4 ms·

> The digital euro would be like euro banknotes, but digital. Except you own paper euro and it's state or bank who owns "your" digital euro.

qsort 4y ago
This is absurd FUD. "You don't own your house, it's just the government that grants you property rights, they could change their mind at any time!11!!1!" A digital euro, if it ever happens at all, would be created with the same rules as euro proper (the vast majority of "paper" euro is actually digital, and put into general circulation as the ECB purchases securities at digital auctions), which makes it a different way to keep track of transactions, rather than a different currency.
- drexlspivey 4y ago
  Tell that to sanctioned entities like Russia. If they owned actual paper bills they could still use their money.
  - qsort 4y ago
    1) This is the weirdest response ever, that Russia and similar terrorist organizations are under economic sanctions is a feature and not a bug. 2) No, they couldn't. Sanctions prohibit trading and investing, and freeze physical assets. The method of payment is irrelevant. 3) The logical conclusion of your argument is that we should abandon banking at all: money being digital is an implementation detail, banks would create money even if they resolved transactions on paper ledgers. Is your ideal world one with no financial services at all? I hope you're good at NP-hard problems, because that's what's going to happen when you go buy groceries in that world.
    - drexlspivey 4y ago
      1) I am just pointing out that physical != digital as you implied, whether sanctions are a feature or a bug is irrelevant. 2) Yes they could, because only some countries sanctioned Russia in my example, however their digital dollars were frozen. Russia could still trade with China or India using physical dollars if that’s what they were holding but they are unable to do it now because their digital dollars are frozen.
      - qsort 4y ago
        > I am just pointing out that physical != digital as you implied It is though. The same would have happened had the bank resolved transactions on a paper ledger. The only alternative is if we don't do banking at all, which isn't really feasible.
- hericium 4y ago
  > This is absurd FUD. This has already happened. Justin Trudeau terrorized peaceful protesters with threats of blocking their money in Canada's banks. Will you try to me convince me he'd even make the same threat about their physical money? That he would be able to block even 1% of physical money in time and effort it takes to block 100% of bank accounts? Maybe you'll tell me that people "sanctioned" by this man would be refused service at stores with their physical money? Deprivation of analog money is modern slavery and current Canada's PM was the first leader of western country with morality so low or stupidity so enormous (it's plausible it's both), to go public with this. You can call it FUD or however you like.

qsort 4y ago

This is absurd FUD. "You don't own your house, it's just the government that grants you property rights, they could change their mind at any time!11!!1!" A digital euro, if it ever happens at all, would be created with the same rules as euro proper (the vast majority of "paper" euro is actually digital, and put into general circulation as the ECB purchases securities at digital auctions), which makes it a different way to keep track of transactions, rather than a different currency.

drexlspivey 4y ago
Tell that to sanctioned entities like Russia. If they owned actual paper bills they could still use their money.
- qsort 4y ago
  1) This is the weirdest response ever, that Russia and similar terrorist organizations are under economic sanctions is a feature and not a bug. 2) No, they couldn't. Sanctions prohibit trading and investing, and freeze physical assets. The method of payment is irrelevant. 3) The logical conclusion of your argument is that we should abandon banking at all: money being digital is an implementation detail, banks would create money even if they resolved transactions on paper ledgers. Is your ideal world one with no financial services at all? I hope you're good at NP-hard problems, because that's what's going to happen when you go buy groceries in that world.
  - drexlspivey 4y ago
    1) I am just pointing out that physical != digital as you implied, whether sanctions are a feature or a bug is irrelevant. 2) Yes they could, because only some countries sanctioned Russia in my example, however their digital dollars were frozen. Russia could still trade with China or India using physical dollars if that’s what they were holding but they are unable to do it now because their digital dollars are frozen.
    - qsort 4y ago
      > I am just pointing out that physical != digital as you implied It is though. The same would have happened had the bank resolved transactions on a paper ledger. The only alternative is if we don't do banking at all, which isn't really feasible.
hericium 4y ago
> This is absurd FUD. This has already happened. Justin Trudeau terrorized peaceful protesters with threats of blocking their money in Canada's banks. Will you try to me convince me he'd even make the same threat about their physical money? That he would be able to block even 1% of physical money in time and effort it takes to block 100% of bank accounts? Maybe you'll tell me that people "sanctioned" by this man would be refused service at stores with their physical money? Deprivation of analog money is modern slavery and current Canada's PM was the first leader of western country with morality so low or stupidity so enormous (it's plausible it's both), to go public with this. You can call it FUD or however you like.