Wow! Ledger seems to hijacking their hardware wallets with a backdoor to seed phrases. Even if you don't not use their recovery service, the backdoor is still their - means you have to trust Ledger!
How this all could play out?
Create the problem - destroy banks.
Deliver the solution - CBDCs.
"Your deposits are only save with CBDCs operated by us (fed)"
People will fall for that but I hope BTC can save as many as possible...
GM everyone!
I was thinking about this formula a lot which describes when change happens:
C = D x V x F > R
C = change
D = dissatisfaction
V = vision
F = first steps
R = resistance
If the the product of D, V, F is bigger than R -- change happens.
How will people change with the current potential financial crisis? Will D big enough? Do they see BTC (V) as a beneficial solution?
Interesting times!
USDC looks like CBDC. The recent black swan event could be used to "save" the peg by the FED or Wallstreet.
USDC can act like a bank already:
"In other words, they can kick out anyone from the system, rendering his funds useless. And they can stop entire USDC token from moving anything."
https://ylv.io/circle-usdc-technical-overview/
I would not wonder if $USDC stable coin is meant to be a kind of CBDC injected like a tojan horse. Wallstreet (e.g. Black Rock) is invested in Circle (issuer)...