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What is the fuss over central-bank digital currencies?

economist.com

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Re: What is the fuss over central-bank digital currencies?

#61

Post by GoblinSlayer »

geraldbauer wrote: post #47
anm89 wrote: post #14

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…

Important note: bitcoin is a ponzi [1] and not digital gold. Learn how the investment fraud works. [1] https://github.com/openblockchains/bitcoin-ponzi

>Robert Shiller

Re: What is the fuss over central-bank digital currencies?

#62

Post by lottin »

anm89 wrote: post #14

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…

> The idea of these new CBDCs is to setup a similar system but where the digital currency could be distributed to individual citizens.

I don't think this is the point of CBDC at all. Individual citizens gain nothing with the ability to sell financial assets to the CB, and neither does the CB.

Re: What is the fuss over central-bank digital currencies?

#63

Post by supercollision »

yenwodyah wrote: post #7

One benefit I didn't see mentioned was that central banks, being an arm of the government, presumably won't cut off payment processing for completely-legal-but-socially-unacceptable sites like private payment services do. I know this happens to porn artists/websites all the time, and recently it's been happening to political extremist sites like Parler etc. too.

a concern I've heard of CBDCs and cashless systems in general is that governments will be able to do exactly that, and there wouldn't be a recourse to someone pushed out of the system.

More realistically they could have your purchases and income streams feed into a social credit system or actuarial models.

Re: What is the fuss over central-bank digital currencies?

#64

Post by mujina93 »

geraldbauer wrote: post #47
anm89 wrote: post #14

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…

Important note: bitcoin is a ponzi [1] and not digital gold. Learn how the investment fraud works. [1] https://github.com/openblockchains/bitcoin-ponzi

Thank you for the link. The document could benefit from being a bit more polished and have less exclamations, but it contains some useful links and references at the end, such as this interview here, which I found it reflects what the bubble of cryptocurrencies is about: https://amycastor.com/2021/02/11/nouriel-roubini-tether-is-a...

Re: What is the fuss over central-bank digital currencies?

#65

Post by fvdessen »

anm89 wrote: post #14

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…

I find it funny that when the state designs a new currency, it gives it the exact opposite characteristics as the ones designed by the civilians

Edit: I wrongly called the government ones cryptocurrencies

Re: What is the fuss over central-bank digital currencies?

#66

Post by GoblinSlayer »

bawolff wrote: post #43
anm89 wrote: post #34

Earlier quoted context omitted.

> 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…

They want to obviate cash. Visa is a payment processor, not a general purpose cash.

Re: What is the fuss over central-bank digital currencies?

#67

Post by anm89 »

fvdessen wrote: post #65
anm89 wrote: post #14

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…

I find it funny that when the state designs a new currency, it gives it the exact opposite characteristics as the ones designed by the civilians Edit: I wrongly called the government ones cryptocurrencies

It's literally not a crypto currency and they aren't claiming it is. There is nothing cryptographic in nature about its implementation.

Re: What is the fuss over central-bank digital currencies?

#68

Post by wsc981 »

bawolff wrote: post #43
anm89 wrote: post #34

Earlier quoted context omitted.

> 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…

> I guess i dont really understand why though.

Accounts at central banks might make taxation easier for governments, especially if other current (and possibly savings) accounts at normal banks would be banned.

Also it would be easier for governments to select policies based on someones income. E.g. tax high income people more and provide financial benefits for low income people.

Also a universal basic income would be easier to implement if every citizen has only a single account at a central bank.

Re: What is the fuss over central-bank digital currencies?

#69

Post by ktkoffroth »

WEFwoof wrote: post #17
GoblinSlayer wrote: post #6

They are inherently dangerous, money as a service, with all associated risks. What's next? Car as a service? House as a service? Government as a service? Life as a service?

"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.

This world sounds like hell.

Re: What is the fuss over central-bank digital currencies?

#70

Post by hnick »

anticristi wrote: post #55
geraldbauer wrote: post #47

Earlier quoted context omitted.

Important note: bitcoin is a ponzi [1] and not digital gold. Learn how the investment fraud works. [1] https://github.com/openblockchains/bitcoin-ponzi

I thought the real value of Bitcoin is hiding shady deals: drugs, money laundering, etc. Needless to say, there is plenty of that to drive Bitcoin value up.

That's a large part of my view on it.

Even if no one "believes" in it, and the value essentially freefalls, BTC or something like it is still useful as a short term settlement device in lieu of taking suitcases of cash over a border or similar. You buy the token, send it to someone, they cash it out. People on each side (maybe the same person!) take a cut.

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