Topic: Can CBDC users lose control of their money? - page 5. (Read 1013 times)
Isn't it very obvious that the CBDCs would have these features? I mean the intent of these countries which create CBDC is this only right? To get better control & accountability over the currency that is floating around in the economy, so if this is the case then how can you expect them to give complete autonomy to you? Moreover this is the very reason why the whole Crypto community knows that CBDC is as good as fiat only.
CBDCs are fiat money in digital form, there will be basically no difference as they are still controlled and regulated by the government. But there is a difference, fiat transactions will still become more private than CBDC. When you use CBDC, all the data about your assets will be entirely controlled by the government, but that is impossible if you hold a large amount of cash.
Apart from bitcoin, we should never expect any other currency that can give us privacy, especially those issued by the government, because that is what they need to control us.
I am pretty sure that there will be some differences in the laws, not going to be a major one but one of them is a digital and the other is not so it means that we shouldn't really be that much shocked about it in the end our fiat is quite digital as well.Apart from bitcoin, we should never expect any other currency that can give us privacy, especially those issued by the government, because that is what they need to control us.
We do not really see the current fiat currency in paper form all that commonly anymore, we just see it as cards right now, most of the people I know just pay with cards, only very very few people do not end up paying with cards and that means we are going to end up with something much better. I know that we are going to end up with some issues one way or another, but that doesn't mean that we are going to end up with a good or bad result one way or another.
I think that at any time CBDC users could lose control of their money. It is quite likely that a certain code will have to be entered to access the money. If a person does not please the state in some way, access to CBDC can be quietly closed. CBDC is a digital concentration camp
Everything about CBDCs is still in beta and it will take a long time for CBDCs to become popular. But I agree with you that CBDC is inevitable and that it will completely replace cash in the future is almost certain. Furthermore, there will be no way to stop it because the government will deploy it whether we want to or not. And only those who invest in bitcoin, who value privacy, will see the harm of CBDCs. As for general users, they see this as a step forward in technology, and they will be ready to accept it when the government deploys it.
I saw on Twitter how buyers can pay for purchases using a retinal scan, I will provide a link to the video below:https://twitter.com/HowThingsWork_/status/1681467136189816833
In fact, it's just terrible that these people agree to such a payment method, it can actually remove all questions about how pensioners and all people who do not understand technology will use CBDC. Their money will be in the bank account, and they will pay for purchases using the retinal scan. With this method, you can forget about confidentiality.
Human laziness and stupidity (indifference to one's freedom and privacy) will certainly lead to the spread of this terrible method of payment.
Everything about CBDCs is still in beta and it will take a long time for CBDCs to become popular. But I agree with you that CBDC is inevitable and that it will completely replace cash in the future is almost certain. Furthermore, there will be no way to stop it because the government will deploy it whether we want to or not. And only those who invest in bitcoin, who value privacy, will see the harm of CBDCs. As for general users, they see this as a step forward in technology, and they will be ready to accept it when the government deploys it.
I saw on Twitter how buyers can pay for purchases using a retinal scan, I will provide a link to the video below:https://twitter.com/HowThingsWork_/status/1681467136189816833
In fact, it's just terrible that these people agree to such a payment method, it can actually remove all questions about how pensioners and all people who do not understand technology will use CBDC. Their money will be in the bank account, and they will pay for purchases using the retinal scan. With this method, you can forget about confidentiality.
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
"Many in the cryptocurrency community have raised concerns that a CBDC has the potential to infringe on their financial freedom and encroach on their privacy." - This wording sounds in the article (from cointelegraph.com). To which, I can say that it is necessary to express not concern, but “sound the alarm”, because after such surprises in the CBDC source code, it will definitely be impossible to talk about any financial freedom and confidentiality.
I personally have always known that anything patterning to CBDC can never equal to the freedom of the people, its just another initiative clear the same as our current fiat system, if not even worst than the current fiat system we all are agitating to move away from.
What do you think, is CBDC being developed for the benefit of people or will it be directed against them?
At least with fiat money, you can keep it to yourself. Yes, I know it's centralized so the value could be affected. But if we focus on this CBDC particularly, what the hell is going on with it? Being able to freeze/unfreeze the account? Change the amount of the CBDC? How is it for the benefit of people? This goes truly against that. They are trying to make it something that the central banks could use to totally control your life. Privacy? We have already lost it with digital fiat. Now CBDC is just more centralized and just a fancy name for another government product.
