Kiss your dollars good bye. The banks want to trade them for tokens....

Is Bitcoin a dollar or is it a bitcoin?

The dollar isn't worth the ink used to print it. Dollars used to represent gold. Now they are backed by nothing more than promises from the Federal Reserve, not the United States.
Soon, crypto will be the only thing in your "virtual wallet". Also backed by nothing but faith in the Federal Reserve...

ANCHORAGE DIGITAL BANK​

Inventing solutions for the future of capital.

Our vision is to be the foundation upon which value moves safely in the new global economy.

^ It's really not about safety. It is about controlling and regulating your tokens. There will be no dollars in the future new global economy. We are phasing the inflated and debt ridden dollar out and bringing crypto to a neighborhood near you.
A little foresight would help your understanding of where we are headed...

A bitcoin is backed by nothing but Bitcoin. Which is why its price fluctuates as it does.

The US dollar is backed by the full faith and credit of the United States. As it has been since our nation was founded.

And with all the 'kiss your dollars goodbye' nonsense debunked, this thread is predictably descending into another generic 'but fiat currency is bad!' conversation.

Give me a holler if you want to discuss those tokens again. I'll be happy to comment.
 
This isn't crypto. This is US Dollars.

Which is backed by the full faith and credit of the United States.

Bitcoin can't tax people's income. Or levy excises and tariffs on goods coming into or going out of the country. The United States can.
The Federal Reserve Corporation decides what to do with our dollar. THEY tell the US Treasury when and what to print. We don't tell them, they tell us...
 
The US dollar is backed by the full faith and credit of the United States. As it has been since our nation was founded.
Simply untrue. Our money used to represent gold and could be exchanged for gold, up until 1933. Now it represents paper...
You have debunked nothing here. We are testing a new currency to replace the dollar. Ask USBank, or Citi, or PNC.
That you don't recognize what they are doing doesn't stop what they are doing...
 
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The Federal Reserve Corporation decides what to do with our dollar. THEY tell the US Treasury when and what to print. We don't tell them, they tell us...

Again, you're abandoning the entire premise of your thread....shifting from 'kiss your dollars goodbye because of tokens' to a thoroughly generic 'the FED is bad, fiat currency is bad' conversation.

The dollar isn't going anywhere. The system of intra-bank settlement of short term overnight loans and deposit requirements is already entirely digital. The only thing being replaced is the storage method of the US dollars: replacing paper bills for digital tokens.

Its all still US Dollars.
 
Simply untrue. Our money used to represent gold. Now it represents paper...

At times in our nation, it was backed by gold or silver AND the full faith and credit of the United States.

But the full faith and credit of the United States has always backed our currency, from the moment it was created.
 
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At times in our nation, it was backed by gold or silver AND the full faith and credit of the United States.

But the full faith and credit of the United States has always backed our currency, from the moment it was created.
Simply untrue. Nixon separated the metal from the paper for good. Now it is just paper, alone. Faith in the United States and credit of the United States is why the globe is going crypto...
 
Again, you're abandoning the entire premise of your thread....shifting from 'kiss your dollars goodbye because of tokens' to a thoroughly generic 'the FED is bad, fiat currency is bad' conversation.

The dollar isn't going anywhere. The system of intra-bank settlement of short term overnight loans and deposit requirements is already entirely digital. The only thing being replaced is the storage method of the US dollars: replacing paper bills for digital tokens.

Its all still US Dollars.
Then where do they store the digital tokens that they loaned to the other bank yesterday? They don't because the still use the dollar for loan purposes.

You have a computer system of transfer confused with crypto currency. The banks have no infrastructure in place yet for short term loans using crypto instead of the dollar. THAT is what they are doing NOW. Not 10 years ago, not yesterday. Now. They are testing the transition to crypto now. USBank is testing a crypto system now. They have not implemented it yet. It is in the testing phase. They still loan dollars over night for short term loans. They use a computer to do that so they don't have to walk a suitcase full of dollars to New York or Chicago. That has nothing to do with crypto currency. USBank does not lend bitcoin for short term loans.
My stance and my proof hasn't changed one bit. You do though as we go along. First our money was backed by faith and credit, now it was backed by gold and silver and faith and credit...
Two of those 4 are correct...

The Federal Reserve is a global club of elite bankers. It is a Corporation of banking and businesses. They control our dollar currency. And they want a global digital currency that is easier for them to access to replace it.
The heavily indebted dollar is dead. We are in the funeral phase. The Federal Reserve will bury it when the new system is in place. They are testing the new system now, not using it now.
 
