Under CBDCs, Bitcoin Is Banned – Bitcoin Magazine
This is a science-fiction piece by Jameson Lopp, professional Cypherpunk and co-founder and CTO at Casa.
“Good morning.” I am gently awakened by the soothing female voice of the smartwatch. It’s a bit robotic, but has a touch of personality and charm.
“Today is Monday, October 31, 2033,” it continues. “Your basic weekly income of $3,432 has been deposited into your account. $1,049 was withheld to pay off your student loan. $2,300 was withheld for your landlord, Blackstone Hathaway.”
Shit. That’s a little more than last week; there must have been another inflation adjustment.
I slip out of my underground pod on the outskirts of San Francisco. The cabal of venture capital firms had successfully thwarted any effort to build high-rises, so there was nowhere to go but down. Why am I still living in this hellhole? Because I cannot afford to escape the confines of the safety net that allows me to survive.
In a previous life, I was a copywriter for the San Francisco Chronicle, but such jobs have long since been replaced by AI. The Chronicle has become a glorified propaganda mouthpiece for the government: FedGov says you must look for work. The FedGov will pay you to work for it. FedGov puts a floor on your income so you can have a basic standard of living, lo and behold! The FedGov also puts a cap on your income so you can’t escape your place in their grand scheme. Fed is your friend. Fed feeds you. Fed cares.
I put on the base model iGlasses. They are so cheap that they are made of standard glass instead of Gorilla Glass. Everyone uses some form of iGlass, although white-collar workers often upgrade to iContacts while one percent opt for the permanent ocular implants colloquially called iEyes. Each model works on the same premise: it overlays your vision with information from the Internet, so that wherever you are, you can learn more about your surroundings.
I reluctantly begin my trek to the dingy coffee shop on Turk street where freelance games are sometimes available. Everywhere I look, my view is augmented with ads floating in space. Fortunately, the FedGov mandates that iGlass ads cannot exceed 50% opacity due to the security issues it can cause, but the obstacles can get pretty annoying. I wish I could afford the ad blocking upgrade, but the ads subsidize the cost of the glasses.
I decide to multitask as I walk and catch up on the news. Not from the FedGov mouthpiece, of course — I’ve carefully curated plenty of independent journalists to follow on Twitter. I don’t tweet myself anymore though – it’s too risky. While we still have First Amendment protections, it just means I can’t be jailed for my tweets. Spreading controversial opinions would get me booted from a number of important services. For example, while we are entitled to Universal Basic Income (UBI), we are not entitled to a Fed account… and without one, actually receiving payments is a huge pain. An even worse potential outcome would be Apple shutting down my iGlass; it would be tantamount to paralyzing me by cutting off one of my limbs!
After scrolling just a dozen tweets deep into my timeline, I find myself physically falling forward. My instincts take over and I catch myself on my knees and palms. As pain shoots through my body, my first thoughts are of relief that my iGlasses are unharmed. I look over and see a homeless man lying across the path, wrapped in tattered blankets. Normally I’d give the man an earful for obstructing this right of way, but he’s clearly zoned out, deep in the metaverse to escape the reality of his situation. I chuckle as I remember the early pro-UBI propaganda that claimed it would solve homelessness. These people must not have heard the expression “you can lead a horse to water, but you can’t make it drink.” For some, the open streets are preferable to the claustrophobia-inducing pods.
I continue on my way and make a note to find some replacement pants. Generally, my clothes get worn; It’s been many years since I’ve been able to afford new clothes. Even second-hand clothing is becoming increasingly unaffordable as demand outstrips supply due to FedGov policies restricting imports in an effort to boost domestic manufacturing jobs…which automation has all but wiped out.
There isn’t much work in this seedy part of town these days—most employers have been absorbed by mega-corporations or closed when they couldn’t compete with cloud-based AI that can provide digitized labor for pennies on the dollar. But every little income helps. As long as I keep filling out applications, submitting project proposals on freelance platforms and networking like crazy, maybe things will change for me too one day.
After a long day of fruitless game hunting, I have to rush to the corner store to buy food before the earmarked funds are withdrawn due to inactivity. Big Brother likes to see high economic velocity; we can’t just let money sit idle! At least I don’t have anywhere near the level of funds that I need to worry about being affected by the negative interest rates applied to the accounts of the one percenters.
