Central Banks keeping secret about CBDC blockchains - page 2.

franky1

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Quote from: avikz on November 27, 2023, 02:07:13 PM

CBDCs are not cryptos. It's a digital version of fiat. It's pretty much similar to the online banking transfer things that we all do. I am not sure which Blockchain you are referring to. There's no Blockchain behind CBDCs.

Also, even if there's a Blockchain, the central banks will never tell you about this. That's how a centralized system should work. You just enjoy the result.

based on many similar design CBDC whitepapers which are public

there is a transaction chain. which also uses previous txid hashed with current state txid to create a txhashchain to confirm all parties have the same tx history and agree to the current state.. its not like current blockchains that contain thousands of transactions per block its a multisig tx chain of like ~12 parties signing one master tx the current state of their reserves(1 central bank+11 payment services) spending the previous state

as a subnetwork
the payment services use current state of central network to then author their own multisig(channels) between each other on the sub network. and then have micro sub channels below that for each payment services customers. and payments are routed around the channels

each customer can have 3 different levels of 'channel'(account) based on capacity limit of channel.. the lowest is like minimum wage monthly salary allowing even smaller payments at zero KYC, the next is mid range spending of mid amount for simple kyc and then large capacity requiring full KYC

its the payment services that keep the customers data and supply it on court ordered request or if payments contain suspicion flags.

avikz

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CBDCs are not cryptos. It's a digital version of fiat. It's pretty much similar to the online banking transfer things that we all do. I am not sure which Blockchain you are referring to. There's no Blockchain behind CBDCs.

Also, even if there's a Blockchain, the central banks will never tell you about this. That's how a centralized system should work. You just enjoy the result.

Cryptomultiplier

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Perhaps you need to study up on the idea of CBDC before concluding or comparing it with the COVID-19 saga that swept across the world, my dear OP.

Although, I can agree that the CBDC initiative is meant to discourage the citizens from putting their coins and trust in cryptocurrencies or even think about investing in it.
The truth still remains that CBDC is a digital account on the Blockchain that reflects what one actually has in his personal bank account, nothing else. No trading with it or need for P2p .

kentrolla

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This isn't any rocket science and CBDC is digital currency and it won't differ much from the existing online payment method except the fa t that it would be via blockchain and I think it's gonna make tasks like cross border transactions and it would help in cashless economy but those who had been using online payment will not find much difference. It's centralized and from the government so why would there be any crisis apart from the usually economic crisis which occurs.

I hope they test it thoroughly before launch and proper education the public in the same regards as this will put vulnerable populations at the risk of online frauds.

iv4n

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Quote from: Upgrade00 on November 27, 2023, 10:26:11 AM

Quote from: Waldorf77 on November 26, 2023, 02:09:34 PM

They keep it secret but they know and i know and all of you know If they bring in new blockchain then can we be sure of it's scalebility ? Safety? And all the other factors.

There are no uncertainties around CBDCs, they will be high on scalability, but low on decentralization and security. They will be highly censored and regulated and become another means for the government to eliminate privacy.

You should not even be expecting anything from CBDCs, best case scenario is they function exactly as fiat is doing now, worse case scenario, they find a way to be even worse than the current system.

Fiat on steroids... they can literally do everything from one computer, and who can stop them? They can do whatever they want with their own chain, and we (users) will not be able to do anything about it.

As we are moving away from fiat now, we should move from CBDCs even faster... nothing good will come from that, at least anything good for the majority of the world population.

Upgrade00

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Quote from: Waldorf77 on November 26, 2023, 02:09:34 PM

They keep it secret but they know and i know and all of you know If they bring in new blockchain then can we be sure of it's scalebility ? Safety? And all the other factors.

There are no uncertainties around CBDCs, they will be high on scalability, but low on decentralization and security. They will be highly censored and regulated and become another means for the government to eliminate privacy.

You should not even be expecting anything from CBDCs, best case scenario is they function exactly as fiat is doing now, worse case scenario, they find a way to be even worse than the current system.

hugeblack

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I do not know what the secret is here, but many governments are developing CBDC, and some of them have reached the experimental stages. As for scalability problems, the currency will be centralized, and therefore there will be a single authority that manages data updating operations. Also, even some of the Crypple blockchains can manage thousands of transactions, so scalability is linked to certain conditions when What has been achieved is that any central currency based on the blockchain can perform thousands of transactions per second.
Overall I think you need to read more about CBDCs instead of conspiracy theories.

