CBDCs are the end of everything as fas as I’m concerned
Discussion
CBDCs would get the masses used to “digital currencies” and bitcoin would always be there to acquire them
Nah. Very easy at that point to say sorry your currency is no good at these businesses.
They say that today as well, in fact it’s easier to do it today, it’s completely banned in China, and China is still the worlds 2nd largest country in terms of bitcoin transactions.
We’re be one manufactured terrorist incident away from all bitcoin enablers must be blocked from transactions
It would just create a risk of a parallel economy, that would set themselves up for a huge FIAT rugpull. It doesn’t matter what your government restricts, it just makes it harder for them to control. Exactly like the “war on drugs”.
I don’t think you can draw parallels between war on drugs and CBDCs. With a CBDC you could say, sorry we no longer take payments in cash or anything other than our CBDC, in fact, if we find you accepting anything else, we’ll suspend your money. Good luck taking Bitcoin and paying taxes with that… With a war on drugs, it’s true it was not possible to control, but at the end of the day you can still buy drugs with cash and redeem that cash into the current system. In a CBDC -only world that would be impossible.
What happens when people just stop declaring their assets? Just exit the system? Since the government was so harsh on bitcoin they wouldn’t know who owns what keys? If they’re smart about it they wouldn’t do it, they’d find a way to incorporate bitcoin (like whitelisting pubkeys or something). If they aren’t smart about it, they’d fuck their own economy. It’s not like people don’t have a choice anymore.
The means of production would rest entirely on CBDCs if that is the only way to pay taxes. No tax payment… well, you know what happens then. Sure, you could decide not to sell your products for fake digital money, but you’d quickly find yourself out of resources to buy the things you need to live.
People could still have btc and still have some of whatever CBDCs the state is giving out, not declare their btc and pay taxes only on the CBDCs they make? That’s what so cool about bitcoin, it’s ALWAYS an option? It would be like a black market larger than the size of your official economy, and that already happens in a lot of countries.
That’s exactly why I said CBDCs would be like economies shooting themselves in the foot.
CBDC’s should be fought as hard as possible. They’re not humane; you can’t have other people decide if the time you spent working is valid in the future or not. Time is time. Rewarded time is rewarded time. Taking away the reward of rewarded time is inhumane
CBDCs are only going to make the case for bitcoin.
But they will restrict newcomers from entering easily