Topic: Can CBDC users lose control of their money? - page 6. (Read 1005 times)
'Can CBDC users lose control of their money?' well yes definitely, that's like the main purpose of the CBDC, cryptocurrencies are not controllable by the the government, while government need something that can be controlled so they can maintain stability of their people.
CBDCs have nothing to offer that fiat have not offered. You can send fiat digitally and it is under the control of central banks and the government just like the CBDCs. In function, is there anything added to CBDCs that fiat can not offer? I see nothing new about CBDCs than claiming that it is built using blockchain. In function, digital fiat and CBDCs are the same thing and they totally invade people's privacy.
I don't agree that they invade people's privacy. People agree with the terms and conditions, which include monitoring their accounts and reporting to authorities if needed. If they object to that, they can just not use that service and use paper money instead. CBDC will come with a contract agreement when someone creates an account, just like with banks.
Invasion of privacy is when someone is forcefully spying on you against your will.
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.
CBDC does not appeal to me as long as Fiat and USDT or other stable coins exist unless maybe they introduce something benefitting CBDC users that is worth a shot. Maybe? I guess not.
Well, what can you expect from the government anyway?
Taking more than it gives to its adopters would have been the government's goal if Bitcoin was the government, which is why I am glad that something like Bitcoin exists in a decentralized form.
I don't plan on using CBDC and if the government are going to force it on the people they will have to eradicate paper money, I bet that's never going to happen, maybe far distance in the future it can be possible but twenty years to this time the world will still be spending Fiat in paper money.
Well, what can you expect from the government anyway?
Taking more than it gives to its adopters would have been the government's goal if Bitcoin was the government, which is why I am glad that something like Bitcoin exists in a decentralized form.
I don't plan on using CBDC and if the government are going to force it on the people they will have to eradicate paper money, I bet that's never going to happen, maybe far distance in the future it can be possible but twenty years to this time the world will still be spending Fiat in paper money.
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.
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.
It's the same, but it's not really the same... With CBDC the governments will have full control at any time. I guess the crypto world I imagine is still far away, but I don't see any other alternative to this system that can bring some good for the entire world. Most of us can't say we like this shit, but it's happening, and I believe we will see and learn more about CBDC and how it's actually working in the upcoming years.
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.
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.
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.
CBDCs have nothing to offer that fiat have not offered. You can send fiat digitally and it is under the control of central banks and the government just like the CBDCs. In function, is there anything added to CBDCs that fiat can not offer? I see nothing new about CBDCs than claiming that it is built using blockchain. In function, digital fiat and CBDCs are the same thing and they totally invade people's privacy.
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.
In CBDC, it's a centrally programable form of digital currency. It is built and developed to CENSOR YOU and take away your freedom to transact. How can many people not see that it's an anti-Bitcoin-ethos digital currency.
But it's good to see that the opinions have changed slightly as more information is taught to us plebs. I started a topic last year about the real nature of CBDC, but most of the replies were uninformed, https://bitcointalksearch.org/topic/cbdc-will-make-bitcoin-more-valuable-5382985
This subject never made any sense to me specially with statements like this:
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.
"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).
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.
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.
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.
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.
Central Bank Digital Currency is nothing but a tool of control and centralization. It was created to compete with cryptocurrencies and discourage people from embracing crypto. This pilot phase in Brazil gives the government the draconian opportunity to freeze, unfreeze, move funds, and increase and reduce people's funds without restriction.
The government of my country introduced its CBDC three years ago and it proved to be a total failure. Bitcoin adoption has even increased in the country because people know the defects of using the CBDC. In some countries, bitcoin helps citizens to overcome inflation and offers unrestricted financial transactions. These CBDCs can only attract citizens that don't care about privacy and the freedom decentralization offers.
The government of my country introduced its CBDC three years ago and it proved to be a total failure. Bitcoin adoption has even increased in the country because people know the defects of using the CBDC. In some countries, bitcoin helps citizens to overcome inflation and offers unrestricted financial transactions. These CBDCs can only attract citizens that don't care about privacy and the freedom decentralization offers.
CBDC is a hellish mix of government fantasy and blockchain technology. And the result is a creepy chimera.
For example, the Chinese version of CBDC includes mechanisms for marking and blocking individual "coins". This is a new mechanism, or rather a new level, of control of funds by the state. Now there is no need to send a police squad to seize your money or go to banks to block your cards. The blockchain gets the command "coins belonging to THIS MAN" - block! And any transaction using any coin from the marked coins becomes impossible ! I don't think other countries will miss this opportunity !
So the cryptoworld has spawned a terrible monster....
For example, the Chinese version of CBDC includes mechanisms for marking and blocking individual "coins". This is a new mechanism, or rather a new level, of control of funds by the state. Now there is no need to send a police squad to seize your money or go to banks to block your cards. The blockchain gets the command "coins belonging to THIS MAN" - block! And any transaction using any coin from the marked coins becomes impossible ! I don't think other countries will miss this opportunity !
