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Yes, exactly. And that is what is so powerful an idea, that we could detach the idea of money backed by the state from a shared internet peer to peer network, l
by randomhodler84 5y ago
Yes, exactly. And that is what is so powerful an idea, that we could detach the idea of money backed by the state from a shared internet peer to peer network, like the file sharing networks a decade ago. In that p2p content networks were able to dominate the global internet flows until big CDN aka Netflix stepped in. CBDCs are like this for the 2020s. CBDC is Netflix. Bitcoin is BitTorrent. Plan accordingly.
- prid_not_plesur 5y agoThis might be the case in the short term, but in the long term it is hard to imagine that any CBDC holds its value greater than bitcoin because none will be fixed supply (by design). My guess is that over the next 10-20 years CBDC's will simply on-board the world to crypto while the demand for Bitcoin and other crypto-assets continue to slowly increase while the bulk of the population starts to become familiarized with the technology.
- randomhodler84 5y agoAgree, the very first time a CBDC revokes a key, people are going to scramble for open chains like BTC.
- lowkey 5y agoCBDCs offer the user less value and more limitations than the USD and should therefore trade at a discount to USD since it is more restricted. Imagine money that can be arbitrarily seized for any reason the government chooses, at any time, with no due process and no recourse. That is CBDCs. CBDCs are like trading in USD cash in exchange for Airmiles or credit card points. More restricted, less useful, completely dependent on the goodwill of the state to work when you need them. “I’m sorry citizen, you payment was declined because you hold unacceptable political views”
- randomhodler84 5y agoI agree. That’s why I’d rather a torrent than Netflix today. Apologies if my message was confusing.
- somewhereoutth 5y agoI can pay my taxes with money backed by the state - I can't with Bitcoin.
- randomhodler84 5y agoYou can pay CO State tax in BTC as of last week. Florida and Texas probably will come next. Wouldn’t be surprised to see more in the next 24 months. Times they are a changin
- somewhereoutth 5y agoCO is just a marketing stunt - no reason for any state to follow, not even FL or TX! Times may well be changing, but Bitcoin will remain a Ponzi.