto Project is trying to prepare for such a

Role more about algorand in the Description I digress Now the final statement in the cbdc meme Is quote zero privacy which sounds the Same as zero anonymity at first glance But it’s actually not at least not According to the central banks It might sound strange but cbdc’s will In fact offer privacy despite not Offering any anonymity confused well Consider that the definition of privacy Used by central banks means that your Information is not shared with any Private entities only public entities Such as the central bank and the Government Cbdc’s will therefore be private According to that horrendous definition Of privacy I can’t wait until the fact Checkers start claiming missing context On that one Anywho in addition to being private cbdc Transactions will apparently not contain Any personal information about senders And recipients by default instead Security officials at central banks and Governments will selectively reveal this Information on any transactions deemed To be suspicious given that you will Probably have no way of knowing when You’re being probed by some three-letter Agency it’s more than likely that this Power will be abused assuming such a Restriction is even implemented at all

To begin with And finally we have the apparent inner Monologue of the NPC which reads quote Hey cool the government is trying to Make my life easier with a digital Currency I quickly want to comment on this Because convenience is probably not how Governments and central banks will sell Their cbdcs this is because their own Statistics suggest that between 4 and 12 Percent of citizens in G20 countries Would voluntarily adopt a cbdc This means that they must go down Another route that’s been actively Discussed and that’s to make cbdc’s Mandatory for the payment of taxes and Other forms of subtle theft They will also use cbdcs to distribute Social benefits pensions and any Emergency stimulus in response to Future Financial shocks This will force most citizens to adopt Cbdc’s which they won’t like hence why The governments and central banks want To get rid of physical cash as per the Ecb’s own admission more about the ecb’s Digital Euro aspirations using the link In the description This brings me to the moment you’ve all Been waiting for and that’s what the Held a fact check on the cbdc memes said Well I’ll start by saying that the fact Check was removed shortly before I put

Together this video this is possibly Because my tweet about it went viral but It’s more likely it was an error That’s because the description of the Fact check reads quote social media Posts claim an executive order from Joe Biden eliminates cash and enables the Government to monitor transactions this Is misleading while the US president did Call for additional research on a Central bank digital currency the order Does nothing to limit cash use The authors add that quote experts say Any such system would be legally Required to include privacy protections And involve the independent federal Reserve banks and Congress by now you’ll Know what privacy means to these people And that the FED probably won’t stay Independent with a cbdc you’ll also know That the cbdc meme doesn’t say anything About Joe Biden or eliminating cash even Though that’s something the central Banks actually want Even so I must admit that many of the Examples of this misleading information Given by the fact Checkers are as Accurate as the cbdc meme What irks me is the fact Checkers claim That the US government is far away from Launching a digital dollar when billions Of de facto digital dollars are already In circulation today Circles usdc is the elephant in the room

Here because the company is basically Looking to become a part of the FED more About that in the description Now as expected the fact Checkers agree That quote it is probably better for Privacy and civil and human rights Purposes for some pieces of information To be collected by intermediaries rather Than the central bank Whatever you do don’t forget that warped Definition of privacy in relation to a Cbdc the fact Checkers even go as far as Insinuating that a cbdc on a public and Transparent blockchain is analogous to China’s digital Yuan which is just Insane They also reaffirm that the United States cbdc Network would be run by a Collection of entities in the private And public sector the fact Checkers Finish off the article by implying that The rollout of a digital dollar is Justified because 100 other countries Are testing cbdc’s according to the International monetary fund or IMF this Reminds me of what my mother used to say If everyone is jumping off a bridge Should you do it too In all seriousness it’s clear that this Particular fact check is related to the Upcoming midterm elections in the United States historical search trends for fact Check reveal that fact checks Spike Every time there is an election this

Makes sense given most of these Fact-checking websites are politically Oriented that said you might have heard About the recently leaked documents Which revealed that the Department of Homeland Security or DHS has been asking Social media companies to suppress and Take down any content that quote Undermines trust in financial systems This cbdc meme certainly falls into that Category and it begs the question of Just how much the DHS and others will Start to censor social media once cbdcs Start being rolled out around the world Something tells me that this won’t be The last time that this crypto guy gets Fact checked And that’s all for today’s video about Getting fact checked on Instagram for Spreading the truth about cbdc’s if you Enjoyed the Journey smash that like Button to let me know If you want to make sure you don’t miss The next one subscribe to the channel And ping that notification Bell if you Can’t wait until the next one head on Over to coin Bureau clips for more Crypto content like this or head on over To the coin Bureau podcast to fall down Some crypto rabbit holes while you’re at It you can follow me on Twitter tiktok And Instagram to get my thoughts in real Time and join my telegram channel for Daily crypto updates so you don’t get

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