CBDCs NGMI

I observe that some individuals are pessimistic about the future, and I find it difficult to comprehend their perspective. Is my viewpoint unrealistic, or is their perception misguided? As humans, we are predominantly motivated by financial incentives when determining our actions. Therefore, do central banks not realize that they cannot compete with a monetary protocol that provides liberation in every aspect?

I acknowledge that some people, such as the stereotypical Bratwurstfresser driving a brand new Audi or the average Starbucks consumer with the latest iPhone model, may not prioritize sovereignty. Nonetheless, I find it heartening to witness the adoption statistics of the eNaira in Nigeria. Nigerians, who are mostly unbanked and lack good credit scores, are opting for anything except the eNaira as their payment method. When it comes to transacting, people prefer a liquid and reliable currency to credits. A Nigerian grocer, for instance, would prefer money instead of credits when selling fruits, and his next door neighbor car mechanic in Lagos would simply refuse payment in eNaira.

We here all comprehend the value propositions that Bitcoin offers to compete with fiat currency. CBDCs have value propositions that contradict Bitcoin's. Incentives dictate behavior, and people will find transacting in anything except CBDCs more advantageous. CBDCs are the worst type of fiat currency as they are programmable, subject to censorship, cancellation, depletion, debasement, conditional use, and cannot be owned. Financial incentives are crucial for survival, and those who have ever struggled to make ends meet will realize this. Therefore, CBDCs are not a viable option for the majority of people and they will choose not to denominate their productivity as such.