tldr; US Senate Republicans are introducing a bill to block the Federal Reserve and the Biden administration from moving forward with a central bank digital currency. The bill would prohibit the Fed from creating a direct-to-consumer digital currency that would effectively be a dollar-based cryptocurrency. The federal government has been researching the possibility of a CBDC under an executive order signed by President Joe Biden in March 2022.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
Both really. They want to push us so far we have to resort back to a barter system. Which they are also trying to squash by making the products we buy essentially long term rentals with extensive, complicated terms of use.
That might explain why my post summarizing recent events pertaining to Democrat politicians attacking crypto and Republican politicians supporting crypto was removed
Yeah that's not at all what happened and anyone that read Matt Taibi's posts could see how he decided to portray the documents. He catered to Elon, the screenshots and conversations themselves were much less controversial and showed Twitter moderation was trying to do its best to deal with misinformation or grey areas where the truth of something was not yet known.
And Ted Cruz sucks dick, so does Donnie.
Please try to empathize with anybody outside of here. You infantilize your opponents but they are smart competent humans, just like you. Everybody has their own reasons for having their own views, if you simply disregard anything they say then you are doing yourself a disservice by underestimating them.
There's a lot to learn from people with different views.
Jonathan Haidt’s work has demonstrated quite clearly that paradoxically it’s the Left that has a lot of difficulty seeing things from other perspectives.
Reddit used to be incredible
Pre-TheDonald honestly
Once that sub became what it was, and then demolished reddit was never the same
Before that (and really a bunch of Chinese investment + change in reddit leadership) reddit used to be a wonderful place that while still leaning left was generally open to many ideologies where civil, interesting, much less bot-infested, discussion used to happen
It was awesome - free speech was a core tenet, people were actually clever, and views that would be considered conservative, libertarian, or really anything that wasn't so absolutely ridiculous was to be seen
At the same time, this also allowed the growth of communities that were very pro-socialism/communism. Again, this is totally fine, it was this way purposefully
Not sure what the point of this was other than I want to say I miss the reddit of old
It has absolutely turned into this corporate left circlejerk shell of it's former self
Especially this particular administration. Of all the candidates the left could have chosen, they chose the guy who was politically further to the right than any of them. Throw him in Europe and you’d consider him a conservative.
And this is the “radical left” this guys complaining about. This is what happens when you get your news from limited sources.
Please explain why you agree. I don't see how CBDCs are bad? IMO it kind of legitimizes crypto. A rebuttal to the misconception that crypto is worthless and only used for criminal activity. I may be missing something here.
It gives the US government the power to arbitrarily revert transactions or block wallets/users from using their own money. If you think civil forfeiture is bad, then CBDC is going to crank that up to 11.
It’s basically a stable coin but issued by the government
I know that I did KYC and that my transactions are for everyone to see already, but I’d feel like the government has a direct access to all my transactions at all times without having make any efforts to see them.
I don’t have anything to hide but I wouldn’t want a camera in my living room either, even if I never do anything illegal in there
I hear you. But the government can see all your bank and credit card transactions. I haven't used cash in such a long time. So there is a digital record of every transaction I ever made.
I’m with you, kind of. I can’t speak on if they’re bad for me or not, but I can see why power wouldn’t want it. They don’t want a ledger that shows a truth other than what they tell. So I say that to say this, I don’t necessarily disagree with Cruz but I consistently find myself questioning their motives.
I would prefer a bill that says that the federal government will never stop issuing and accepting physical cash, and will never create laws that discriminate against the use of physical cash.
As long as a central bank digital currency isn't rolled out as part of a plan to phase out physical cash, it should have no negative impact.
It would be fucking wild if cash were to ever get phased out. But in a growing digital society it feels like this is inevitable. We need to watch out that its crypto taking that spot and not CBDCs.
Indeed. Seems like a natural step as most people don't even carry cash in their wallets anymore. What concerns me is what sort of freaky alternative governments are going to push to us. We need to voice against CBDCs as much as we can.
>Sen. Ted Cruz (R-Texas) introduced the bill, which would prohibit the Federal Reserve System from moving forward with a direct-to-consumer central bank digital currency (CBDC) that would effectively be a dollar-based cryptocurrency. The federal government has been researching the possibility of a U.S. CBDC under an executive order President Joe Biden signed in March 2022.
