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The idea of abolishing private bank accounts is not without support. A recent Biden nominee (withdrawn) for a position in bank regulation held this view[1]. Bes

The idea of abolishing private bank accounts is not without support. A recent Biden nominee (withdrawn) for a position in bank regulation held this view[1]. Besides, laws adapt, and the boundaries of 'public-private' cooperation change. The introduction of programmable money introduces moral hazards that didn't exist before. I don't trust that a system won't be abused if everyone has the incentive to abuse it. [1] https://www.politico.com/news/2021/09/24/radical-biden-nominee-faces-backlash-from-banks-514189 https://www.politico.com/news/2021/09/24/radical-biden-nomin...

verdverm 5y ago
> I don't trust that a system won't be abused if everyone has the incentive to abuse it. Like cryptocurrency et al? As we know, what people think and what is doable in reality are completely different things. A govt managed bank account will never be accepted or adopted. Thus it seems reasonable to expect a private partnership will happen. Let's just say this is a low quality piece from city journal that is not based in reality but in biases and false premise.
- noodles_nomore 5y ago
  No, specifically unlike decentralized systems that are carefully engineered to prevent abuse. > A govt managed bank account will never be accepted or adopted. In my opinion you are severely underestimating the capabilities of the system to get it's way through targeted propaganda, deception and, if nothing helps, wriggling and wrangling. If it isn't prevented from the outset, it will happen.
  - verdverm 5y ago
    Might be helpful if we talk about all the various types of abuse that can happen https://blog.mollywhite.net/abuse-on-the-blockchain-lecture/ https://blog.mollywhite.net/abuse-on-the-blockchain-lecture/ --- Over or under estimates depend on the country. The eCNY, sure, the eUSD, no, the eNiara, not sure. It's more evident that the crypto propaganda has mislead people. No one wants their financial history on a public forum. That makes it ripe for abuse by anyone, not just by the govt. It will be very hard to convince the masses in the US to use a govt managed bank account.

verdverm 5y ago

> I don't trust that a system won't be abused if everyone has the incentive to abuse it. Like cryptocurrency et al? As we know, what people think and what is doable in reality are completely different things. A govt managed bank account will never be accepted or adopted. Thus it seems reasonable to expect a private partnership will happen. Let's just say this is a low quality piece from city journal that is not based in reality but in biases and false premise.

noodles_nomore 5y ago
No, specifically unlike decentralized systems that are carefully engineered to prevent abuse. > A govt managed bank account will never be accepted or adopted. In my opinion you are severely underestimating the capabilities of the system to get it's way through targeted propaganda, deception and, if nothing helps, wriggling and wrangling. If it isn't prevented from the outset, it will happen.
- verdverm 5y ago
  Might be helpful if we talk about all the various types of abuse that can happen https://blog.mollywhite.net/abuse-on-the-blockchain-lecture/ https://blog.mollywhite.net/abuse-on-the-blockchain-lecture/ --- Over or under estimates depend on the country. The eCNY, sure, the eUSD, no, the eNiara, not sure. It's more evident that the crypto propaganda has mislead people. No one wants their financial history on a public forum. That makes it ripe for abuse by anyone, not just by the govt. It will be very hard to convince the masses in the US to use a govt managed bank account.