Cryptocurrency

Former Coinbase CTO urges ‘get to Bitcoin’ before CBDC digital lockdown

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Balaji Srinivasan, former CTO of Coinbase, warned people to “get bitcoin before the digital lockdown.”

Your comment is too long Tweet Weaknesses in the banking system and the soon-to-be-launched FedNow payment network.

Srinivasan described a hypothetical situation where individuals have “bitcoin independence” or are confined to the CBDC system. He compares the latter to the ringfence of digital finance, which he dubs “The Great Dollar Wall.” This is a tribute to China’s Great Firewall, which restricts access to certain his websites that the Chinese Communist Party deems inappropriate.

Fed will start CBDC in July.

It will take approximately 90 days to complete.

After that you will be trapped.

eat around and find out

Recent events, including the bankruptcies and foreclosures of three American banks, have drawn attention to the vulnerabilities of the banking system. This anxiety was further amplified over the weekend. credit suisse Revealed “material weaknesses”.

In a recent live stream, Input Output CEO Charles Hoskinson summarized the current state of the banking system and said its failure was inevitable. Mr. Hoskinson pointed out the unsustainability of Ponzinomics. Ponzinomics creates money out of thin air and relies on financial expansion to sustain the Ponzi scheme.

On March 15th, the Fed announced that the FedNow payments network would launch in July. The network will provide payment services, allowing participating organizations to make instant payments to each other.

Please note that FedNow is not a CBDC system. Nonetheless, some have suggested that CBDC, if it comes to fruition, could complement or herald CBDC.

Combining the two issues, Srinivasan launched a lengthy debate criticizing the US government’s history of corruption. For those skeptical of his claims, Srinivasan challenged them to “eat around and find out.”

Can Bitcoin Help?

Critics of the CBDC have expressed concerns about the centralization of power and its potential to enforce compliance. Addressing these concerns, Srinivasan said:

“For those still trapped in the dollar system, imagine extending the control of wages, prices and capital down to the individual level.

Under such a system, he warned, it would be “game over” for individual sovereignty and for those who disagree and shout political hoaxes.Things like this can’t happen in the WestSrinivasan unleashed several examples of U.S. government lies.

“JThink about all the lies: NSA surveillance, Iraqi weapons of mass destruction, the 2008 financial crisis, the media hype of the past decade, claims that masks don’t work before they work, inflation denials, and all that.

So he asked if readers had enough trust in the U.S. government to relinquish full control of their money to them.

For those who don’t, Srinivasan said economic sovereignty is possible through bitcoin, recommending that concerned citizens get bitcoin “before they lock you in.”

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