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CBDC's could change our economies (and societies) fairly dramatically. For better or worse. People should not rush to form strong opinions on the basis of low i
by college_physics 4y ago
CBDC's could change our economies (and societies) fairly dramatically. For better or worse. People should not rush to form strong opinions on the basis of low information and prejudices. Practically everything about them is configurable. This is the time to get informed and act as empowered citizens. Shape them for the common good if possible or otherwise reject them. Be suspicious that the risks can be managed when the regulatory failures are legion and regulatory capture endemic to this industry. But consider also that current systems are just a pile of historical inventions and conventions, there is nothing optimal or stable or fair about them.
- phendrenad2 4y agoThanks, I did educate myself and came to the exact opposite conclusion: CBDCs are a pile of nothing and vaporware.
- college_physics 4y agoMaybe we have different concepts of what "education" means. But in any case, I didn't come here to spew low effort vacuities so here is another go: Individuals could with fairly minimal technical changes get central bank accounts here and now. That would already change the universe: Currently all electronic money is private bank money, only as good as the credit of said private entity, which in turn depends on the types of risks it might be taking while you waste your time on HN. With CB accounts some electronic money is sovereign money (like cash). It may get inflated but it will never default. Already that simple "savings" window can upend banking as we now it. Individuals transacting in sovereign money and any other features are all on top of this.
- phendrenad2 4y agoHm, this ignores several realities, such as central banks getting their money for free from the government. But, I'm not going to nitpick.
- college_physics 4y agoI am not ignoring it. Thats why its called "sovereign money".
- phendrenad2 4y agoYes you are, right about where you say "all electronic money is private bank money, only as good as the credit of said private entity".