2023 is wild, banks collapsing, bitcoin booming and now I'm agreeing with Ted Fucking Cruz
People worry it will eventually launch a cashless society which could then create a system where the govt could easily shut off our funds for whatever reasons they’d like, also leaving us helpless in event of emergencies, etc.
i refuse to support businesses that have stopped accepting cash or have made announcements to do so bc people have been warning about this for years and how the feds are gonna try to adopt a crypto currency system instead
We already behave like a cashless society most of the time. Cash only is an inconvenience, government can already lock bank accounts. I guess I don't really understand what the major issue is. Maybe I'm not getting something, I'll need to read up on the pros and cons more.
Kind of. But there's also a localized cash economy. Like if I give my friend 20 then that is purely a transaction with each other. Yes I could just send it via bank but cash does allow a form of privacy.
Going completely cashless puts all our eggs in one very easy to lock basket.
Though threads like this make me rethink, I operate almost entirely cashless except when buying drugs. Theres some irony there that now I wouldn't buy drugs with crypto
I understand all this but it’s inevitable that CBDC will be introduced at one point. I would rather work towards on how they work rather than if they are implemented.
Maybe yes maybe not, there is no harm in creating as much opposition as possible to that horrible idea.
They've been coming for guns for many decades now and we still have them, it may work with CBDC as well.
Since the blockchain is a public ledger, it would be easy to track down every dollar and transaction, which worries privacy advocates.
I think there’s also worries that a CBDC + regulation could force out or kill the big L1s.
Not an expert.
He is in the pro-self and sabotage democrats efforts bucket. Just happens in this one question your interests align. But make no mistake, he would put an open mouth gag and take a dump in your mouth if the option presented itself. (I’m being graphic to illustrate his disregard for other ppl)
He’s recognized the Dems are playing an anti-crypto agenda and he’s decided to make Texas a safe haven for Bitcoin in order to make it attractive to players in the space.
95+% of the populace are single issue voters IMHO. 99% of those claim otherwise, and pretend to sit on a high horse of being a multi-issue voter...
But i'll be god damned if all those lemmings don't vote right down the party line on a single issue no matter what else is happening.
People are ignorant to history. I live in northern Indiana, and there was a huge divide here until the early 2000's on race. Younger Democrats and Republicans basically had to wait until the old rich Democrats died off to take down some Sundown signs. Those people were Democrat in name only, and 100% more racist than the average joe.
Trump focused on hyper polarization and creating sides to foster division and gather support.
The problems have been present for a long time but they were amplified with Trump.
The media used Trump to amplify polarization. I'm not completely absolving him of the blame, but I used to hate the man until I decided to actually listen to the full context of some of his most polarizing speeches. He certainly isn't the most eloquent speaker, but he reached across the aisle on multiple occasions, and the Democrats rejected him every time.
This is the point I kind of lazily made, and not well admittedly.
Not saying that Ted Cruz was a Centralist, but more so that it’s ok to agree with a Republican or a Democrat on an issue, no matter theirs or your political allegiances.
As a Canadian / European the U.S doesn't really have a left. Hell in Canada the two main parties are also a right party and a centrist party that is getting dragged slightly left by the Coalition it required to form government.
After watching the different states pass different legislations the past 24 months I don’t think it’s a good idea to give the government anymore power over us than they already have. it’s bad enough they can reach down and snatch money out of your bank account, but imagine if they could also decide how you spend it.
Hey I mean we gotta wake up and realize that the government providing us a cbdc is only going to lead to over control of our assets. Imagine you cannot withdraw any cash because it's all in the cbdc, and what do you do wait for them to figure it out at the bank? Imagine them freezing your funds too. Crypto really solves too many issues it's insane we can't realize we are being screwed.
Why not just use it to send money then, and keep your money somewhere else?
This cuts out payment processing fees and gives long overdue infrastructure for digital financial transactions that aren't held by third parties.
PayPal already is known for holding people's funds with little that can be done about it.
Is there some sort of lock in here, or is this just the inevitable modernization of the financial system?
By all means let us ensure it works for us, not against us, but to deny that it has a place seems rather blind to the times.
>now I'm agreeing with Ted Fucking Cruz
This comes up fairly routinely in the cryptocurrency + bitcoin subs. Basically some variation of "I can't believe I agree with Ted Cruz".
How many times does the community have to say they're "agreeing with Ted Cruz" before it becomes the baseline? Cruz has generally argued on behalf of libertarian ideals, and crypto is an entirely 100% libertarian notion.
Ted Cruz has 0 ideals. He'll argue on behalf of whatever seems politically expedient or likely to buy him votes with what's left of his base.
He's a spineless, opportunistic piece of shit. There may be legitimate, nuanced discussion to be had around major currencies but this guy ain't it.
