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00:00 CBDCs, Cash, and Texas Announcement
06:00 Create a Digital Currency with Kevin
07:00 Impact on Gold and Requirements
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48 Comments
There are also 23 states with legislation in process to accept gold and other precious metals as currency instead of commodities.
It sounds like Bitcoin to me. At first the government wasn't attached to it, and now they are.😏
I was born and spent 58 years living in Texas. This is the government that wouldn't use its Rainy day fund to help actual Hurricane victims in Houston. I wouldn't trust them as far as I could throw them to actual pay off if I actually needed it.
Hmm gold seems like the only way to prevent collapse of currency since it is mostly finite.
GOLD STANDARD INCOMING!!!!!!!
(BASEL 3)
It's the only way!
In b4 all the liquidity vaporizes due to the Texas-Tokyo arbitrage highway.
There are two things I don't care about in life – gold and crypto.
Hey Kev, Peter Shiff has been wanting to create a digital gold backed currency for years. Maybe team up with him?
This is not a completely new or novel concept. Has no one heard of Paxos Gold, SEC challenges withstanding?
you mean like… PAXG? It's been around for a while, the problem is it's an ERC-20 token
That's paxos pax
Meet Kevin !!!
Remember this had happened.
https://youtu.be/lDDJF0hHMio
I started giving GoldBacks for tips. 1 GoldBack is roughly worth 4-5$ based on the current value of gold
There's already a gold backed stable coin, I've been using it for several years now. And you can withdraw actual gold with this stable coin, PAXG
I believe there is a Bitcoin gold back by gold but not sure redeemable. May be create a hybrid true universal stable coin with 50%-50% to USD and gold. When USD rise gold drop, and reverse if USD dropped then gold rise.
Sounds like the story would repeat itself, backed with gold for a few decades to build confidence and then copy paste a few extra coins…aka 2050 recession.
This is just traditional reserve banking with extra steps.
Nonsense. Did you forget e-gold? Physical backing just means the govt can seize it. This is a non-starter. If will be rife with failure such as when the backing is pilfered or confiscated. We tried this already in the 1800s and it resulted in fractional reserve banking. As for cash, it will be useless when the complicit major corporations refuse to accept it. The farmer won't take it because they can't buy their inputs from the corporations with it. And so on…
All of this talk will never happen because The Federal Government would never allow it🤔No different than Husain in Iraq wasn't allowed,or Kadafi in Libia💯Our dollar folks is the "Reserve Currency" all over the world only because of what the USA would and have done to entire countries if they decide to "do something different"💯 Texas would be no different 💯Pick up some history books and see what and how Countries who had their "Reserve Currency" as the currency of the world and what it took to have that status💯Over the last 500 years once the current country of their prospective reign of the dominate currency was in decline (just like we are right now) WARS ARE FOUGHT FOR THE BIG DOGS TO TAKE THE SPOILS💯THE ONLY DIFFERENCE NOW IS THAT ALL OF THE BIG DOGS (INCLUDING US EVEN IN DECLINE) HAVE NUCLEAR WEAPONS INSTEAD OF PIRATE SHIPS AND CANNONS!!THE BIG DOGS ALL KNOW IT…THE BIG DOGS ALL KNOW THE USA WILL NEVER GIVE IT UP…SO THEY HAVE ALL DECIDED TO PLAY A WORLD CHANGING CHESS MATCH with everyday citizens who only know how to work,pay bills and shop being the ones to suffer💯Of course this is my opinion but when you cut out the fancy words and financial talk👉this is the world's history and it's fact💯Only difference now is that all the nations have bombs that can wipe out planet earth instead of musket balls and cannons💯
Keven wants to end up like cash app CEO
Demand already going up though . Due to other countries
This would be so sick 😂
So "digital currency" is a bullsh*t term.
"Backing" is another bullsh*t term.
That which is "backed" by centralized entities, can be "unbacked" just as easily.
Bitcoin cannot be "unbacked", because it isn't "backed" by a promise, it is "backed" by physics and math.
Money = accounting. It is NOTHING beyond that.
You are wrong…..treasury planning to end paper money….VERY SOON!!!!!!!……..And CBDC in the works already…..my opinion
Love digital gold idea
News flash….there are already gold backed digital tokens……
PAXG
UPXAU
KAU
And Silver…….XAG
Yes, but bitcoin is backed buy massive adoption and proof of work. No one using bitcoin has to trust anyone. Any entity coming up with a gold backed digital currency is a point of weakness. End of story.
Kevin making worthless videos with clickbait titles lately.
FedNow is not a cbdc. But even if it was, it's merely a means of overseeing immediate transaction settlements, so the T2 and T3 rules are no longer an issue. Also, people's pay deposit can settle and post immediately. But the Fed IS NOT allowed to control people's resources. And cash will always exist. An entirely digital currency system can easily be destroyed by an act of god which would destroy society and the monetary establishment. Cash is a hedge against this, and is essential to the monetary system and will always exist.
gold backed digital currencies would have to have fees to pay for the securing of the gold and running of the blockchain. stable coins are just easier to run, backed by government bonds and commercial paper. billions of dollars of bonds brings in a lot of money to the people running the stable coin.
You should start with storing some gold so that any increase in demand will increase the value of your holdings, and perpetually fund the enterprise.
Sounds like total b*****
Igmf it's gold backed and be issued by Texas I'd prefer that over fed coin any day
Look up PAXG, Kevin. Privately held gold backed crypto is nothing new. What’s unique here is government involvement. Counterparty risk still a problem though.
A gold backed digital currency combines the advantages of both. This is why China is buying gold hand over fist and planning on launching their own gold backed digital currency. The problem with unbacked crypto (like BTC, ETH, etc…) is that every time a new cryptocurrency is created it dilutes the existing ones. The problem with a CBDC is it gets diluted every time the Fed decides to increase the money supply. Gold has been used as a store of value for many thousands of years while every fiat currency ever invented has failed.
How about a gold coin backed by Bitcoin?
Real 🎉🎉🎉🎉🎉🎉🎉🎉
Did this guy get a divorce or something. He makes 50k videos on YouTube a day
Hell, Id rather have that 666 system
wouldn't uz?
Sign mez up fo' dat CBDC.
good this is they way… want work for all states a new digital currency. They want to control money velocity, track is not bad to avoid black markets thing is that gov has to much control… we need a institutions out of the government open book to be available for everyone
Forget Gold. Lets do Silver 🤑🤑🤑🤑
China shut off peoples ability to purchase things for not following mandates. The debate ends there, anyone who thinks CBDC is a good idea should have no decision making authority on anything significant in life
government hates gold because it stops them controlling the economy …corrupt much ?
Sounds like fantasy. Who is going to guard the gold.
Look into grovecoin!!! Block live tomorrow to gaining token in the market today not to mention a GOLD BACKED STABLECOIN
With Texas wanting to do this will purchases and control still be done?
Time to fight people. This is in no way ok. Fight fight fight
AABBG – already exists and they have their own gold mines. They also created their own wallet. I covered it all on my channel in 2021.
Fully transparent and backed by good names in private and public sectors and 100% audited by multiple govs and private auditors would be hit! And it could be used as a platform for every type of stable possible, gold being just one of them!