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Simply untrue. Nixon separated the metal from the paper for good. Now it is just paper, alone. Faith in the United States and credit of the United States is why the globe is going crypto...

You're not reading what you're responding to. Pay special attention to the word 'AND'.

"At times in our nation, it was backed by gold or silver AND the full faith and credit of the United States.

But the full faith and credit of the United States has always backed our currency, from the moment it was created."


The globe is not going crypto. Crypto markets are crashing and the sole country that did use Crypto as a currency (El Salvadore) has regretted it, losing $60 million dollars.

You keep making claims you can't back up and that the data doesn't support.
 
First it was faith and credit, you added the "and " gold and silver after I corrected you.
Either way, we shall see if the testing of crypto by our banking system has any legs or if it will be scrapped. It's all up to the Federal Reserve, and they are the one's rolling out this new global currency.
We shall see...
 
Then where do they store the digital tokens that they loaned to the other bank yesterday? They don't because the still use the dollar for loan purposes.



You have a computer system of transfer confused with crypto currency. The banks have no infrastructure in place yet for short term loans using crypto instead of the dollar. THAT is what they are doing NOW. Not 10 years ago, not yesterday. Now. They are testing the transition to crypto now. USBank is testing a crypto system now. They have not implemented it yet. It is in the testing phase. They still loan dollars over night for short term loans. They use a computer to do that so they don't have to walk a suitcase full of dollars to New York or Chicago. That has nothing to do with crypto currency. USBank does not lend bitcoin for short term loans.
My stance and my proof hasn't changed one bit. You do though as we go along. First our money was backed by faith and credit, now it was backed by gold and silver and faith and credit...
Two of those 4 are correct...

The Federal Reserve is a global club of elite bankers. It is a Corporation of banking and businesses. They control our dollar currency. And they want a global digital currency that is easier for them to access to replace it.
The heavily indebted dollar is dead. We are in the funeral phase. The Federal Reserve will bury it when the new system is in place. They are testing the new system now, not using it now.
The tokens ARE US dollars. They're storage vessels for US dollars.....just like paper is now. The US dollars are backed by the full faith and credit of the United States. The full faith and credit is the United States' ability to tax and will to pay its debts (or at the least, the interest on those debts).

Bitcoin for example, is backed by nothing. It has no taxing power. It has no income tax it can levy, no excises, not tarriffs. Absolutely nothing.

YOU are confused by crypto currency. And you project that confusion onto our banking system without understanding what is actually happening.

The tokens in question are merely a storage vessel for US dollars to be used in lieu of the $10,000 bills that the Fed holds in vaults to settle overnight short term loans and deposit requirements between banks.

This is a non-story. The rest is generic 'but the fed and fiat currency is bad' rote.
 
First it was faith and credit, you added the "and " gold and silver after I corrected you.
Either way, we shall see if the testing of crypto by our banking system has any legs or if it will be scrapped. It's all up to the Federal Reserve, and they are the one's rolling out this new global currency.
We shall see...

You're still not reading what you're responding to. Here's the original post that you insist didn't include any mention of gold or silver. I'll highlight the part you insist didn't exist:


"At times in our nation, it was backed by gold or silver AND the full faith and credit of the United States.

But the full faith and credit of the United States has always backed our currency, from the moment it was created."




See? Just because you didn't read my mention of gold and silver (and still don't) doesn't mean I didn't type it. Please read what you're responding to.

And we're not testing crypto. We're testing using digital tokens to store US dollars rather than $10,000 paper bills. The intra-bank settlment system for short term overnight loans and deposit requirements is already entirely digital. And has been for a very long time.

This is a non-story. The dollar isn't going away. Neither is the petro-dollar. Or fiat currency for that matter. They're making a minor modification to the way that the Fed stores dollars for intraback settlements.
 
This isn't crypto. This is US Dollars.

Which is backed by the full faith and credit of the United States.

Bitcoin can't tax people's income. Or levy excises and tariffs on goods coming into or going out of the country. The United States can.

As usual, your cognitive dissonance is exhausting.
 
As usual, your cognitive dissonance is exhausting.

Note you don't actually disagree with me or refute any point I've made. You just toss a generic insult.

Have you actually read the article in the OP:

"The 12-week PoC will test a version of the RLN design that operates exclusively in U.S. dollars where commercial banks issue simulated digital money or “tokens” – representing the deposits of their own customers – and settle through simulated central bank reserves on a shared multi-entity distributed ledger."

I've bolded the part you may want to take a look at before you try commenting again.
 
Note you don't actually disagree with me or refute any point I've made. You just toss a generic insult.

