Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Jokers on April 15, 2024, 10:36:45 AM
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There's no secret in that the classical financial system is wary of Bitcoin and cryptocurrencies. Most of the speeches in which representatives of central banks say something about Bitcoin contain the words “risks”, “threats” and the like. They are really upset about decentralized currencies, over which they cannot establish complete control. Therefore, various control methods, restrictions and prohibitions are often introduced for centralized intermediaries serving cryptocurrencies, such as exchanges, stores, etc.
Well, as a carrot for the broad masses, a “right cryptocurrency” is being produced — CBDC, the Central Bank Digital Currency, which, according to some representatives of different central banks, is not even a cryptocurrency (which is true, it is not even close to be a true crypto, but simply a decoy), but much better and completely controlled by the Central Bank. Centralized forgery.
We know that some countries and organisations already issued their CBDC, like the Bahamas (Sand Dollar (https://www.sanddollar.bs/)), the Eastern Caribbean Currency Union (D-Cash (https://www.eccb-centralbank.org/d-cash)) and Nigeria (eNaira (https://www.cbn.gov.ng/currency/enaira.asp)). Others are still not sure, some are very unsure. For instance, Thomas Jordan, the Chairman of the Swiss National Bank, says (https://www.reuters.com/markets/currencies/swiss-national-banks-jordan-against-issuing-retail-cenbank-digital-currency-2024-04-08/) that there's no need in this form of swiss frank, the existing forms can fit for any needs. The Reserve Bank of Australia is working (https://www.rba.gov.au/payments-and-infrastructure/central-bank-digital-currency/) on its CBDC implementation, but it examined the situation and found (https://www.rba.gov.au/publications/rdp/2024/pdf/rdp2024-02.pdf) that australians are not fond of CBDC and don't want to pay additionally for the option of using it.
Which are your thoughts on who will ultimately win: decentralized cryptocurrencies or centralized CBDC?
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Which are your thoughts on who will ultimately win: decentralized cryptocurrencies or centralized CBDC?
I'm not in favor of CBDCs but also I'm not against them. I believe that in future CBDCs could cause huge damage to decentralized cryptocurrencies because when each country get their own CBDC then they might end up banning most decentralized cryptocurrencies or put very aggressive regulations on those cryptocurrencies in order to allow the CBDC system to take place of decentralized cryptocurrencies.
I know that they won't be able to stop the growth of decentralized cryptocurrencies easily because they are supported by the investors but they can cause huge damage by implementing new laws that might break the motivation of those investors. It will be a tough battle and it's not easy to decide that which one of those will win the battle.
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Ever since the on set of the introduction of CBDC and till now that it has been seen not to gain more attractions from the people, this clearly shows that what the people want is far beyond the use of CBDC, they want to be free away from the centralized world in their financial currencies, they want to have access over their asset, control it and have the required trust needed, that is why the people will never choose fiat over crypto no matter how they make it appear in a digital form, its still the same fiat currency.
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There can be nothing good coming with CBDC crap, but some people have plan to create more wars and destructions so they can replace broken fiat system with something worse.
Just imagine not being able to save anything because CBDC is programmable and expires in similar way like coupons because they are time limited.
Than imagine that you can only spend this CBDC crap on things that government approves, so you can't spend it anywhere.
Now imagine that CBDC is used to track your CO2 carbon crap, that limits how much you can spend.
As if someone wanted to create a slave money for slaves, and sadly this is not a fiction, but it will be convenient and people like that :P
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I'm not from US that has mandate it for its people so it's difficult to know exactly the progress of the CBDC used and the adoption but I haven't heard much from them recently because I can remember very well when they were about launching, so many PR around the used of centralized stablecoin but it seems there is no much around it after all.
Donald Trump has also promised to scrap the CBDC, who knows if he win the election, there might be a he scrapping of CBDC and I think with such move, crypto has won the fight of adoption than CBDC.
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Well, as a carrot for the broad masses, a “right cryptocurrency” is being produced — CBDC, the Central Bank Digital Currency, which, according to some representatives of different central banks, is not even a cryptocurrency (which is true, it is not even close to be a true crypto, but simply a decoy), but much better and completely controlled by the Central Bank. Centralized forgery.
Which are your thoughts on who will ultimately win: decentralized cryptocurrencies or centralized CBDC?
