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You want a quasi-government agency to have unlimited tracking and control over your transactions? Banks may suck but a CBDC is straight up scary. It's bad enoug

You want a quasi-government agency to have unlimited tracking and control over your transactions? Banks may suck but a CBDC is straight up scary. It's bad enough we have to put up with the capriciousness of the Fed's monetary policy, the less power they have the better.

machina_ex_deus 4y ago
I want an equal seat at the table so that the other players will stop exploiting me. Until and unless you get an equal seat at the table, you can't hope to get the banks to behave. I might actually still put my money in a bank after they are forced to be aligned with my incentives. You might not be aware, but anti-money-laundering means that whatever it is that's scaring you about CBDC has already been going on for years at the banks. They also get to sell your data because all of them do it. With CBDC I get to put in my bank what I don't want with the government and vice versa. They are using you as leverage because you have zero leverage on them. There are bank runs and the JP morgan stock is going up, because people have literally nowhere to flee to.
flandish 4y ago
Government control of something, while a risk that may result in “vogon-like” systems, is still better than for profit shareholder driven corporations. People have been known to overthrow their own governments because of fuckery. Corporations have been known to lobby gov and hire thugs to keep upset labor and customer pools held down.
xboxnolifes 4y ago
Government already has quasi-unlimited tracking and control over your transactions through banks. $10,000 deposits are reported. Suspicious activity on anything over $5,000 is reported. These are small sums of money from the perspective of a government. They're easily small enough that any individual who tries to step out of the lower class easily gets under the eyes of government.

machina_ex_deus 4y ago

I want an equal seat at the table so that the other players will stop exploiting me. Until and unless you get an equal seat at the table, you can't hope to get the banks to behave. I might actually still put my money in a bank after they are forced to be aligned with my incentives. You might not be aware, but anti-money-laundering means that whatever it is that's scaring you about CBDC has already been going on for years at the banks. They also get to sell your data because all of them do it. With CBDC I get to put in my bank what I don't want with the government and vice versa. They are using you as leverage because you have zero leverage on them. There are bank runs and the JP morgan stock is going up, because people have literally nowhere to flee to.

flandish 4y ago

Government control of something, while a risk that may result in “vogon-like” systems, is still better than for profit shareholder driven corporations. People have been known to overthrow their own governments because of fuckery. Corporations have been known to lobby gov and hire thugs to keep upset labor and customer pools held down.

xboxnolifes 4y ago

Government already has quasi-unlimited tracking and control over your transactions through banks. $10,000 deposits are reported. Suspicious activity on anything over $5,000 is reported. These are small sums of money from the perspective of a government. They're easily small enough that any individual who tries to step out of the lower class easily gets under the eyes of government.