DrBeer

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I don't want to sound like a "prophet" but

I am not sure that there is information about ALL functionality in open sources, but for example there is quite real information about implementation of one of the key "features" of CBDC - the ability to centrally block any funds of any wallet, any owner. This is in addition to the total control (blockchain is at the heart of the technology, after all). CBDC is the "horrible brother" of blockchain technology. And this technology is not about making life easier for us, it is about total, comprehensive control of our money. If cash or card accounts can't be blocked at a moment's notice, or if you can't quickly monitor the movement of your money "down to the penny" and block it at any stage - then with CBDC technology, it will be a trivial "one-click" task.

davis196

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Quote from: Waldorf77 on November 26, 2023, 02:09:34 PM

They keep it secret but they know and i know and all of you know If they bring in new blockchain then can we be sure of it's scalebility ? Safety? And all the other factors.
They just gamble and try out ?
They should be smart and educated enough to know that If bring some thing into CBDC -s then it can't be like it was covid19 when goverments all over the world just gambled with people healt.
Imagine If the non tested CBDC will fail something happens and all your wealth is gone.
Goverments and bankers not gods they are just humans like everybody else and nobody not perfect so we should use our own heads to think aswell not just trust blindly.
They better be sure that those CBDC not be like they the covid19 was when it was just mess.
Something doesn't make sense here.

CBDC technology is still being tested for flaws and errors. Do you really think that the central bankers are dumb enough to launch an untested payment infrastructure? Nobody is keeping the CBDCs a secret. There were hundreds of articles about CBDC creation and implementation around the internet in the last few years.
The governments don't need a new pandemic in order to impose CBDCs. I'm not a fan of CBDCs, but I'm sure that their implementation in everyday life will be as painless for the people as it gets.
OP, your post seems really ignorant on so many levels. Do you even understand how CBDC works? Read more about the subject, before posting low quality forum topics.

bayu7adi

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CBDC will have a huge impact on the economy. I believe they'll run some tests first before rolling it out massively in the country. China is currently in the market testing phase, and their CBDC isn't finalized yet, but the digital yuan (CNY) is already out and circulating, even used by some Chinese citizens. China's government always wants to take the lead in everything, including cryptocurrency, by releasing the Digital Yuan earlier than other countries.

It's important to note that CBDC is different from the usual crypto we have. CBDC is not decentralized, and the government regulates and controls this currency with its central policies. Is this bad for the world? It could be. Governments and banks might dominate again without leaving room for decentralized cryptocurrencies to thrive.

rat03gopoh

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Quote from: Waldorf77 on November 26, 2023, 02:09:34 PM

Imagine If the non tested CBDC will fail something happens and all your wealth is gone.

I have no idea how that loss will happen, but I believe CBDC will be full government control. Tracking, transaction reversal won't be separated from its characteristics. The actual loss may not be due to the efforts of criminals, but by the authorities, for example to recover your "lost" funds, you have to pay some % in terms of "recovery fees/taxes" or something like that.

YUriy1991

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Quote from: _act_ on November 26, 2023, 02:12:37 PM

There is no secret about CBDCs, it is fiat. If you know how to use fiat already online, CBDCs is of no use to that kind of people. The government are only wasting money on CBDCs because they are not needed. I do not know if it is to trick people to believe that they are cryptocurrencies, but CBDCs are not cryptocurrencies.

Of course, CBDC is different from crypto money because it does not have the decentralized nature of the original cryptocurrency, namely Bitcoin. On the other hand, there is an indirect skepticism towards a complete transformation to digital currency.

The direction is, if there is something urgent, it is very possible that the Government can easily limit access in certain circumstances. What it looks like is that powerful interests will do everything in their power to destroy the digital currency component of the business.

Fiatless

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Quote from: _act_ on November 26, 2023, 03:42:02 PM

Have you used CBDC before for transaction and the cross border transaction is cheaper? Do not let us deceive ourselves. The government are the ones that is regulating both fiat and CBDCs, they control everything and they can make the fee cheap. I have not seen any CBD used for international transaction. Can you point to one?

