71–80 of 277 posts
Earlier quoted context omitted.
The reason for a CBDC are new features. Money that can be programmed to only be used in certain ways, with certain groups, or at certain times, e.g. expiring money. It’s more nudging power for our unelected technocrat dear leaders. Imagine the possibilities!
So, less functional money? More complicated gift card?
I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…
If you are going to mention the open banking API initiative, then what are the requirements to get access to that? You can't as an individual.
Also, this was the easy case, inter-UK. Now tell me how to transfer using Python and without applying to all kinds of regulators for API access a pound from a UK account to a US/EU/Japan account.
They should make it work on the 'old money' system of penny, shilling and pound, with twelve pence to a shilling and twenty shillings to the pound, then use the abbreviation 'd' for pence, and then throw in farthings (quarter penny) and half-crowns (two shillings and six pence) because if there's one thing I've learnt about finance, its that the more confusing things are, the easier it is to make a profit.
I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…
The reason for a CBDC are new features. Money that can be programmed to only be used in certain ways, with certain groups, or at certain times, e.g. expiring money. It’s more nudging power for our unelected technocrat dear leaders. Imagine the possibilities!
I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…
The important distinction is that currently all cashless payment systems are privately run for profit which is effectively a regressive transaction tax.
Depending on where you are, this cost might be hidden from you. (banking in the USA for example is expensive compared to the UK)
However as you point out, those companies that provide PoS terminals take either a monthly fee, or a percentage cut.
I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…
I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…
Please tell me how I can transfer one pound from me to you using a 20 line Python script? That's what people mean by digital currency. If you are going to mention the open banking API initiative, then what are the requirements to get access to that? You can't as an individual. Also, this was the easy case, inter-UK. Now tell me how to transfer using Python and without applying to all kinds of regulators for API acces…
And what about fees? BTC, ETH and many other coins are essentially unusable for smaller transactions. Sending .02 ETH (about $45) from my MEW wallet costs .00292 ETH (about $6.75).
I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…
A normal citizen is never gonna build a government that allows for anonymous payment systems. To often people speak of their government as completely abstract separated entity they can only submit to. But actually, they elect them and the government even follow them in their craziest follies, like, say, leaving the EU in the UK.
Earlier quoted context omitted.
I've been hearing this for 10 years straight. Thus far the only successful examples of Blockchain technology have been based on digital currencies and Bitcoin has done nothing but continue it's success. On the other hand, there is not one example of "Blockchain technology" put to work on anything that needed it.
I now barely use my bank account, i get paid in dai, i pay others in dai. occasionally i have to move dai into fiat for bills. hopefully these central bank digital currencies help bridge that last step. i love it because i can write programs to move my money around. I can stream payments with https://sablier.finance i can lend and borrow with https://aave.com I get paid universal basic income each hour from https://w…
I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…
Please tell me how I can transfer one pound from me to you using a 20 line Python script? That's what people mean by digital currency. If you are going to mention the open banking API initiative, then what are the requirements to get access to that? You can't as an individual. Also, this was the easy case, inter-UK. Now tell me how to transfer using Python and without applying to all kinds of regulators for API acces…
as you've alluded to, its not open to consumers, only financial institutions, with good reason. It gives you lots of access to do all sorts of things.
> how I can transfer one pound from me to you using a 20 line Python script?
Now this isn't a usecase I had thought about. I mean there are APIs that I can use to interface to a specific bank that will allow me to do this. But they are hidden behind layers of bureaucracy.
I think the issue for _consumer_ banking is making sure there is enough screening to make sure its not as easy for scammers and tricksters to get money from you.