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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

#151

Post by potamic »

ssivark wrote: post #53
potamic wrote: post #48

Earlier quoted context omitted.

Most examinations of CBDC paint a grim picture of things to come, mostly in terms of yielding absolute power to the central bank. As with any situation involving power, with good intentions you can do wonderful things, with bad intentions you can do equally horrifying things. In the Indian context, the latter is of particular concern, especially when one man can demonetise the whole country overnight on a whim. There…

Thanks for the link -- it is a nice discussion, and contains pointers to interesting content that I wasn't aware of. (likewise, for the sibling comment with links about mBridge) I appreciate the privacy concerns, but for anyone reading, the tradeoffs have a completely different meaning in the Indian context. 1. A fraction of the Indian populace is so poor that the cost of operating a cash economy (printing currency,…

You don't need CBDC to operate a cashless economy. Digital payments are ubiquitous already and cash is merely an alternative that is available. CBDC changes nothing for end consumers. It is primarily a tool for the central bank to apply monetary policy easily.

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

#152

Post by jqpabc123 »

snapcaster wrote: post #148
jqpabc123 wrote: post #115

Earlier quoted context omitted.

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 manda…

I put the odds in the same category as the military overthrowing the civilian government.

It has happened around the world, so we know the threat is very real --- people have leveraged the military to their own ends, right?

So by your same logic, we need to oppose, resist and abolish the military now before it's too late.

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

#153

Post by matkoniecz »

rajup wrote: post #146
matkoniecz wrote: post #128

Earlier quoted context omitted.

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).

> What is “weird” or “suspicious “ about these?

Lets go with simpler one.

Giving people 17 days to exchange all their cash under penalty of losing all of it is weird, suspicious and stupid. And evil or incompetent or both.

People responsible for that are responsible for massive amount of human tragedy without a good justification (no, good intentions do not count as one).

> Please be specific, not just parroting something off a news article you’ve read

Can you explain how/why this demonetisation would NOT be “weird” or “suspicious“?

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

#154

Post by rajup »

matkoniecz wrote: post #153
rajup wrote: post #146

Earlier quoted context omitted.

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).

> What is “weird” or “suspicious “ about these? Lets go with simpler one. Giving people 17 days to exchange all their cash under penalty of losing all of it is weird, suspicious and stupid. And evil or incompetent or both. People responsible for that are responsible for massive amount of human tragedy without a good justification (no, good intentions do not count as one). > Please be specific, not just parroting some…

Incompetent? Most likely. Again I don’t see any convincing argument for why it’s “weird” or “suspicious” in the usual meaning of those words in the English dictionary. It’s fine to throw out a word salad if that’s your communication style, but don’t be surprised if people ask for specific reasoning for those words.

> Can you explain how/why this demonetisation would NOT be “weird” or “suspicious“?

No that’s not how this debate thing works :)

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

#155

Post by matkoniecz »

rajup wrote: post #154
matkoniecz wrote: post #153

Earlier quoted context omitted.

> What is “weird” or “suspicious “ about these? Lets go with simpler one. Giving people 17 days to exchange all their cash under penalty of losing all of it is weird, suspicious and stupid. And evil or incompetent or both. People responsible for that are responsible for massive amount of human tragedy without a good justification (no, good intentions do not count as one). > Please be specific, not just parroting some…

Incompetent? Most likely. Again I don’t see any convincing argument for why it’s “weird” or “suspicious” in the usual meaning of those words in the English dictionary. It’s fine to throw out a word salad if that’s your communication style, but don’t be surprised if people ask for specific reasoning for those words. > Can you explain how/why this demonetisation would NOT be “weird” or “suspicious“? No that’s not how t…

> No that’s not how this debate thing works :)

If you demand from me to spend time on more detailed explanation and you are unwilling to do the same, then I prefer to spend time on something else.

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

#156

Post by rajup »

matkoniecz wrote: post #155
rajup wrote: post #154

Earlier quoted context omitted.

Incompetent? Most likely. Again I don’t see any convincing argument for why it’s “weird” or “suspicious” in the usual meaning of those words in the English dictionary. It’s fine to throw out a word salad if that’s your communication style, but don’t be surprised if people ask for specific reasoning for those words. > Can you explain how/why this demonetisation would NOT be “weird” or “suspicious“? No that’s not how t…

> No that’s not how this debate thing works :) If you demand from me to spend time on more detailed explanation and you are unwilling to do the same, then I prefer to spend time on something else.

> If you demand from me to spend time on more detailed explanation and you are unwilling to do the same, then I prefer to spend time on something else.

So you got nothing. I suspected as much, thanks for confirming.

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

#157

Post by lottin »

influxmoment wrote: post #150
lottin wrote: post #144

Earlier quoted context omitted.

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.

Classic crypto bro retort. The "technical details" of these systems were neither the topic nor had any relevance to these conversation, and at any rate you haven't got any clue whether I'm ignorant about them.

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

#158

Post by snapcaster »

jqpabc123 wrote: post #152
snapcaster wrote: post #148

Earlier quoted context omitted.

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 manda…

I put the odds in the same category as the military overthrowing the civilian government. It has happened around the world, so we know the threat is very real --- people have leveraged the military to their own ends, right? So by your same logic, we need to oppose, resist and abolish the military now before it's too late.

Does this change your opinion at all? https://news.ycombinator.com/item?id=33890625

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

#159

Post by influxmoment »

lottin wrote: post #157
influxmoment wrote: post #150

Earlier quoted context omitted.

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

Classic crypto bro retort. The "technical details" of these systems were neither the topic nor had any relevance to these conversation, and at any rate you haven't got any clue whether I'm ignorant about them.

If you had technical knowledge you would given any reply with some substance but you just derived my response as "mental gymnastics" after baiting me into a discussion

And now name calling

You just wanted to get out your superficial preconceptions on the topic after wasting my time

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

#160

Post by 1letterunixname »

adql wrote: post #81
1letterunixname wrote: post #68

Earlier quoted context omitted.

Does a term require more than 2 seconds of thinking? If yes, then describe it, otherwise it's unnecessary. This one seemed obvious.

Of course it's obvious its Centralized Big Dick Contest /s It's customary to expand shortcut in full if it there is chance it might be unknown to the reader and this isn't even a financial blog but a tech one.

That's inappropriate and unhelpful.

People with brains can infer meaning from the context.

If they can't, then they aren't smart enough to have around.

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