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From what I've been reading this is coming soon. If the population will accept digital IDs, it may become compulsory. Under this scenario negative rates, UBI an

From what I've been reading this is coming soon. If the population will accept digital IDs, it may become compulsory. Under this scenario negative rates, UBI and much more become possible. Some here would present these ideas as positive, but I'd argue that "common people" would be the losers in this scenario.

mister_tee 5y ago
agreed on those economic points. Also not a fan of negative real rates and increased direct control over the economy that it could enable. And I'm a bigger fan of (effective) big government than most. Depending on how much tinfoil is in your hat, central bank digital currencies open the door to surveillance and control. Consider the elimination of physical cash and the implementation of a social credit system that sees exactly what you buy, and from who. I don't think the US will get that far, especially not soon, but also think having cash as an option is fine. China has moved faster with the digital yuan; there are discussions over things like whether there will be capability for anonymous small transactions, or just private transactions, still viewable by the government, just not by the other party. I'm not versed in the space but also heard payment processors and especially banks are against CBDCs, since they would get cut out of various transactions and even loans.
- aww_dang 5y ago
  https://www.weforum.org/agenda/2021/01/this-new-approach-to-credit-scoring-is-accelerating-financial-inclusion/ https://www.weforum.org/agenda/2021/01/this-new-approach-to-... There are proposals to use consumer's electronic trail to create "alternative credit scores". CBDCs will allow this. The WEF proposal includes AI/big data hype, psychometrics, social media use, contacts and purchase history. Social media and smart devices have also been proposed for use as part of gun control schemes in the US. Some called this a "social credit score". https://yro.slashdot.org/story/19/08/30/2037251/the-plan-to-use-fitbit-data-to-stop-mass-shootings-is-one-of-the-scariest-proposals-yet https://yro.slashdot.org/story/19/08/30/2037251/the-plan-to-...

mister_tee 5y ago

agreed on those economic points. Also not a fan of negative real rates and increased direct control over the economy that it could enable. And I'm a bigger fan of (effective) big government than most. Depending on how much tinfoil is in your hat, central bank digital currencies open the door to surveillance and control. Consider the elimination of physical cash and the implementation of a social credit system that sees exactly what you buy, and from who. I don't think the US will get that far, especially not soon, but also think having cash as an option is fine. China has moved faster with the digital yuan; there are discussions over things like whether there will be capability for anonymous small transactions, or just private transactions, still viewable by the government, just not by the other party. I'm not versed in the space but also heard payment processors and especially banks are against CBDCs, since they would get cut out of various transactions and even loans.

aww_dang 5y ago
https://www.weforum.org/agenda/2021/01/this-new-approach-to-credit-scoring-is-accelerating-financial-inclusion/ https://www.weforum.org/agenda/2021/01/this-new-approach-to-... There are proposals to use consumer's electronic trail to create "alternative credit scores". CBDCs will allow this. The WEF proposal includes AI/big data hype, psychometrics, social media use, contacts and purchase history. Social media and smart devices have also been proposed for use as part of gun control schemes in the US. Some called this a "social credit score". https://yro.slashdot.org/story/19/08/30/2037251/the-plan-to-use-fitbit-data-to-stop-mass-shootings-is-one-of-the-scariest-proposals-yet https://yro.slashdot.org/story/19/08/30/2037251/the-plan-to-...