1/ to all the crypto people obsessing over the recent news of a "digital dollar" - it's terrifying and is basically the opposite of what crypto is all about (systemic hedge, self-sovereign, etc)
what they're talking about is similar to what Sweden has done
a short story...
what they're talking about is similar to what Sweden has done
a short story...
2/ only 13% of people in Sweden use cash on a weekly basis
by contrast, 70% of Americans use cash on a weekly basis
why the difference? Sweden has great connectivity infrastructure (broadband), small population (under 10M), and a legacy of adopting new technology
by contrast, 70% of Americans use cash on a weekly basis
why the difference? Sweden has great connectivity infrastructure (broadband), small population (under 10M), and a legacy of adopting new technology
3/ most Swedes are using a payment app called "Swish" to pay for things. it's basically like Venmo, and allows free and instant transfers. all you need is a phone number. but...
you still need a bank account to connect it to.
and to have a bank account, you need an identity.
you still need a bank account to connect it to.
and to have a bank account, you need an identity.
4/ anyone who wants to be part of the digital economy has to:
a. link their national ID to their bank account
b. link their bank account to their app
c. link their app to their mobile number
so in those three steps, you've basically given the state access to your finances
a. link their national ID to their bank account
b. link their bank account to their app
c. link their app to their mobile number
so in those three steps, you've basically given the state access to your finances
5/ now who owns Swish?
why, a consortium of all of the Swedish banks.
and what powers the back end of Swish?
why, a "citizen identification solution" called BankID bankid.com/en/
and who owns BankID?
why, a consortium of all of the Swedish banks
why, a consortium of all of the Swedish banks.
and what powers the back end of Swish?
why, a "citizen identification solution" called BankID bankid.com/en/
and who owns BankID?
why, a consortium of all of the Swedish banks
6/ the "digital dollar" that is being touted has nothing to do with blockchains, cryptocurrencies, or anything remotely related
it's about linking your bank account directly to a federal agency so they can move 0s and 1s in their database.
it's about linking your bank account directly to a federal agency so they can move 0s and 1s in their database.
7/ and when you do that, you have basically completed the loop for the gov't, eliminating the need to go through intermediaries to get your data
by tying what people need (economic relief) to what the gov't wants (access to your bank account), you kill 2 birds w 1 stone
by tying what people need (economic relief) to what the gov't wants (access to your bank account), you kill 2 birds w 1 stone
8/ so... yeah, that's... kind of the opposite
we are entering an era of unprecedent government surveillance, all implemented in the name of "emergency relief"
stay vigilant, and read the fine print
ok rant over, thank you come again
we are entering an era of unprecedent government surveillance, all implemented in the name of "emergency relief"
stay vigilant, and read the fine print
ok rant over, thank you come again
