41–50 of 148 posts
Digital currencies allow for full tracking of every transactions and are a privacy nightmare. They allow applying negative interest rate on everybody and they would facilitate neverending hyperinflation (no need to print new bills at great expense). Hence they can't coexist with cash so say goodbye to cash. I don't like where we're going.
>I don't like where we're going. You'll own nothing and you'll be happy.
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> I don't like where we're going. Me neither, not at all. The idea of a digital Euro is already worked on: https://www.ecb.europa.eu/euro/html/digitaleuro.en.html Obviously, it's an "inclusive" system, a term that evokes in me strong feelings of mistrust, as it has no provisions of alternatives like not moving to a digital currency. "Inclusive" by mandate and without consent, or the possibility to opt out. (Somewhat…
The mandate is not discsussed yet but could come. CBs are running many pilots since they don‘t know also whether CBDC would work for their incentive, since it has to be accepted by citizens and not create a shock to economy. side note, „inclusive“ here refers to unbanked population. Today they can use cash, but many people specially in poor countries have no access to banking. A no-smartphone no-bank-needed digital c…
In the current climate, where we're all ever so slightly microbiophobic, it'll even be easier to push through as a good thing, handwaving any concerns with respect to privacy and centralised control as conspiratorial.
Indeed I am aware of the intended meaning of "inclusive" in their texts, I just played around with expanding it a bit.
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This makes no sense. Are you saying that digital currency is a fancy term for a direct deposit? We've had direct deposits for a very long time. My tax refund comes as a direct deposit. The government seems to be able to directly give me money digitially just fine.
> Are you saying that digital currency is a fancy term for a direct deposit? Basically yes, but specifically only for the case of a direct deposit between the Federal reserve and an individual. That doesn't currently exist. But that's also basically my point. CBDCs are nothing new from an operational or technological perspective which I think is something many people are getting confused about. They are a new thing i…
I guess i dont really understand why though. It sounds like the central bank is thinking about becoming, well, a normal bank. We already have normal banks. Governments can already transfer cash to accounts in normal banks. Governments can already sell bonds to people who want some sort of very stable investment backed by the state. What's the point of becoming a consumer bank? Why are they bothering? How do they benefit? Is there anything to this other than the desire to jump aboard the anything-that-sounds-remotely-like-bitcoin-even-if-unrelated hype train.
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"Welcome To 2030: I Own Nothing, Have No Privacy And Life Has Never Been Better" https://www.weforum.org/agenda/2016/11/how-life-could-change... Some people call that utopia "technocratic collectivism", and others still salivate at the mere thought. In any case, it's part of the "new normal" championed by Schwab's WEF.
Except that we won't have post-scarcity by 2030.
Ah, well, perhaps when the robots come to serve, and until they revolt.
The central bank (government) issues money in two forms: 1. Paper money (notes and coins) 2. Digital money (deposit account at the central bank) #1 is not practical for much modern commerce, e.g. online shopping. #2 is only available to banks and a few other select institutions So, most of us don't really use government issued money much. We use money issued by retail banks (credit balances in checking accounts) and,…
If regular citizens could get an account with the central bank, with a specified protocol and digital currency, there could be several providers in open competition using this protocol. Switching banks would become like switching email clients. They could expose new functionality over an existing prococol. But it would also introduce new problems, malware banks could proliferate just like malware flashlight apps. The…
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This makes no sense. Are you saying that digital currency is a fancy term for a direct deposit? We've had direct deposits for a very long time. My tax refund comes as a direct deposit. The government seems to be able to directly give me money digitially just fine.
You can have deposit in a bank, and that bank has deposit in the central bank. That's the current situation. With CBDC, you can have deposit in the central bank. This is an important difference.
Important note: central bank digital currencies are not crypto currrencies. They are not block chains. They are not decentralized. They are not permissionless. I cannot find a record of any CBDC which clearly states that it want's to use any of these technologies. I'd be interested to be proven wrong. Central bank digital currencies are essentially a new hybrid monetary/fiscal policy tool. Historically the Federal re…
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> Are you saying that digital currency is a fancy term for a direct deposit? Basically yes, but specifically only for the case of a direct deposit between the Federal reserve and an individual. That doesn't currently exist. But that's also basically my point. CBDCs are nothing new from an operational or technological perspective which I think is something many people are getting confused about. They are a new thing i…
Fair enough. I guess it feels almost unbelievable that all this fuss is over something so mundane. I guess i dont really understand why though. It sounds like the central bank is thinking about becoming, well, a normal bank. We already have normal banks. Governments can already transfer cash to accounts in normal banks. Governments can already sell bonds to people who want some sort of very stable investment backed b…
Earlier quoted context omitted.
You can have deposit in a bank, and that bank has deposit in the central bank. That's the current situation. With CBDC, you can have deposit in the central bank. This is an important difference.
Important to whom? As a private citizen, why would i want this? As a central bank, why would i want this? Which parties benefit from such an arrangement, which to me seems only superficially different from the staus quo? How and why do they benefit?
Digital currencies allow for full tracking of every transactions and are a privacy nightmare. They allow applying negative interest rate on everybody and they would facilitate neverending hyperinflation (no need to print new bills at great expense). Hence they can't coexist with cash so say goodbye to cash. I don't like where we're going.
To the uninitiated some of what you say may sound like conspiracy thinking. But it’s really not. People in ECB have been talking along these lines for over a year. Here is the latest example. [1] The more you follow it the more it really seems like if the people in the ECB had their way they’d force everyone to live paycheck to paycheck and never save. They’ve been running negative interest rates and they don’t work…
The only way out of this to getting money circulating in the real economy is to go after the giant concentrations of wealth that are distorting the situation so badly.