Is CBDC the fastest way to HyperBitconization?
401 sats \ 6 comments \ @Hermit 31 Oct 2022 bitcoin freebie
I see Bitcoiners getting mad when seeing anything about CBDCs.
The only problem about CBDCs is that unfortunately it will take governments so many years to launch, by then the Lightning Network will be operating at a level imposible to imagine or predict, that the CBDC will be already obsolete at the moment of launching.
But, What if they could launch it tomorrow? The CBDC will be the spark many people need to wake up, and realize about the importance of self sovereignty. Nobody in modern society, from your friends, to your family, your neighbords or colleagues, would like to know that all their transactions are being tracked and controlled, and immediately they will go look for an alternative. Many people would realize Bitcoin is the lifeboat they were looking for, and start learning and understanding and falling into the rabbit hole, bringing Hyperbitconization to the world in the fastest way possible.
Unfortunately governments are too slow, so many layers of burocracy to make it happen, but they have their right to try create their shitcoin like everyone else and nobody is going to use it.
What are your thoughts/predictions if a CBDC could be launch tomorrow in your country?
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299 sats \ 0 replies \ @Hermit OP 31 Oct 2022 freebie
Very interesting and a lot to unpack on these comments:
  1. It will be good to know what is the plan for the South African government to make the normal people using the CBDC. Will that be on a government wallet? Or local banks will host the tokens and they provide the infrastructure? Nothing they will do is going to be as easy as download a Lightning Wallet as you say unbanked people can't even use the bank infrastructure.
  2. Try explain any "normies" the CBDC, how they can get different interest rates based on the transaction history, or funds freeze any time, and all their transaction being recorded by the government forever, and see their reaction. Even my grandma would by against that control and try to start learning about Bitcoin.
  3. WEF don't have absolutely any power or any decision to make around this, if they partnered with Ripple would be only because Ripple threw some XRP in the right hands, but nothing to do in the decision of countries economies. And if a country uses Ripple infrastructure or their own, it won't make any difference. Also, even if anyone decides to use the Ripple code to create a CBDC, why that should affect the price of XRP at all? As many people FOMO on Ripple after seeing that type of article.
  4. Never thought about the possibility of a country building a CBDC on top of Bitcoin, lighting and Taro. That actually will be their only chance to make it work. Don't say it too laud lol.
  5. Russian characters... Never it's too late.
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21 sats \ 0 replies \ @TheBTCManual 31 Oct 2022
In South Africa, where I am at, they've already started to build the infrastructure, but it's being used to settle interbank transfers between the reserve bank and prime brokers, but I doubt we'll see it pushed on the public, its too chaotic of a change.
You need to have a certain level of cashlessness already, if not your CBDC cannot be programmatic, for example, here if you tried to put a CBDC in play and said you have a time to spend it or it has a certain interest rate, it just makes cash a better option and breaks the fungibility of the unit of account, people will trade CBDC's at a discount to cash
As for more advanced economies, sadly I don't see people getting trigged by them, yes there will be a niche at shout about it, but if it works when I go to the store, most people won't think as far as that and governments need that in the beginning, they need you to get entrenched in the system first that you have no outside value then they can sucker into their real policies
So the way I see it is if it does come out they will play very nice in the beginning, many will fall for the psyop for sure
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10 sats \ 1 reply \ @2bithits 31 Oct 2022
The problem is that normies will get sucked into the CBDC realm with heavy marketing of "free money" or convenience.
Once they are in, and have gotten used to the convenience, its really hard to go back (ex: try giving up google).
But I agree that they are slow & anything made through a government is just poor quality.
Also, shitcoins like XRP might just team up with some govs. That would be a seriously FU world.
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21 sats \ 0 replies \ @Atreus 31 Oct 2022
The only thing I disagree with is "XRP might just team up with some govs" — it's a bit more than a 'might' I'm afraid https://thecryptobasic.com/2022/08/24/world-economic-forum-wef-names-ripple-as-official-partner/
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10 sats \ 0 replies \ @satup 31 Oct 2022
Building CDBC upon Bitcoin is a super cool idea if those egos in max can be soothed.
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0 sats \ 0 replies \ @selfish_gene 31 Oct 2022
да... нужно было ещё в 2018 внедрить этого говно... уже бы все поняли что это не работает.... ахааа
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