Have you actually read the article in the OP:

"The 12-week PoC will test a version of the RLN design that operates exclusively in U.S. dollars where commercial banks issue simulated digital money or “tokens” – representing the deposits of their own customers – and settle through simulated central bank reserves on a shared multi-entity distributed ledger."

I've bolded the part you may want to take a look at before you try commenting again.

FTX goes bust.
I got a shed full of FTX Crypto that cannot be turned into dollars.
Nothing is backing my coins up as I might as well melt them down into an engine block for what they are now worth.
And I repeat, only thin air backs up my FTX Crypto!!

Now, go pound sand if can't comprehend this.
Fuck! :ack-1: I need a friggin' martini and a Jacuzzi!!!
 
FTX goes bust.
I got a shed full of FTX Crypto that cannot be turned into dollars.
Nothing is backing my coins up as I might as well melt them down into an engine block for what they are now worth.
And I repeat, only thin air backs up my FTX Crypto!!

Now, go pound sand if can't comprehend this.
Fuck! :ack-1: I need a friggin' martini and a Jacuzzi!!!

This isn't FTX. This is Wells Fargo, CitiBank, the Federal Reserve Banks.

Its a 12 week program to see how it actually works. There isn't even a commitment to an actual test, with the brief acknowleging that the entire project could be run with simulated data.

The dollar is not disappearing, folks. This is a non-story.
 
The tokens ARE US dollars. They're storage vessels for US dollars.....just like paper is now. The US dollars are backed by the full faith and credit of the United States. The full faith and credit is the United States' ability to tax and will to pay its debts (or at the least, the interest on those debts).

Bitcoin for example, is backed by nothing. It has no taxing power. It has no income tax it can levy, no excises, not tarriffs. Absolutely nothing.

YOU are confused by crypto currency. And you project that confusion onto our banking system without understanding what is actually happening.

The tokens in question are merely a storage vessel for US dollars to be used in lieu of the $10,000 bills that the Fed holds in vaults to settle overnight short term loans and deposit requirements between banks.

This is a non-story. The rest is generic 'but the fed and fiat currency is bad' rote.
No, they are not. Go to a store and when you check out, hand them a Litecoin. Tell them it represents dollars...
A poster said, "fiat" and you're trying to run with it. That's not the issue.
What they are doing now is proving that this global digital crypto concept works. Once that is established, the Federal Reserve will begin converting our bank accounts to a new global currency. The Federal Reserve is a Global, not American, Corporation that controls our Treasury. When they decide to transition to a global currency X amount of dollars = one token in conversion.

You are under the wrong assumption that the Federal Reserve means our Federal government and is a storage unit. CITI BANK IS THE FEDERAL RESERVE. They own a whopping share of the Federal Reserve Corporation. So does the Rothschild's Bank of England. JPMorgan Chase. Two of my banks are participating in the experiment. USBank and PNC.

They want to know if it is feasible so they can implement it. When they do, your social credit score will be tied to it, so you had better behave...
 
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The story is they are preparing to get rid of cash, and move us onto a digital wallet, with tokens, not dollars, not representative of dollars, nothing to do with dollars, and your wallet will be tied directly to the Federal Reserve. Which is not Federal, and not a Reserve, but a Corporation run by an elite group of people and businesses. With the power to deduct. If they do this you'll never see your money, they'll just tell you what's left. And they are testing it out at a bank near you.
I wish you'd cut to the chase a bit sooner - Post #52 is a bit late - but yes.

Cash (and the privacy that goes with it) is going out, and digital wallets, digital passports, and social credit scores are coming in.

The one alleged benefit of crypto (privacy) will be gone.

Yay global progress!
 
Simply untrue. Our money used to represent gold and could be exchanged for gold, up until 1933. Now it represents paper...
You have debunked nothing here. We are testing a new currency to replace the dollar. Ask USBank, or Citi, or PNC.
That you don't recognize what they are doing doesn't stop what they are doing...
Shoulda led with this, but yes - slippery slope.
 
Note you don't actually disagree with me or refute any point I've made. You just toss a generic insult.

Have you actually read the article in the OP:

"The 12-week PoC will test a version of the RLN design that operates exclusively in U.S. dollars where commercial banks issue simulated digital money or “tokens” – representing the deposits of their own customers – and settle through simulated central bank reserves on a shared multi-entity distributed ledger."

I've bolded the part you may want to take a look at before you try commenting again.
You've made some real contributions to the thread, and said many true things.

But the OP's belatedly stated point - that cash, privacy & the dollar are all but dead - is correctly made.
 

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