Yet another plus in the book for Sweden. If banks as we know them today does start to die out it's another huge win.
You might need to think about that in more depth
Swedish bankers face identity crisis over digital currency plans
21–30 of 72 posts
Re: Swedish bankers face identity crisis over digital currency plans
#22Earlier quoted context omitted.
Yes. I think your comment points out a big issue in our societies. However, note that the article isn't about Bitcoin. Central bank digital currencies (CBDC) basically operate with a centralized database; no "mining", no pseudo-anonymity, most important, no gambling-like course changes. It represents the "offline money" 1:1, only is it managed centralized rather than federalized by many banks.
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…
Yes it would mean exactly that.
Re: Swedish bankers face identity crisis over digital currency plans
#23I 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.
Re: Swedish bankers face identity crisis over digital currency plans
#24Earlier quoted context omitted.
Yes. I think your comment points out a big issue in our societies. However, note that the article isn't about Bitcoin. Central bank digital currencies (CBDC) basically operate with a centralized database; no "mining", no pseudo-anonymity, most important, no gambling-like course changes. It represents the "offline money" 1:1, only is it managed centralized rather than federalized by many banks.
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. At the same time it's an illusion that citizens have anonymity in our daily endeavors.
Look at Bitcoin. Pushed by anarcho-romantic illusions, it's the dream of non-regulated big money gambling that hurts society...
We should focus on making our society robust, open and inclusive instead of thinking that we need some decentralized crypto solution.
Re: Swedish bankers face identity crisis over digital currency plans
#25The 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?
Loans are mostly money printed by central banks and sold via consumer banks. Likely e-mortgage would be provided by central bank directly.
Re: Swedish bankers face identity crisis over digital currency plans
#26What happens when grandma can't figure out where her payment went, does she ring the central bank?
Yep, central bank as monopoly with ordinary call-centre, likely outsourced.
Re: Swedish bankers face identity crisis over digital currency plans
#27The 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 much as I hate banks in general, you are hitting the nail on the head. Low interest mortgages and credit in general start to fly out the window. The huge stock piles of cash they have help mitigate their risks effectively. Lower volume of loans also means a whole lot of financial vehicles people invest in for their retirement, are going to wash up as well. Right now, I dont see a viable replacement outside of private lenders like pay cheque loan and car title loans. Huge interest rates and really predatory capital requirements. Sub 20% interest rates, like it or not, come from all the things digi coins want to get rid of.
Re: Swedish bankers face identity crisis over digital currency plans
#28Earlier quoted context omitted.
If banks are obsoleted, then how are mortgages supposed to work?
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)?
Re: Swedish bankers face identity crisis over digital currency plans
#29bitcoin solves nothing, worse it empower the "wanting to become millionaire overnight" syndrome that plagues our society this world is horrible when you look into the details, working and helping other people is not rewarded at all profiting from other people is what best people can do to have a better time on this planet
The market economy in fact solves many problems of 'helping other people' that we have just become so used to that we don't appreciate its complexity. The fact that food is produced in abundance and is distributed in time to population centres for convenient consumption is a marvel of the modern world. And we're only getting better at it over time. That's helping people.
that's a great point, but. Just like the moon landing, some degree of food security in the "first world" countries has been achieved many decades ago now. Maybe it's time for some new achievements, like, i dunno, security against mystery viruses, or something else to write home about?
Re: Swedish bankers face identity crisis over digital currency plans
#30What happens when grandma can't figure out where her payment went, does she ring the central bank?
We just fork the generations here, let grandma die with the old system.