$225? More like $135. The rates in that article don't reflect the reality of the situation. The naira has fallen off a cliff
Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
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Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
#92For anyone unsure as to why CBDC's are a horrendous idea please read this thread: https://twitter.com/punk6529/status/1494444624630403083?lang... Or as an unrolled thread here: https://threadreaderapp.com/thread/1494444624630403083.html
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Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
#93As a Nigerian, one of my biggest goals is to save enough to invest in a second passport. Since the last administration took over, their policies have been spectacularly bad - and that's coming from me, a Nigerian (and African) who has only known bad government all his life. When COVID-19 kicked in and oil revenues dried up, the government turned on the printing presses and churned out an awful amount of Nairas. Like…
The protests I'm referring to were in October 2020, not 2022.
Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
#94Earlier quoted context omitted.
Programmable money is like programmable computation, there are infinite applications on the spectrum of good and evil. If we are going to allow programmable money, we must allow competitors (e.g. citystate crypto, nationstate crypto, non-CB crypto) and incumbent payments like cash. https://cashessentials.org/us-considers-legislation-on-manda... > The Payment Choice Act is a bill that would require applicable retail b…
The only use I can imagine for programmable money is restrictions in the allowed transactions, or alternatively increase surveillance. I can't see any non-authoritarian uses for it. Are there any good uses don't require a benevolent dictator?
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Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
#95Earlier quoted context omitted.
China was the leader in the push to pure cashless society. Cash still works, but only in small amounts. Lots of HNews'ers claim cash is the only way to keep your freedoms, but that simply glosses over the fact that even if you have piles of cash under your bed, you can't do anything meaningful if the government decides to prevent/limit banks from accepting cash deposits - say in a 5 year timeframe. After a while, bus…
>After a while, businesses will simply stop accepting cash. So when you loose you smartphone/cards you cant buy another one, open your car, pay for a taxi or even sleep in a hotel because there is no chance to go home? Switzerland had 3 complete blackouts (1-2 month ago) for paying digital. So the sellers had to make list (and hope you come back later to pay it.). If your country just accept digital, you trust fully…
>Switzerland had 3 complete blackouts
Numerous places regularly have rolling blackouts now when power consumption is too high. And then there are the extended, involuntary blackouts that happen several times a year around the country due to hurricanes/blizzards ect. 100% Digital currency is never going to work in practice, now matter how badly authoritarian governments want to implement it.
Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
#96Earlier quoted context omitted.
Use of one bank's credit card is voluntary and not mandated by the central authority. It's the difference between choosing to only read the New York Times or a government enforcement of one source of news
Is it? I can't see living in Europe without an IBAN for instance -- and the card that comes with one. And that's not something the government is enforcing. Same in the US, you can't not have a credit card because of the credit score system there. Use of a credit card is mandatory because you need it to financially "exist."
Living without a bank account ('IBAN') in the EU would be hard today. Living without a debit card is still doable, but becoming less and less practical. Living without a credit card is completely normal, many people do not own one, including me.
Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
#97I was part of a team working on a CBDC and I'm glad I left that project. The possibilities of abusing a CBDC are massive and gladly we had tough time finding a benign use case for it.
We are already cashless let's keep it that way
Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
#98For anyone unsure as to why CBDC's are a horrendous idea please read this thread: https://twitter.com/punk6529/status/1494444624630403083?lang... Or as an unrolled thread here: https://threadreaderapp.com/thread/1494444624630403083.html
That rant views freedom as purely individual, and not collective, or more likely the compromises in other to have both. It also doesn't explain the difference between CBDC with traditional debit/credit card systems, which do impose a ton of restrictions to some in order to protect freedoms for others (whether demonitizing a porn site that does not hold uploaders accountable, or reducing tax evasion).
The most significant thing about a CBDC that it's a liability on the government or the central bank in this case. It's a legal tender while a checking or savings account isn't
Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
#99The story seems to just assert the claim that this is to promote the CBDC, but the linked directive does not.
I mean, they definitely wish adoption was higher. But is there evidence this isn't just CoinTelegraph assuming things?
Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
#100This is programmable money where the government controls how and when you can spend it. It does not take long for most people to figure out how this restricts their freedom. I guess they will make it a bargain in some way such as charging a higher rate for cash as they are doing here. This may be a training ground for other governments to learn how to force or incentivize us to use their CBDC's.
Programmable money is like programmable computation, there are infinite applications on the spectrum of good and evil. If we are going to allow programmable money, we must allow competitors (e.g. citystate crypto, nationstate crypto, non-CB crypto) and incumbent payments like cash. https://cashessentials.org/us-considers-legislation-on-manda... > The Payment Choice Act is a bill that would require applicable retail b…
You are like a somatic cell to states. Your well-being isn't a concern, only your usefulness.