72 sats \ 4 replies \ @grayruby 2 Mar \ on: Central Bank Digital Currencies Are Dangerous and Unnecessary | Daniel Lacalle libertarian
Do you have enough confidence in the masses to resist them when they offer up a wallet loaded up with 200 Fed Dollars to every citizen?
Maybe it will be different in the US but in Canada citizens are going to roll over and say ok we will use this now.
People may take it as an airdrop and use it…but if it can’t be used to buy the things you want : ammo, beef, etc, no one is going to work in exchange for it, and it will trade at a deep discount to more saleable monies.
If it is by definition less saleable, it will have a lower monetary premium to more saleable money.
It’s like trying to spend laundry tokens anywhere but the laundromat. (Or food stamps.) You might be able to get rid of them, but only at a deep discount.
If cash and other money is eliminated, something else will take its place, like cigarettes in a prison. Eventually people figure out that you need Bitcoin to buy what you want. CBDC will be the best advertising agent for Bitcoin since Obama’s second term for gun sales.
Imagine the purchasing power your BTC will have when a CBDC is rolled out and people are desperate to be able to buy what they want. Bitcoin is going to buy a lot of someone else’s time.
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This is correct, as far as I can tell. CBDC's are definitively less useful media of exchange and will therefor circulate at a discount, even compared to the lousy money we currently have.
I do think it's very likely that Canada and other countries downstream of the dollar will adopt CBDC's, though.
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Do you have enough confidence in the masses to resist them when they offer up a wallet loaded up with 200 Fed Dollars to every citizen?
People don’t need to actively resist it. Either money will work or it won’t. People in Zimbabwe, Argentina, and Venezuela don’t want their govt shitcoin, they want money that works as money.
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Hell no!
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