Anyone Ready for the New Fed Coin?

Fed Coin? Below is a video link from Youtube, also you can check it out on your own as there's a number of other video's on the subject! Have you heard about this new digital currency the US Government is working on? Anyone ready for this or has anyone here heard about it? Sure fiat currency will still be around for quite a few years but technology happens at the blink of an eye, so better to be aware what's coming down pike! Oh, hopefully when this digital crypto is released our gold and silver stacks will skyrocket in price! Any thoughts on this subject?

 

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I've brought this up in a few threads, but no one seems interested. It's coming!

I think we will always need physical currency (in case the power goes out). I'm still trying to figure out how this might be implemented while allowing the Fed to maintain control of supply.

 

Other countries are coming up with their own, as well.
There is some speculation that Facebook’s Diem (formerly Libra) could be the new Fed coin, but who knows.

The scarier thing is if we go to the IMF’s SDRs, which decrease the value of the dollar by 70% https://www.imf.org/external/np/fin/data/rms_five.aspx

 

Can't/won't say it won't ever happen...not with with what's already happened and is happening...but CAN say it's more hype and fodder than anything that will ever (not) happen in any of our lifetimes.

 

Care to bet 100 FedCoins on that? lol

 

It's they're attempt to get a piece of the crypto pie. I already have fed dollars though, its called the dollar. It's not going to replace cash or anything else not in our lifetime anyways.

Depending how they price it and the amount it may or may not do well but being fed run will be an automatic negative off the bat for the crypto crowd

 

Won't a legal tender Crypto-Dollar necessarily make other crypto currencies "couterfeit" (i.e. "illegal for use in commerce")?

 

Not unless separate legislation was passed saying so in which case there would be several states fighting it and it would likely end up in the supreme court. Remember some cities etc are already currently giving employees the option of taking part or all of their paycheck in bitcoin.

The simple creation of it wouldnt have any impact on the others legality

 

I guess we'll see!

 

I wouldn't hold my breath on it considering congress only cares about get reelected and outlawing every other crypto would lose them significant younger votes. Realistically there would need to be some legal rational and because I said so doesn't always work without a very invasive sweeping bill

 

Whenever I hear talk of a government-backed digital currency, the hairs on the back of my neck stand up a bit. Just think of how easy it would be for the Fed to impose outright negative interest rates, especially if cash were outlawed at the same time. Scary stuff!

 

Since digital currencies are (currently) assets, and treated as such by the IRS. I don't see how a Crypto-Dollar would work...other than by backing the Dollar at some floating exchange rate controlled by the Treasury. It seems like there would need to be some sort of convertibility between physical Dollars and Crypto-Dollars.

 

Theres no reason it couldnt operate in the same way all the other coins do. The whole point is having something separate that isn't directly tied to a currencies value.

 

This is just a guess but the Fed is behind the 8 ball on this one so I'm guessing they're working diligently to make it happen. It's gonna be interesting to see how this is all presented to us. The frustrating part is all these youngsters who were born with computers in their cribs can figure stuff out quickly while this old coot will need some help!

 

We were told that Buck Rogers, Captain Video, Dick Tracy and others had gadgets that would never really be available in our lifetime.

 

The amount of a particular crypto-currency (e.g. Bitcoin) is fixed and the value fluctuates as a function of demand. Crypto-currencies, in their current form, violate Article 1, Section 8, Clause 5 of the U.S. Constitution and are only allowed to exists as assets and not as currencies. Crypto-currencies have no Legal Tender status.

"Article I, Section 8, Clause 5:
[The Congress shall have Power . . . ] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;"

Congress also has the power to define the "current Coin of the United States"...

"Article I, Section 8, Clause 6:
[The Congress shall have Power . . . ] To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

I doubt Congress will give up their Constitutional powers without a fight.

 

Guess PMs are illegal then too since they have no legal tender status and the US makes their version of them.

Places are always free to accept whatever they want as payment it doesnt mean that they have legal tender which many people really dont get the real meaning or legal definition of.

I'll save you the time on the rest of it, the US money is the USD nothing else period. Crypto isn't USD no matter who issues it.

Digital money has been around for decades with cards and electronic transfers etc, that isn't going away because of trying to get the crypto pie.

 

You're confusing a Crypto-Dollar (type of currency) with digital payment systems (method of payment). "Legal Tender" means everyone is legally obligated to accept it as payment for all debts, Public and Private. People aren't obligated to accept crypto-currencies, PMs, or anything else other than "Legal Tender"...as defined by Congress.