So the cryptoworld has spawned a terrible monster....
Nothing is surprising and unexpected when the CBDC is capable to control user funds. Without a doubt, a digitalization of money, where authorities have the sole governance toward the tool would make the possibility to undermine freedom and privacy/confidentiality, as indirect consequences or when done badly.
This is truly not a distinct case – centralized entities able to control user funds – that is just how it works. The difference would be, right now, the authority has direct control, instead of going around over many banks and such, CBDC cut the middlemen for government and local country usage.
This is truly not a distinct case – centralized entities able to control user funds – that is just how it works. The difference would be, right now, the authority has direct control, instead of going around over many banks and such, CBDC cut the middlemen for government and local country usage.
There are some people think CBDC is good, some people think it's bad, some people think it's a new currency, some people think it's similar to stable coin etc.
Actually in short, you just need to understand if CBDC is same like digital fiat, that's all. It means there's no difference, it's similar like you use your cell phone to pay anything by just scan the QR code or type it manually through mobile banking.
Is people lose control over their money by using CBDC? yes, similar like mobile banking.
Actually in short, you just need to understand if CBDC is same like digital fiat, that's all. It means there's no difference, it's similar like you use your cell phone to pay anything by just scan the QR code or type it manually through mobile banking.
Is people lose control over their money by using CBDC? yes, similar like mobile banking.
Anything developed by a corrupt or despot government will always serve those in power no matter how much it appeals to the people so when it comes to CBDC, I think it's safe to say that it's just a glorified fiat that makes it easier for the people ruling over to control your money. Another thing about CBDC is that it's not going to be the cure all solution since there's still fiat function alongside it most likely so while the citizens are unknowingly use those CBDC, the top brass are busy swindling the fiat to fill their pockets.
Central Bank Digital Currency (CBDC) has been a hot topic lately. In my opinion, CBDC can be of great benefit to society. They offer a convenient, safe and efficient digital version of our national currency for transactions. But, there are also disadvantages you know. CBDCs are easy to track, compromising privacy and anonymity. Plus, they are also vulnerable to cyber attacks, and this is primarily the result of increased surveillance and potential loss of privacy. To solve this problem, we need clear regulation, public engagement, and a focus on individual rights and financial stability both in Brazil, and wherever it may apply.
IMHO, these CBDCs are nothing just like the cash that we've got. While the government has control over the supply of it, with CBDCs it's easier for them to really have those accounts have more balance and there's no need for the third-party confirmation which is what we have in the real world through the banks. There are strict protocols that the banks have and that's what is making it for CBDC easier. It just sounds interesting to hear out that there's CBDCs but, I am not optimistic about it unless it touches the Bitcoin market and adds some fuel to its market cap.
That CBDCs allow a higher level of control and manipulation to Central Banks is nothing new. Another thing is whether or when these features will be used, and the level of laziness of the people to accept them.
I am quite pessimistic in that sense. I think that CBDCs are going to be accepted and used by a large majority of the population from the start and that abusive uses will be accepted as just punishments against bad citizens without further ado.
The powers that be are not stupid and are not going to implement the abusive measures from the start, they will simply wait until they have a considerable level of adoption and start punishing as they find appropriate.
I am quite pessimistic in that sense. I think that CBDCs are going to be accepted and used by a large majority of the population from the start and that abusive uses will be accepted as just punishments against bad citizens without further ado.
The powers that be are not stupid and are not going to implement the abusive measures from the start, they will simply wait until they have a considerable level of adoption and start punishing as they find appropriate.
Just to clarify that, the implementation of CBDC in Brazil where is not going to be implemented publically means it's just a test in a specific environment where other people might not use it. But still, answer to your query is yes. CBDC mean centralization and you better know what happens in centralization.
They only wanted to implement finance with blockchain technology so that they could look cool maybe because everyone as you already said started to promote CBDC which is not in favor of crypto. They could stop transactions any time because our transaction will go through them like will be processed by some central entities so that they could figure out any illegal activity and could stop the whole transaction and capture the guy.
They only wanted to implement finance with blockchain technology so that they could look cool maybe because everyone as you already said started to promote CBDC which is not in favor of crypto. They could stop transactions any time because our transaction will go through them like will be processed by some central entities so that they could figure out any illegal activity and could stop the whole transaction and capture the guy.
I'm guessing since they are essentially just fiat in digitized/tokenized form the government still would have enough access and responsibility to manage your money in certain occasions. For one, such as what has happened in the past with criminals holding massive amounts of wealth, their money and assets were pooled into the national treasury instead to amp the taxpayer's money and basically promise to fund projects that will better the common person's life. Of course we know where the money goes but it's one of the possibilities wherein the government can seize control of your money, be it fiat or CBDC. I can't really think of any other reason or way a government could take control of your funds and money other than as a result of criminal liability. But for the record, CBDCs aren't absolved of this and just like their paper money counterpart, they can be controlled too.
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