James Corbett Interviews Mark Goodwin on Stablecoins and the GENIUS Act.

Anyone that knows me well knows I am utterly opposed to CBDC's. I have angered many HODLers by pointing out that cryptocurrency is just data, and it is blatantly obvious that the owners of platforms and networks censor data with facility. I have many times stated that this makes cryptocurrencies insecure, and I do not hold any cryptocurrency other than Hive, do not depend on cryptocurrency, or use it as money.

IMG source - Odysee.com - The Corbett Report

The vulnerability of data to censorship (as well as the panoply of hacks and cracks applicable to bad code, which potentially makes things worse) means that the parties that control the networks can impose any restrictions or demands that may strike their fancy, at their whim, in order for the data to be transmitted on their property. Every feature potential to CBDC's are able to be imposed on every cryptocurrency by that means, including BTC, Hive, and XMR. Those digital currencies only have value because they can be transacted in by data being transmitted on private networks. If they can't be used to transact with facility, they do not have any value.

The whole point of cryptocurrency is that it can be transmitted globally, instantly, between sovereign individuals at their sole option, to execute transactions as they choose, without involving banks (because banks are larcenous, lying thieves). The words 'trustless' and 'permissionless' are mentioned a lot. Generally, these networks have allowed crypto to be useful, and enabled BTC to just hit a new high value. In many contracts there is a clause that states that any failure to defend a right or obligation does not guarantee that right or obligation will not be defended at any time thereafter. Just because grace has been provided does not mean grace will be provided again. Your landlord can let you slide on the late charge if they want, but that doesn't mean they have to let it slide next time you're late. The fact that cryptocurrencies have been allowed to be transmitted on the internet does not mean they will continue to be. The network infrastructure is private property, and the owners can use it however they want.

Come stablecoins and the GENIUS Act. Corbett and Goodwin discuss the reserve currency status the dollar holds, the irresponsible inflation that has taxed the world, and the inconceivable US debt of >$35T US taxpayers owe private banks (the Fed is privately owned, and the USG 'borrowed' that money from the Fed, and we are the income the USG has to pay it 'back'). Stablecoins are the coming new source of money to finance the US debt, and that is what the GENIUS Act does. To issue dollar-pegged stablecoins, the USG will require issuers to collateralize with US Treasuries - to lend to the USG by buying the government's bonds. I haven't much touched on the discussion between Corbett and Goodwin, and what I've said so far is my own understanding and opinion, that causes me to find their discussion very relevant, and likely important to everyone that values Hive, like me. I may not use it as money, but I've been here ~8 years, and that's because Hive has great value to me - mostly because of you, not the token. But many of you value the token a lot, and that makes it matter a lot to me.

Click either link in this post and have a gander at the ~50 minute interview on Odysee, and consider what is said.