At present, I doubt if any CBDCs have been used for international trade. Most countries are still engaging in pilot studies on how to use these central bank-controlled currencies for cross-border trade. Some reports claim that the test was successful which means that in a few years, we might see an increase in the use of CBDs for international trade transactions.
Central Banks Successfully Test Cross Border Trading of Wholesale CBDC Using DeFi
Successful testing paves way for CBDC use cross-border

Quote

In my country, I still have some banks that have 0 fee transactions for certain number of times daily or monthly but you have to pay fee for CBDC that my country created.

The only difference is that CBDCs use blockchain but fiat did not and nothing more. But they are all still fiat.

The government supposed to have improved their fiat but going for CBDC. I will never use it because it is fiat.

Many informed people already know that there is no difference between CBDC and fiat which is why its use has not increased even with all the incentives the government is offering. Many countries are facing inflation which has led to the loss of value of local currency. People prefer to use Bitcoin as a hedge against inflation than to keep CBDCs which is the same as the depreciating fiat.

Sarah Azhari

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Quote from: Waldorf77 on November 26, 2023, 02:09:34 PM

They keep it secret but they know and i know and all of you know If they bring in new blockchain then can we be sure of it's scalebility ? Safety? And all the other factors.
They just gamble and try out ?

You just make sure everything is safe, so don't be too trusting too much about what they bring for you. The government is trying to make the people better, So we know they are human which is not perfect, but nothing is wrong with trying the program. CDBC has just implemented the blockchain, It's good I think. This means the government believes in what we are fighting for today. So let them go, and we must follow what they build for us, but when we think is not good, and more centralization from fiat, nothing is wrong with leaving that and back to traditional crypto (decentralization). Just simple like that.

PrivacyG

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Quote from: _act_ on November 26, 2023, 02:12:37 PM

There is no secret about CBDCs, it is fiat. If you know how to use fiat already online, CBDCs is of no use to that kind of people. The government are only wasting money on CBDCs because they are not needed. I do not know if it is to trick people to believe that they are cryptocurrencies, but CBDCs are not cryptocurrencies.

CBDC is not to fool people into believing that they are Cryptocurrencies. CBDC is to fool every body into thinking they are BETTER than Cryptocurrencies.

I presume they will function for the first few years in an attractive way. Zero or negligible fees. Zero maintenance Tax. Instant arrival into destination account no matter the country of residence. Zero or negligible taxes if you hold on to your CBDC. Maybe discounts for purchases of food and such.

This assumption is based on their recent strategies. Look how they are tricking people into moving from gas to electric cars. If it sounds good enough they will move. For cars in Romania they did zero parking charge. Zero or lowered Taxes. Free charging. Et cetera. The benefits will slowly decrease until there will be no more real benefits.

CBDCs are for those people who form a majority. They will move if they find it beneficial enough and it will be more beneficial for the start than Bitcoin or Internet Banking. But that is because the CBDC is of course not Decentralized. It will require clicks to add or remove supply. Not Mining. It will have comforting benefits for the consumer like Centralized Exchanges and Custodial Wallets.

panganib999

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CBDCs are the last thing that's even remotely close to being "secretive". it's literally just cash that's minted on the blockchain and unlike cryptocurrencies, they are regulated by the government hence the Central Bank in the CBDCs acronym. Scalability is not going to be a problem for CBDCs since they are self-sustaining thanks to the fact that the government takes care of them. A lot of people here are very much aware and are pretty accepting of CBDCs in the crypto scene since for worse, this is just going to be one of the government's most futile attempts at controlling the crypto industry. At best this will help us bridge fiat and crypto more, leading to an increased positive outlook towards crypto, and with it, adoption.

So don't go wearing your tinfoil hats and stepping inside your faraday boxes in fear of getting spied by the government through CBDCs. They already did and it's not through CBDCs.

_act_

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Quote from: Xal0lex on November 26, 2023, 03:33:26 PM

Quote from: _act_ on November 26, 2023, 02:12:37 PM

There is no secret about CBDCs, it is fiat. If you know how to use fiat already online, CBDCs is of no use to that kind of people. The government are only wasting money on CBDCs because they are not needed. I do not know if it is to trick people to believe that they are cryptocurrencies, but CBDCs are not cryptocurrencies.

