Subnostr

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#[0] #[1] #[2] #[3] #[4] #[5] The House Financial Committee is discussing 'crypto', 'blockchain' and 'CBDC's'. Does anyone have any well researched projections or opinions about what will happen in either scenario that central banks issue inflationary DC's... or even disinflationary ones (let's say like a Bitcoin-esque clone)? What if a central bank issued a Decentralized Currency that wasn't totally horrible and had strong incentives to the general population? Seems like they could have traction.

Guy Swann 2y ago

I generally think CBDC's are dead in the water, & any attempt to compete with what makes bitcoin marketable will fail miserably. If Twitter & social media giants can't even make a decent payment implementation becuase of regulation and restrictions, then there is no way they will take the veritable revolutionary leap necessary to just let people use it. They will grasp for every last ounce of control and surveillance restrictions and issuance manipulation they can go for.

In fact, the only reason it even seems to be *interesting to them in the first place* is specifically because of the control, surveillance, inflation, and manipulation they can impose. In other words, I think a CBDC that has ANY of the valuable attributes of Bitcoin is 100% unmarketable to central banks and governments.

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Discussion

Lou 2y ago

As I heard on a Breedlove podcast with George Gammon:

Even the term Central Bank Digital Currency is flawed. It is k to money. Instead we should use the term CBDLS (Central Bank Digital Ledger Software) because they aim as you said is not money, it’s a mass surveillance software masked it as “money”

nobody 2y ago

Agree. Doesn't matter what they call it though. I'm worried that if the incentives are strong enough... The general population won't care.

I wouldn't.

If I would get a X% discount at XYZ bill... And X were big enough... I'd would be HARD to say no.

nobody 2y ago

Thanks. Yes interesting. I agree with your points except this... The general populations apathy towards the deep principles.

Imagine this... Middle aged mom or younger. Kids are into "crypto" and web 3 and gaming.

Canada Fed rolls out their CBDC with all the surveillance etc baked in. Total control job. But then Amazon announces payments options for it with some incentive. Woah! Now mom can buy on Amazon with this.

Mom doesn't know much about economic theory or policy or care about BIG state. Only cares that she'll get 15% off her purchase. Oh, and cheap All Inclusive vacations to Cancun using this too? Why not! Now she's a cool mom.

Apply this to a bigger swath of people who aren't or don't have the capacity to care about the cypherpunk principles. You don't see an avenue here?

jamw 2y ago

This is the apathy battle:

nobody 2y ago

Agree