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Doesn't the very idea of the 'Central' in Central Bank Digital Currencies violate existential reasons and fundamental functions of digital currencies / cryptocu
by BLKNSLVR 6y ago
Doesn't the very idea of the 'Central' in Central Bank Digital Currencies violate existential reasons and fundamental functions of digital currencies / cryptocurrencies?
This seems to be an attempt at corralling a market by offering something entirely unfit for purpose, but marketed as being backed by the ultimately trustworthy (for surface-level-only reasons of "well, we've gotten you this far") Central Banks, and therefore immune to failure.
What can it offer that doesn't already exist and also provide any consumer benefit?
The article seems to answer that: nothing, in fact, less than nothing.
Cryptocurrencies are anathema to Central Banks, so any embrace by the Central Banks must be looked at as a defensive reaction to a changing landscape.
- claydavisss 6y agoCentral Banks will use a digital currency but not a cryptocurrency. They need to be able to create it at will. The point is to be able to easily zero an account. Paper money in your possession cannot be instantly destroyed without your permission. A digital currency could be used to induce monetary velocity...i.e. spend the money by Saturday or it is deleted. Or, if you are arrested for protesting the Government, your account is zeroed.
- sunshinerag 6y ago>> Doesn't the very idea of the 'Central' in Central Bank Digital Currencies violate existential reasons and fundamental functions of digital currencies / cryptocurrencies? It does.
- dirtyid 6y agoDigital currency =/= cryptocurrency. The ability for state to wield digital currency to surveil and sanction are why central will win over crypto.
- lukeschlather 6y agoOn the other hand, one might describe proof-of-work currencies as an attempt at corralling a market by offering something entirely unfit for purpose, but marketed really aggressively.
- gruez 6y ago>unfit for purpose What purpose? If you're only interested in a transaction processing system I don't anyone thought that cryptocurrencies were going to be an efficient alternative to a centralized ledger.