Trumping Social Security for BlockChain?
We can agree #45 is an idiot. My assessment is he is not at all interested in social issues, moreso he’s looking at ways to expand America — not the land of the free – but America, Incorporated!
Yesterday (October 4, 2017), Bloomberg News reported on the New York Metro Joint Cyber Security Conference where Cybersecurity Coordinator, Rob Royce, of Trump’s Administration spoke on the possibility of getting rid of social security numbers due to the recent Equifax (a credit monitoring system) hack who hadn’t invested in cyber security. These centralized spots of money hold info on individuals that are now being breached leading Royce to propose a phase out of the 1960s created Social Security system — where retirement funds are allotted — and looking to replace with Blockchain by way of a debit card or token where you use a pin number to access.
It’s too early to know when and how this will be done but to speculate, what if the government decided to do away with fiat currency altogether? I do believe it’s inevitable and with this recent news, it’s now a validated theory.
However, if fiat is eliminated, this would make the core reason crypto currency was created oxymoronic mainly because remaining decentralized — meaning not ran by the government but peer-to-peer — would be contradictory.
As we know, crypto allows anonymity meaning you don’t even need a ss#! This number benefits the government not us! And we can’t be naive to think their intentions to use use Blockchain is not the next tech way to monitor (and tax) you!
Also, switching social security (which are really human-turned-government-bonds) to Blockchain would screw the millions of retirees and soon-to-be's over possibly the next two decades! In other words, those in their 40s and up may be left hung out to dry in scheduled monthly benefits we spent decades involuntarily paying into!
As said, if this is to happen, it may take a while. In the mean time, better get in and invest in crypto currency while you can and use it to acquire tangible assets like land (preferably outside the U.S.) so you have sustainable options in place!
If this were to happen, there's a lot of red tape to go through to even get it to congress, simultaneously you'd have to end the reign of banks while getting business sectors and citizens of this country to do away with fiat currency... imagine the chaotic rush!
I can see them getting rid of banks as we know them now, but trust and know that the bankers will not find themselves going extinct in this economic evolution. Not sure what that will look like in the future, but there are already major banks investing in cryptocurrenices. You also wrote an article about JP Morgan and the stunt that was pulled to lower bitcoin so he can buy up at a low price then hiked the prices way up again.
Who knows what new form of system will be put in place if we let the government and monopolized private sectors (such as the banks) take control of cryptocurrencies (which was intended for a free and decentralized market).
I know I'll continue to invest as I learn more and try to stay on top of this economic game.
Peace brotha and thank you for the info!
I agree, these banks will work to keep whatever pennies they can, but over time — and although it's hard to fathom — they will become obsolete. The best thing we can do is participate, the worst is not...
Thanking you for your comment and vote
What some don't realize is a lot of these ICOs and easy money making schemes are tied to FED. We have to be knowledgeable to move in such a way that we aren't opening the door to 3rd parties. It's very simple. Don't use crypto-currency as a back up plan. Decentralize the mind or fall for the same old tricks
True statement. I look at all these new ICOs as suspect.
Thanks for your comment
@mrviquez @cryptokingz @nikkicrawford