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That is a lot of faith and trust to put in the governing institutions. Even if this is not abused immediately, the temptation to do so somewhere down the line

by starkd 4y ago

That is a lot of faith and trust to put in the governing institutions. Even if this is not abused immediately, the temptation to do so somewhere down the line pretty much makes it inevitable. Cash may be imperfect and not technologically convenient, but it does offer the ability of third-party transactions to remain private.

jqpabc123 4y ago
Cash may be imperfect and not technologically convenient How many times does this have to be repeated --- no one is proposing to eliminate cash. Everything that a CBDC will do is already being done --- in a slower, less convenient and more costly manner. See ACH.
- husainfazel 4y ago
  See SWIFT and various payment clearing systems in Europe. You don't need a CBDC to do this. But a CBDC is certainly useful when the current fiat system has been blown up through hyper-inflation and there's no alternatives. It will usher in a new era of mass surveillance and control which for some inexplicable reason you seem happy to welcome in.
  - jqpabc123 4y ago
    See SWIFT SWIFT is an international transfer system that is outside the purview of a CBDC. and various payment clearing systems in Europe. Like the EU's SCT Inst? SCT Inst stands for SEPA Instant Credit Transfer scheme. It was introduced by the Euro Retail Payments Board (ERPB) in order to enable rapid electronic payments within the eurozone. In a nutshell, SCT Inst facilitates an instant or near-instant clearing of a transaction between originator and beneficiary. ERPB = Central Bank Credit Transfer Scheme = Digital Currency Put them together and what do you get --- effectively a CBDC system denominated in Euros instead of Dollars --- minus all the hyperbola, misinformation and doomsday prophecy attached to CBDC on this side of the pond. In other words, Europe already has a CBDC which explains why their banking system is more advanced than in the US.

by starkd 4y ago

jqpabc123 4y ago

Cash may be imperfect and not technologically convenient How many times does this have to be repeated --- no one is proposing to eliminate cash. Everything that a CBDC will do is already being done --- in a slower, less convenient and more costly manner. See ACH.

husainfazel 4y ago
See SWIFT and various payment clearing systems in Europe. You don't need a CBDC to do this. But a CBDC is certainly useful when the current fiat system has been blown up through hyper-inflation and there's no alternatives. It will usher in a new era of mass surveillance and control which for some inexplicable reason you seem happy to welcome in.
- jqpabc123 4y ago
  See SWIFT SWIFT is an international transfer system that is outside the purview of a CBDC. and various payment clearing systems in Europe. Like the EU's SCT Inst? SCT Inst stands for SEPA Instant Credit Transfer scheme. It was introduced by the Euro Retail Payments Board (ERPB) in order to enable rapid electronic payments within the eurozone. In a nutshell, SCT Inst facilitates an instant or near-instant clearing of a transaction between originator and beneficiary. ERPB = Central Bank Credit Transfer Scheme = Digital Currency Put them together and what do you get --- effectively a CBDC system denominated in Euros instead of Dollars --- minus all the hyperbola, misinformation and doomsday prophecy attached to CBDC on this side of the pond. In other words, Europe already has a CBDC which explains why their banking system is more advanced than in the US.