4 ms·

Just a more efficient way to inflate the currency!

jbverschoor 5y ago
No.. it’s a way to remove the current dollar and therefore the complete debt of the US
rvense 5y ago
That is not the motivation for CBDC. Cash as a technology is, like all other uses of paper, being replaced by digital solutions. And like all other paper replacements, this is leading to a significant shift in power and ownership. In this case, we are well on the way to have privatized a very significant piece of infrastructure, the payment system. Since mandating the use of cash is unlikely to work (much less be popular), if the central bank wants to maintain any form of relevant control over this infrastructure, it absolutely has to launch an alternative to paper that lives up to the expectations of modern users. This is not a matter of being able to do new things as much as it as a matter of maintaining the position that they previously had. A CBDC is a completely natural and necessary development for any democratic society in the 21st century. The alternative is the complete takeover of private actors.
- randomhodler84 5y ago
  Disagree. CBDC is a way of hijacking a democratic society to enforce rigid economic engineering. It is vastly asymmetric for the state, who can delete your life savings with a click, or deflate your wealth to better accommodate debt. There will be far less democracy if we ceed control of the money supply to politicians.
  - rvense 5y ago
    The state have enough control over the banks they they can already freeze, seize and surveil assets as they see fit. Any legal constraints on this (human rights and such) can also be applied to a CBDC.
    - randomhodler84 5y ago
      I’d rather trust math, than a politician who claims to respect human rights. Do you know the only technology you can defend to protect human rights? Cryptography.
- danielmarkbruce 5y ago
  A central bank digital dollar is absolutely not needed for this. The population can use digital payments without the central bank needing a digital dollar. Like it does... now.
  - rvense 5y ago
    The payment system is infrastructure. Some would say it's the most important piece of infrastructure that we have. It is remarkable that we have allowed it to become privatized due to the progress of technology.
    - danielmarkbruce 5y ago
      Why is it remarkable that it's private? Most infrastructure is private. Railroads, ports, many airports, many roads, gas pipelines, power lines (and power), water, trash collection, telco infrastructure and on and on and on.

No.. it’s a way to remove the current dollar and therefore the complete debt of the US

That is not the motivation for CBDC. Cash as a technology is, like all other uses of paper, being replaced by digital solutions. And like all other paper replacements, this is leading to a significant shift in power and ownership. In this case, we are well on the way to have privatized a very significant piece of infrastructure, the payment system. Since mandating the use of cash is unlikely to work (much less be popular), if the central bank wants to maintain any form of relevant control over this infrastructure, it absolutely has to launch an alternative to paper that lives up to the expectations of modern users. This is not a matter of being able to do new things as much as it as a matter of maintaining the position that they previously had. A CBDC is a completely natural and necessary development for any democratic society in the 21st century. The alternative is the complete takeover of private actors.

randomhodler84 5y ago
Disagree. CBDC is a way of hijacking a democratic society to enforce rigid economic engineering. It is vastly asymmetric for the state, who can delete your life savings with a click, or deflate your wealth to better accommodate debt. There will be far less democracy if we ceed control of the money supply to politicians.
- rvense 5y ago
  The state have enough control over the banks they they can already freeze, seize and surveil assets as they see fit. Any legal constraints on this (human rights and such) can also be applied to a CBDC.
  - randomhodler84 5y ago
    I’d rather trust math, than a politician who claims to respect human rights. Do you know the only technology you can defend to protect human rights? Cryptography.
danielmarkbruce 5y ago
A central bank digital dollar is absolutely not needed for this. The population can use digital payments without the central bank needing a digital dollar. Like it does... now.
- rvense 5y ago
  The payment system is infrastructure. Some would say it's the most important piece of infrastructure that we have. It is remarkable that we have allowed it to become privatized due to the progress of technology.
  - danielmarkbruce 5y ago
    Why is it remarkable that it's private? Most infrastructure is private. Railroads, ports, many airports, many roads, gas pipelines, power lines (and power), water, trash collection, telco infrastructure and on and on and on.