pull down to refresh

One saddest/worst comments:
If you're worried about "total bank surveillance" (which seems to be most people in this thread), don't. Every single bank you have an account with already has to keep track of know-your-customer information. It's not like the fact that there's a centralized digital currency will give the government more control over you than not. The government can simply tell the banks to hold your assets, put you on a list that prevents payments providers to service you, etc.
The digital currency won't make any of that worse.
The good thing about digital currencies is that'll actually take power away from commercial banks. Right now you need to go through someone like Barclays, HSBC, etc, to get your money. CBDC actually lets you keep your balance directly with the government ledger and avoid relying on banks for everything. This is a good thing.
Beware that commercial banks are obviously opposed to this and will be very vocal about it.
If the commercial banks are against it, the there is a 0% chance it will happen.
When it comes, it will be an utter monstrosity that fattens their pockets.
reply
Actually, it's not possible for commercial banks to profit from being cut out of the money game. A CBDC would by it's very nature stop them from issuing fiat, which they do with every loan they make.
They do seem to have more power than the fed does though, so I've long said that there is no way in hell the Fed will be issuing a CBDC in any way. That's for countries like China where the banks aren't a larger cartel than the government is.
reply
What if the CBDC were an interest bearing token that got dispersed through the banks?
reply
Wow, sometimes when i read a comment like that, counter arguments start popping into my head and i think about formulating an answer, but as i read on i realize that it is hopeless. They are too far gone/brainwashed or on the govs payroll
reply