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(The Verge)   In 2018 Jared Kushner floated the idea of a federal cryptocurrency to then-US Treasury Secretary Steven Mnuchin. "USDC", for US Digital Currency, was suggested as name... most likely because "Grift Coin" was too much on the nose   (theverge.com) divider line
    More: Interesting, Ivanka Trump, Washington, D.C., President of the United States, Currency, United States, United States Department of the Treasury, United States Cabinet, United States dollar  
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540 clicks; posted to Politics » on 20 Jan 2022 at 2:32 PM (23 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-01-20 11:52:54 AM  
Has this man ever had a good idea in his life?
 
2022-01-20 11:59:12 AM  

giantmeteor: Has this man ever had a good idea in his life?


Selling nuclear technology to Saudi Arabia to ensure they owed him on the way out the door.
 
2022-01-20 12:21:09 PM  
We already have an official currency that's also available on a digital platform.  It's called "dollars."
 
2022-01-20 1:02:45 PM  

giantmeteor: Has this man ever had a good idea in his life?


Marrying Ivanka has worked out reasonably well for him?
 
2022-01-20 1:40:00 PM  

Cyberluddite: We already have an official currency that's also available on a digital platform.  It's called "dollars."


I can think of a few benefits a proof-of-stake coin controlled by the fed would bring to the table.  We've already got serial numbers on paper money, but a blockchain could put a traceable serial number on the digital 'dollar' as well.

However, there's a ton of technical issues that would have to be ironed out.  It would also would have to break some of the features that make crypto desirable to certain groups: Namely, you'd have to at least partially centralize it all into the fed, or at the very least into a few major banks controlling all the transactions and new coin allocations.  You'd also have to lose any anonymity of the wallet.  The feds would now exactly where every dollar came from and to whom it went.

Still not sure if it's a good idea or not in the long run, but there's enough benefits to make it at least worthy of a discussion.
 
2022-01-20 2:33:11 PM  

Driedsponge: Cyberluddite: We already have an official currency that's also available on a digital platform.  It's called "dollars."

I can think of a few benefits a proof-of-stake coin controlled by the fed would bring to the table.  We've already got serial numbers on paper money, but a blockchain could put a traceable serial number on the digital 'dollar' as well.

However, there's a ton of technical issues that would have to be ironed out.  It would also would have to break some of the features that make crypto desirable to certain groups: Namely, you'd have to at least partially centralize it all into the fed, or at the very least into a few major banks controlling all the transactions and new coin allocations.  You'd also have to lose any anonymity of the wallet.  The feds would now exactly where every dollar came from and to whom it went.

Still not sure if it's a good idea or not in the long run, but there's enough benefits to make it at least worthy of a discussion.


Can I still get rich overnight from it thus proving what a genius investor I am?
 
2022-01-20 2:34:17 PM  

Driedsponge: there's enough benefits


...for whom?
 
2022-01-20 2:36:26 PM  
No.  Absolutely not.

Beyond the obvious "if this idiot is for it, we should all be against it", there's not really a use-case for this that isn't already handled by our banking system.
 
2022-01-20 2:37:21 PM  
Kushner endorsing a Treasury Department pyramid scheme?

Yea, sounds about par.
 
2022-01-20 2:37:54 PM  

Driedsponge: Cyberluddite: We already have an official currency that's also available on a digital platform.  It's called "dollars."

I can think of a few benefits a proof-of-stake coin controlled by the fed would bring to the table.  We've already got serial numbers on paper money, but a blockchain could put a traceable serial number on the digital 'dollar' as well.

However, there's a ton of technical issues that would have to be ironed out.  It would also would have to break some of the features that make crypto desirable to certain groups: Namely, you'd have to at least partially centralize it all into the fed, or at the very least into a few major banks controlling all the transactions and new coin allocations.  You'd also have to lose any anonymity of the wallet.  The feds would now exactly where every dollar came from and to whom it went.

Still not sure if it's a good idea or not in the long run, but there's enough benefits to make it at least worthy of a discussion.


The energy consumption and environmental cost of blockchain/crypto shiat should be the only objection that needs to be raised, regardless of any meager benefit it may yield.
 
2022-01-20 2:38:29 PM  
Sure, why not.

Once you are in the fiat currency game why not go all the way?  I assume this would be backed by the full faith and credit of the United States Government in addition to being exchangeable at a 1:1 rate for dollars while being managed by the Federal Reserve.

The point behind crypto is that it is not centrally managed. So what possible advantage would this have to the myriad other payment platforms?
 
