CBDCs are like a digital prison but Bitcoin is the key

Argoo

sr. member

Activity: 2352

Merit: 245

Quote from: passwordnow on November 02, 2022, 01:31:43 PM

What if these CBDCs will fuel the next bull run? Just like what happens when more Tether is being printed, it is being injected into the bitcoin market and helps pump bitcoin.
That might be the other use of these CBDCs and that's why many countries are eager to do it. Although, I know the fact that one reason of it so that they have full control to the "crypto"currency that they're making.

No, CBDCs cannot spur the growth of cryptocurrencies, because CBDCs are only an improved version of government cashless payments. We do not yet see CBDC, unlike private stablecoins, participate in the cryptocurrency market. It may still happen, but not all CBDCs even use blockchain technology. CBDCs will also be very different. But the role of the CBDC will only grow over time.

Majestic-milf

hero member

Activity: 966

Merit: 620

Quote from: Rruchi man on November 03, 2022, 06:26:53 AM

Quote from: Majestic-milf on November 02, 2022, 07:37:48 AM

Central Bank Digital Currencies (CBDCs) are the methods in which the government and financial institutions use to continue their control over it's citizens when the Fiat currency seems to be failing.

CBDC's are just meant to delay the inevitable which is the mass adoption of bitcoins and cryptocurrency. No matter how polished and upgraded the government may make it look they still are not an alternative to bitcoins.

In my country where we currently have the eNaira (CBDC), this is a quote from the Head of our Central bank

Quote

The Governor of the Central Bank of Nigeria, Godwin Emefiele, says the eNaira has recorded 700,000 transactions valued at N8 billion since its inauguration on Oct. 25, 2021.

source

I find it hard to believe however knowing that these figures can be falsified, and that they may just hyping it to make it sound enticing to attract people to it and hide the fact that their project did not record as much success as they could have expected. The reason behind my unbelieve is because aside bitcoin investment, I'm also involved in a business offline where I happen to receive a lot of transactions from people regularly, I have not met a customer or anyone that has suggested making payment via the eNaira, but some customers, even the one's you least expect have suggested paying via crypto many times. So who are these invisible people using CBDC's in my country??

I think those are falsified records. it's no news that the government would do such just to create a sort of importance to the e-naira. According to news, the e-naira is struggling to get even 0.5% adoption. https://www.pulse.ng/business/local/enaira-struggles-with-05-adoption-rate-amid-nigerias-high-ranking-in-crypto-use/v2wp5bc

It's not widely accepted or known solely due to its similarities with crypto currency but just like is typical of governments who would always be adamant on BTC acceptance, they would always do something to divert the attention of it's citizens.

Hydrogen

legendary

Activity: 2562

Merit: 1441

I think one big question for CBDC which has not been addressed is how the state would propose to implement CBDC inflation protection.

Bitcoin has built in protections against inflation through it being a deflationary asset. However CBDC would not appear to have any mechanism which might achieve something similar.

Public trust for CBDC will not be high if CBDC will achieve high inflation as digital fiat currency 2.0.

I would be interested to see poll data on CBDC for generation Z as it is entirely possible that bitcoin polls higher than CBDC for today's youth.

The largest viewer demographic for CNN and television news is the 40 and higher age demographic. It is possible that middle aged to elderly demographics will be the largest supporters of CBDC, while the youth demographic is dominated by support for bitcoin and cryptocurrency.

lixer

hero member

Activity: 2688

Merit: 588

Quote from: Majestic-milf on November 02, 2022, 07:37:48 AM

While CBDCs tend to take away your privacy, Bitcoin protects privacy and finance and helps for accessibility to financial resources. Its aim is not just to make one rich or get more money, rather they present a new approach to freedom in many places where traditional banking holds full court.

If you are pro crypto and anti fiat then your first impression about CBDCs are bad that they are another attempt to control more people but what if they are only built to give the people a convenience? Since, the world is now starting to digitalize. It's not that the government is too selfish and ban btc because they can't control it but they also care about the scams and frauds happening around with crypto and they only want to protect their people about it.

