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Nobody’s using CBDCs – India’s piloting one anyway

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Re: Nobody’s using CBDCs – India’s piloting one anyway

#141

Post by lottin »

influxmoment wrote: post #131
lottin wrote: post #119

Earlier quoted context omitted.

So if you found out that a top pentagon official was working as a military advisor for the Taliban, that wouldn't ring any alarm bells to you. It's completely normal and there's nothing to worry about.

You obviously have your own theory so please go ahead and share it. The bitcoin devs working on CBDCs are a small minority

I don't have a theory (other that both CBDCs and cryptocurrencies are dumb). I'm merely pointing out that the idea that CBDCs are absolute evil while bitcoin is absolutely against evil is rather inconsistent in light of the fact that some of the people behind CBDCs are also involved with bitcoin.

Re: Nobody’s using CBDCs – India’s piloting one anyway

#142

Post by influxmoment »

lottin wrote: post #141
influxmoment wrote: post #131

Earlier quoted context omitted.

You obviously have your own theory so please go ahead and share it. The bitcoin devs working on CBDCs are a small minority

I don't have a theory (other that both CBDCs and cryptocurrencies are dumb). I'm merely pointing out that the idea that CBDCs are absolute evil while bitcoin is absolutely against evil is rather inconsistent in light of the fact that some of the people behind CBDCs are also involved with bitcoin.

It's not inconsistent when the designs are the opposite.

Bitcoin is permissionless and payments are uncensorable. A tool against govt power and individually empowering.

CBDC have central control and govt control in the name. The Chinese govt will be jumping at the chance to implement CBDC. Bitcoin is only a threat to their control

But I get the impression that most people's minds are already make up about bitcoin and it's be a while until people are open to new ideas

Re: Nobody’s using CBDCs – India’s piloting one anyway

#143

Post by rldjbpin »

walterbell wrote: post #80
matkoniecz wrote: post #16

Remind me about https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis... > On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes > Several people were reported to have died from standing in queues for hours to exchange their demonetised banknotes.[180][181][182][183][184][185] Deaths were also attributed to lack of medical help due to refusal of demonetised b…

https://archive.ph/ynouY > India’s central bank has estimated that 99 per cent of the high denomination banknotes cancelled last year were deposited or exchanged for new currency, dashing government hopes that its contentious demonetisation exercise would wipe out huge amounts of “black money" ... complex money-laundering networks sprang up in the wake of the demonetisation to help wealthy Indians deposit huge volume…

people were jumping into conclusions about this event without knowing about this context. it was still a net negative imo, but the way the restrictions existed because of "black money" reasons.

however, if you love the freedom of holding cash the way you want, then this was definitely not a good time.

Re: Nobody’s using CBDCs – India’s piloting one anyway

#144

Post by lottin »

influxmoment wrote: post #142
lottin wrote: post #141

Earlier quoted context omitted.

I don't have a theory (other that both CBDCs and cryptocurrencies are dumb). I'm merely pointing out that the idea that CBDCs are absolute evil while bitcoin is absolutely against evil is rather inconsistent in light of the fact that some of the people behind CBDCs are also involved with bitcoin.

It's not inconsistent when the designs are the opposite. Bitcoin is permissionless and payments are uncensorable. A tool against govt power and individually empowering. CBDC have central control and govt control in the name. The Chinese govt will be jumping at the chance to implement CBDC. Bitcoin is only a threat to their control But I get the impression that most people's minds are already make up about bitcoin and…

I'll leave you alone with your mental gymnastics.

Re: Nobody’s using CBDCs – India’s piloting one anyway

#145

Post by kipchak »

alkonaut wrote: post #140
kipchak wrote: post #129

Earlier quoted context omitted.

I don't disagree it's possible to have a CBDC and anonymity, but based on the fed's statements like the part you quoted it seems like from their perspective anonymity no longer being possible would be a feature.

I don’t doubt that some governments would see it that way (although I do doubt the fed would pull that off). My argument is merely a) that there is nothing inherent to a CBDC making anonymous transactions impossible b) there are governments recognizing that this is an important feature of their planned CBDC - as they should.

Gotcha, I agree with both points but am just less optimistic regarding implementation, Hopefully you're right.

Re: Nobody’s using CBDCs – India’s piloting one anyway

#146

Post by rajup »

matkoniecz wrote: post #128
rajup wrote: post #96

Earlier quoted context omitted.

What has this got to do with TFA?

Both are weird and suspicious and complex financial operations done by Indian government on their citizens.

What is “weird” or “suspicious “ about these? Please be specific, not just parroting something off a news article you’ve read. I’m interested to hear how much you’ve actually understood the motivations for these actions (the ultimate results notwithstanding).

Re: Nobody’s using CBDCs – India’s piloting one anyway

#147

Post by rajup »

rvz wrote: post #132
rajup wrote: post #95

Earlier quoted context omitted.

> That should scare us all. Why?

This is why [0]. Some board members at the European Central Bank (ECB) are already considering suggesting spending and saving limits on CBDCs including the digital euro and that should tell you where these CBDC pilots are going to go if successful and how very dystopian that would be already. Oh dear. [0] https://reclaimthenet.org/digital-euro-spending-saving-limit...

That’s not what it says. It says there will be transaction amount limits above which transactions would be recorded. Again this information is already available to governments when required.

Re: Nobody’s using CBDCs – India’s piloting one anyway

#148

Post by snapcaster »

jqpabc123 wrote: post #115
snapcaster wrote: post #62

Earlier quoted context omitted.

But we currently have the option to bypass those restrictions if we want. Isn't it concerning that these systems might become more or less "mandatory" at some point?

Anything imaginable *might* become "mandatory" at some point. As of right now, no one is proposing to change anything at the consumer level. The only impact will be faster, easier transactions.

So you put this becoming more or less mandatory in the future at roughly the same odds that wearing pink unitards will become mandatory? Any system like this that provides the capacity for heavy centralized control and censorship will at the very least have people attempting to leverage it to their own ends right? Not saying they will succeed but I think it rises above the level of "any random shit might become mandatory" right?

Re: Nobody’s using CBDCs – India’s piloting one anyway

#149

Post by mitthrowaway2 »

imtringued wrote: post #134
philwelch wrote: post #126

Earlier quoted context omitted.

> The tone in these papers is universally that this would be desirable for the central bank, but hard for the public to accept. Yeah, that’s putting it mildly! Isn’t this basically a wealth tax on the middle and working classes?

A wealth tax on cash...? Are you kidding me? You can literally avoid it by going to the bank to save your money.

You misunderstand. The bank would be giving you a negative interest rate, so your account balance would always be exponentially decaying.

Cash would allow you to escape this, which is why it would be removed as an option.

Re: Nobody’s using CBDCs – India’s piloting one anyway

#150

Post by influxmoment »

lottin wrote: post #144
influxmoment wrote: post #142

Earlier quoted context omitted.

It's not inconsistent when the designs are the opposite. Bitcoin is permissionless and payments are uncensorable. A tool against govt power and individually empowering. CBDC have central control and govt control in the name. The Chinese govt will be jumping at the chance to implement CBDC. Bitcoin is only a threat to their control But I get the impression that most people's minds are already make up about bitcoin and…

I'll leave you alone with your mental gymnastics.

I'll leave you alone with your smug ignorance. Highly doubt you know the technical details of these systems.
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