February 5, 2022

In case you were wondering what life under a CBDC will look like

By now, everybody is probably aware of the Canadian #FreedomConvoy and how GoFundMe, at the behest of the Mayor of Ottawa and Justin Trudeau, summarily closed their fundraiser, which had exceeded $10 million. They also announced that they would literally redistribute funds to other “approved charities”. Those approved charities would presumably be those mentioned by name by the likes of Trudeau (like the avowedly Marxist BLM, who have fundraising issues of their own owing to lack of financial transparency).

This kind of incident is a microcosm of exactly why the world needs Bitcoin, decentralized crypto-currencies and communications protocols.

Because we now live in a world run by collectivist technocrats. They sincerely think that what they believe should be rules and what you or I believe should be thought crimes.

On its own this would be merely annoying, having to perpetually deal with shrill, sanctimonious hysterics, perpetually shrieking in your face about things they want you to think and how they want you to live.

But it’s a problem when these people congregate around the choke-points of a centralized, bureaucratic technocracy and impose their personal neuroses onto the rest of society. Not only as policy, but as official canon on what is truth itself.

The final straw is when dissent is criminalized and plunder legitimized. When all actions against those dissenters are fair game, while any civil (and constitutionally protected) resistance is by definition reprobate, then we have arrived in dystopia. At the very least: authoritarianism.

Reality will always intrude…

The Fourth Turning people observe that the generational cycles oscillate between individuality and collectivism. By extension, right now we’re in a phase of peak collectivism. They’re not wrong, but I think that misses the overall progress of humanity. On a scale of individual autonomy and empowerment, the long term trajectory is always “up and to the right”.

Anybody reading Rothbard or Hayek knows that the construct of The State is more accurately a racket whereby small cadres of self-anointed elites appoint themselves the overlords of the masses. Rigging society so that the vast bulk of wealth accrues to themselves and any attempts by the rabble to defend their own interests increasingly fall outside the scope of what is permissible.

Slavery, let’s call it for what it is, became more subtle over the centuries. Physical slavery, the treatment of other people as property is now universally abhorred and those who undertake it regarded as criminals (except for everybody who fraternized with Jeff Epstein).

In the industrial era slavery had evolved into economic slavery. Debt is what kept the underclass in line and the entire monetary system was designed to perpetuate it. The thin scab of elites that formed The Establishment were by and large Cantillionaires for whom the rules were specifically constructed to benefit at the expense of wider society.

Via Wait, why is The Fed buying my largest competitors’ bonds?

In the information era, the elites need a different type of slavery. It needed to be digitized. But their problem is that the inexorable push toward wider autonomy and freedom for all humanity threw them a curveball called “decentralization”.

As described so presciently in the Holy Bible of Crypto, with digital communications technology and encryption, the fundamental architecture of power changed, irrevocably.

Even though globalist elites convene at places like Davos to reimagine everybody else’s future, they are still thinking in terms of linear extrapolations the past. While they promise transhumanist utopias in a largely made-up metaverse to industrial era debt serfs, the actual action in human affairs is happening out here in The Real World.

Cryptographically Secured Hard Money Changes Everything

Elitist shills like Paul Krugman, et al, fail to successfully marginalize crypto using the same tired tropes (climate hysteria, criminals, right-wing, etc), thankfully to no real avail.

When all else fails they finally adjust their blinders and fall back to “there’s no use case”, that Bitcoin

“manages both to seem futuristic and to appeal to old-style goldbug fears that the government will inflate away your savings … So crypto has become a large asset class even though nobody can clearly explain what legitimate purpose it’s for.”


GoFundMe just showed us two elite-class aspirations in one fell swoop: Confiscation and redistribution.

Needless to say Bitcoin fixes this.

Today it is GoFundMe. In the future, when central banks roll out Central Bank Digital Currencies (CBDCs), it’ll be all economic activity that falls within the purview of national and Supra-national government and bureaucracy.

When those days arrive, everybody who will be reliant on government economic entitlements will be enduring a type of neo-Fuedalism: veritably digital slavery.

Those MMT-ers who are promising you a cost-free UBI maybe not even realize themselves what the trade-offs will be that will come with it (aside from skyrocketing debt levels and hyper-inflation). Those will be the social credit hooks which will invariably be built into the CBDCs (or maybe it’s not a trade-off but a feature).

