This article is a response to the Yahoo Finance piece by Sheila Blair.
Yahoo gives the disclaimer that Sheila Blair was a former Fed stooge — as if being honest about that legitimizes the shill. Using honesty as a tool of deception. Ha!
Look. The bitch said
I support properly regulated private stablecoins
which implicitly draws distinction between a Fed CBDC and other stablecoins. Her statement implies the Fed coin is still the only legitimate standard, which implies it should suffer no regulation. Even though the "money goes directly to the people," the Fed is still beyond regulation, still reigns as the only unbothered authority, and most importantly, still pays the regulators it deploys on its competition. That's the big no no.
Sheila, does this regulation you talk about apply to Fedcoin as well? Because a Fed CBDC is also a private stablecoin. But enough of arguing with the stooges. They aren't there to present an argument and compromise. They are there to influence undecided financial voters.
Framing the CBDC "argument" as "giving money directly to the people" is a sly perspective that speaks directly to crypto fence sitters. The folks who will resonate with the CBDC as she describes it are the majority.
This majority doesn't think of bitcoin as a unit of account. They don't know shit about El Salvador or what bitcoin currency adoption means, much less what an algorithmic stablecoin means. They aren't traders, so price volatility to the downside = #badsellnow. They're selfish. They're morally compromised through pop media. They don't have enough money to afford a personal philosophy, much less the financial stability to sacrifice anything immediate to uphold a personal philosophy. For these, free money is the end goal. (Not freedom money; free money.)
It takes a lot to be a Jack Mallers. You have to be a very privileged person — highly financed (to have time to research bitcoin, the treachery of the Fed), highly educated (to understand bitcoin and the treachery of the Fed), highly skilled (to be able to code something productive), highly empathetic (to have the willingness to code for something beyond selfish monetary gain), and highly mobile (to promote and deliver the product after production). What percentage of people fit this description? A percent of a percent? Everyone else is scrambling and can't see past their next rent payment or school loan. They have sick parents or a baby on the way. Or they just don't care and would rather party.
This is the majority, and they will accept this argument as a valid reason to accept CBDCs. They will become indignant towards stablecoins and pollute crypto with their ignorance.
It's not like crypto people are better people overall, either. I just had a lively discussion with some fake ass flower child who argued against removing a fake BTC pool from a yield aggregator because "I made a 4X off it." Dipshit, no one really cares if you made a 4X from a scam — what's more important is that new investors won't know the difference and they'll lose money. And there will be a lot more of them than you. And those people will run back to CBDCs whining "please daddy regulate those bad crypto dapps!" because of selfish pieces of shit like you.
So if the Fed sticks to this argument, they'll win over the majority. I believe they'll also co-opt influencers like Pomp who have shown a willingness to compromise on Satoshi's vision (promoting Blockfi? c'mon). The purpose of this article isn't to fight Sheila's arguments. It's to determine what to do now that we know this is coming.
The solutions would require a book, honestly. My number one solution is separation.
Detachment from national currency makes you an instant cosmopolitan. A global jet setter. Before bitcoin, you needed to be quite a rich fuck to make this happen for yourself. Since bitcoin established itself and crypto with it, folks the world over have the opportunity to be a working class cosmo. It's true.
There's no reason you shouldn't own 3 houses in 3 completely different jurisdictions around the world. A second passport or residency is a must. You must put some distance between yourself and the nationalist who would be convinced by Sheila's argument to accept the surveillance prison a Fed CBDC would bring about. The only reason to accept this Fed slavery would be in service to the psychological disorder of nationalism. You need to believe so hard in the United States that you are willing to accept Big Brother in exchange for regulated free cash.
The world is moving towards this new global reality fast. Globalism is nothing to be afraid of — if you have a stake in your own existence. Just because technology is connecting the world doesn't mean the world has to become 1984. Decentralized technology means you are part of the governance of this new society rather than a slave to it.
Look, Sheila, I don't mind playing by the Fed's rules if I need to interface with resources monopolized by the Fed. I'll gladly swap some of my private stablecoin for some Fedbucks to fund my US vacation. You can even charge me digital sales tax on the mai tais I'll be sipping in Miami. But when I leave and go back to my second home in Antigua or Dubai or whatever, you don't get to tell me what to do then. Your regulation stops when my need for your service stops. Let the stupid slaves who prioritize comfort over life deal with your bullshit. The days of Fed overreach are over. There is a new class of cosmopolitan who doesn't require your "help" to live.
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