Thread by @theweb3sharma

RBI will withdraw Rs 2000 notes from circulation

This is a master stroke as per India is considered

However, this is also a step towards control and manipulation of money by state

Here's why?
#RBI #currency #india #bitcoin

I understand the reasons as to why the government would want to do this but,

I had a POV that I wanted to share on what it means.

This is something that fascinated me about Bitcoin in the first place.

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Ever since I began studying Bitcoin and what it stands for, the thing that has been most fascinating to me is:

"The removal of third party trust source for transfer of value through currencies"

When it comes to money we would not trust a lot of people, and that's because money corrupts.

The very notion of money can spoil the fabric of human values of integrity and honesty.

We all have seen that happen around us (wars, thefts, betrayal) and in cases we have been a part of it too

Money printing is so common that Argentina and Sri Lanka are paying for it as it was in the past during the Roman Empire

2}
So, the governments of the world or we humans came up with a system: use of a centralized third party called banks

Banks would be guardians of our hard earned money and facilitate transfer of value from one party to another.

Why did humans come to trust banks - it was simple,

We believed that our governments will regulate the banks in a fair way and that has worked for us.

Add military of a nation to the mix, more is the trust on the currency - which is why USD is everywhere

3}
But de-legalizing a currency note on a moment's notice leads me a simple question

Who is in control of my money?

Is it me or a group of individuals taking calls and decisions on behalf of us

Is this a time to talk about separation of money from state or at least decrease in the influence

To minimize the manipulation of our wealth by the governments.

People are in fact already doing that - Buying GOLD at a premium - why?

Because gold is our safety bet

Even if tomorrow all our wealth in our banks get locked out on the order of a govt (think an extreme situation like a war), we would still have our physical gold that would preserve our wealth.

4}
CBDCs may look attractive in the sense that they would reduce the costs associated with money printing and transport

But what about the supreme control that we would give to the governments or institutions like RBI on our wealth

This is why Bitcoin was born.

Just like the PHYSICAL GOLD, It's our safety bet in the future where we would not only live in the physical world but a digital world as well.

Having said this,

I firmly believe in playing the hand I am dealt with, so I can see a reason as to why withdrawing the currency note may be a master stroke

Open to thoughts on this

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