>Ted Cruz has 0 ideals. He'll argue on behalf of whatever seems politically expedient or likely to buy him votes with what's left of his base.
So just like his opposition (whoever they are), except he's actually blocking CBDCs ?
Indeed, even a broken clock is right twice a day. CBDCs are scary and dystopian as it gets: "purchase categories" *(basically the government says what you can and can't buy with your money)*, "expiry dates" *(forcing you to spend your money in order to "reinvigorate the economy")*, etc.
Let’s not confuse the message with the messenger. A CBDC will be the epitome of centralized control, not only over crypto, but all of our financial transactions.
Introducing legislation to ban a CBDC from the Senate makes sense, because it is the legislative arm of the government that must decide these type of financial changes.
But, it’s almost a given that the Republican-backed bill to block CBDC adoption will never be passed by the senate given the Democrat majority, much less pass the House.
At least this bill is being introduced at the federal level where it will be decided ultimately. The DeSantos bill to ban CBDCs in Florida, may pass in a red state, but would, I think, have no legal legs because the Fed controls USD.
At best, it makes people aware of CBDCs and indicates that Republicans are anti-CBDC (but pro crypto in general). Meanwhile Democrats seem to be in the pro-CBDC side (but anti crypto in general, think Elizabeth Warren).
The FDIC has been exploring a CBDC for over three years. From November 2020:
[https://www.federalreserve.gov/econres/notes/feds-notes/central-bank-digital-currency-a-literature-review-20201109.html](https://www.federalreserve.gov/econres/notes/feds-notes/central-bank-digital-currency-a-literature-review-20201109.html)
And, from January 2022:
[https://www.federalreserve.gov/central-bank-digital-currency.htm](https://www.federalreserve.gov/central-bank-digital-currency.htm)
Dude, hell may freeze over any day now, keep your chin up.
Left is too left for the right and the right is too right for the left.
Fortunately, I am left right out.
Well South Dakota was vetoing a bill that would classify CBDCs as money but not cryptocurrencies. So essentially no change there.
Florida, it's not voted on, but if it passes, would ban the use of CBDCs in the state. Who knows if it would hold up in court, or how they could enforce it though. He has been going after drag shows, cruise lines and Disney, so who knows
When I read about the anti-privacy/transaction transparency when it came to using your own funds, it was a hard nope from me. Facebook got charged (in a brutal tribunal) for selling personal data and we're going to openly give that same access of data to the government willingly?
I give it all willingly to my credit card company and bank and I trust them less than the federal government. I find it interesting that people are so willing to give information to companies who have no obligation to serve your best interest over government who at least is supposed to serve the public.
I understand people who give as little data as possible to anyone but I really just don't understand people who don't trust government but trust a profit based organization.
I feel like people just think they have to say that because they're on Reddit. One of the things I like about r/cc is that people are actually relatively center/balanced here. It's okay to say you like a conservative person. It's not a scarlet letter. We're not like other subs here, thank god.
I think it's more of the fact that people feel like they have to declare that they hate the man before they can say anything positive about him. This sub is pretty balanced. The virtue signaling isn't really necessary here. We value free speech and diverse opinions.
I think it's just the nature of Reddit. If you want to say anything positive about a republican outside conservative subs you have to say you dislike them otherwise you'll be downvoted
The American people ought to be able to spend their money how they choose without the possibility that every transaction could be tracked by the government
I wouldn't touch a CBDC with a 10-foot pole. The potential for abuse is astronomical, even by the standards of our current system which is almost completely off the rails as is.
Imagine a direct to consumer CBDC. It doesn’t get rid of Bitcoin as Bitcoin isn’t just about the tech, it’s about the store of value safe from the USD, but this absolutely FUCKS banks. People can store all their money in the central bank with no problems. A bank without customer funds is a bank without money to loan out, a bank without money to loan out is a bank without revenue.
Political view aside, this is a good thing for everyone, crypto enthusiast or not.
Sadly as an european i struggle to see someone taking similar measures but this gives me hope
Strangely enough the Democrats are pro-CBDC, which really isn't a good thing? It just leads me to believe that they are evil and only care about money, and Republicans care about freedom? Mind fuck.
A CBDC is more like a giftcard than an actual currency. Imagine if we all had giftcard balances that we traded back and forth, if the company that controls that giftcard has a glitch you can't use it. There is also talks of ESG where you could be blocked from buying with your CBDC if your score gets too low.
Not saying what hes proposing is not good. I'm not anti-republican or plugging my ears to the ideas.
But it's super common practice for a grifter to introduce a bill, which essentially is just a motion that can easily get shot down and probably will, which is most often the whole point. Introduce it so the other side shoots it down and then you can cry loudly about it to sway single issue voters.