2022-01-20 2:38:36 PM  
y.yarn.coView Full Size
 
2022-01-20 2:39:05 PM  
Grifcoin sounds like a terrible idea. I wonder why it's here.
Fark user imageView Full Size
 
2022-01-20 2:42:41 PM  
Hey dummies, the USD has been digital since porn invented the Internet.
 
2022-01-20 2:43:01 PM  
Alongside farming out the Aghganistan occupation to mercenaries this notion of a federally backed crypto-currency are on the list of contenders for top ten worst ideas proposed by TFG and his cabal of funkiest during his reign of errors.
 
2022-01-20 2:43:52 PM  
Flunkies, for farks sakes!

/Fark you auto-carrot! >.<
 
2022-01-20 2:44:08 PM  

Driedsponge: Cyberluddite: We already have an official currency that's also available on a digital platform.  It's called "dollars."

I can think of a few benefits a proof-of-stake coin controlled by the fed would bring to the table.  We've already got serial numbers on paper money, but a blockchain could put a traceable serial number on the digital 'dollar' as well.

However, there's a ton of technical issues that would have to be ironed out.  It would also would have to break some of the features that make crypto desirable to certain groups: Namely, you'd have to at least partially centralize it all into the fed, or at the very least into a few major banks controlling all the transactions and new coin allocations.  You'd also have to lose any anonymity of the wallet.  The feds would now exactly where every dollar came from and to whom it went.

Still not sure if it's a good idea or not in the long run, but there's enough benefits to make it at least worthy of a discussion.


There are advantages to offering a national system of digital banking, sure. But I can't think of any that are unique to crypto.
 
2022-01-20 2:44:38 PM  
What good is digital anything when we finally mine the rest of the electricity from the ground?  Should'a got in when the gettin' was good!

Fark user imageView Full Size


By 2039, this bad boy will be worth so much that I'll be able to buy a 12-pack of the fancy canned Friskies!!  Just you wait.  Give it another decade and a half or so, and I'LL be the one on top of the pack eating nutritious Farm Favorites Surf 'n Turf with chicken and crab!

/gonna buy Peru and Switzerland with my vault of Beanie Babies
 
2022-01-20 2:44:39 PM  

Glicky: Sure, why not.

Once you are in the fiat currency game why not go all the way?  I assume this would be backed by the full faith and credit of the United States Government in addition to being exchangeable at a 1:1 rate for dollars while being managed by the Federal Reserve.

The point behind crypto is that it is not centrally managed. So what possible advantage would this have to the myriad other payment platforms?


CRYPTO!  It makes banksters so mad!
 
2022-01-20 2:46:22 PM  
 
2022-01-20 2:47:50 PM  
My sense is it could make sense and also be something that could ultimately change the way we pay out
entitlements as well saving us a ton in waste fraud and also in transaction costs...


Farking HOW?!

Jesus shiat, I would love it if at least once someone - maybe one of The Smartest People in the Room, or maybe one of the people we elect to represent the brain-having folk in the district, or even one of the people appointed because they know a goddamn thing or two about a thing or two - called bullshiat on these obvious sales con jobs as they happened, rather than taking it on faith that the used car salesman isn't absolutely pants-draggingly FULL of shiat this time.

// give them a chance and they absolutely will try and convince you that The Blockchain can keep you from ever burning dinner again
// try suggesting that they're not dumb enough to believe what they just said, and acting offended they thought you were - always good for a laugh
 
2022-01-20 2:53:09 PM  
Driedsponge:

Should we waste not insignificant real world resources for energy to run the digital scam that is blockchain?

No.

This concludes my TED talk.
 
2022-01-20 2:53:22 PM  

quatchi: Flunkies, for farks sakes!

/Fark you auto-carrot! >.<


The Funky:
Fark user imageView Full Size


The Flunky:
Fark user imageView Full Size
 
2022-01-20 2:59:56 PM  

leeksfromchichis: Driedsponge:

Should we waste not insignificant real world resources for energy to run the digital scam that is blockchain?

No.

This concludes my TED talk.


Which is why I said proof-of-stake, not proof-of-work.  Proof-of-stake requires very little power for transactional verifications, and could probably be done on the existing datacenters major banks already have in place.
 
2022-01-20 3:00:48 PM  
Why would a serial grifter be interested in crypto?
 
2022-01-20 3:01:59 PM  

Dr Dreidel: My sense is it could make sense and also be something that could ultimately change the way we pay out
entitlements as well saving us a ton in waste fraud and also in transaction costs...

Farking HOW?!

