‘Fiat is the real problem,’ Aaron Day tells CoinGeek Weekly Livestream

On episode 29 of the CoinGeek Weekly Livestream season three, Kurt Wuckert Jr. talked to U.S. Presidential candidate Aaron Day. What transpired was a fascinating conversation about the potential dangers of central bank digital currencies (CBDCs), the inevitable failure of fiat currencies, and what needs to happen for true liberty to be restored in the United States and around the world.

Who is Aaron Day?

Day is a U.S. Presidential candidate, serial entrepreneur, and author. He’s part of the liberty movement and lives in New Hampshire. He describes himself as an Ayn Rand fan dedicated to free market principles, and he’s been involved in the business since he dropped out of college to start his first e-commerce firm in 1995.

After seeing his second company, which was focused on rewarding people for losing weight, destroyed by Obamacare, Day entered politics in an attempt to change things. “Hell hath no fury like an entrepreneur scorned,” he says. However, he quickly became disillusioned when he realized New Hampshire Republicans were pushing Obamacare despite broad party opposition.

After deciding politics is too corrupt to affect real change, Day focused on blockchain technology to disrupt the system. He says he’s all in on this and no longer believes the system can be saved. Opting out is the only option, and by his estimation, 3% of people switching from fiat currencies to digital ones like Bitcoin would bring the system to a grinding halt.

The need to protect liberty in the face of global tyranny

Day had his eyes opened during the COVID lockdowns and believes there’s an agenda to implement global control. To expose this, he’s written a book, “The Final Countdown,” but he shares some of his thoughts on it with the CoinGeek Weekly Livestream.

Day reckons that the coordinated crackdowns on so-called decentralized digital currencies are part of the agenda. While he agrees that most of the tokens are illegal securities, he also thinks the heavy-handed approach to enforcement is part of a plan to eliminate alternatives before rolling out a CBDC. FedNow is the infrastructure it will run on, and he thinks it will be a reality before the next election.

Expanding on the subject of CBDCs, Day says that globally, 124 countries are working on them now. The UN, WEF, BIS, IMF, and World Bank are all setting the standards, paving the way to true one-world government and total control. “China is a prototype,” he says.

Wuckert asks if how CBDCs are issued matters. Does that change things if they’re auditable, verifiable, and trustless? Day answers that no government has the incentive to adopt audibility. He points to the Pentagon losing trillions of dollars as one example of why it will never happen.

On property rights, patents, and data collection

Day says he has been following Dr. Craig Wright’s work and the BSV blockchain ecosystem since the split with Bitcoin Cash. He admires Dr. Wright’s firm stance on property rights, including intellectual property, and notes that this is one of the biggest dividing lines in the space. Wuckert adds that, while some people accuse Dr. Wright of being a statist, law precedes the state.

Interestingly, Day points out that the U.S. government can suppress patents under the Invention Secrecy Act. If they do so, talking about it can land inventors in prison for up to 20 years. He says this is one of the reasons Elon Musk doesn’t apply for patents, and he says there are many suppressed inventions for things like clean energy.

Wuckert says that the public has no idea about the extent of data collection and harvesting. “That war was lost 20 years ago,” he states. We now need to focus on scraping back what was lost by encrypting data and doing whatever else we can. He asks what the path to increasing our liberty looks like.

“We’re not going back,” Day answers without hesitation. He says the first step is to put the fire out by existing fiat currencies. After that, we need love, cooperation, free will, abundance, and ‘decentralization.’ Radical non-compliance is the answer, and after that, there’s a process toward discussing what comes next.

End of the U.S. dollar’s dominance is near, and BTC is not an alternative

Delving deeper into some of what he explores in his book, Day expresses his view that the end of the U.S. dollar is near. All fiat currencies throughout history have failed, and this one is no exception.

The decline is inevitable and inbound, and people need to start thinking about alternatives, he tells the CoinGeek Weekly Livestream viewers. He points out that first, the currency was backed by gold, then banks had to have 10% reserves, and now even that reserve requirement has been scrapped. It’s a house of cards, and it will come down sooner rather than later.

Unlike previous fiat currency collapses, there’s competition this time—BRICS and Bitcoin are two examples. Day believes a CBDC will be offered as an alternative, but accepting it will lead to tyranny, he says. Day says that BTC isn’t going to be able to handle the volume required by P2P global commerce.

To hear Day’s views on blockchain and voting systems, gold and silver, digital currency regulations, the next election, and more, listen to the CoinGeek Weekly Livestream episode 29, and don’t forget to subscribe for new episodes.

To learn more about central bank digital currencies and some of the design decisions that need to be considered when creating and launching it, read nChain’s CBDC playbook.

Watch: U.S. Congressman Bill Foster on Blockchain Policy Matters