Biden’s failed nominee for Comptroller of the Currency authored a white paper called “The People’s Ledger” which called

“[for] a comprehensive reform of the structure and systemic function of the Fed’s balance sheet as the basis for redesigning the core architecture of modern finance. In essence, it offers a blueprint for democratizing both access to money and control over financial flows in the nation’s economy.”

Sounds benign, but what it really did was outline a blueprint for the complete takeover of the private banking system and would bake-in protocols for a compulsory investments and arbitrary deposits and withdrawals

Omarova’s run at the position is finished. Don’t think for a second the sentiment behind her People’s Ledger is.

But since we’re talking about Canada’s #FreedomConvoy, we can look at how the Bank of Canada’s white paper on CBDCs expresses enthusiasm around the same capabilities of “Smart contracts and the benefits of programmability”:

Although still early in their development, smart contracts could enable entirely new digital economy applications with many potential benefits. To start, smart contracts could enable programmable money by adding certain attributes to it. For example, money could be programmed to gain or lose value over time, or it could be programmed to be used in transactions for only specific goods or services. Furthermore, smart contracts can enable programmable payments—automated payments that are executed after certain conditions are met. These can range from simple push payments to more complex ones. For instance, smart contracts could enable automatic routing of tax payments to authorities at the point of sale, pay-as-you-go insurance or payments that can support IoT applications.

Sounds generic and non-biased enough. However take a look around. Those “certain attributes” and “certain conditions” may well end up being things like what Justin Trudeau, or whomever replaces zim thinks about your activities (or “unacceptable opinions”).

Donating to #FreedomConvoy? Listening to Joe Rogan Experience? Those aren’t approved activities. That’ll cost you some demerits.

You may not even know it’s happening, just that the GovCoin that hits your phone every month is not as much those other, more compliant, people. Or when you go to spend it, the prices adjust to different levels. That’s if  your GovCoin app even allows you to complete the purchase, after evaluating it against a scorecard devised by woke ideologues who think you’re fringe.

As for #GoFraudMe

The company initially put the onus on those who donated to request a refund, and would thereafter redistribute the convoy’s money to other approved charities.  Given the pushback (it’s basically theft), they have since announced they would refund all donations.

Personally, I will never donate via GFM again, not out of some cancel-culture based spite, but because they are demonstrably unreliable and willing to change the game on-the-fly (something that can’t happen in crypto).

From now on whenever anybody asks to raise money via GFM just tell them you’ve love to help, but given their past actions you have no assurances that your donation would actually go to its stated purpose. Instead of going toward helping some child with her cancer treatment it may simply be confiscated and sent to Greta Thunberg instead.

Offer to mail them a cheque directly or even better: send them some Bitcoin or other crypto.

I’m assembling with a team of cryptographers to create a new, privacy enhanced cryptocurrency for Canadians resisting tyranny: COVID today, and whatever the pretext will be in the future (climate alarmism, alien invasions, whatever). Sign up on the Bombthrower mailing list to remain in the loop as this progresses, and I’ll also send you a free copy of The Crypto Capitalist Manifesto when you do. If you want to get involved, you could also DM me on Twitter or Gettr

About the author 

Mark E. Jeftovic

Mark E. Jeftovic is the founder of Bombthrower Media and CEO of easyDNS.com, a company he co-founded in 1998 which has been operating along the lines described within these pages.

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  1. Giving Bitcoin is Ok… giving Monero (XMR) is better. It has the same advantages, plus it is extremely private so that your identity can not end up on some government or corporate blacklist.

  2. I'm wary about using bitcoin for even this purpose because as I understand –that's saying a lot because I don't even have a hard or online wallet– US and surely CA govt's monitor through some regulations (e.g. payment of taxes) use of Bitcoin. Can you help educate me on the mechanics of this? What about using other privacy coins such as Monero or Piratechain?

    I see farther down the page someone mentions Monero XMR.

  3. So why does this not present a class action lawsuit to force refund of the money to all diners or force distribution to the organizer as intended? There are no laws broken from what I can tell and GFM isn't law enforcement nor a real financial institution. Shit, shut GFM down.

  4. Thanks Mark for the insights. Canada's Covid travel restrictions were part of the $2000pcm UBI scheme. Only affordable if the money isn't spent in the foreign. And that's what CBDC will be for: enable governments to pay UBI that can only be spent for certain things and especially not whilst traveling.

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