4 ms·
> I would argue that people just use their bank account for such large payments these days. Yup, and now they are _forced_ to. Its a single point of failure. O
by dahfizz 4y ago
> I would argue that people just use their bank account for such large payments these days.
Yup, and now they are _forced_ to. Its a single point of failure. One which the government conveniently has control over.
I'm surprised the HN crowd isn't grasping this more clearly. Backups are important.
- mrfumier 4y agoGovernment has control of your cash just as well. If the central bank decides your bills are not recognized anymore, or that they want to print 1000% more of it, your cash value changes.
- edzillion 4y agoWhich is Mutually Assured Destruction. I can't think of many occasions in which financial elites would destroy their own wealth in pursuit of political (?) goals. The one incident I can think of didn't end well.
- c4ptnjack 4y agoFor most businesses, cash is a far more likely point of failure. Taking in large amounts of cash is ripe for robbery. It's also why a lot of places don't accept $100's after a certain time and etc because it gets really risky for the employees.
- lordnacho 4y agoThe government has control over that in any case. For instance a judge can force a liability on you.
- senko 4y ago> Its a single point of failure You can have more than one bank account.
- llanowarelves 4y agoBank accounts as we know them may not exist in the world of CBDCs because they can just be held by the fed directly, which is their design.
- matt123456789 4y agoThe point is that you cannot do any meaningful amount of business if “the system” prevents you from banking, or malfunctions in some way that locks you out. Or more insidiously, if someone in power prevents you from banking because they do not like what you have to say. There is no longer a gray market relief valve. All unbanked business activity is illegal.
- b112 4y agoThe recent trucker protest in Canada, had just this happen. People locked out of their accounts. For protesting!
- Zircom 4y agoBlocking domestic and international commerce, and more importantly access for emergency services, goes a little beyond just "protesting" as most people see it, and it also probably isn't protected by whatever right to assemble/protest people have in Canada, if any(?).