Jesus shiat, I would love it if at least once someone - maybe one of The Smartest People in the Room, or maybe one of the people we elect to represent the brain-having folk in the district, or even one of the people appointed because they know a goddamn thing or two about a thing or two - called bullshiat on these obvious sales con jobs as they happened, rather than taking it on faith that the used car salesman isn't absolutely pants-draggingly FULL of shiat this time.

// give them a chance and they absolutely will try and convince you that The Blockchain can keep you from ever burning dinner again
// try suggesting that they're not dumb enough to believe what they just said, and acting offended they thought you were - always good for a laugh


Well, the amount of counterfeit money out there is a bit staggering, and AFAIK, crypto isn't.
 
2022-01-20 3:04:54 PM  

giantmeteor: Has this man ever had a good idea in his life?


Sucking the dick of every rich Prince on the Arabian Peninsula got his family out of debt. Dunno if it was his idea originally or if the gal with orange stains around her twat said "That's what Daddy does to mobsters whenever he's short of cash."
 
2022-01-20 3:06:23 PM  

Glicky: Sure, why not.

Once you are in the fiat currency game why not go all the way?  I assume this would be backed by the full faith and credit of the United States Government in addition to being exchangeable at a 1:1 rate for dollars while being managed by the Federal Reserve.

The point behind crypto is that it is not centrally managed. So what possible advantage would this have to the myriad other payment platforms?


Money laundering and currency manipulation are much easier. And all those pesky transparency and records laws are unenforceable.
 
2022-01-20 3:07:06 PM  

Cyberluddite: We already have an official currency that's also available on a digital platform.  It's called "dollars."


User name something something?
 
2022-01-20 3:07:41 PM  

giantmeteor: Has this man ever had a good idea in his life?


You don't need to be smart if you're born with money. People will just assume you are smart and give you more money.
 
2022-01-20 3:10:28 PM  
Jared Kushner can lick my Green Stamps.
 
2022-01-20 3:25:34 PM  

mrparks: Why would a serial grifter be interested in crypto?


To corner the new market early, would be my guess.
 
2022-01-20 3:26:17 PM  
Driedsponge:

My proposal is free to implement, and requires literally no resources to operate or maintain. Not a single electron needs to change valence states.

However, we should consider banning blockchain altogether to shut down miners.  They're consuming more power than is sustainable or healthy
 
2022-01-20 3:30:07 PM  

Blathering Beeblebrox!: mrparks: Why would a serial grifter be interested in crypto?

To corner the new market early, would be my guess.


No, you see, crypto is egalitarian.  It's a whole new paradigm!

It's nothing like the crooked stock market where 89% of stocks are owned by the top 10% of investors.  With Bitcoin, 95% of Bitcoins are owned by the top 2% of investors.  CRYPTO!
 
2022-01-20 3:30:47 PM  

Rapmaster2000: Blathering Beeblebrox!: mrparks: Why would a serial grifter be interested in crypto?

To corner the new market early, would be my guess.

No, you see, crypto is egalitarian.  It's a whole new paradigm!

It's nothing like the crooked stock market where 89% of stocks are owned by the top 10% of investors.  With Bitcoin, 95% of Bitcoins are owned by the top 2% of investors.  CRYPTO!


And here's the source if anyone is interested:  https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
 
2022-01-20 3:30:55 PM  
A digital currency backed by the US government wouldn't function in the same way as other cryptocurrencies. It wouldn't be a far cry from what we already have, aside from being more traceable. So, unless you believe all currencies are some kind of grift (and, honestly, you might have an argument there), it's not quite the same.
 
2022-01-20 3:32:24 PM  
I have a question
It seems to me there is a definite Libertarian bend to Crypto bros
Libertarians also seem to be more likely to be on the Gold standard train
Are the two mutually exclusive, will crypto spell the end for the Gold Standard Libertarian branch or will there be a Gold Standard Crypto
 
2022-01-20 3:33:01 PM  

giantmeteor: Has this man ever had a good idea in his life?


Well he was pretty good at picking rich parents
 
2022-01-20 3:33:48 PM  
Usdc exists
 
2022-01-20 3:36:45 PM  

Rhymes With Silver: Jared Kushner can lick my Green Stamps.


Fark is not your personal erotic
 
2022-01-20 3:38:27 PM  
 
2022-01-20 3:41:50 PM  

Driedsponge: Cyberluddite: We already have an official currency that's also available on a digital platform.  It's called "dollars."

I can think of a few benefits a proof-of-stake coin controlled by the fed would bring to the table.  We've already got serial numbers on paper money, but a blockchain could put a traceable serial number on the digital 'dollar' as well.

