This is a transcribed segment from the “Bitcoin Magazine Podcast,” which P and Q are responsible for hosting. In this episode, Q is joined by Lord Norris, the senior vice president of worldwide partnerships at Going Parabolic Ventures, to explore the impending danger posed by central bank digital currencies (CBDCs).
Why Doesn’t Everyone Feel Afraid of CBDCs?
The Right Honourable Lord Norris When it comes to CBDCs, nobody knows anything, and they aren’t concerned about it in the slightest… I guess what I’m getting at [is] when you meet random people and you’re talking to them, is this something that people are aware of? [That’s] what I’m trying to get at. Because whenever I do bring it up, people are like, “Oh no, that’s not… That is something that could never occur in this location. And I’m like, all indications point to them wanting to start pushing this, so that’s what I’m thinking. You must have seen the note from the Federal Reserve that said something to the effect of “we’re researching it” and all of these other stuff like… I’m a little bit confused, and it’s possible that the only reason I’m aware of this is because I live in the realm of the Bitcoin bubble…
In regard to my neophyte friends and CBDCs specifically, the answer is a resounding no. If I’m being completely honest with you, I still have a lot of ties to the homeland of my ancestors. In addition to this, it is divided. The other half of my pals will literally not stop questioning me about Bitcoin and other cryptocurrencies connected to their obsession with these topics. And then the other half of them just have absolutely no interest in engaging in those kinds of talks with me…
It causes a great deal of anxiety… If the governments decide they want to implement a CBDC, it will be up to me to decide whether or not I will engage with the related technology and how I will engage with it. But one thing that is keeping me up at night is whether or not they are going to implement this technology for state-controlled surveillance of the monetary system. In the long run, the answer is no. It is not anything I can change at this point.
Exactly What Does One Mean When They Speak about a CBDC?
In all honesty, a CBDC is nothing more than state-controlled money, and the state is privy to every transaction that takes place in real time…
Someone who works for the government, such as an employee at the Department of Motor Vehicles, is going to be the only one who monitors how you spend your money going forward. And if you spend your money at the wrong time of day, go to the wrong place, spend it on the wrong thing, or if this man just, I don’t know, slips on his fucking keyboard, inadvertently, like now all of a sudden, like your wallet’s shut down.
Imagine That The Department Of Motor Vehicles Had Complete Control Over Your Wallet.
Imagine now that the government doesn’t care because they are everyone’s bank, and you don’t have to call like you do with a bank because customer service is actually a component of how these institutions compete with one another. Every single person is required to make advantage of them.
Imagine for a moment if you accidentally locked yourself out of something you needed access to. Someone accidentally hit the wrong button, and as a result, you do not have access to your money because it is state-run money. However, in order to get your wallet unlocked, you will need to wait in a queue that is almost as long as the line at the DMV.
That’s a rather terrifying concept, if you ask me.