Texas bill to create a gold-backed digital currency

Or some one pointed out it’s unconstitutional.

 

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Of all the "freedom" bills the Texas legislature might have passed, I was kinda surprised by which one they did pass:

https://www.texastribune.org/2023/05/29/texas-crown-act-law/

Maybe they figured if people could discriminate on the basis of hair appearance, somebody someday might come for their ten-gallon hats...

 

I must admit I'm a bit TL;DR the entire thread. So please LMK if this has already been discussed.

My disdain for any type of CBDC leads to control. The elitists have already proven they are not like us slaves. edited

 

How exactly does this work when you can't get local, state, the federal government or national governments to agree on anything? Not to mention the fact they can't be both completely incompetent and capable of pulling off this conspiracy. They'd also need a database with appropriately 350 million entries just for the US alone. The number of people involved in the creation and maintenance of that monstrosity means we'd know if something like that were in the works.

There's also the small problem that digital currencies are created by private entities not the government. Governments have exerted little to no control over them to this point.

And as far as the states go, there is little need to worry. states creating their own currency remains unconstitutional. It can't happen/

 

Okay

Not getting drawn into the political discussion rabbit hole. Final post on this for me.

The CBDC discussions are widespread. It's not a conspiracy theory by any stretch of the imagination. You're entitled to ignore the warning signs.

We all know what they say about opinions.

Peace out.....

 

Might want to go edit the edited part of your previous post, then. And possibly other parts. Just sayin'...

 

I'd like a donut and coffee please. I'm sorry sir, I can get you coffee, but your last check up showed obesity and the computer will not allow me to charge you account for the donut.

 

Cool! Free donuts!

 

Sir there's a new note in your currency file to monitor your caffeine intake.

 

At least Texas has decided gold and silver are real money. That's more than most states.

 

Ours has at least decided that they don't incur sales tax (unless they're fabricated into jewelry).

 

* bump *

HB4903 ran out of time in 2023, but it was reintroduced as HB1056 in 2025 and it took a flurry of lobbying and haggling, but the legislature passed the bill on the second to last day of the regular session. The bill now waits for Governor Abbott to sign, veto or ignore (becomes law June 22 in this case).

Texas will become (I have confidence) the 4th State to pass a bill enabling the creation of modern payment rails for parallel gold and silver currency. I reviewed the legislation from various States on this issue and published an article about it here:

https://www.pmbug.com/threads/sault-and-gault-sound-money-legal-tender-landslide.8270/

 

Yup, Cripto is a ponzi scheme. The people who promote it may or may not be aware of that, but it has all of the characteristics of such.

 

It is impossible for me to agree with this more than I do. I've been calling cryptocurrency a ponzi scheme since day one. And I've been following Bitcoin since it was $95/coin.

Here is where the problem lies. The US dollar, as a fiat currency, is no less a ponzi scheme than crypto is. Once backed by gold and silver, to eventually have that stripped away, to only be backed by a promise. And now that promise is over $36,000,000,000,000 in debt.

See where I'm going with this? I have never, nor will I ever, own crypto. Obviously I 'collect' devaluing dollars. Every day I wake up, like my coin collection, my dollar collection is worth less than it was yesterday.

So what do we do? We can accumulate gold, but as much value as that holds it's still not used in commerce. So we're forced into the fiat ponzi scheme by default. If the government decides to pass legislation stating the new fiat ponzi scheme is crypto and it'll be backed by the same worthless promise as the dollar, how or why would we fight that? The only advantage to the US banking system to switch fiats would be the expense saving of physically printing dollar bills. The new expense would be the massive amounts of energy it would require to run the banks of computers to generate the new blockchain.

Will we be forced into using crypto in the future? That is the million dollar question, and above my pay grade.

 

I still use cash. I only have one bill that is paid by plastic, I will die before I give up that practice.

 

Mr Swimmer, the market that we are battling with our words is trying to create a virtual reality, I swear if I was savvy, I would have already invested. Then I think about how much that $ means to my survival. When the Dollar dies, virtuous America dies. The dream dies. I will continue to stick my money in physical cash.
Anyone ever heard of Grid failure, that wipes your hard drive? Can you imagine if there was a hold on every electrical transaction, lets imagine with a community of 1 thousand, let alone millions upon millions. It just a digital reality.

 

Some people have their whole lives online, why not their money? I think a lot of Us who struggle fall for the almighty plastic eventually. You are the exception.

 

Sal it's not the exception. It forces one to live within their means, Every time you use that card someone other than you makes a profit. I will always be a cash guy. More from your money brother.

 

Cash is king and so is gold! My brain don't stretch far enough to deal with digital so I'll leave that for the youngsters!