Topic: CBDCs really worth it? (Read 397 times)

The most widely accepted definition of a CBDC is simply a transfer of powers from Commercial Banks to the Central Bank.  It's a common misconception that CBDCs will have anything to do with Blockchain technology.  I still hold the stance that a blockchain would be a poor choice for a ledger which almost certainly won't be distributed to public nodes.  If a ledger is centralised, blockchains confer fewer benefits and have larger overheads in terms of efficiency.

But fiat are used digitally before CBDC, while some countries claims they use blockchain technology, but do we have evidence of that?

Paper money are useful and no need of eliminating what is taking more resources until the time people no longer depend on it anymore. If paper money is not useful again, fiat can survive and amend into new technology. Even the so called CBDCs can be called fiat from its begining as digital fiat can also could have been called another name if the government wanted to deceives with another name when it was represented digitally and used for online transactions, also if the government have called CBDCs fiat too, it would have just been another type of fiat.

For example : Types of fiat

• Paper fiat
• Digital fiat
• Blockchain fiat (CBDCs), if true blockchain technology is used.

Do not let us be deceived. No resources is also wasted with digital fiat before the so called blockchain fiat.

From what you said now, it is clear that you know that CBDCs are fiat, the governments are only deceiving people, they want people to think it is like bitcoin but they failed because it is not but fiat of modern era using blockchain technology if true it is using blockchain technology.[/list]

What? This sounds insane mate.
You have just seen these CBDC of a thing from a very different angle and perspective. And what you stated above sounds true to a reasonable brain. Though I have never taken a good time to pay attention to the CBDC. I lost interest when I discovered that it's centralised and then not centralised in the hands of individuals, but in the hands of government.
Using CBDC to get real time transaction information of individuals and corporations could be one of the hidden agendas of CBDC, but banks does same thing with banks apps. Could it be that with CBDC, blockchain will help save the unending database for ever?

Yes, decentralized finance and especially Bitcoin is a real alternative to CBDC. 🔆

In the 21st century, states no longer cope with their social role.  They do not solve the problems of their citizens.  And CBDCs can't solve every problem either. 

Money performs two main functions - payment and savings.  CBDCs are capable of performing a payment function. 

However, digital money of the Central Bank is not capable of performing the function of savings.  Banks are actively attracting citizens' money to deposit accounts.  The CBDC system does not practice the use of deposit accounts (CBDC has other tasks). 

People will not be rewarded for saving money, on the contrary, people will be encouraged to actively spend it.  This will boost economic activity.  But people do not want to constantly run, as squirrels run in a wheel. 

Bitcoin (unlike CBDC) is a perfect store of value.

That's certainly true, mate. People seem to be missing the wider picture of CBDCs, probably because they're focused on making as much money with crypto as possible. They believe CBDCs will be as good as crypto, when that won't be the case. With a full-fledged digital economy backed by the government, we can say goodbye to privacy for good. It will enable a new era where banks and governments fully control our financial activities.

Fortunately, decentralized cryptocurrencies will be there to save the day. That is if the community is able to keep them that way. Remember, the key to freedom is to avoid Fiat as much as possible. Bitcoin is all you need to live a prosperous life free from the clutches of evil banks and governments alike. As long as decentralization wins, nothing else matters. Just my opinion

In my opinion, CBDC is an element of a digital concentration camp. 

Modern world elites are concerned about the issue of establishing total control over the inhabitants of the Earth. 

The Chinese government has been the most successful in developing and implementing CBDCs.  China is a very centralized state that tightly controls its citizens. 

CBDC is not just money.  CBDC is the circulatory system of the planned economy.  Regulatory authorities get the opportunity to receive real-time information about all transactions of individuals and legal entities.  From an economic point of view, this can be very useful.  It becomes possible to build complex supply chains, instantly eliminate cash gaps and save resources.  Saving resources is a big efficiency. 

That is, we are talking about increasing the efficiency of the economic system (but to the detriment of the rights and freedoms of individual citizens).

This is how the government have failed about CBDCs, it should have been better if CBDCs can compete with stable coins, no CBDC like that, non on exchanges, non is even listed on sites like Coinmarketcap and Coingecko. They are just fiat and have no further use that fiat can no be used for.

If in function, they are the same thing, no extra value added. Obviously you can not think about what you can use CBDCs for that you can not use fiat for. Is there any? None. But fiat is even better as it can be in physical form.

Fiat is better and it is all of CBDCs and more

Fiat can be represented in physical form
It can be transferred electronically (online), then what is modern era that we are talking about.

Fiat is existing in the traditional form as well as in modern day form. No essense for CBDCs in my opinion than that the government want to copy bitcoin and use blockchain technology.

They are only pegged with fiat and they are fiat in function. They just use different technology which is not transparent, we can see much about bitcoin blockchain but can you see that of CBDCs? Maybe all are lies, but I am not sure about that. Fiat can be sent just using new technology like mobile phones and computers, it is flexible to exist in old time way and new time way and adapt to upcoming technologies.

CBDCs are not competitng with stable coins as they can not even be used with crypto wallets and not existing on crypto exchanges.

CBDCs are not fiat, but it has the attributes of a fiat and both are owned by the same government.
Then while fiat is the old form of money, CBDCs are the new form of money.

If you say that because there is fiat, no need for CBDC;
I can say that there are offline forums, what's the need for online forum;
There is books offline, why the need for pdp formats or soft copies.