Well, why are they useless? CBDC has its advantages over fiat money, e.g. cheaper international transfers, faster transfers compared to bank transfers, 24/7 access compared to fiat money which is not available when banks are closed on weekends. Understandably, there are disadvantages. These are first of all centralization, also, the central banks of different countries have their CBDCs, that is, if you live in the US, you cannot have the CBDC of the Bahamas, for example. And a number of others.

Have you used CBDC before for transaction and the cross border transaction is cheaper? Do not let us deceive ourselves. The government are the ones that is regulating both fiat and CBDCs, they control everything and they can make the fee cheap. I have not seen any CBD used for international transaction. Can you point to one?

In my country, I still have some banks that have 0 fee transactions for certain number of times daily or monthly but you have to pay fee for CBDC that my country created.

The only difference is that CBDCs use blockchain but fiat did not and nothing more. But they are all still fiat.

The government supposed to have improved their fiat but going for CBDC. I will never use it because it is fiat.

franky1

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Quote from: Waldorf77 on November 26, 2023, 02:09:34 PM

They keep it secret

there is no secret.. there are many whitepapers available... even the chinese e-yuan has white papers and such
http://www.pbc.gov.cn/en/3688110/3688172/4157443/4293696/2021071614584691871.pdf
heres one for MIT version for a possible US CBDC
https://www.bostonfed.org/publications/one-time-pubs/project-hamilton-phase-1-executive-summary.aspx

Quote from: Waldorf77 on November 26, 2023, 02:09:34 PM

If they bring in new blockchain then can we be sure of it's scalebility ? Safety? And all the other factors.
They just gamble and try out ?
They should be smart and educated enough to know that If bring some thing into CBDC -s then it can't be like it was covid19 when goverments all over the world just gambled with people healt.
Imagine If the non tested CBDC will fail something happens and all your wealth is gone.

they are not untested. heck even the e-yuan alpha tested it inhouse and then beta tested numerous times on small regional people
https://www.atlanticcouncil.org/blogs/econographics/a-report-card-on-chinas-central-bank-digital-currency-the-e-cny/

also.. scalability is different for CBDC because their architecture is different then bitcoin and other mainnets that support all tx.. CBDC mainnet is just a multisig of updated states of the central-commercial bank reserves.. then subnetworks where each commercial bank stores tx states of its customers

Quote from: Xal0lex on November 26, 2023, 03:33:26 PM

Understandably, there are disadvantages. These are first of all centralization, also, the central banks of different countries have their CBDCs, that is, if you live in the US, you cannot have the CBDC of the Bahamas, for example. And a number of others.

there is the m-bridge. where many CBDC reserve swap together to allow routing passage between currencies
https://www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm
https://www.reuters.com/markets/currencies/chinas-digital-yuan-stands-out-cross-border-pilot-show-global-ambition-2022-10-27/

by the way.. google searching is easy, people should try it
im not a fan of fiat or CBDC but i atleast research it to learn what it actually is

Xal0lex

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Quote from: _act_ on November 26, 2023, 02:12:37 PM

There is no secret about CBDCs, it is fiat. If you know how to use fiat already online, CBDCs is of no use to that kind of people. The government are only wasting money on CBDCs because they are not needed. I do not know if it is to trick people to believe that they are cryptocurrencies, but CBDCs are not cryptocurrencies.

Well, why are they useless? CBDC has its advantages over fiat money, e.g. cheaper international transfers, faster transfers compared to bank transfers, 24/7 access compared to fiat money which is not available when banks are closed on weekends. Understandably, there are disadvantages. These are first of all centralization, also, the central banks of different countries have their CBDCs, that is, if you live in the US, you cannot have the CBDC of the Bahamas, for example. And a number of others.

_act_

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There is no secret about CBDCs, it is fiat. If you know how to use fiat already online, CBDCs is of no use to that kind of people. The government are only wasting money on CBDCs because they are not needed. I do not know if it is to trick people to believe that they are cryptocurrencies, but CBDCs are not cryptocurrencies.

Topic: Central Banks keeping secret about CBDC blockchains - page 2. (Read 266 times)