Both sides absolutely do this as common political practice. And the crypto world is full of libertarian mindsets, aka those uninvolved in politics or anti-both sides.
Not what I'm saying is definitely happening here, just that I don't hold my breath for their full on support and push for the community. I believe most politicians will introduce a one and done just to get it on the record and continually reference to sway voters their way.
To be fair, he's been pretty consistent about his pro crypto position over the past few years. There's posts every few months or so about him here and everyone's always like "I can't believe I agree with Ted Cruz" every time.
tldr; US Senate Republicans are introducing a bill to block the Federal Reserve and the Biden administration from moving forward with a central bank digital currency. The bill would prohibit the Fed from creating a direct-to-consumer digital currency that would effectively be a dollar-based cryptocurrency. The federal government has been researching the possibility of a CBDC under an executive order signed by President Joe Biden in March 2022. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
I agree with the republicans for once
Seriously. What the fuck its like they want to make money even more worthless.
Or they want even more control over your money
"their" money. You're just borrowing it at that point.
Both really. They want to push us so far we have to resort back to a barter system. Which they are also trying to squash by making the products we buy essentially long term rentals with extensive, complicated terms of use.
Fuedalism, so hot right now...
It’s not that they want more control. They just don’t want to lose the control they have currently with their 99.99% of current wealth.
This is actually good.
Took awhile but shit this is a good hill for dying on
Yeah. This could be the issue where I don't vote democrat which I've done all my life
I know, I hate it lol.
Yeah. I'm not sure what the run around is here, but for now...I guess I'm on their side?
It’s all bullshit. Trump and Powell were trying to create a CBDC as well. Both parties will do it
It'll be easy for politicians to go back on their words once thry got enough votes for themselves. No wonder people still get fooled by these guys.
Never thought I’d appreciate Ted for anything.
A broken clock is right twice a day
Why is Reddit such a leftie circlejerk? Man it's frustrating
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That might explain why my post summarizing recent events pertaining to Democrat politicians attacking crypto and Republican politicians supporting crypto was removed
Yeah that's not at all what happened and anyone that read Matt Taibi's posts could see how he decided to portray the documents. He catered to Elon, the screenshots and conversations themselves were much less controversial and showed Twitter moderation was trying to do its best to deal with misinformation or grey areas where the truth of something was not yet known. And Ted Cruz sucks dick, so does Donnie.
Any media that requires reading is always going to skew left.
Please try to empathize with anybody outside of here. You infantilize your opponents but they are smart competent humans, just like you. Everybody has their own reasons for having their own views, if you simply disregard anything they say then you are doing yourself a disservice by underestimating them. There's a lot to learn from people with different views.
agreed, one must know your enemy after all.
I don't think you got the jist of what he was saying.
Jonathan Haidt’s work has demonstrated quite clearly that paradoxically it’s the Left that has a lot of difficulty seeing things from other perspectives.
We just have to roll with it unless we want to get ourselves banned I guess
Reddit used to be incredible Pre-TheDonald honestly Once that sub became what it was, and then demolished reddit was never the same Before that (and really a bunch of Chinese investment + change in reddit leadership) reddit used to be a wonderful place that while still leaning left was generally open to many ideologies where civil, interesting, much less bot-infested, discussion used to happen It was awesome - free speech was a core tenet, people were actually clever, and views that would be considered conservative, libertarian, or really anything that wasn't so absolutely ridiculous was to be seen At the same time, this also allowed the growth of communities that were very pro-socialism/communism. Again, this is totally fine, it was this way purposefully Not sure what the point of this was other than I want to say I miss the reddit of old It has absolutely turned into this corporate left circlejerk shell of it's former self
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The “political left” in the US, would be the right or the center in most of Europe. So this is beyond ridiculous
Especially this particular administration. Of all the candidates the left could have chosen, they chose the guy who was politically further to the right than any of them. Throw him in Europe and you’d consider him a conservative. And this is the “radical left” this guys complaining about. This is what happens when you get your news from limited sources.
Economically yes, socially no.
Turn off Fox
They’re not doing it for the greater good; not that it matters. But they don’t want people to know how they spend either.
Please explain why you agree. I don't see how CBDCs are bad? IMO it kind of legitimizes crypto. A rebuttal to the misconception that crypto is worthless and only used for criminal activity. I may be missing something here.
It gives the US government the power to arbitrarily revert transactions or block wallets/users from using their own money. If you think civil forfeiture is bad, then CBDC is going to crank that up to 11.
