Do you feel okay being tracked? In this episode, Patrick Bet-David talks about the dark side of CBCD and what you should consider before buying into this concept.
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Everybody's talking about cbdc Central Bank digital currency some are saying It's a great idea you know my question Is In that similar vein what would make a Well-designed uh cdpc system that helps Overcome some of these existing issues That we have seen with banks and with Just the delivery of stimulus checks Some are saying it's a horrible idea are You interested in giving these economic Central planners more power over our Economy more power over your daily life And your economic activity and I answer That question he double double hockey Sticks no who's right all right so if You get value from this video give it a Thumbs up and subscribe to the channel Let's get right into it what is cbdc the Easiest way to explain it is think about Bitcoin right it's a decentralized Currency that's used but it's Decentralized no one's regulating it no One knows who owns it now imagine if a Bitcoin currency is created but it's Controlled and regulated by the Government that's CBD see so how much Momentum are they creating with the sole Concept of cbdc who's Ford who's against It according to atlanticcouncil.org in May 2020 only 35 countries were Considering a cbdc today 114 countries Are exploring cbd's equal to 95 of the Global GDP currently 60 countries are in
The advanced phases of exploring their Own cbdc while in the last two years 11 Countries have already launched their Own currency into full operations we're Talking Nigeria Bahamas Angela Dominica Granada St Lucia Montserrat St Vincent Saints kids Nevis and most recently Jamaican obviously these are all small Countries they don't have high gdps but G7 economies have now entered a Development stage of cbdc and China's Pilot is said to be rolled out to most Of the country sometime this year and on Top of that 18 of the G20 countries are Now in the advanced stages of cbdc Development and nearly every G20 country Has invested a significant amount of Time and resources into the projects Over the past six months so obviously We're far along this isn't something That they're just kind of playing around With but what do you think you think It's a good idea or a bad idea here's What they're saying the pros and the Cons are Pros increase payment Efficiency complement current forms of Money and financial services deter Criminal activity improve International Payment options potentially reduce a net Transaction costs benefiting lower Income households so now here are the Cons overhauling The Current financial System could create instability the Effectiveness of monetary policy May
Deteriorate operational difficulty cyber Security risk and last but not least Privacy as there is a loss of ability to Transact anonymously so let's talk about That one anonymously do you like to be Anonymous for what you're purchasing What if I ask you right now you go to Your job and I'm the boss I'm trying to Hire you for a job and I say hi before We consider you as an employee could you Please submit all your credit card and Your expenditure on what you've spent The last 90 days or you know six months We'd like to see what your buying habits Are what would you say to me Actually what would you say to me are You not upset right now or offended Right now you'd say who the hell are you To ask me a question like that you know When was the last time somebody asked You whether you tracked everything you Bought you were probably 17 years old And you were using mommy or Daddy's Credit card they tracked every one of Your purchases why because you were a Kid so let me get this straight U.S Government I'm 44 years old a grown man Of four kids and you get to see Everything I buy invest in what kind of Data does that give you do you now Automatically you can go based on seeing What purchases people make and say I Know where this guy leans I know what This guy's doing I know what that guy's
Doing let's help this guy with more Financing let's hurt this guy let's Write that so you know what I'm saying So are you okay with people tracking Everything you're buying you're Purchasing decision making process and What if all of a sudden you get too loud Then what if right now like the Silencing of somebody is if you are Against vaccine but it may be something Else that you're from now five years From now 10 years from now what if you Have an opinion what if there's a Culture War again in 10 years 20 years 30 years you're like no I'm not against These robots doing this what if one Thing like a robot can be a better President than the average person let's Vote for Robert are you out of your mind Are you serious but if all of a sudden You fight against it hey bring that Access down here you can't say too much You know his digital currency or digital What if now somebody may say Pat that's Not going to be happening okay no Problem I think an author back in the Days wrote a business book called only The paranoid survived Andy Grove let's Stay a little bit paranoid okay I want You to think about this who's for it Well the top five banks are for it they Think cbdc is a great idea why would Chase be of a well City why would these Guys want cbdc well because there's not
A Founder in those Banks those banks are Pretty much working for the US Government no they're not yes they are The government dictates the rates the Government gives the money the Government bails them out they have to Work with the government on a daily Basis pretty much so they're pretty much Owned by the government not necessarily It's still on the stock market but they Communicate more with the government Than they do with you they don't want no Bitcoin to blow up they want cbdc with Bitcoin they can't control you it's Decentralized they like AI Control are You okay with the way they're thinking If you are you should be for cbdc Elizabeth Warren is for cbdc AOC is for Cbdc U.S government is for cbdc who's Not for cbdc free thinkers entrepreneurs Libertarians guys who are innovators Disruptors who want to live their lives And kind of be left alone they want to Make the decisions that they're making And as long as they don't break the laws They're kind of going out there about Themselves these guys don't want to be Controlled so this whole cbdc thing Comes down to two things If you like to be controlled you're for Cbdc if you want to think for yourself And not be controlled you're not for Cbdc if you like somebody else to make Decisions for you you are for cbdc if
You want to think for yourself and if You make mistake great no problem you Pay the price for it no problem you're Not for cbdc this is what it's really Coming out to and by the way many many Years ago when everybody was talking About Bitcoin I said my biggest fear About Bitcoin is Bitcoin Scares the most powerful institution in The world which is the US government Governments don't like when they cannot Control a currency they can't control Bitcoin they're going to do whatever They can to trash it bash it they'll Talk about all the criminal activity That happens in Bitcoin to get people to Eventually say yes this is not a good Idea it's better if the government Controls it and then you'll go over here And then all of a sudden 10 years later You're like This was a bad idea but it's too late by Now everybody's using their money Through they saw cbdc that they're Selling to and by the way you know how They say things like well look we're Becoming a cashless Society how many Places are you going to nowadays that They don't even accept cash yeah but We've been using cards for a long time And it's okay well the fees are high What if you can save three percent I'm Okay paying three percent fees in the Money that I'm transferring and it takes
In a day or two and no one knowing about My decision except me and that credit Card company then you the government Knowing exactly what everybody else is Doing again Freedom you're not for cbdc Control you are for cbdc but I want to Hear your thoughts if you got value from Today's episode give it a thumbs up Subscribe to the channel and comment Below and by the way a part of why They're able to capitalize office to Sell the American people on cbdc being a Good thing it's because of what happened With Silicon Valley in the banking Crisis I did a private webinar on that a Week ago if you've never seen it it's Data Intel we've never shared before our Research and pulled up all this data I Highly recommend you're seeing it click Here to watch the banking crisis webinar Thank you everybody bye-bye Foreign