The world is already digital, with CBDCs, international trade tariffs will not be as high as the fiat. You will only need to pay transaction fees.

So, CBDCs are the new form of fiat and are here to battle with stable coins.

The government think they can compete with the crypto market through this CDBC then they are right because these are same as to centralised shitcoins in the market having no use.But these CDBC will have legal base and everybody can use it similar to Fiat but still the same old concept and will face the problems but it won't hurt the government.

If people and organizations don't support it then why they still continue creating it? But, those people and organizations can't do much anyway since banks and governments are still powerful compared to them and maybe those countries that already created their own CBDC have a people and organizations that fully supports them.

CBDC is still useful anyway and they see that. yes, it is like a fiat but only works digitally. We know that the world now rely online but this CBDC are only perfect for those who don't know or don't trust cryptos. For us crypto users, we won't use this because the reason why we use cryptos is because of its anonymity and decentralized features.

Correct! This is a good idea and i wish many could understand that bitcoin does not go with inflation at any cost, inflation only have negative effect on fiat in which the government and bank's system of running the economy keep failing, CBDC was intended with the aim to divert attention from bitcoin but they forget that what users want is privacy and decentralization and which they can't offer, there is much more better opportunities in dealing with bitcoin than getting hooked by inflation using fiat currency.

They both have different trade-offs, but I personally wouldn't argue that either is an improvement on physical cash.



This is assuming your government will want you to be able to send funds to exchanges.  I have a suspicion many governments will want the opposite of that.  CBDCs could just as easily be implemented as a tool which prevents you sending or receiving funds from services that handle cryptocurrencies.

If the data on the Wiki is correct, he worked in the banking sector from 2008 to 2012 as an investment banker at Rothschild&Cie Banque. It is true that he spent many more years in the financial sector, but exclusively working for the civil service and as a minister. I don't know what he thinks about CBDC, but I know he supported a French company that makes hardware wallets.



The French presidential election has just ended and Macron won with 58% of the vote, so it's not clear to me why you think he has such low support? At the end who will ask people what they want and approve of? When the digital euro is ready, the first countries to adopt it will be France and Germany anyway.

CBDC is perceived as being an integral component of a digital cashless society.

A cashless society makes it difficult to tip waiters and strippers. It makes it difficult or impossible for transactions of used goods and services, without the approval of a central bank. Small businesses who can only exist through paying employees cash, may no longer be able to operate under CBDC / cashless society formats.

CBDC and a cashless society could create a world where people have access to fewer opportunities and financial tools.

It is no surprise that CBDC and the concept of a cashless society would be met with widespread disapproval.

Macron worked in the banking industry for many years and may not be the most independent or objective source on CBDC. Macron's public approval rating is also not the best. I think his approval rating is 20%. Which could mean as much as 80% of the population in france oppose CBDC/cashless society.

Why create CBDC though when there's no difference about it in fiat, they just made their physical money into a digital form of payment. This is also a centralized money which the government can easily intercept and do the same as what banks been doing. I'd rather choose Bitcoin over this one where the price could potentially pump in no time than this which I think is like XRP that constantly correcting the price.

That is exactly what they want, governments are realizing that bitcoin and other cryptocurrencies are not going to spontaneously disappear so they are joining the game hoping to deceive as many people as they can, however it is a difficult battle, because those which have decided to not adopt bitcoin do not see the point of getting CBDCs when they can do everything they need with their bank accounts already, while those that adopted bitcoin because they know what is going on will never use CBDCs anyway.

You can put as much faith into CBDC's are would the central banks' fiat currency. That is to say, you should be no faith into CBDC's, perhaps even less than fiat currencies. CBDC's just digitalizes the money supply allowing for even more control than already exists. Modifying the money supply just requires inputting digits into a keypad, and any holders are subject to adherence by arbitrary regulations that the central banks might impose.

This will be the result of the government CBDC because the major reason why CBDC came into the picture is the government's FOMO and there's no way they will achieve some good out of it but if they support cryptocurrency and don't see it as a competition between their national currency it will be a win-win for them.

Depends if one government finally realizes that CBDC is actually an improved version of stablecoins, not the digital version of fiat. If they could handle that, then they could start getting in contact with exchanges and things could escelate from there. Plus if you are not talking about somewhere proper, then we are not going to end up seeing something decent anyway. I am not saying that it won't happen at all, but who's going to buy swiss franc or something? I get that euro, pound could have some power, but even they wouldn't be as big as USD CBDC, that is the only one I am expecting to actually matter.

You're welcome, because I think a lot of people live under the misconception that the authorities are most afraid of Bitcoin, even though their focus is pretty much on stablecoins. Because of all that I’ve mentioned before, but also one more important thing - and that’s unlike Bitcoin which has POW and is impossible to counterfeit, stablecoins that should be backed up with something (fiat or something else) are often printed without of any real cover. This opens up a huge space for manipulation, and the authorities are aware of that.
 

It is true that governments currently have a problem with how to maintain a monopoly in the field of finance, but we should also not forget that they have very strong mechanisms to turn things around. If they want to harm Bitcoin, all they need to do is ban trade and payments in that currency, and it is a well-known fact that most stablecoins can be frozen no matter what wallet they are in.

The only question is how long the EU and the US will play the game "we are not like the Chinese and we will not go in the direction of complete bans", and whether at some point it will be decided that the time has come for the final showdown.