I know very-little w.r.t. cryptos – in the other Bitcoin thread by @FTS I asked how the government would affect cryptos going-forward.
I had recently been browsing financial-topics on YouTube – earlier today I opened YouTube and lo-and-behold the first suggested video is about Bitcoin although I don’t recall ever having done a search specifically for Bitcoin in the pasat (divine intervention?).
Anyway – the title of the video immediately caught my eye:
“IMF Plan To Replace Bitcoin/Gold/Dollar With Digital SDR!! (Shocking Info Revealed)”
The presenter uses the IMF’s and World Economic Council’s own words/writings to support what he is presenting – I found it thought-provoking and concerning at the same time:
Times are definitely changing. World governments are going to have to compete with established stablecoins. Here are the contenders:
DAI: pegged to the USD and backed by crypto assets. New DAI are generated when crypto holders lock their crypto assets in a 'vault' and take out a loan of DAI backed by that collateral. Whole thing is decentralized with MRK token holders as governing body.
USDC: Each USDC is backed by a dollar held in reserve. It is run by an organization, which means it would be easy for a government to apply control. I could see the US gov co-opting this organization instead of reinventing the wheel.
Tether: Each Tether is pegged to the USD and backed by a basket of assets. Run by Tether Limited, which had a run-in with the NY Attorney General for some shady shit. I don't really like this one personally.
Basically, the US Gov will have to do better than give the Fed a blockchain they can flush with new tokens whenever they need to print money. I think