The Truth About CBDCs: an Analysis

CategoriesIssue Jan'23, Site Updates & News_, The Crypto Unraveling_

The chasmic u/DecentralizedLaw writes:

…The Truth About CBDCs… Design Choices by ECB & FED Analysed… Both Are Aiming At Tight Control Over Accounts, Interest and Spending… A Digital Prison Is Being Built in the Shadows… [Due Diligence]

Massive overreach of Central Banks underway.They are designing a new kind of money allowing them to:

  • Establish centralized settlement of ALL payments…

  • Tie digital identities to all transactions and record them on a central bank ledger forever…

  • Force built-in features such as limits on how much CBDC you can have in your account, negative interest rates, account charges in line with regulatory objectives, and caps on conversions and spending…

  • Create “money” that is traceable, programmable, taxable, and subject to the monetary whims of central planners…

  • Stamp out spending without permission and slowly phase out cash…

The war on money continues. The aim: to replace cash with a system of centralized control over ALL transactions and account balances.

This report explains exactly what to expect from Central Bank Digital Currencies (CBDCs); it looks at the possible design options, what central banks have decided so far, and the likely outcomes.

The ugly conclusion is that CBDCs are a new form of currency that allows a small group of unelected people control over what we can, and cannot do with our own money…

Continue reading “The Truth About CBDCs: an Analysis”

U.S. DOJ in process of seizing Robinhood shares tied to Alameda Research loans

CategoriesIssue Jan'23, The Crypto Unraveling_

WILMINGTON, Del., Jan 4 (Reuters) – U.S. prosecutors told a U.S. judge on Wednesday they are in the process of seizing shares of Robinhood Markets Inc that were allegedly pledged as collateral for loans to Alameda Research, which was founded by Sam Bankman-Fried, who has been charged in the collapse of cryptocurrency exchange FTX. (Reporting by Tom Hals in Wilmington, Delaware Editing by Chris Reese)

You can read the full story here: https://www.reuters.com/article/fintech-crypto-ftx-bankruptcy-robinhood-idUSL1N33P1MY

Unfortunate… Crypto firm Wyre winding down after failed Bolt deal

CategoriesIssue Jan'23, The Crypto Unraveling_

Wyre, the crypto payments company once valued at $1.5 billion, has told employees that it is shutting down.

Why it matters: The company is yet another victim of the crypto crash and broad market slump.

Details: “We’ll continue to do everything we can, but I want everyone to brace themselves for the fact that we will need to unwind the business over the next couple of weeks,” CEO Ioannis Giannaros wrote in an email to employees, a portion of which was seen by Axios.

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US bitcoin miner Core Scientific files for bankruptcy

CategoriesIssue Dec'22, Issue Jan'23, The Crypto Unraveling_, The Crypto Unraveling.

tl;dr:

  • Core Scientific reiterated it could run out of cash before the end of the year as lawsuits are piling up.
  • Core Scientific has been affected by the bankruptcy of lender Celsius’s mining arm, one of its biggest clients.
  • Two other companies sued CORZ in November: Sphere 3D (ANY) and McCarthy Building Companies. A class-action lawsuit was filed in the same month in Texas courts alleging failures to disclose important information to investors.

Continue reading “US bitcoin miner Core Scientific files for bankruptcy”