The Genius Act

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ZNP

ZNP

Well-known member
Sep 14, 2020
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Trump's 3 Crypto Bills Change EVERYTHING: Full Details GENIUS Act, CBDC Act, and CLARITY Act

For those who are still confused by cryptocurrency what this is can be compared to buying tokens at an amusement park. You can't use money when you ride on the rides you have to use their tokens which you bought from them when you entered the park. In the same way imagine you can't use money to buy stuff at Amazon.com, instead you have to use their tokens.

You can see why Amazon.com would like this, when you buy their tokens they can only be used at Amazon.com, likewise with Walmart and many other places. It will become very confusing and impossible to compare prices, also since they control their tokens they can withdraw fees and have them expire as they please. It is like gift cards that never get redeemed, the company simply keeps that money.

You can also see why the US government loves them, any company establishing their own crypto currency will become a new market to buy US dollars. So instead of the US dollar going bust they can hide that fact. In other words the crypto currency can sell for a standard amount of US dollars which does not change, hence "no inflation" while the fees on your cryptocurrency can allow them to go after your principle.

In short, the Genius Act is thieves getting real smart, instead of breaking in and robbing your bank, they are convincing you to give them the money that is in your bank.

Consider these new self driving cars from Tesla that you can buy which will also act as a Uber making you money. I expect many people will buy cars they can't afford expecting to be able to pay the car payment by having the car act as a Uber. However, when millions get layed off due to AI and robots who will be hiring a Uber? The beauty is that when you miss a car payment they don't have to hire someone to get your car, they simply tell the car to return to the dealer and you will discover that car you "bought" is no longer yours.

Same thing with the Smart home. You miss a payment and you will come home to discover you have been locked out of the house.

This is what the whole mortgage meltdown was, you pay for something for five years, then they pull the rug out from under you, double the mortgage payment, you default, they get the house back and can sell it a second time.

Crypto currency takes the money you have and puts it into the hands of a "benevolent" all powerful government that can at any moment cut off your access to it.
 

Lynch Warns Genius Act Will Allow 'Complete Takeover Of Our Financial System By Big Tech Companies'

'Who better to take financial advise from than a guy who sells baseball hats and bibles and has declared bankruptcy 6 times.'
 

U.S. Congress Opens the Crypto Floodgates | World Business Watch
 
You should compare Crypto to the Cloud. They want you to put all of your documents and photos on "the cloud", then they charge you a rental fee to keep them there, if you fail to make payment they simply seize everything you have.

Crypto is a the same thing, put all your money into their bank vault. You will lose all control. Later they can charge you fees for keeping your money.

If your money is in someone else's safe is it really still your money?

"The Day of the Lord comes as a thief in the night"
 
ZNP said:

U.S. Congress Opens the Crypto Floodgates | World Business Watch
Click to expand...
"Pure Genius" -- The crypto currency that Trump launched a few months ago has earned his family $500 million so far and he was able to secure a $2 billion investment from Abu Dhabi.

Are you tired of winning yet?

Trump promised that we would all be tired of winning and he clearly aims to keep that promise.
 
Imagine you want to buy a Ford car and they only sell the Ford to people holding Ford cryptocurrency. So you have to buy their cryptocurrency as you pay your car payment and whenever you service your car. But then Ford goes bankrupt. You had a balance of $1500 of their crypto, what happens to it? poof, it is gone. That may seem trivial but multiply it by 9 million people and you are talking about $13,5 billion that just went poof. (Ford sells 4.5 million vehicles a year), we could assume that at least 9 million of them are actively being leased or paid off.
 
China leads the way


China’s CITY WIDE CASH SEIZURES Begin — ATMs Frozen, Digital Yuan FORCED Overnight

The moment people in China wakeup and learn cash is gone, you have to use the Digital Yuan.
 

No CBDC in America? Meet its Uglier Twin

Here is another take on the Genius Act. Seemed pretty much the same as what we have already heard with a little more detail.
 
Yeah, with crypto, you're buying something that doesn't exist in hopes that there's a bigger sucker who will pay you more for it.

Trump has already been involved in two different crypto scams.
 
Dude653 said:
Yeah, with crypto, you're buying something that doesn't exist in hopes that there's a bigger sucker who will pay you more for it.

Trump has already been involved in two different crypto scams.
Click to expand...
You are looking at crypto as an investment.

That is a completely different perspective than the government justification for legalizing crypto currencies. Amazon.com will want their own crypto currency for the same reason companies sell gift cards. Once you buy someone a gift card for "Best Buy" for example you have designated that that money can only be spent at Best Buy. Also, if you give me a $50 gift card to Best Buy the odds are I'll spend more than $50. That gift card gets me into their store and makes an item that is $200 seem like a much better buy now.

Also, gift cards can expire just as Crypto can. How many people buy gift cards without them ever being used? That is simply gravy to Best Buy.

Also, companies like Best Buy don't like using cash because there is a greater liability with cash.

Meanwhile governments like digital because every transaction leaves a digital footprint. If they need to "follow the money" in an investigation it is much easier to do that with digital transactions. Also, all these companies creating their own crypto currency will need to buy US dollars, and so the US has just created a new market for their dollars. This could help prop up the US dollar.
 
OOOP'S I bet guy's like E. Snowden's got something similar to Tails on a thumb drive ready for all this to happen. Places like Darknet or Deepnet are not some exotic internet server they use instead of the internet we use it's the exact same one we use that with certain tools can be accessed without being seen. Your passwords,banking records and all the rest of your information are tucked away in there just waiting to be found. Way back in there in an encrypted file with an address twice as long as most. Digital finance is just waiting to backfire on everyone.
 
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