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Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

cointelegraph.com

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Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#51

Post by nirimda »

akira2501 wrote: post #35
walterbell wrote: post #18

Earlier 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…

> there are infinite applications on the spectrum of good and evil. Which means it should be firmly in the hands of the people and never in those of a centralized government, in particular, never one which collects taxes directly from the people. > 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. Well..…

> Which means it should be firmly in the hands of the people and never in those of a centralized government

I don't understand this sentence.

In political discourse, "the hands of the people" usually means the people corporately i.e. the nation through their representatives in parliament. If the people can't control the currency through parliament and government, how do you stop private or foreign interests from taking control?

My best guess is you mean "in the hands of people", which necessarily means in the hands of the strongest and richest.

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#52

Post by taylorius »

nirimda wrote: post #51
akira2501 wrote: post #35

Earlier quoted context omitted.

> there are infinite applications on the spectrum of good and evil. Which means it should be firmly in the hands of the people and never in those of a centralized government, in particular, never one which collects taxes directly from the people. > 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. Well..…

> Which means it should be firmly in the hands of the people and never in those of a centralized government I don't understand this sentence. In political discourse, "the hands of the people" usually means the people corporately i.e. the nation through their representatives in parliament. If the people can't control the currency through parliament and government, how do you stop private or foreign interests from taki…

I understand it to mean that in some sense it is not controllable (like cryptocurrencies aim to be). CBDCs will be a tyrannical state's dream.

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#54

Post by akira2501 »

nirimda wrote: post #51
akira2501 wrote: post #35

Earlier quoted context omitted.

> there are infinite applications on the spectrum of good and evil. Which means it should be firmly in the hands of the people and never in those of a centralized government, in particular, never one which collects taxes directly from the people. > 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. Well..…

> Which means it should be firmly in the hands of the people and never in those of a centralized government I don't understand this sentence. In political discourse, "the hands of the people" usually means the people corporately i.e. the nation through their representatives in parliament. If the people can't control the currency through parliament and government, how do you stop private or foreign interests from taki…

> "the hands of the people" usually means the people corporately i.e. the nation through their representatives in parliament.

Is a free press in the hands of the people? Is it controlled by a parliament? The right to it may be recognized there, but I think it makes the definition a bit broader than your casting.

> My best guess is you mean "in the hands of people", which necessarily means in the hands of the strongest and richest.

It's only necessarily when the government refuses to take action against monopolies and cartels. This is a rather cynical take, though it may currently ring true in our modern environment.

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#55

Post by influxmoment »

kornhole wrote: post #7

This 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.

I think it'll take a government like China or North Korea with no inhibitions to fully utilize the potential of this technology

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#56

Post by influxmoment »

mgbmtl wrote: post #41
xs83 wrote: post #29

For 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).

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

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#57

Post by hyperman1 »

zhte415 wrote: post #26
kornhole wrote: post #7

This 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.

I was surprised at charging a higher rate for cash, until reading the article where it didn't mention that. What was mentioned was a service fee for withdrawing cash above the limits from bank branches. Which also seemed surprising - to reduce the demand for cash-cash, restrict the supply. That that article mentions 85% of cash in circulation is held outside banks does not also seem alarming, it'd be interesting to r…

No post body was provided.

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#58

Post by boeingUH60 »

walterbell wrote: post #49
boeingUH60 wrote: post #32

Earlier quoted context omitted.

The government is just looking for a way to save face for their failed economic policies. They’re setting up this law in a country where digital banking is unreliable; it’s not uncommon for bank networks go down for hours. Because of how reckless they’ve managed our economy, banks are finding it difficult to access foreign exchange. One consequence is that I can no longer spend the equivalent of more than $20 per mon…

> I have to resort to using cryptocurrency to pay for my websites and domain names How do people typically convert from local currency to cryptocurrency? Is Bitcoin the most popular cryptocurrency? Are there not relatively high fees for conversion from cash to crypto, or to use crypto as payments for smaller transactions?

I use Binance. The fees are pretty high and most times not worth it for small purchases, but then I have no other choice.
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