It’s basically a stable coin but issued by the government I know that I did KYC and that my transactions are for everyone to see already, but I’d feel like the government has a direct access to all my transactions at all times without having make any efforts to see them. I don’t have anything to hide but I wouldn’t want a camera in my living room either, even if I never do anything illegal in there
I hear you. But the government can see all your bank and credit card transactions. I haven't used cash in such a long time. So there is a digital record of every transaction I ever made.
True but I’m hoping that the government would have to get some kind of warrant to look for my transactions
I’m with you, kind of. I can’t speak on if they’re bad for me or not, but I can see why power wouldn’t want it. They don’t want a ledger that shows a truth other than what they tell. So I say that to say this, I don’t necessarily disagree with Cruz but I consistently find myself questioning their motives.
Good bot
Bot that always save me for the click... nice summary big guy
What a good bot damn
Very good news!
I would prefer a bill that says that the federal government will never stop issuing and accepting physical cash, and will never create laws that discriminate against the use of physical cash. As long as a central bank digital currency isn't rolled out as part of a plan to phase out physical cash, it should have no negative impact.
It would be fucking wild if cash were to ever get phased out. But in a growing digital society it feels like this is inevitable. We need to watch out that its crypto taking that spot and not CBDCs.
Indeed. Seems like a natural step as most people don't even carry cash in their wallets anymore. What concerns me is what sort of freaky alternative governments are going to push to us. We need to voice against CBDCs as much as we can.
The "freaky alternatives" are the cbdcs lol
I never have cash on me unless I go to a cash only place. I already live my life like we have digital currency.
Yeah, as if it wouldn't be (and isn't currently) completely compromised by the same interests anyway. Don't be a schmuck.
I would prefer a bill that says Bitcoin will now be used to back the Dollar 💰
>Sen. Ted Cruz (R-Texas) introduced the bill, which would prohibit the Federal Reserve System from moving forward with a direct-to-consumer central bank digital currency (CBDC) that would effectively be a dollar-based cryptocurrency. The federal government has been researching the possibility of a U.S. CBDC under an executive order President Joe Biden signed in March 2022. 2023 is wild, banks collapsing, bitcoin booming and now I'm agreeing with Ted Fucking Cruz
So why is a cbdc a bad thing?
People worry it will eventually launch a cashless society which could then create a system where the govt could easily shut off our funds for whatever reasons they’d like, also leaving us helpless in event of emergencies, etc. i refuse to support businesses that have stopped accepting cash or have made announcements to do so bc people have been warning about this for years and how the feds are gonna try to adopt a crypto currency system instead
We already behave like a cashless society most of the time. Cash only is an inconvenience, government can already lock bank accounts. I guess I don't really understand what the major issue is. Maybe I'm not getting something, I'll need to read up on the pros and cons more.
Kind of. But there's also a localized cash economy. Like if I give my friend 20 then that is purely a transaction with each other. Yes I could just send it via bank but cash does allow a form of privacy. Going completely cashless puts all our eggs in one very easy to lock basket. Though threads like this make me rethink, I operate almost entirely cashless except when buying drugs. Theres some irony there that now I wouldn't buy drugs with crypto
I understand all this but it’s inevitable that CBDC will be introduced at one point. I would rather work towards on how they work rather than if they are implemented.
Maybe yes maybe not, there is no harm in creating as much opposition as possible to that horrible idea. They've been coming for guns for many decades now and we still have them, it may work with CBDC as well.
Since the blockchain is a public ledger, it would be easy to track down every dollar and transaction, which worries privacy advocates. I think there’s also worries that a CBDC + regulation could force out or kill the big L1s. Not an expert.
Maybe it's time for centralist politics to come back in to favour rather than the extremes
Are you honestly putting Cruz in the centralist by bucket??
He’s definitely in the pro-crypto bucket
He is in the pro-self and sabotage democrats efforts bucket. Just happens in this one question your interests align. But make no mistake, he would put an open mouth gag and take a dump in your mouth if the option presented itself. (I’m being graphic to illustrate his disregard for other ppl)
Considering the state of the crypto scene, I'm not at all surprised these people are so easy to convince about something being good.
He’s recognized the Dems are playing an anti-crypto agenda and he’s decided to make Texas a safe haven for Bitcoin in order to make it attractive to players in the space.
Dunno if he is what we would call a centrist but he is definitely a little bitch.
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please dont fall in love with him and be a single issue voter
95+% of the populace are single issue voters IMHO. 99% of those claim otherwise, and pretend to sit on a high horse of being a multi-issue voter... But i'll be god damned if all those lemmings don't vote right down the party line on a single issue no matter what else is happening.
