In the US it will likely be private issue digital currency from the big banks. Banning a CBDC doesnt stop that.
Discussion
It certainly will function like one but will have a different name. I bet they’ll throw the blockchain label on it.
Pretty much the plan from the little I've heard discussed. At work now but I think I have something saved on my home computer about it. If I can find what Im looking for I'll get the link to ya.
can't find the article I was thinking of, but this its something like this that is the likely route to get us on one of their controllable currencies
https://www.jpmorgan.com/onyx/coin-system
and another on this issue
this
What’s the point of these coins if they’re not a CBDC?
the big banks and the fed are in bed together. Still controlled by people we dont want controlling our money, and this could still be programmable as to when and where it can be spent. Its a difference of Powell heading it, or Dimon (and his ilk from other banks) doing it. And banks also have a way of slowly nudging their customers into new technologies by making old more and more troublesome to use, so its more of a stealth method as well.
I just don’t understand what the banks can do with this tech that they can’t already do. My understanding is that the purpose of the CBDC would be to cut out the middle man (e.g. the banks) but why would the fed relinquish their power to print for this coin?
Because Chase customers feel comfortable with Chase. BoA customers feel comfortable with BoA, etc. People would be less willing if it came from the fed. The Fed would relinquish nothing as they would still be pegged to the dollar. Think Tether, but coming from banks. Manipulate the dollar, manipulate the coin
Good point but wouldn’t the competition between the banks keep each other honest?
it doesn't keep em honest now. And since there are only a few 'big banks', it would be easier to collude. Think Master Card and Visa. They can increase fees and change ToS all they want, but because they are the two major players, there isnt much customers can do. Either use it or don't. I see it as a slow walk to it like all their other plans. Its not like next week they will suddenly switch, know what I mean? There will be test programs here and there to acclimate people. People will talk. More people will try. Which will increase demand for more businesses to accept it. Network effect weaponized against and most will sleep walk right into it. We got time on this I feel safe saying, but it will be slow walked into existence that we can be sure of. Will it succeed? That's another topic, but pretty certain they will try. Its needed for their total control desires so that alone ya know they will try something
Yeah I get what you’re saying. I guess the nice thing for us is that whatever they do and how they decide to do it is mostly irrelevant for Bitcoiners.
“We the people” is in the preamble
Not to be a judgmental duck but most don’t work locally. Haven’t for years …
Complain regurgitation online without actual labor. It’s an issue. And voter turnout.
Banks already have infrastructure and customers. Slow walk to the digital coin and then suddenly, that is the only option. You have to put yourself in the mindset of the typical person. If you look at it through your own lens, it wont make sense how it would work. We went from gold to paper to checks to credit cards to debit cards to googlepay/applepay/etc. So what is the obvious next step? A bank isssued digital currency. Its the natural and logical progression.
Let's look at say GooglePay for a second. What is that other than a 'wallet' that holds a tokenized representation of a dollar amount. There is your 'coin'. And GooglePay works just fine from my understanding. And since its pegged to the dollar, its value can be manipulated, and since it is software, it can be written with limitations of use. Ditto ApplePay/Venmo/etc. So this actually exists already in a sense, its just called something different and has a slightly different mechanism