Gozie51

hero member

Activity: 2660

Merit: 630

Vave.com - Crypto Casino

Quote from: hugeblack on November 02, 2022, 10:35:03 AM

Personally, I do not see a fundamental difference between paper money and central bank digital currencies (CBDCs), and therefore if paper money fails, any digital system built on it will fail.
Also, electronic money will not succeed in replacing cash by 100%, and Bitcoin is not considered the real threat at the present time due to the presence of higher risks such as interest rates and inflation.

Your view is just as it is when there is no adequate policy to back up the CBDC. Inflation will be at the height of it because when government announce such, it will change the release mode of fiat which becomes scarce as the government want to forcefully gain patronage of the digital currency which is still new becomes an option while fiat can be chased by any means and in economics when demand is higher than supply it is understandable that this will trigger panic from the shortage and hoarding is the order of the day and businesses will suffer. The CBDC has no significant value because it outcome is still controlled.by the performance of fiat of which both is centralized.

TimeTeller

hero member

Activity: 2744

Merit: 588

Quote from: Lucius on November 03, 2022, 10:17:31 AM

Quote from: Rruchi man on November 03, 2022, 06:26:53 AM

So who are these invisible people using CBDC's in my country??

Maybe it's not about ordinary people, but about some transactions that are carried out between state agencies or something similar. The common man is mostly looking for a way to profit when it comes to cryptocurrencies, whether it's day trading, or investing for a little longer period - and CBDC is nothing but digital fiat that loses its purchasing power every day.

However, we must be aware that sooner or later CBDC will be imposed on us as something normal, because it is only one step higher in the control of society - and for all those who will not like it, they will say that this prevents forgery and money laundering, robberies , bribery and corruption... In the end, you'll be a villain if you oppose it - but I'm already used to it, aren't we all a little bit villains in the eyes of the majority because we use Bitcoin?

If the government will implement their own CBDCs, definitely, its citizens will be its users.
As we are going digital in most businesses, people will find it useful in many cases.
But of course, they should not expect that profit will be part of it because it is not.
It is just the digital counterpart of their fiat, but this time, the government can easily track where their CBDCs are going.
And if people will come to know the other crypto via CBDCs, then, that's good, right?
It will be a way for some people who are still hesitant to get acquainted with crypto to check outside CBDC.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

No, CBDC is actually a digital prison not like a digital prison as the OP presumes, and whoever expected something more serious or unique through the CBDC introduced by the government is a fool or doesn't understand the fundamental concept of the government CBDC creation because the digital currency comes into the picture when the IMF boss saw the level of the futuristic concept Bitcoin introduced and it's level of acceptance by people of all class before she advises the government to have the plan of creating their own CBDC.

electronicash

legendary

Activity: 3178

Merit: 1054

Quote from: Lucius on November 03, 2022, 10:17:31 AM

Quote from: Rruchi man on November 03, 2022, 06:26:53 AM

So who are these invisible people using CBDC's in my country??

Maybe it's not about ordinary people, but about some transactions that are carried out between state agencies or something similar. The common man is mostly looking for a way to profit when it comes to cryptocurrencies, whether it's day trading, or investing for a little longer period - and CBDC is nothing but digital fiat that loses its purchasing power every day.

However, we must be aware that sooner or later CBDC will be imposed on us as something normal, because it is only one step higher in the control of society - and for all those who will not like it, they will say that this prevents forgery and money laundering, robberies , bribery and corruption... In the end, you'll be a villain if you oppose it - but I'm already used to it, aren't we all a little bit villains in the eyes of the majority because we use Bitcoin?

yes we are criminals which only bad pays thru BTC especially drugs. that's why crypto needs regulation and the way to do it is CBDC. BTC is the reason why CBDC is imposed and its BTC to used to circle CBDC.

China bans crypto after having a CBDC. it could also happen to any country where they'd ban crypto when they have CBDC which will force us to use it. no escape for the villains.

Husires

legendary

Activity: 1596

Merit: 1288

Is there a relationship between cryptocurrencies and CBDCs, cryptocurrencies and blockchain, cryptocurrencies and privacy?
If we are to compare they are digital, it is a far compare bitcoin to phones, bitcoin to paypal and other

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: Rruchi man on November 03, 2022, 06:26:53 AM

So who are these invisible people using CBDC's in my country??

Maybe it's not about ordinary people, but about some transactions that are carried out between state agencies or something similar. The common man is mostly looking for a way to profit when it comes to cryptocurrencies, whether it's day trading, or investing for a little longer period - and CBDC is nothing but digital fiat that loses its purchasing power every day.