However, there's a ton of technical issues that would have to be ironed out.  It would also would have to break some of the features that make crypto desirable to certain groups: Namely, you'd have to at least partially centralize it all into the fed, or at the very least into a few major banks controlling all the transactions and new coin allocations.  You'd also have to lose any anonymity of the wallet.  The feds would now exactly where every dollar came from and to whom it went.

Still not sure if it's a good idea or not in the long run, but there's enough benefits to make it at least worthy of a discussion.


How would it handle black swan events, economic crashes, and sudden shocks to the system in a manner that would require the Fed having to "mine" a large amounts of the currency instantly in order to cover deposits or disaster relief?

And again: How would that be any different or useful than what the USD already does now?
 
2022-01-20 3:43:42 PM  

Ishkur: Driedsponge: Cyberluddite: We already have an official currency that's also available on a digital platform.  It's called "dollars."

I can think of a few benefits a proof-of-stake coin controlled by the fed would bring to the table.  We've already got serial numbers on paper money, but a blockchain could put a traceable serial number on the digital 'dollar' as well.

However, there's a ton of technical issues that would have to be ironed out.  It would also would have to break some of the features that make crypto desirable to certain groups: Namely, you'd have to at least partially centralize it all into the fed, or at the very least into a few major banks controlling all the transactions and new coin allocations.  You'd also have to lose any anonymity of the wallet.  The feds would now exactly where every dollar came from and to whom it went.

Still not sure if it's a good idea or not in the long run, but there's enough benefits to make it at least worthy of a discussion.

How would it handle black swan events, economic crashes, and sudden shocks to the system in a manner that would require the Fed having to "mine" a large amounts of the currency instantly in order to cover deposits or disaster relief?

And again: How would that be any different or useful than what the USD already does now?


And then how would the Fed destroy most of the instantly created crypto currency some years down the line in order to control inflation?
 
2022-01-20 3:51:04 PM  

spongeboob: I have a question
It seems to me there is a definite Libertarian bend to Crypto bros
Libertarians also seem to be more likely to be on the Gold standard train
Are the two mutually exclusive, will crypto spell the end for the Gold Standard Libertarian branch or will there be a Gold Standard Crypto


They're both solutions looking for the same problem according to libertarians: "How to get government out of my money".
 
2022-01-20 4:01:51 PM  

Ishkur: spongeboob: I have a question
It seems to me there is a definite Libertarian bend to Crypto bros
Libertarians also seem to be more likely to be on the Gold standard train
Are the two mutually exclusive, will crypto spell the end for the Gold Standard Libertarian branch or will there be a Gold Standard Crypto

They're both solutions looking for the same problem according to libertarians: "How to get government out of my money".


More accurately, "how to remove stability from my currency." Stability is good for everyone, and we can't have that. Instability can be far more lucrative, and only for people who are already at the top.

Libertarians just want every facet of life to be a pyramid scheme.
 
2022-01-20 4:32:43 PM  

Samfucious: A digital currency backed by the US government wouldn't function in the same way as other cryptocurrencies. It wouldn't be a far cry from what we already have, aside from being more traceable. So, unless you believe all currencies are some kind of grift (and, honestly, you might have an argument there), it's not quite the same.


If you go back to the origins of money it wasn't "I will give you a coin for that goat instead of you needing to hunt up the bricks I need." It was records - of work done, land transferred, wages owed. Legitimate currency has always been about accountability
 
2022-01-20 4:42:11 PM  
Hey huge Shadow run in cyberpunk fan over here. And I want to tell you all the digital currency is f****** slavery. You think things are bad now? Wait until everybody's Financial transactions and reading history are available for governments to purchase so that they can go and isolate me as an individual and then just shut down all of my accounts list me and all my contacts is problems.
 
2022-01-20 5:01:07 PM  

major hatred: Hey huge Shadow run in cyberpunk fan over here. And I want to tell you all the digital currency is f****** slavery. You think things are bad now? Wait until everybody's Financial transactions and reading history are available for governments to purchase so that they can go and isolate me as an individual and then just shut down all of my accounts list me and all my contacts is problems.


So f****** slavery is ok if the private sector is doing it?
 
2022-01-20 6:55:42 PM  
It took me a long time to realize why I wasn't interested in crypto in the least.

Turns out because there is strong affinity between republicans and crypyo-bros.

Somehow I bit my tongue when I'm fishing or shooting because assholes are everywhere, but there's a difference between casual and hardcore.
 
2022-01-20 7:14:21 PM  

major hatred: Wait until everybody's Financial transactions and reading history are available for governments to purchase so that they can go and isolate me as an individual and then just shut down all of my accounts list me and all my contacts is problems.


It's not the government you should be worried about doing that.
 
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