> In reality, a cashless society is a type of enclosure, in which the only form of money in society becomes digital bank chips (a bit like being stuck in a netw

> In reality, a cashless society is a type of enclosure, in which the only form of money in society becomes digital bank chips (a bit like being stuck in a network of casinos where you can no longer exit) Quote from an interview with the author: "The State endorse a currency as a mean to pay taxes, but what ultimately gives money its power is the network effect: there is no opt out": https://www.ouishare.net/article/on-the-illusion-of-money-an-interview-with-brett-scott https://www.ouishare.net/article/on-the-illusion-of-money-an... The part about CBDCs is interesting: "The banking sector has been attacking the cash system for decades, but confidence in their Layer 2 chips depends on the public being able to redeem them for state money... In reality, Layer 1 CBDC has existed for decades, but it’s traditionally called ‘reserves’ and is only accessible to banks who use it between themselves" "banks control the Layer 2 system, but see a future in which they might end up sandwiched by competition from a hypothetical Layer 1 CBDC and Layer 3 stablecoin systems (which admittedly plug into them). This is why banks are currently lobbying against CBDC to water it down (e.g. demanding limits upon its use), while demanding that stablecoins be regulated in the same way that banks are" "The CBDC debate is really about whether access to digital state money should be extended to all of us"