“CBDCs: The Devil’s in the Code”
Ah, the sweet taste of rebellion! In the 1990s, cypherpunks like Eric Hughes dreamed of a world where cryptography would protect individual freedoms, not serve as a tool for centralized control 🤖. Fast-forward to today, and we have Central Bank Digital Currencies (CBDCs) – the antithesis of everything Bitcoin stands for: privacy, decentralization, and individual sovereignty 🚫.
Adam Back, the inventor of HashCash and founder of Blockstream, is on a mission to expose the dangers of CBDCs and the World Economic Forum’s (WEF) role in promoting them 🕵️♂️. He sees this as a power-play by global elites who either misunderstand or actively oppose Bitcoin 🤦♂️. If Bitcoin was designed to take control away from the state, CBDCs are designed to return it 🔄.
Back believes that CBDCs did not emerge as a natural evolution of money, but rather as a reactionary move by regulators – a panic response to the threat of private-sector digital currency 😱. He points to Facebook’s Libra as the moment that freaked the central banks out, when we caught up for a chat on Google Meets 📞.
According to Back, a speaker at Consensus Hong Kong, CBDCs are systemically impossible for governments to create something that the average person would want to use because they have such control-oriented ideas 🤦♂️. But he’s not just criticizing CBDCs in theory; he’s actively building an alternative 🛠️.
Blockstream has launched the Jade Plus hardware wallet, a Bitcoin-only hardware wallet designed for privacy-conscious users, and Greenlight, a non-custodial Lightning-as-a-Service platform that simplifies Bitcoin payments for developers 📈. They’re also advancing Layer 2 scaling solutions through the Liquid Network, a Bitcoin sidechain enabling faster and confidential transactions 🚀.
For Back, it’s not just about winning; he wants CBDCs to die 💀. And he believes CBDCs aren’t just a monetary issue – they’re part of a broader agenda of financial surveillance, social credit systems, and state control 👀. “The social media interference in elections in the U.S. and expression of interest in CBDCs in Europe where they’re clearly envious of Chinese social credit scores and things like that which are very dystopian, some of the things the WEF has been coming out with.. They really do not sound good” 🚫.
The WEF, in particular, has been leading the charge on CBDCs and other centralized control mechanisms 🤖. Blockstream is betting that high-net-worth individuals and institutions won’t want their assets trapped in a WEF-endorsed CBDC system controlled by centralized entities 🚫. That’s why they’ve launched a suite of institutional-grade Bitcoin funds designed for those looking to preserve their wealth in a system that cannot be arbitrarily manipulated 💸.
For Back, this is more than just a battle between Bitcoin and CBDCs; it’s about freedom 🕊️. “It’s a renaissance for cypherpunk thinking,” he told me, explaining that once people are drawn into Bitcoin, they start to grasp its deeper implications, and they see what it means for privacy, sovereignty, and control 🔓.
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2025-02-12 19:01