The government wants to control and power, and what's the best way to do it? CBDC! The government won't put this much effort to create something new while digital money and fiat money is just doing good as always. The government saw the opportunity and now they are taking advantage of it with this CBDC. As the data shows, they will have much more control than what they have right now. Also, they fear Bitcoin because it can take away that controlling power and hand it over to the other side.
It's not for the people, it's for those who are in power and controlling everyone.
The whole point of a government / Central Bank issued CBDC is that the people lose ‘total control’ of their money. I mean most people won’t have a problem with every day purchases but they have the power to stop you buying certain products, stop you buying too much fuel if you use too much carbon. That’s where a CBDC leads to, authoritarianism, like China, social credit scores etc. I really hope CBDC’s do not happen, they will tax & know everything. If you fix a car for a neighbour for a small fee, they will know. They want to abolish cash, hopefully it doesn’t happen.
Another nefarious thing they could do is if you have a low credit score. They could program the system to disallow those people from spending too much until the debts are paid, which wouldn't be too bad to help control spending habits. Haha.
I have debated about Bitcoin having more value in a CBDC world a year ago, but no one truly got the context because most of the posters of the forum during that time thought CBDC is going to be a simple replacement for paper money without the programmability.
What do you think, is CBDC being developed for the benefit of people or will it be directed against them? After this article, the scales, in my opinion, swung even more towards the total regulation of the financial life of people.
Of course it will work directly against common citizens who are the sheep of the society. They will be on the hands of the government more than they have ever been. And considering how thirsty this currently brazilian government is for raising taxes income and controlling the individuals closely, this CBDC will only give them more power they are desperate for to use in abusive ways. I'm just thankful to have Bitcoin as an alternative yet. 
CBDC is the same thing as fiat. The only difference is one is a digital currency.
So what ever the government can do to your bank account, they can also do to your funds in form of CBDC. At no point in anybody's life should he think this is anything different from fiat.
The government criticised bitcoin for so long only to make a photocopy, while keeping out all the great features of Bitcoin.
The only reason why the government is creating CBDC is because they can't stop the growth of the cryto industry and they have seen that they could lose the fight if they don't do something about it. They're not doing it for the benefit of any people, they're just want another way to be able to control it's people.
So what ever the government can do to your bank account, they can also do to your funds in form of CBDC. At no point in anybody's life should he think this is anything different from fiat.
The government criticised bitcoin for so long only to make a photocopy, while keeping out all the great features of Bitcoin.
The only reason why the government is creating CBDC is because they can't stop the growth of the cryto industry and they have seen that they could lose the fight if they don't do something about it. They're not doing it for the benefit of any people, they're just want another way to be able to control it's people.
I agree that a CBDC is largely another step away from financial freedom, and not only in comparison with cryptos like Bitcoin, but compared to fiat as well. When it comes to fiat, people can use cash and remain largely untraceable. If they use bank accounts, it's worth noting that there are usually a lot of banks to choose from, and many of them are private. With CBDC, everything is perfectly traceable and under direct Central Bank control, if I understand correctly.
But I should also note that it's just an experiment, and using this CBDC is a choice people can make (they aren't forced to switch to it, right?). Some people don't care about privacy and financial freedom, and it's also a choice. To them, CBDC can be an interesting thing to try.
Not yet forced, but what if one day governments make CBDC mandatory and you no longer have the ability to use cash?But I should also note that it's just an experiment, and using this CBDC is a choice people can make (they aren't forced to switch to it, right?). Some people don't care about privacy and financial freedom, and it's also a choice. To them, CBDC can be an interesting thing to try.
At first it will be like an experiment, CBDC will be introduced gradually so that for more and more people it will become “convenient”, but in the end the main goal is to remove cash from circulation and leave only CBDC. Indeed, there are those who do not worry about their privacy, in addition, I am sure that, those who will use digital currencies, will be told about many advantages of this.
But what can be changed in this situation, is there any way to stop it?
Everything about CBDCs is still in beta and it will take a long time for CBDCs to become popular. But I agree with you that CBDC is inevitable and that it will completely replace cash in the future is almost certain. Furthermore, there will be no way to stop it because the government will deploy it whether we want to or not. And only those who invest in bitcoin, who value privacy, will see the harm of CBDCs. As for general users, they see this as a step forward in technology, and they will be ready to accept it when the government deploys it.
