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Stablecoins will turn into CBDCs and CBDCs will serve that purpose. Bitcoin is down from 68K to 48K in the last what 3 weeks? Stores of value don't flail wildly

Stablecoins will turn into CBDCs and CBDCs will serve that purpose. Bitcoin is down from 68K to 48K in the last what 3 weeks? Stores of value don't flail wildly and incoherently at the whims of a few whales, and given it supports 2-3 tx/sec using the energy of an entire country, it's a crap medium of exchange too. The future of crypto for anyone other than an anacap libertarian is CBDCs.

deleted 5y ago
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pjc50 5y ago
CBDCs aren't really cryptocurrency though, for good and ill, they're just a database with extra steps.
- arcticbull 5y ago
  Blockchains are just databases with extra steps. Very slow, inefficient steps most people don't care about.
hansvm 5y ago
Even with its downsides, crypto serves as a useful medium of exchange for fringe goods. Digital (gaming) goods, guns and accessories, adult materials, and all kinds of things are flat-out banned at many payment middlemen (PayPal, Stripe, ...), and it causes problems from time to time even for large players. CBDC's _might_ fill that void, but governments would need to treat it as infrastructure and not exercise some of the power that companies like Visa enjoy (blocking otherwise legal transactions). To be fair, crypto hasn't really stepped up as being fantastic even for those fringe goods (insufficient adoption, painful user experience), but some utility still exists.
- arcticbull 5y ago
  > Even with its downsides, crypto serves as a useful medium of exchange for fringe goods. Yep, I agree. > CBDC's _might_ fill that void, but governments would need to treat it as infrastructure and not exercise some of the power that companies like Visa enjoy (blocking otherwise legal transactions). I'll be the first to say that the current legacy financial system is no panacea. Visa and Mastercard should be infrastructure just as you say. In my opinion, they should be required by law not to discriminate against any legal transactions and have safe harbor. That said ACH carries all legal transactions without discrimination. I don't know why CBDCs wouldn't do the same. What we need isn't crypto, it's payment network neutrality. The legacy financial system needs a refactor, but crypto ain't it. It's strictly worse in every way.
throwaway405769 5y ago
CBDCs have nothing to do with crypto. It's just PR by politicians.
- arcticbull 5y ago
  Totally, but it solves the problem we're discussing. A stable store of value open to anyone. Blockchain is literally just a distributed database. An implementation detail.

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pjc50 5y ago

CBDCs aren't really cryptocurrency though, for good and ill, they're just a database with extra steps.

arcticbull 5y ago
Blockchains are just databases with extra steps. Very slow, inefficient steps most people don't care about.

hansvm 5y ago

Even with its downsides, crypto serves as a useful medium of exchange for fringe goods. Digital (gaming) goods, guns and accessories, adult materials, and all kinds of things are flat-out banned at many payment middlemen (PayPal, Stripe, ...), and it causes problems from time to time even for large players. CBDC's _might_ fill that void, but governments would need to treat it as infrastructure and not exercise some of the power that companies like Visa enjoy (blocking otherwise legal transactions). To be fair, crypto hasn't really stepped up as being fantastic even for those fringe goods (insufficient adoption, painful user experience), but some utility still exists.

arcticbull 5y ago
> Even with its downsides, crypto serves as a useful medium of exchange for fringe goods. Yep, I agree. > CBDC's _might_ fill that void, but governments would need to treat it as infrastructure and not exercise some of the power that companies like Visa enjoy (blocking otherwise legal transactions). I'll be the first to say that the current legacy financial system is no panacea. Visa and Mastercard should be infrastructure just as you say. In my opinion, they should be required by law not to discriminate against any legal transactions and have safe harbor. That said ACH carries all legal transactions without discrimination. I don't know why CBDCs wouldn't do the same. What we need isn't crypto, it's payment network neutrality. The legacy financial system needs a refactor, but crypto ain't it. It's strictly worse in every way.

throwaway405769 5y ago

CBDCs have nothing to do with crypto. It's just PR by politicians.

arcticbull 5y ago
Totally, but it solves the problem we're discussing. A stable store of value open to anyone. Blockchain is literally just a distributed database. An implementation detail.