31–40 of 72 posts
The core argument here genuinely seems to be that private banks don't want to become obsolete. The article spends a lot of time saying this is bad (or saying that they say it's bad), but it's not clear to me why this is (or even if it truly is). I must admit over some skepticism given the extreme loucheness of the banking sector.
If banks are obsoleted, then how are mortgages supposed to work?
As a Swedish person I don't see the point at all: Why would I want to use this? I would rather have a decentralized system of various banks and global companies (Mastercard, Visa, etc) track my transactions and spread out that risk, instead of one single state actor. I could also use, you know, cash. Digital cash is first and foremost an instrument for new ways to do monetary policy, as more countries (like Sweden an…
Earlier quoted context omitted.
Wouldn't that also mean perfect visibility into the movement of money, and the death of cash? Seems to me that perfect visibility into funds will be as deleterious to society as perfect law enforcement. How are you going to lead the next BLM, or LGBTQ rights, or just a plain old revolution when you can't fund anything? There was a time, not long ago, when being gay was actually against the law. Imagine wanting to bui…
I'm just diving into digital money to be honest, I'd be very happy if somebody had information on this topic. My gut feeling is that these are societal issues beyond the mere implementation of money. You could have policies that protect donors of societal organizations and automatically wipe associated records. I think the reality now is that big money is being laundered and stolen from society by big corporations. A…
These are known to give a fuck about society, shutting down things as they like, and even bringing US jurisdiction into other societies.
The advantages of anonymous payments are purely hypothetical for normal people and only benefit big players. Having digital central bank money would enable us to cut off the private money industry that makes a living with data analysis.
Earlier quoted context omitted.
Loans are mostly money printed by central banks and sold via consumer banks. Likely e-mortgage would be provided by central bank directly.
Won't it lead to less accurate pricing of loans if there is only one central actor using rigid rules (needed to appear fair)?
I went to a presentation by the working group behind this. It seemed like a shitshow. Maybe they’ve gained a lot of competence in a short time. Or maybe they are accelerating this to cement the negative interest rates, which could be more urgent if they keep spending on the pandemic.
- https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Bre...
As a Swedish person I don't see the point at all: Why would I want to use this? I would rather have a decentralized system of various banks and global companies (Mastercard, Visa, etc) track my transactions and spread out that risk, instead of one single state actor. I could also use, you know, cash. Digital cash is first and foremost an instrument for new ways to do monetary policy, as more countries (like Sweden an…
As a Swedish person I don't see the point at all: Why would I want to use this? I would rather have a decentralized system of various banks and global companies (Mastercard, Visa, etc) track my transactions and spread out that risk, instead of one single state actor. I could also use, you know, cash. Digital cash is first and foremost an instrument for new ways to do monetary policy, as more countries (like Sweden an…
For this reason it’s important we start using cash again, and not attend shops and restaurants that don’t take it. Nowadays we have brutal armed robberies like never before, but using non-traceable currency is important for freedom.
The core argument here genuinely seems to be that private banks don't want to become obsolete. The article spends a lot of time saying this is bad (or saying that they say it's bad), but it's not clear to me why this is (or even if it truly is). I must admit over some skepticism given the extreme loucheness of the banking sector.
If banks are obsoleted, then how are mortgages supposed to work?
Earlier quoted context omitted.
Loans are mostly money printed by central banks and sold via consumer banks. Likely e-mortgage would be provided by central bank directly.
Won't it lead to less accurate pricing of loans if there is only one central actor using rigid rules (needed to appear fair)?
With central banking, the supply can be infinite, and that’s what we Swedes are seeing with NEGATIVE interest rates. Jyske Bank in DK borrows to consumers house loans where you are paid to borrow. It can not end well, please someone show me logically/from first principle how it ever can.
Earlier quoted context omitted.
I'm just diving into digital money to be honest, I'd be very happy if somebody had information on this topic. My gut feeling is that these are societal issues beyond the mere implementation of money. You could have policies that protect donors of societal organizations and automatically wipe associated records. I think the reality now is that big money is being laundered and stolen from society by big corporations. A…
My point is, in reality we now trust multiple layers of private banks, payment providers like Visa & MasterCard, Google Pay and Paypal. These are known to give a fuck about society, shutting down things as they like, and even bringing US jurisdiction into other societies. The advantages of anonymous payments are purely hypothetical for normal people and only benefit big players. Having digital central bank money woul…