CBDCs are not entirely bad either. They could be slightly better and more decentralized than digital money held in bank accounts, while also addressing the reserve proof concerns of current stablecoins. However, the implementation of CBDCs will create a problem when people hold CBDCs and work directly with the central bank, they will not interact with or use commercial bank services. This could lead to a large number of commercial banks going bankrupt and the economy facing problems when the borrowing and lending process is disrupted.
I think CBDCs will only be widely adopted when governments can solve this problem. Creating CBDCs is not difficult, the challenge is managing and implementing them effectively in the economy. CBDCs, if adopted, will be as important to the economy as stablecoins are to the crypto market, but unfortunately the economy is many times more complex than the crypto market 8)
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launching CBDC has to come with social credit system which will be useful in order for the government to see the financial transactions of every individual. i think this will be good for the government to track criminals.
i know there are over reacting comments about this surveillance and its also true. this is not acceptable for people especially if you come from a country with so much freedom you're used too. but just like in China, people do have the option like Wechat and their CBDC.
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Central Bank Digital Currency popular known as CDBC was rampant at every country in the past two years but I have not heard anyone doing well. My country CDBC is just like a dead app that everyone abandoned. CBDC is mainly mainly meant for the active Internet users and that should the the youths so when the youths are not well treated then they would abandoned the project and focus on something that is more important to them. Personally I don't like CBDC because they are just like that normal Bank we use.
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Central Bank Digital Currency popular known as CDBC was rampant at every country in the past two years but I have not heard anyone doing well. My country CDBC is just like a dead app that everyone abandoned. CBDC is mainly mainly meant for the active Internet users and that should the the youths so when the youths are not well treated then they would abandoned the project and focus on something that is more important to them. Personally I don't like CBDC because they are just like that normal Bank we use.
in Nigeria i heard the people are using USD more and BTC than their eNaira. that's why the CBDC is failing. i think the government will one day find a way to coerce every one to use the app.
there have been theories just how they are going to do all these. so many stuff to know about how our government is will be able to make us all sign up for this CBDC. but for now my government is supporting an app payment only.
since US citizen is already using Venmo i guess this app is working already. just the alternative we are using i guess is enough.
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I'm not from US that has mandate it for its people so it's difficult to know exactly the progress of the CBDC used and the adoption but I haven't heard much from them recently because I can remember very well when they were about launching, so many PR around the used of centralized stablecoin but it seems there is no much around it after all.
Donald Trump has also promised to scrap the CBDC, who knows if he win the election, there might be a he scrapping of CBDC and I think with such move, crypto has won the fight of adoption than CBDC.
We are talking not just about the United States, moreover no of examples I used are about the situation in that country. Of course it is important how the US will deal with the idea of CBDC, but some others implement it already and many is working on it, including the Bank for International Settlements (https://www.bis.org/about/bisih/topics/cbdc.htm) which works for central banks of different countries.
CBDC is a reality already. The programmed currency with a total control of government over its users. ???
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China has always been the leading country that is most active in pioneering crazy innovations, including now I think they are still continuing to test their CBDC in public. We all know that China is against Bitcoin and their decentralized currency... I don't know what reason makes them close themselves to decentralized assets... but maybe it has something to do with their sovereignty in governing their country.
CBDC is easier to regulate, perhaps that is the reason some countries are still waiting for the results of testing carried out by China currently. Including my country which is also formulating plans for the release of CBDC.... it could be that CBDC becomes more popular as a crypto currency that can be used for transaction purposes. Yes, even though I hate it, I can't do much about the government's decision.
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It is not a race or competition between decentralized cryptocurrencies or centralized CBDC. We can live in a world that has both. On the contrary, the presence of CBDC will give Bitcoin value, as the government will control CBDC in an extremely horrific way, worse than what is currently happening with banks.
The real competitor to the CBDC is commercial banks. If the CBDC were approved, governments would not need commercial banks or capital control over decisions, as the government could reduce crime rates and control individuals.
In a fully digital and centralized system, the government could make anyone who opposes its policy unable to buy a bottle of water
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I voted for "I don't like CBDC but afraid it will be widely implemented"
Well, I do not like CBDC, and I do not wish them to spread at all, but unfortunately I expect that governments will eventually impose them on a large scale. Governments hate everything decentralized, so they will not be satisfied with the spread of decentralized cryptocurrencies and will inevitably replace them with CBDC because that is exactly what they are looking for.