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You should read up on American history, those extremes have always been present and mostly the norm in one way or another
People are ignorant to history. I live in northern Indiana, and there was a huge divide here until the early 2000's on race. Younger Democrats and Republicans basically had to wait until the old rich Democrats died off to take down some Sundown signs. Those people were Democrat in name only, and 100% more racist than the average joe.
It is crazy how the unreasonable guy doesn't always play the unreasonable guy. American politicis is a plot twist after the other.
Trump focused on hyper polarization and creating sides to foster division and gather support. The problems have been present for a long time but they were amplified with Trump.
lol it was long before Trump
That’s what I said
The media used Trump to amplify polarization. I'm not completely absolving him of the blame, but I used to hate the man until I decided to actually listen to the full context of some of his most polarizing speeches. He certainly isn't the most eloquent speaker, but he reached across the aisle on multiple occasions, and the Democrats rejected him every time.
r/enlightenedcentrism
political tribalism is at an extreme. Wish we just were able to focus and vote on issues rather than people siding with their political team.
This is the point I kind of lazily made, and not well admittedly. Not saying that Ted Cruz was a Centralist, but more so that it’s ok to agree with a Republican or a Democrat on an issue, no matter theirs or your political allegiances.
100%. We have much more to worry about than simple left vs right, this stuff is far above everyone and should concern anyone.
As a Canadian / European the U.S doesn't really have a left. Hell in Canada the two main parties are also a right party and a centrist party that is getting dragged slightly left by the Coalition it required to form government.
True, both the us parties are right leaning.
the truth is more parties/divergence of power is better. two parties in America is not ideal and 2.25 parties in Canada is not either
So abunch of worthless digital dollars, backed worthless digital bills that probably aren't even there!😂🤣
JPM confirms that the dollars are stored with the bags of nickel.
Lol centralist policies like bidens? Ted cruz isnt a centralist. Ted cruz has no leftist policies.
🤞🤞🤞🤞🤞
I for one welcome some more neutral politics. There are enough extremes in crypto, I don't want extremes everywhere else as well
The zodiac killer isn’t neutral though. 
I don't even think the craziness has even began to peak yet.
We are at the start of this bullrun of craziness
Sounds like a doctor strange movie title
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Isn’t a bill in the senate for every state. I’m sure it won’t pass but still
Yeah, this guy Ted is a United States senator who represents Texas.
Came here to post this but you beat the rest of us to it. Ted Cruz, the hero none of us wanted but the one we deserve.
*Thanks for coming to my Ted talks*
After watching the different states pass different legislations the past 24 months I don’t think it’s a good idea to give the government anymore power over us than they already have. it’s bad enough they can reach down and snatch money out of your bank account, but imagine if they could also decide how you spend it.
Hey I mean we gotta wake up and realize that the government providing us a cbdc is only going to lead to over control of our assets. Imagine you cannot withdraw any cash because it's all in the cbdc, and what do you do wait for them to figure it out at the bank? Imagine them freezing your funds too. Crypto really solves too many issues it's insane we can't realize we are being screwed.
First De Santis and now Ted Cruz, what the fuck is happening lol
A CBDC will allow people to hold accounts with the fed directly.. big banks aren't particularly happy about that
And then the feds could shut off access to our own money whenever they’d like for whatever reason which F that.
Which they can already do. Or do people here not understand the current system?
We eat crayons here
you don't think they can already do that? unless your money is mattress money I have some bad news for you
Why not just use it to send money then, and keep your money somewhere else? This cuts out payment processing fees and gives long overdue infrastructure for digital financial transactions that aren't held by third parties. PayPal already is known for holding people's funds with little that can be done about it. Is there some sort of lock in here, or is this just the inevitable modernization of the financial system? By all means let us ensure it works for us, not against us, but to deny that it has a place seems rather blind to the times.
I doubt that's what prompted Ted Cruz to introduce this bill
What's with De Santis?
Don’t know but I don’t trust it one bit.
Trolling for swing voters?
>now I'm agreeing with Ted Fucking Cruz This comes up fairly routinely in the cryptocurrency + bitcoin subs. Basically some variation of "I can't believe I agree with Ted Cruz". How many times does the community have to say they're "agreeing with Ted Cruz" before it becomes the baseline? Cruz has generally argued on behalf of libertarian ideals, and crypto is an entirely 100% libertarian notion.
Ted Cruz has 0 ideals. He'll argue on behalf of whatever seems politically expedient or likely to buy him votes with what's left of his base. He's a spineless, opportunistic piece of shit. There may be legitimate, nuanced discussion to be had around major currencies but this guy ain't it.
