Threatened U.S. Dollar Moving Towards Digital Blockchain Technology - Will It Be Enough?

in #money2 years ago (edited)

Imagine the U.S. dollar becoming completely digital on blockchain technology...

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That thought may become reality sooner than some may have thought. The WSJ reported that "recent developments in digital currencies similarly threaten the dollar's dominance, and Washington policy makers are taking notice." An interesting development surfaced last week in regard to the U.S. dollar making its way to becoming digital on a blockchain. This is coming from "the former Chairman of the U.S. Commodity Futures Trading Commission (CFTC)", J. Christopher Giancarlo, who made the statement to the "powers-that-be in America". Blockonomi reported:

In a new op-ed penned this week, Giancarlo and his former colleage Daniel Gorfine, previously a director with the LabCFTC initiative, made a case to the masses that the dollar's global dominance is being threatened and that shifting USD onto blockchain could help the currency entrench its reigning position.

'We propose a digital dollar—a government-sanctioned blockchain protocol, created and maintained by an independent nongovernmental group but administered by banks and other trusted payment organizations. Cash brought into the system would be exchanged for digital U.S. dollars on a blockchain, with the cash lodged in special escrow accounts maintained by the Federal Reserve.'

The threats to this dominating fiat currency are becoming more and more a reality. Blockchain technology and cryptocurrencies play a big part, but it is not the only looming threat. Time and again GODcoin has shared and elaborated on why experts are claiming a recession and/or a global economic crisis is at hand, and sooner than most realize. Major countries are buying bulk gold bullion in order to move away from the U.S. dollar and protect themselves as much as possible for when these imminent crises unfold. Another reason for these talks is most likely due to the fact that the U.S. is starting to fall behind when it comes to digitizing on a blockchain. China has been working towards its own for some time now. In another piece, the WSJ reported that both Mr. Giancarlo and Mr. Gorfine...

...propose that a digital dollar be 'created and maintained by a nongovernmental group but administered by banks and other trusted payment organizations.' They claim the new digital dollar would result in 'much higher transaction speed, enhanced access and greater transparency.'

This sounds great on paper, but we know in reality that the fiat currency has not been backed by gold for a long time. This poses a significant problem just as we see with the fiat version now. By digitizing and adding it to a blockchain will surely make it more secure and increase transaction speeds from its current state, but it will still be relatively worthless because it will not be backed by any tangible assets. It will still remain the currency backed only by the people's faith because they believe it has worth and is dominating the world. Let's not forget the enormous amount of debt racked up and corruption. Don't let this false sense of security and technological advances win you over just yet. Let's just say, GODcoin is way ahead when it comes to having a cryptocurrency backed by gold, fast transaction speeds, and overall security. Not only that, but it will be the currency that rises above like the phoenix out of the ashes when all of the other currencies crash and burn with the failing economy. This is what GODcoin can offer:

Again, don't let your faith in the current system and their smokescreens fool you. Invest in your future today with GODcoin, because it will be the one to revolutionize the golden standard as well as the future of the entire world!


This article was authored by Judith Monte, @belovebelight


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