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You can still sort if using paper or gold or Bitcoin especially if many have relatives outside of the system. But if the all economical activities are in the c

You can still sort if using paper or gold or Bitcoin especially if many have relatives outside of the system. But if the all economical activities are in the central bank I am not sure you can have the private part of all these non-government activities. Not to mention mining the details of your transactions are so much easier and social credit system is so much enforceable. The article mentioned of Norway is a good case illustrated someone beyond this line of thinking. But once the central Gov can control all, can even democracy survived one wonder. The decentralised part is the key assumption in democracy.

lottin 6y ago
What? Democracy is predicated on the consent of the governed, and the accountability of public institutions, not decentralisation.
trompetenaccoun 6y ago
It's all a question of politics. Based on what I see there is no doubt that digital currencies are coming. Governments are not going to just give up their currency monopoly, so the only logical consequence is central bank digital currency. But how will it be implemented, that's the question. Digital cash is perfectly feasible, just look at something like Monero. They could build in a central bank fiat lever if they want to, so that they can inflate at will, while still preserving privacy, security, and accountability. Will this happen? I doubt it. Because the trend goes to ever more authoritarianism. But it could be easily implemented if there were a will to do so. And again, we don't need digital currency for the government to turn against the citizen, many governments around the word manage perfectly fine without it already. Private banking isn't immune to the law. Instead of being scared of regulation, the citizens should lobby for the right regulation. The current financial system already discriminates against us and only aids the wealthy.

lottin 6y ago

What? Democracy is predicated on the consent of the governed, and the accountability of public institutions, not decentralisation.

trompetenaccoun 6y ago

It's all a question of politics. Based on what I see there is no doubt that digital currencies are coming. Governments are not going to just give up their currency monopoly, so the only logical consequence is central bank digital currency. But how will it be implemented, that's the question. Digital cash is perfectly feasible, just look at something like Monero. They could build in a central bank fiat lever if they want to, so that they can inflate at will, while still preserving privacy, security, and accountability. Will this happen? I doubt it. Because the trend goes to ever more authoritarianism. But it could be easily implemented if there were a will to do so. And again, we don't need digital currency for the government to turn against the citizen, many governments around the word manage perfectly fine without it already. Private banking isn't immune to the law. Instead of being scared of regulation, the citizens should lobby for the right regulation. The current financial system already discriminates against us and only aids the wealthy.