5 ms·

Normal contracts can accomplish everyone of those things. What is missing your your comment (and the article) is an explanation how how these things are magical

by shkkmo 6y ago

Normal contracts can accomplish everyone of those things. What is missing your your comment (and the article) is an explanation how how these things are magically easier to do with a new digital currency rather just adding feautures our our existing transaction infrastructures.

lazide 6y ago
For one, existing transaction infrastructures suck terribly with massive legacy tech debt that seems to make it impossible to do even simple things like use chip cards sanely?
- shkkmo 6y ago
  Yes modernizing the US transaction infrastructure is sorely needed. Other countries have done pretty well at this without introducing a new currency.
  - lazide 6y ago
    For sure, but isn’t it always more fun to make something new then fix tech debt? (I wish this probably isn’t what is going on, but realistically it is undoubtedly playing a part)
    - shkkmo 6y ago
      I suspect a new currency will make it significantly more work to implement, even if it sounds more fun.
er4hn 6y ago
The government does not have a contract with each person. The way to implement this currently would be to either: * Have a contract with each bank to give money to them to give to each citizen. This hits problems with trust on the bank, speed of distribution, and how to deal with citizens who have multiple bank accounts. * Issue some set of stimulus checks, tax credits, and require documentation of appropriate spending at tax time. This feels very much like the plot to a modern Kafka novel.
- shkkmo 6y ago
  You haven't explained how a new digital currency makes this easier. Any retail banking setup provided by the government for a new digital currency could just as easily make use of dollars and would provide equal benefits. As far as I can, the only thing you can get with a new digital currency is the ability to decouple it's value from the dollar.

5 ms·

Normal contracts can accomplish everyone of those things. What is missing your your comment (and the article) is an explanation how how these things are magical

by shkkmo 6y ago

lazide 6y ago
For one, existing transaction infrastructures suck terribly with massive legacy tech debt that seems to make it impossible to do even simple things like use chip cards sanely?
- shkkmo 6y ago
  Yes modernizing the US transaction infrastructure is sorely needed. Other countries have done pretty well at this without introducing a new currency.
  - lazide 6y ago
    For sure, but isn’t it always more fun to make something new then fix tech debt? (I wish this probably isn’t what is going on, but realistically it is undoubtedly playing a part)
    - shkkmo 6y ago
      I suspect a new currency will make it significantly more work to implement, even if it sounds more fun.
er4hn 6y ago
The government does not have a contract with each person. The way to implement this currently would be to either: * Have a contract with each bank to give money to them to give to each citizen. This hits problems with trust on the bank, speed of distribution, and how to deal with citizens who have multiple bank accounts. * Issue some set of stimulus checks, tax credits, and require documentation of appropriate spending at tax time. This feels very much like the plot to a modern Kafka novel.
- shkkmo 6y ago
  You haven't explained how a new digital currency makes this easier. Any retail banking setup provided by the government for a new digital currency could just as easily make use of dollars and would provide equal benefits. As far as I can, the only thing you can get with a new digital currency is the ability to decouple it's value from the dollar.