U.S. Housing Agency Considers Launching Crypto Experiment
U.S. Housing Agency Considers Launching Crypto Experiment
The Department of Housing and Urban Development, which oversees billions in aid and insures more than a trillion dollars in mortgages, is pondering using the blockchain and a stablecoin. One HUD official derided it as “Monopoly money.”
introducing speculative assets into the housing market has caused some problems before.
it's for corrupt purposes, of course:
The blockchain idea is being pushed, a HUD official told colleagues, by Irving Dennis. Dennis, the agency’s new principal deputy chief financial officer, is a former partner at the global consulting giant EY, also commonly known by its original name, Ernst & Young. EY itself is involved in the proposal as well: An executive of the firm discussed the idea with HUD officials last month.
a followup story: https://www.propublica.org/article/hud-cryptocurrency-blockchain-democrats-maxine-waters
Federal Agency Who Thought They Could Not Lose Any More Money Finds A Way To Lose Additional Money
what could go wrong
Maxine Waters hates crypto bullshit with the fire of a thousand suns, she's not in power any more but she can help jam this up
If done right(it won't be), it could replace cash.
But you know it won't be. They'll control the backend of it entirely and it will never be any sort of open standard that isn't endlessly mintable or manipulated by their whims and wishes.
At this point, I wouldn't be surprised to find the US lying about what it prints to curb inflation. Could you even imagine that with zero oversight?
If done right(it won't be), it could replace cash.
how are you people still doing this. every other cryptonut on the planet finally moved on from this talking point in 2022 when it was very clear that beenz.com was and is not the backbone of any kind of stable anything
and, for the love of god, having the economy slightly inflationary, physical, fiat, not public, and manipulatable by an administration according to changes in market demand -- is a goddamn feature of the system, not a bug. it's actually both good and critically important that the US is capable of changing things like interest rates to maintain an economy