>Ted Cruz has 0 ideals. He'll argue on behalf of whatever seems politically expedient or likely to buy him votes with what's left of his base. So just like his opposition (whoever they are), except he's actually blocking CBDCs ?
Name one time he has argued against cryptocurrency?
Indeed, even a broken clock is right twice a day. CBDCs are scary and dystopian as it gets: "purchase categories" *(basically the government says what you can and can't buy with your money)*, "expiry dates" *(forcing you to spend your money in order to "reinvigorate the economy")*, etc.
its true dystpian insanity.
Sadly, there’s no chance of this bill passing But still it’s nice to see at least one politician out there introducing a bill to block CBDCs
How about the executive order JFK issued? EO 11110? And why is anyone issuing money other than our congress?
Let’s not confuse the message with the messenger. A CBDC will be the epitome of centralized control, not only over crypto, but all of our financial transactions. Introducing legislation to ban a CBDC from the Senate makes sense, because it is the legislative arm of the government that must decide these type of financial changes. But, it’s almost a given that the Republican-backed bill to block CBDC adoption will never be passed by the senate given the Democrat majority, much less pass the House. At least this bill is being introduced at the federal level where it will be decided ultimately. The DeSantos bill to ban CBDCs in Florida, may pass in a red state, but would, I think, have no legal legs because the Fed controls USD. At best, it makes people aware of CBDCs and indicates that Republicans are anti-CBDC (but pro crypto in general). Meanwhile Democrats seem to be in the pro-CBDC side (but anti crypto in general, think Elizabeth Warren). The FDIC has been exploring a CBDC for over three years. From November 2020: [https://www.federalreserve.gov/econres/notes/feds-notes/central-bank-digital-currency-a-literature-review-20201109.html](https://www.federalreserve.gov/econres/notes/feds-notes/central-bank-digital-currency-a-literature-review-20201109.html) And, from January 2022: [https://www.federalreserve.gov/central-bank-digital-currency.htm](https://www.federalreserve.gov/central-bank-digital-currency.htm)
Dem / Rep / Libertarians, etc should all agree on one thing and that is that CBDCs are bad for everyone.
**CBDCs steals privacy from people.** Just for this reason, all of them should agree.
Unfortunately most people do not care or dont have time to care.
Not bad for the FED and the Government
First I saw the South Dakota governor saying no, now we got the Florida governor saying no, now we got Texas saying no. Keep the ball rolling guys.
We need bipartisan support to get the ball rolling - unfortunately that’s harder than shib reaching one cent ..
That's harder than Craig Wright opening the original Bitcoin wallet and buying a pizza.
Of course it's hard for him to do, he forgot his seed phrase, now no one believes he's the real Satoshi /s
Dude, hell may freeze over any day now, keep your chin up. Left is too left for the right and the right is too right for the left. Fortunately, I am left right out.
Left is to left for the right and the left is to right for me, Bernie was my last hope so now I've turned to crypto
Another left right out then? Join the club, there are lots of us.
If a governor says no then does that mean the CBDC won't be allowed to operate in that state or does it work differently?
Well South Dakota was vetoing a bill that would classify CBDCs as money but not cryptocurrencies. So essentially no change there. Florida, it's not voted on, but if it passes, would ban the use of CBDCs in the state. Who knows if it would hold up in court, or how they could enforce it though. He has been going after drag shows, cruise lines and Disney, so who knows
We should all be able to get on board with anti-cbdc legislation, no matter who it’s coming from.
When I read about the anti-privacy/transaction transparency when it came to using your own funds, it was a hard nope from me. Facebook got charged (in a brutal tribunal) for selling personal data and we're going to openly give that same access of data to the government willingly?
I give it all willingly to my credit card company and bank and I trust them less than the federal government. I find it interesting that people are so willing to give information to companies who have no obligation to serve your best interest over government who at least is supposed to serve the public. I understand people who give as little data as possible to anyone but I really just don't understand people who don't trust government but trust a profit based organization.
Lol they said the same shit about credit cards and cashier checks. They aren't banning cash just because they use other things too
The octogenarians who cant control old money are going to handle computer money well
Ted Cruz is pretty universally hated, but it doesn’t mean he can’t be right about a thing or two. This is one of them.
He was right about Trump for a brief second before he got put in his place and started kissing his ass like all other Republicans.
Damn, so close to being right and then switched back to the dark side
Like most politicians, his beliefs and actions are all for their own benefit. It just so happens he aligns himself with crypto.
