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Since CBDCs came about as a direct response to the rise of Bitcoin, I wonder if cryptocurrencies’ most lasting contribution might (paradoxically) be the acceler

Since CBDCs came about as a direct response to the rise of Bitcoin, I wonder if cryptocurrencies’ most lasting contribution might (paradoxically) be the acceleration towards full government surveillance and control over the populace’s financial transactions.

zirgs 4y ago
CBDC transaction history isn't public. And only one government can see it. They will also need a warrant for that. Bitcoin and most other cryptos are much worse, because their blockchains are public. Everyone can see every transaction. No warrants required or anything like that.
- mypastself 4y ago
  You’re relying on several assumptions here, not all of which are fully defensible in my view: There’s no such thing as a private cryptocurrency. Uncensorability is not an important characteristic of cryptocurrencies. CBDCs will only be used by democratic governments. Governments considered democratic always follow the letter and spirit of their own laws.
- JumpCrisscross 4y ago
  > only one government can see it. They will also need a warrant for that These are all assumptions. The former is safe. The latter, unlikely. (Particularly in the U.K.)
  - mywittyname 4y ago
    At least the people are able to vote for those who write the rules for the government. If people want to ensure a warrant is required, then they can push for it by voting for candidates that will enshrine that requirement into law and put into a place audits that ensure compliance. It's a lot more difficult to get the same results from a private entity who has a financial incentive to skirt laws.
    - tastyfreeze 4y ago
      It is not safe to assume that a government will always follow its own laws or the will of the people. CBDCs allow a great deal of power that isn't so easily accessible now. The only certainty with people is that the temptation of power is irresistible. Attempts to use CBDC for control will be resisted but persistent. Some attempts will be accepted as concessions or to satisfy calls to catch "terrorists" or "pedophiles". Slowly but surely you end up at a place where the government controls who gets to spend and where they get to spend it.

zirgs 4y ago

CBDC transaction history isn't public. And only one government can see it. They will also need a warrant for that. Bitcoin and most other cryptos are much worse, because their blockchains are public. Everyone can see every transaction. No warrants required or anything like that.

mypastself 4y ago
You’re relying on several assumptions here, not all of which are fully defensible in my view: There’s no such thing as a private cryptocurrency. Uncensorability is not an important characteristic of cryptocurrencies. CBDCs will only be used by democratic governments. Governments considered democratic always follow the letter and spirit of their own laws.
JumpCrisscross 4y ago
> only one government can see it. They will also need a warrant for that These are all assumptions. The former is safe. The latter, unlikely. (Particularly in the U.K.)
- mywittyname 4y ago
  At least the people are able to vote for those who write the rules for the government. If people want to ensure a warrant is required, then they can push for it by voting for candidates that will enshrine that requirement into law and put into a place audits that ensure compliance. It's a lot more difficult to get the same results from a private entity who has a financial incentive to skirt laws.
  - tastyfreeze 4y ago
    It is not safe to assume that a government will always follow its own laws or the will of the people. CBDCs allow a great deal of power that isn't so easily accessible now. The only certainty with people is that the temptation of power is irresistible. Attempts to use CBDC for control will be resisted but persistent. Some attempts will be accepted as concessions or to satisfy calls to catch "terrorists" or "pedophiles". Slowly but surely you end up at a place where the government controls who gets to spend and where they get to spend it.