After collecting enough highly processed food for the week, it’s time to pay. Gone are the checkout lines from before; the store’s sensors have already counted my bill as I put items in the shopping bag. As I approach the locked, one-way exit, there’s a brief pause as the iGlasses scans my retina to authorize the payment and get past the KYC firewall. The Fed had to implement this a few years back after unscrupulous people stopped reporting the deaths of family members so they could use their grants.
On my way home through a seedier part of town without many FedGov patrol units, I hear a voice call from an alley.
“Pssst. Fine groceries. Are you in the market for eggs?”
It sure would be nice to have some non-synthetic protein for once! I look at the man’s items, but my iGlasses don’t show any prices. I can’t see his social credit score either. Strange. Is this guy running cloaking technology?
“Maybe,” I reply. “How much for a dozen?”
“I’m looking for 50 rate, give or take,” he says.
Oh boy; Fed frowns on using unsanctioned currency!
“I don’t have a bet. How many dollars?”
“Sorry, dollar is too risky. I am not a licensed seller. Too many questions from the Fed; they are just looking for an excuse to carpet pull me. Even if they don’t, I can’t afford the 20% peer-to-peer tax they take from the transaction. Bitcoin is better; it is not subject to central bank duty.”
I turn away to consider my options; I bet the FedGov would be interested to know about this tax evader…but my iGlass suddenly shows an alert outlining the face of a woman who just walked by.
A message scrolls across my field of vision:
“GUARANTEE UNPLACED: $50,000 REWARD.
“Carla Jennings Wanted by Fed for Participating in Black Market Exchange.”
My heart rate increases. That much money would provide a financial cushion and might even be enough for a deposit on a pod with a full kitchen. Best not to think too hard about the philosophical dilemma; while Carla has not caused me direct harm, she is working against the public by selfishly ignoring the directives of the Fed.
“Accept the gig,” I reply with a sigh.
“Ma’am, I’m sorry, but I need you to come with me,” I say as I fish a few ties out of my pocket. She frolics.
“Stop right there!” I shout and take up the hunt. She’s faster than me because I avoid stepping on the FedGov sidewalks; every step is logged and microtransaction fees are deducted from your Fed account in real time.
As I’m about to lose sight of my quarry, I do some quick mental math and decide that the toll expense is worth the potential reward. I finally catch up and tackle her on Market Street. I look around to see if anyone is within earshot.
“Give up,” I whisper.
“Damn you,” she spits back. I have to take control of the situation, so I put the zippers around her wrists. She lets out a furious scream as I search for her belongings.
“What do we have here?” I exclaim as I pull a thumb sized circuit board out of her bag.
“Please don’t. It’s my only savings that’s safe from the Fed!”
“Bitcoin, huh? I sure could have used a little bet earlier. Alas, the Feds already know I’ve arrested you. Agents will be here in a minute. They’re going to force you to unlock this unauthorized wallet.”
I can see the panic in her eyes – she knows what would happen if the Feds don’t get access to her private keys. Years of work in the data mines for her to pay off the fines. Oh, the irony.
But I have to stay strong for our struggling economy; little else matters to the Fed other than pumping out good money in these tough times. Despite it being against my own interest, I have little choice but to continue accepting assignments to crack down on cryptocurrency so it can be removed from circulation.
Muttering to myself, I hand Carla over to the Fed agents and see the bounty credited to my account. She sobs and struggles as they drag her away. Still, I steel myself and imagine the suffering that can occur when society tries to operate without a stable centralized financial system. We are all in this together; there is no room for selfishness.
As I walk home along a winding path to avoid as many FedGov sidewalks as possible, I reflect on how the world has changed over the decades. It’s hard to believe that this area was once the cradle of the Cypherpunk movement that spawned cryptocurrency and strong anti-Fed sentiment.
The winds of change left those ideals behind, and FedGov loyalists now control every aspect of society. Privacy and sovereignty are nothing but a distant memory. The FedGov has an anti-privacy mandate, banning all software and hardware that facilitates cryptocurrency and secure messaging. Even those who still cling to the past find it difficult to avoid being tracked by the dense web of sensors embedded in every technology product, every store, every home, every street.
Today’s concert won’t change my life, but at least it will give me the money to buy new clothes. I have to be content to daydream that my federal lottery will win this month and my Universal Basic Income will be upgraded to Individual Comfort Plus Income…
This is a guest post by Jameson Lopp. Opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