However, we must be aware that sooner or later CBDC will be imposed on us as something normal, because it is only one step higher in the control of society - and for all those who will not like it, they will say that this prevents forgery and money laundering, robberies , bribery and corruption... In the end, you'll be a villain if you oppose it - but I'm already used to it, aren't we all a little bit villains in the eyes of the majority because we use Bitcoin?

Rruchi man

legendary

Activity: 1456

Merit: 1108

Top-tier crypto casino and sportsbook

Quote from: Majestic-milf on November 02, 2022, 07:37:48 AM

Central Bank Digital Currencies (CBDCs) are the methods in which the government and financial institutions use to continue their control over it's citizens when the Fiat currency seems to be failing.

CBDC's are just meant to delay the inevitable which is the mass adoption of bitcoins and cryptocurrency. No matter how polished and upgraded the government may make it look they still are not an alternative to bitcoins.

In my country where we currently have the eNaira (CBDC), this is a quote from the Head of our Central bank

Quote

The Governor of the Central Bank of Nigeria, Godwin Emefiele, says the eNaira has recorded 700,000 transactions valued at N8 billion since its inauguration on Oct. 25, 2021.

source

I find it hard to believe however knowing that these figures can be falsified, and that they may just hyping it to make it sound enticing to attract people to it and hide the fact that their project did not record as much success as they could have expected. The reason behind my unbelieve is because aside bitcoin investment, I'm also involved in a business offline where I happen to receive a lot of transactions from people regularly, I have not met a customer or anyone that has suggested making payment via the eNaira, but some customers, even the one's you least expect have suggested paying via crypto many times. So who are these invisible people using CBDC's in my country??

Plaguedeath

hero member

Activity: 854

Merit: 663

Quote from: zasad@ on November 02, 2022, 01:56:01 PM

Cash is the best anonymous coin today, but in many countries it is impossible to legally spend a cache of more than $ 10,000. Banks request confirmation of the funds being deposited.If people are smart then they won't use CBDC. Bank cards are enough for all needs.

Lol, it's surprising how you can say cash is a coin while it does have a physical appearance unlike Bitcoin etc. It's impossible to become anonymous with cash because it's very weird if you bought a bag or suitcase with full of cash inside it, police will suspect you're a money launderer since you're don't want to use banks for large amount money. Bank card and CBDC are almost same, it's controlled by a third party and you will be asked to submit KYC.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: coupable on November 02, 2022, 02:52:40 PM

They are really two sides of the same coin. With the exception that paper currencies are safer because they are secured by a fixed reserve of gold, while the electronic version is more dangerous to the economy since it can be created from scratch and is easy to manipulate.

Uh.. we we're off the gold standard for a couple of decades now. Most (if not all) fiat currencies have been backed by air for a while now.

https://www.history.com/this-day-in-history/fdr-takes-united-states-off-gold-standard

Rikafip

legendary

Activity: 1722

Merit: 5937

Quote from: hugeblack on November 02, 2022, 10:35:03 AM

Personally, I do not see a fundamental difference between paper money and central bank digital currencies (CBDCs), and therefore if paper money fails, any digital system built on it will fail.

Except when you pay with paper money government can't track what exactly you bought, while that won't be possible once CBDC gets implemented on massive scale.

Quote from: hugeblack on November 02, 2022, 10:35:03 AM

Also, electronic money will not succeed in replacing cash by 100%,

Give it a decade or two and you will see how many countries/people will still use cash.

Quote from: zasad@ on November 02, 2022, 01:56:01 PM

If people are smart then they won't use CBDC. Bank cards are enough for all needs.

We all know that an average person is not very smart and its using debit/credit card whenever he can and avoiding cash but thing is that we won't even have a choice whether to use CBDC or not.

teosanru

hero member

Activity: 2114

Merit: 619

Quote from: Majestic-milf on November 02, 2022, 07:37:48 AM

Central Bank Digital Currencies (CBDCs) are the methods in which the government and financial institutions use to continue their control over it's citizens when the Fiat currency seems to be failing. These digital tokens help for monopoly as these bodies become the center of the system since every transaction that is being conducted is monitored, hence leaving the individual open to being a victim of EO6102 attack.