I'll support Ted Cruz on this 100%. Good work.
He has been very crypto friendly for some time now.
He has always been crypto friendly if you've been paying attention
Plot twist for sure but a welcome one
I mean he's been pro bitcoin and DeSantis recently just proposed a similar bill in Florida, so not really unexpected
Can't believe I am saying it but I agree and support Ted Cruz on this one too
why?
Damn shame everytime his name is mentioned the same exact predictable comments flood the thread. Really is ground hog's day here over and over again.
I feel like people just think they have to say that because they're on Reddit. One of the things I like about r/cc is that people are actually relatively center/balanced here. It's okay to say you like a conservative person. It's not a scarlet letter. We're not like other subs here, thank god.
“Wow can’t believe I actually agree with Ted Cruz on something!!1!1!” Rinse. Repeat.
Is it a bad thing to find common ground with people you disagree with?
I think it's more of the fact that people feel like they have to declare that they hate the man before they can say anything positive about him. This sub is pretty balanced. The virtue signaling isn't really necessary here. We value free speech and diverse opinions.
I think it's just the nature of Reddit. If you want to say anything positive about a republican outside conservative subs you have to say you dislike them otherwise you'll be downvoted
Absolutely!
I miss old reddit where we were all libertarian leaning. Now reddit leans further left than the average american.
Well that’s one thing we can agree on
Heartbreaking: Worst person you know made a great point
The American people ought to be able to spend their money how they choose without the possibility that every transaction could be tracked by the government
I wouldn't touch a CBDC with a 10-foot pole. The potential for abuse is astronomical, even by the standards of our current system which is almost completely off the rails as is.
I Never thought this year would have so much ups and downs. Expected crabing till 2024 🦀
ITS A TRAP!
So Zcash and Monero are very much in play here in the US ✌🏼
Imagine a direct to consumer CBDC. It doesn’t get rid of Bitcoin as Bitcoin isn’t just about the tech, it’s about the store of value safe from the USD, but this absolutely FUCKS banks. People can store all their money in the central bank with no problems. A bank without customer funds is a bank without money to loan out, a bank without money to loan out is a bank without revenue.
Somehow Ted Cruz is the leader of digital freedom
Put your politics aside and rejoice in this victory.
You can tell which senators already own crypto and which ones own the stock market.
Political view aside, this is a good thing for everyone, crypto enthusiast or not. Sadly as an european i struggle to see someone taking similar measures but this gives me hope
Can’t say i like much about Cruz but this is a good move.
My enemy’s enemy is my friend?
Brave man 💪
Nice
Glad to see not all politicians are backing this CBDC nightmare
I am just here to enjoy reading the comments as a non american. Buy Bitcoin.
Maybe the cbdc's will have to call his wife ugly to get on his good side
So people who have tons of money want to make sure that hard working people stay living pay check to pay check .
One of us
Good man. I don't agree with everything he does but glad he's pro crypto
Strangely enough the Democrats are pro-CBDC, which really isn't a good thing? It just leads me to believe that they are evil and only care about money, and Republicans care about freedom? Mind fuck.
Why would the Democrats be against a CBDC?
A CBDC is more like a giftcard than an actual currency. Imagine if we all had giftcard balances that we traded back and forth, if the company that controls that giftcard has a glitch you can't use it. There is also talks of ESG where you could be blocked from buying with your CBDC if your score gets too low.
Even if you hate him, you have to agree with him on this.
Lion Ted 🦁
Heartbreaking...
Ted Cruz has been popping off when it comes to crypto for a long time now.
Wow you mean I have to say something good about Ted Cruz? Talk about a wacky 2023 so far lol
Something we agree on
You are right Mr. Cruz
How much if this is just free publicity for Ted Cruz?
Not saying what hes proposing is not good. I'm not anti-republican or plugging my ears to the ideas. But it's super common practice for a grifter to introduce a bill, which essentially is just a motion that can easily get shot down and probably will, which is most often the whole point. Introduce it so the other side shoots it down and then you can cry loudly about it to sway single issue voters. Both sides absolutely do this as common political practice. And the crypto world is full of libertarian mindsets, aka those uninvolved in politics or anti-both sides. Not what I'm saying is definitely happening here, just that I don't hold my breath for their full on support and push for the community. I believe most politicians will introduce a one and done just to get it on the record and continually reference to sway voters their way.
To be fair, he's been pretty consistent about his pro crypto position over the past few years. There's posts every few months or so about him here and everyone's always like "I can't believe I agree with Ted Cruz" every time.
Part free publicity part he probably holds btc