I agree that a CBDC is largely another step away from financial freedom, and not only in comparison with cryptos like Bitcoin, but compared to fiat as well. When it comes to fiat, people can use cash and remain largely untraceable. If they use bank accounts, it's worth noting that there are usually a lot of banks to choose from, and many of them are private. With CBDC, everything is perfectly traceable and under direct Central Bank control, if I understand correctly.
But I should also note that it's just an experiment, and using this CBDC is a choice people can make (they aren't forced to switch to it, right?). Some people don't care about privacy and financial freedom, and it's also a choice. To them, CBDC can be an interesting thing to try.
Not yet forced, but what if one day governments make CBDC mandatory and you no longer have the ability to use cash?But I should also note that it's just an experiment, and using this CBDC is a choice people can make (they aren't forced to switch to it, right?). Some people don't care about privacy and financial freedom, and it's also a choice. To them, CBDC can be an interesting thing to try.
At first it will be like an experiment, CBDC will be introduced gradually so that for more and more people it will become “convenient”, but in the end the main goal is to remove cash from circulation and leave only CBDC. Indeed, there are those who do not worry about their privacy, in addition, I am sure that, those who will use digital currencies, will be told about many advantages of this.
But what can be changed in this situation, is there any way to stop it?
CBDC is the same as fiat, both are controlled by governments and banks. No difference can be expected from the CBDC, but it may only appear effective for adoption as another currency that helps financial transactions be more transparent. CBDC can also reduce reliance on paper money, but that is no different from digital fiat either.
We can't expect CBDC to support users' financial privacy, it's exactly the same way we use a bank. Transaction supervision is also still under the central bank, so that the CBDC is still a currency that is no different from before.
CBDCs are fiat money in digital form, there will be basically no difference as they are still controlled and regulated by the government. But there is a difference, fiat transactions will still become more private than CBDC. When you use CBDC, all the data about your assets will be entirely controlled by the government, but that is impossible if you hold a large amount of cash. We can't expect CBDC to support users' financial privacy, it's exactly the same way we use a bank. Transaction supervision is also still under the central bank, so that the CBDC is still a currency that is no different from before.
Apart from bitcoin, we should never expect any other currency that can give us privacy, especially those issued by the government, because that is what they need to control us.
I agree that a CBDC is largely another step away from financial freedom, and not only in comparison with cryptos like Bitcoin, but compared to fiat as well. When it comes to fiat, people can use cash and remain largely untraceable. If they use bank accounts, it's worth noting that there are usually a lot of banks to choose from, and many of them are private. With CBDC, everything is perfectly traceable and under direct Central Bank control, if I understand correctly.
But I should also note that it's just an experiment, and using this CBDC is a choice people can make (they aren't forced to switch to it, right?). Some people don't care about privacy and financial freedom, and it's also a choice. To them, CBDC can be an interesting thing to try.
But I should also note that it's just an experiment, and using this CBDC is a choice people can make (they aren't forced to switch to it, right?). Some people don't care about privacy and financial freedom, and it's also a choice. To them, CBDC can be an interesting thing to try.
As long as CBDC is Centralized (as the name suggests) or as long as Centralized Financial system is concerned, expect its ideals/principles to be in complete opposite of the ideals of Decentralized currencies like Bitcoin. Besides, Fiat or National Currency like the CBDC would have to be in accordance with existing national laws that guide the modern financial system. Such laws cannot guarantee users privacy or prevent accounts freezing, as long as centralization is concerned. So, users should not expect their fundamental rights not to be violated by Central Bank, governments or others.
CBDC will always remain to be centralized because it was a product of a bank and a bank is also centralized. It will remain to be this way because this what their advocacy is. They can't guarantee privacy but they can guarantee freezing of accounts most especially if they see a suspicious activity on ones account.If we are using their service, it's of course better to stay positive and don't think that something bad will happen to you even if you know that it's possible to happen at any moment but if you are getting paranoid, you are always free to leave them and switch on something that is decentralized like Bitcoin. We only need to make sure that we don't store it on centralized exchange or on a custodial wallet.
...
What do you think, is CBDC being developed for the benefit of people or will it be directed against them? After this article, the scales, in my opinion, swung even more towards the total regulation of the financial life of people.