Bitcoin, according to financial operators, is regarded as a potential, existential threat which has come to upset the "equilibrium" on which the government lies. BTC receives much whiplash not just because of its volatility and unstability in price, which is made worse by the bear season by the way, but simply because there would be no means to control it since it operates on an open source peer-2-peer network which has no central authority.

While CBDCs tend to take away your privacy, Bitcoin protects privacy and finance and helps for accessibility to financial resources. Its aim is not just to make one rich or get more money, rather they present a new approach to freedom in many places where traditional banking holds full court.

https://bitcoinist.com/the-case-against-cbdcs-in-a-capitalist-society/
https://www.matter.ngo/bitcoin-freedom/

CBDC is fiat currency only, how can they expect people to rely on CBDC which is fiat by leaving fiat. You see whitepapers of all the CBDCs that are there you'll find all of them have common traits that their supply can be controlled by the Central bank which will decide how much supply to circulate so eventually if the supply can be controlled by single authority it means that person will control the whole economy of CBDC itself so I see no point as to why CBDC are different from fiat.

coupable

hero member

Activity: 2338

Merit: 757

Quote from: hugeblack on November 02, 2022, 10:35:03 AM

Personally, I do not see a fundamental difference between paper money and central bank digital currencies (CBDCs), and therefore if paper money fails, any digital system built on it will fail.

They are really two sides of the same coin. With the exception that paper currencies are safer because they are secured by a fixed reserve of gold, while the electronic version is more dangerous to the economy since it can be created from scratch and is easy to manipulate.
Bitcoin is considered a safe haven for individuals and companies, but it does not serve the interests of banks and governments, and therefore its use will remain controversial as long as there are no ways that financial institutions can use to monitor and track users.

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

Quote from: hugeblack on November 02, 2022, 10:35:03 AM

Personally, I do not see a fundamental difference between paper money and central bank digital currencies (CBDCs), and therefore if paper money fails, any digital system built on it will fail.
Also, electronic money will not succeed in replacing cash by 100%, and Bitcoin is not considered the real threat at the present time due to the presence of higher risks such as interest rates and inflation.

Cash is the best anonymous coin today, but in many countries it is impossible to legally spend a cache of more than $ 10,000. Banks request confirmation of the funds being deposited.If people are smart then they won't use CBDC. Bank cards are enough for all needs.

passwordnow

hero member

Activity: 3136

Merit: 591

Leading Crypto Sports Betting & Casino Platform

What if these CBDCs will fuel the next bull run? Just like what happens when more Tether is being printed, it is being injected into the bitcoin market and helps pump bitcoin.
That might be the other use of these CBDCs and that's why many countries are eager to do it. Although, I know the fact that one reason of it so that they have full control to the "crypto"currency that they're making.

BIT-BENDER

hero member

Activity: 1666

Merit: 709

Playbet.io - Crypto Casino and Sportsbook

CBDCs is just like a placebo the government want to feed citizens as a digital currency. The central bank of my country at a time this year or last year but strong restrictions on crypto-currency this restrictions affected many crypto-currency users that some of them were even jailed, only for the same government to turn around to create their own digital currency and wanted to sell it to the country.

Such government created digital currency should in my opinion have not affiliation to crypto-currency because it's not decentralized, and is just a glorified fiat, anyways as it was always going to be such digital asset failed and I haven't heard anything about it since then.

Majestic-milf

hero member

Activity: 966

Merit: 620

Quote from: cabron on November 02, 2022, 10:55:13 AM

But just to play devil's advocate. There is actually a good side if we use CBDC. Just think about it. Most crimes if not a crime of passion are often because of money. Financial reason. As they said it's the root of all evil.

Yeah, these CBDCs have a lot of advantages, one of them being it's ability to help manage the disappearance of public funds and ensuring financial stability and all that. But just like there's no smoke without a fire not too far around, same can be said of these CBDCs since they experience geographical restrictions as they are only accepted in the countries that issued them.

Another risk a CBDC poses is the tendency for inflation. Since they can be created at the press of a button, there's the possibility of it been created with no aim for production, it thereby inflates the money supply without a corresponding increase in production.

Topic: CBDCs are like a digital prison but Bitcoin is the key (Read 260 times)