Digital Yuan
- Thread starter VicBee
- Start date
A Central Bank digital currency is still FIAT, so I wouldn't have thought this would be of much interest to the BTC crowd. It certainly wouldn't be of any use to speculators hoping to get rich quick.
For them, how about you? Are you excited for your CBDC?
"You will own nothing and be happy" -Simon Dixon
Because the government wants to make digital yuan one legal currency, then make an extreme policy to ban all cryptocurrencies, where China is the biggest miner and crypto money from there after China banned crypto, miners now looking another location to relocate mining devices, US become country for miners.
It wouldn't be the first time that idealists create something without enough consideration for consequences. Since I have a few $ invested in crypto, I'm pondering the consequences of government creating their own crypto currency then banning BTC. Thanks to the idealists who provided the detailed road map on how to replicate such a solution, it would take little time for Europe to dematerialize the Euro and ban non approved alternatives. The consequences to BTC and my investment would be rather dramatic.
I'm confused by your statements, lol, be specific on who these idealists you're talking about
did you watch the video?
Do you prefer communism/socialism over capitalism/free market financial system?
I'm not passing judgement, both systems are F'ed, which is why I participate in an alternative financial system in bitcoin/cryptos
I think you said you're in Singapore and don't know the way your government is reacting to cryptos, I thought it was good
Here in the US, bitcoin is protected digital asset and treated as property. I'm sure you are aware of CME, bitcoin futures etf, PayPal, Mastercard, Visa, Square, Microstrategy, Ray Dalio, Druckenmiller, Paul Tudor Jones, Morgan Stanley, JP Morgan, Goldman Sachs, NYDIG, Bank of New York, Robinhood, Coinbase, etc etc etc, so don't fud US government is going to ban bitcoin and cryptos when you have no evidence
I don't care if you have investments related to btc and cryptos, underhanded fud is still fud
I understand the pressure is getting to you, but remember, I'm on your side and have more to lose with BTC and MSTR dropping as it is.
Yes, I'm in Singapore. We had enough of Trumpland and expatriated ourselves to the island state months before covid hit.
If you re-read my post, I spoke of Europe, not the US where it would be far more difficult to swap coins for US digital ones. Europe, on the other hand is much more interventionist and once consensus is found, decision and implementation is relatively quick. As @mslawson71 pointed out in post #20, tests are being conducted to validate the viability of a Euro CBDC and I wouldn't be surprised if tests are conclusive that Europe will in time implement a centralized BTC type bank to bank exchange system to simplify, reduce cost and increase security and tracking over the existing methods. From there to a consumer digital only euro isn't far-fetched at all. As I've stated before, Europeans are far less concerned with absolute freedom and would support a system to prevent tax cheats from cheating.
As for discussions on political economics, I'd rather listen to experts in the field than a banker turned crypto zealot giving his opinion on Marx and capitalism. I think the American model has shown its limits and spiraling out of control. It's a free for all where narcissism and greed are the measures of success and authority has abdicated its responsibilities.
I believe in decisive and directive, democratically elected government that can't be challenged every time someone doesn't like its plan. Elections are there to approve or disapprove policies and implementation.
I believe in supply and demand and government planning. I'm a social liberal and avowed globalist. I'm strongly against unions because I think it's the government’s job to set employment rules, not union mafias. I think the military budget should always be lower than the education budget. I don't tolerate street vagrants and believe government should finance mental health and drug rehab hospitals to get people off the streets. I think government should stay away from running businesses unless the cost of such business to the population is greater than what government can provide. There is no such thing as freedom to carry a weapon or freedom to be immensely wealthy but wealth is measured by a population's satisfaction with their lives in their country.
Socialism and capitalism are outdated models that have been modified and adapted multiple times over by most nations. What's left are dictatorships and democracies.
I appreciate the detailed reply. I've read your post at least twice so far and won't press you with more political questions since this is not the Politics forum
Is the bitcoin negative price action affecting my mood? I don't think so, but if you notice something, I won't argue, as it would make no difference in the bitcoin price action either way, lol
I'm a Bitcoin maximalist. I support and defend cryptos and attempt to spread adoption. I am not against other coins/altcoins as the whole cryptos ecosystem are supportive of a bigger value cryptos ecosystem. NGU = numbers go up
I defend Bitcoin and cryptos against fud, vigorously. I'm part of the Bitcoin army of plebs. It's our only job, to promote Bitcoin and help adoption and defend against fud. I'm not a dev, so this is the least I can do
I can also choose to do nothing
There were 3 Bitcoin core developers that quit recently. As someone pointed out on a Twitter thread, they probably got tired of the fud
Energy fud and regulatory fud, but the latter has some realities as we've seen in the Infrastructure bill
Bitcoin is open-source and losing core devs is going to hurt the project. At least one of them is a dev for wallets and with the recent regulatory implication on developers having responsibilities for KYC/AML implementation on "unhosted" wallets (i.e. local wallets), I'm sure it was a major reason for quitting
I'm not a communist nor a Chinese
I think there's a chance that China will become the #1 super power. They seem to be playing the long game, 3D chess as others have described
Their recent "attacks" against Chinese billionaires who have accumulated too much wealth, and companies that take advantage of the youth (education and games) and companies that export value outside and may compromise their security are in-line with their communist ideals
Seems more honest than pretend Capitalism of the west where the Cantillon effect of the well connected, i.e. rich and powerful continue to have unfair advantage while pretending to have a free and fair financial system. I heard similar thing from Mark Yusko on a Blockworks episode but I swear was thinking the same thing before hearing it
My knowledge of the Chinese communist system and Western capitalist system are very shallow and don't care to dive deeper as I spend most of my time on Bitcoin and cryptos which have more than enough stuff to keep me occupied most of my waking hours
Back to the topic of CBDC, I do not see anyone who is excited about switching their fiat currency for a fiat CBDC or rather I have not seen their reasons for being excited
They're both fiat currencies, except the latter will have no privacy and may be subject to restrictions and limitations. No vax or booster = no CBDC
BTC type bank to bank transfer is misinformation. I'll give you the benefit of the doubt that you don't fully understand Bitcoin
What you probably meant is stablecoin-type centralized bank to bank transfer
Can you imagine a bank transferring a BTC-like asset that has 80 vol? I think on a recent price dump, we lost over 20% in a matter of hours, imagine a bank transferring $100B and in the morning it's worth $80B on the other side
And you're describing something that will replace SWIFT or whatever antiquated system that they run now with a CBDC banking network
Hooray, but is it revolutionary? Will a French bank be able to do a CBDC transfer to a Thailand bank?
Stablecoins are decentralized open monetary network. An individual or company in Malaysia can make a transfer to an individual or company in Dubai
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One of the main distinctions between BTC and CBDC's is that CBDC's do not offer settlement finality - by their very nature, they will have whitelists, blacklists and the ability to perform economic sanctions / freeze funds.
BTC, as a bearer instrument, is exceptional in it's security and mobility.
What was the "now I get it" moment with Tesla?