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It still concerns me. By letting the banks fail, they aren't getting the banks to take responsibilty for their failures. They are removing the banks all together, and the new banks will be the government cbdc. So letting banks fail, is to remove the competition.

Majority of people don't have bitcoin, so they will have no choice but to use the cbdc.

In countries where cbdc attempted eg. Nigeria, China, not all the main banks failed? Not all banks have been removed.

If all banks failed simultaneously, because eg. a global financial crisis, and then government come in to save the day with cbdc, wouldn't majority of people fall into line and adopt cbdc? If this happened today then I fear this would be the case. I think the longer this scenario takes to happen, then the least likely this government cbdc infiltration could succeed. Hopefully by then enough people have bitcoin.

I dont think the government are brave enough to attemp such a plan to happen, risk of chaos, rioting, losing control etc. Also it would have to be a global financial crisis, so one country couldn't do this on their own. Literally all banks fail globally. So I suppose 2008 crisis, there was no point to allow bank failure, no body would have access to money globally, and a cbdc solution were not an option because they didn't exist.

profk 1y ago

For me, this is the problem when we give away too much power and control. Banking is a service that we as customers pay for. We should have choice as to whether to use them or not. That was always the case before the last century. What you exchange your time and energy for should be controlled by you. Money as a bearer instrument makes sense. If you then want to be banked you should then be able to choose to be banked or not(think grandma with her cash under the mattress) and then pay for that service. Banks or governments making decisions for you about your time and energy makes no sense. Let’s not forget that banks and governments are just other people. There’s no need to elevate them to god like status where they dictate how we live. This is the point of freedom and free markets. For convenience, people are prepared to give up too much. Hate to be that guy, but bitcoin does fix this. And if not bitcoin, the same principles are still relevant.

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Discussion

Z4 Explorer 1y ago

For sure, Bitcoin fixes this 💯.

I think by the time these governments/ so called powers try to do anything too irrational, it will be too late. Incmoming Cbdc will have same result as Nigeria and I didn't know but Caribbean have also launched cbdc.

This bitcoin cycle plus one more should do it. By this time bitcoin will be way past gold. Waiting for the day when people don't really need a bank account to exchange value / buy goods and bitcoin is ubiquitous.

profk 1y ago

The biggest problem with CBDC’s is that they completely suck. Explain them out and nobody wants them. They could only get them across the line by coercion and manipulation.