Unfortunately, power and strength are in the hands of governments, and they will do everything to fight cryptocurrencies and forcefully spread CBDC on all their citizens in the end, as a citizen of any country, you are forced to abide by the laws of that country.
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Cryptocurrency is something that central banking and governments could not total control and so they think of what can be the best thing to do and they come up with the idea of CBDC which got some god features of cryptocurrency but this time they can control it fully even much better than fiat money. The only problem is that they are not sure if they can really handle the technology and if people would love the idea and these are critical for the success of CBDC in the market. What is happening right now in China will have greater repercussions for the success of CBDC in the long run. In case China will be successful with its experiment with CBDC then other countries may opt to follow the lead and introduce their own version of it otherwise if there will be big problems and challenges then other countries may think twice of joining the party. Personally, I am not against of CBDC as a whole as I am seeing it as just the digital version of the fiat money but what I don't like is the potential control of the government and central banking with it which can be detrimental to the welfare of the people.
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(https://talkimg.com/images/2024/04/16/jkFYq.png)
Central banks will not support crypto. (https://www.cato.org/visual-feature/risks-of-cbdcs#:~:text=Unlike%20paper%20dollars%2C%20it%20would,of%20Americans%20already%20use%20today.&text=serious%20risks.)
One of the reasons people are so attracted to cryptocurrency is its anonymity. The convenience of using or storing a currency anonymously is what increases people's attraction to cryptocurrencies. But this rapid growth of cryptocurrency and its positive aspects are never supported by the government and its central bank. Although it is good, it has become a common thing to make negative comments about it. But a stupid decision has been taken by the Central Bank which we call CBDC, Central Bank Digital Currency does not seem to have any real value.
Why would a consumer use CBDC? Of course, if the user is not addicted to its positive aspects, it will never be worth supporting. If a currency is controlled by a central bank then what is the need for digital currency?
If the government keeps its control to itself then there will be a big gap between those coins and crypto coins.
Disadvantages of CBDC coins are:
1. It has controllers. A user can be identified at will.
2. Security issues are less likely to be overpowered. Because there is a high probability of hacking.
3. It cannot provide any security even in terms of personal safety. Because it is very easy to identify anyone for any reason.
4. The central regulatory body must be dependent on someone else to regulate the CBDC.
Besides, people are not interested in CBDC due to various reasons. By taking such initiative there is no possibility of getting desired results.
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in Nigeria i heard the people are using USD more and BTC than their eNaira. that's why the CBDC is failing. i think the government will one day find a way to coerce every one to use the app.
That is the beginning of the Nigerian Naira or currency fall and this issue is not a recent problem but from the onset of the creation of the country because once a country leave her own currency and use another country currency then definitely they must devalue their to accept the other. Except the poor masses but both the middle class and the upper classes are using dollar for transaction. Even the TV and radio stations mention " US Dollar" when they are calling currency and that is also wrong because as a sovereign nation, they are call their own currency for whatever they do or call. And I have questioned Media stations on this many times but instead they kept quiet. And today we are all seeing the impact.
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CBDC is a monster that was spawned by the wonderful idea of blockchain and cryptocurrencies.
Let me make it clear - CBDC is not about service and convenience, or "blockchain for the public", it is first of all about TOTAL CONTROL.
And not only control, but also management of your money !
A few basic concepts of CBDC (officially will have other names, but the essence does not change):
- digital passport of a citizen, aka wallet, tied to a person from birth to finalization. It is a "digital signature" that will "sign" ALL financial transactions.
- A system of "labeling" money. Any of your "pennies" can be labeled, for further tracking of its "movement".
- control system. It allows you to work on the level of wallets and labeled funds, from the collection of analytics to.... BLOCKING. And blocking of the wallet, but "marked coins".
Let me explain by example: someone Smith turned out to be a "bad man". His money is "dirty". They are marked, and then the money from Smith, for example, to your wallet, becomes LOCKED. You have it in your wallet, but you can't use it.
Or even simpler - a person turned out to be a delinquent, for example. Blocking the wallet and ... he can't make a single payment, he can't get a transaction...
And all this "beauty" will not be presented to the public in the open and in full. And let's not forget that CBDC is a centralized system from birth...
And fiat (cash and non-cash) money is already beginning to leave this world en masse.
No, I'm not scaring anyone, I'm just trying to convey that CBDC is not a victory, it's a global "defeat" of freedoms, which we are presented as progress