Information taken from: "Brazil’s CBDC pilot contains code that can freeze or reduce funds, dev claims".
The answer to this question is very obvious, governments want complete control over you and your money, if they have both then they can basically control their population as they want, since anyone which opposes them can be silenced with just a few mouse clicks while right now this is way more difficult to do, now some people may say that this is for our own good, but since when has the government acted only for the benefit of their citizens instead of acting for its own benefits? What do you think, is CBDC being developed for the benefit of people or will it be directed against them? After this article, the scales, in my opinion, swung even more towards the total regulation of the financial life of people.
Information taken from: "Brazil’s CBDC pilot contains code that can freeze or reduce funds, dev claims".
Actually, fiat in cash/physical form is better than CBDC as a form of money. There are limitations but we can send it to anybody we want, it's peer to peer, and transactions made with them could be very private if you choose it to be. 
Cold hard cash is way better than these CBDCs as a method of making transactions. You could purchase whatever and the only people to know about the transaction would be you and the seller. Nice and private.
CBDC is literally government owned and backed digital currency. They are no different than the fiat being used, although fiat in its physical form gives more privacy than these CBDCs would ever give.
Just like an individuals bank account could be frozen along with the funds in it, users of CBDCs could as well lose control of their funds, perhaps even faster as they were never in total control in the first place.
That's why I still prefer fiat and don't support the launch of CBDCs, but it's inevitable that we can't avoid it. CBDC would be a serious invasion of privacy, and it is safe to say that we will lose all control of our assets if CBDC is used to replace fiat money completely.
With fiat we can still stay anonymous and use it however we want, but with CBDC that will completely disappear. The government will know our every action, even the smallest expenditure for daily needs through CBDC. CBDC is the end of our privacy, but fortunately, bitcoin has come at the right time.
CBDC are not much different from fiat, which is on our bank card, except that we cannot withdraw this money. And this means that almost always this money will be under the control of the bank.With fiat we can still stay anonymous and use it however we want, but with CBDC that will completely disappear. The government will know our every action, even the smallest expenditure for daily needs through CBDC. CBDC is the end of our privacy, but fortunately, bitcoin has come at the right time.
Those who want to use money with their card without dealing with cash can already do it without any problems. But CBDC will be the forced use of digital currencies, as governments plan to completely withdraw cash from circulation.
I do not believe that it is possible to do this in the near future, most likely CBDC will exist for some time in parallel with cash, because all segments of the population will not be able to adapt to the new reality equally quickly.
Of course, the complete elimination of cash is not easy and will not happen soon because there is still a part of the world's population that does not know how to use the internet as well as smartphones, and people with physical disabilities, the government also needs to come up with a solution for them before phasing out cash altogether.
Many small countries have failed to implement CBDC, and many laugh, but that will not stop the government's determination when they know the benefits it brings them. But CBDC is inevitable and cannot prevent it.
People in the "cryptocurrency community" should know better than other people that CBDC is not offering anything fundamentally different from the fiat that they are already using every day. CBDC is another currency issued by the banks and both controlled and used through the banks which is practically similar to fiat which is also issued and controlled by the banks and almost always used through the banks (except when you use cash but who is these days?).
You already don't have any privacy when you use banks and using CBDC isn't going to change that.
CBDCs are other forms of fiat currencies and they all are created and controlled by central banks. In the past central banks print money from factories. In future with CBDCs, they will be minted from thin air, code and data centers.You already don't have any privacy when you use banks and using CBDC isn't going to change that.
[GUIDE] All About Central Bank Digital Currency (CBDC)
How Money is made
The video How is Money Created? – Everything You Need to Know shows how fiat currencies can be printed from paper and why their purchasing power becomes smaller.
Purchasing power of the US. dollar over time
The answer is a big yes. A CBDC is, first of all, centralized. Which means that somebody else has control over your funds. So, just like Bitcoin in centralized exchanges, those funds are not yours to begin with. This is probably the most fundamental feature of any CBDC-- centralization.
There are other features which may differ from one CBDC to another, though. Expiration, for example, may not be found in other versions. But the point remains that users don't have complete control not just of their money but also of their transactions.
There are other features which may differ from one CBDC to another, though. Expiration, for example, may not be found in other versions. But the point remains that users don't have complete control not just of their money but also of their transactions.
Jump to: