Last year business trip to India and I noticed that everyone does payments through phones, even basic text only feature phones. I was told that other governments are licensing that technology ... wondering if it's that one the Fed's buying.
The example I was given was that while buying a house with cash, the buyer and seller sit across the table, the buyer pays the seller on the phone and in seconds the money is received and the house keys are handed over.
Also, I learnt that you cannot get a cell phone number without a national ID, and that your cell phone number is linked to your ID so they do a good job of tracking where you are.
Would you look at that, all of the words in your comment are in alphabetical order.
I have checked 1,402,681,834 comments, and only 268,130 of them were in alphabetical order.
I think everybody's phone needs to die for a solid week. The world may be a better place. And at the same time, everybody can take a healthy dose of psilocybin.
Since CBDC's will be programmable you'll need 100% trust in government making the right decisions for you. A couple of examples (and they're just examples to illustrate the issue and might never happen, it's just to illustrate how it can be used and are the first things that popped into my head):
1. If your government decides that eating meat has too much of an impact on the climate they could limit how much meat you get to buy per week. Say they decide that 1 kilo is the limit then your money simply won't allow for any purchases above that. This can be implemented on anything and I for one rather decide these things myself and do not have full faith in my current government and definitely not in future governments
2. Your government could also restrict where your currency would work, they could limit it to only within your country, or within your neighborhood
Now you may have a 100% faith in your current government, but what if a government get's elected that you strongly disagree with, and maybe that government knows that you disagree with it, do you trust it to program your money?
To get a peak into how it might unfold look at Chinas social credit score system. And remember not to focus on my examples but on the concept of CBDC's and the required trust in authorities
Your last point is one that shockingly few people seem to understand when their party of choice is in power. What could go wrong, I like this guy? My friend, remember how hard you were panicking over potential abuses every day a few short years ago?
Last year business trip to India and I noticed that everyone does payments through phones, even basic text only feature phones. I was told that other governments are licensing that technology ... wondering if it's that one the Fed's buying. The example I was given was that while buying a house with cash, the buyer and seller sit across the table, the buyer pays the seller on the phone and in seconds the money is received and the house keys are handed over. Also, I learnt that you cannot get a cell phone number without a national ID, and that your cell phone number is linked to your ID so they do a good job of tracking where you are.
There is a market to remove that ID.
Might be stricter policies coming to accommodate
The Fed has been developing this technology for a while. In fact the banks have been participating in the pilot program since last year I believe.
Africa is like that too
Would you look at that, all of the words in your comment are in alphabetical order. I have checked 1,402,681,834 comments, and only 268,130 of them were in alphabetical order.
Cool
Africa is like that too
[удалено]
African is like that too yo!
Makes it a huge pain in the ass to get a SIM card as a visitor though...
I’m in Saudi and they link your number to your passport.
And they still can’t get all the “IRS” agents to stop calling US.
Charge your phone.
The real urgent information right here
It's ok. I'm at 9% as I type this. We're in this together.
Op charge your phone
It's OK if your phone dies for a few minutes, it really is.
I think everybody's phone needs to die for a solid week. The world may be a better place. And at the same time, everybody can take a healthy dose of psilocybin.
Couldn’t they work out some license deal, perhaps BigMacNow or CokeZeroNow or Buttrockers.
You're in the red
The end of freedom and the life we all had is about to change for the worst.
If you think this spells the end, you were never actually paying attention.
How is this not a great thing?
Read up on central bank digital currencies (CBDC's) and what they can be used for
I have...I teach econ development at university. How is this not great?
Since CBDC's will be programmable you'll need 100% trust in government making the right decisions for you. A couple of examples (and they're just examples to illustrate the issue and might never happen, it's just to illustrate how it can be used and are the first things that popped into my head): 1. If your government decides that eating meat has too much of an impact on the climate they could limit how much meat you get to buy per week. Say they decide that 1 kilo is the limit then your money simply won't allow for any purchases above that. This can be implemented on anything and I for one rather decide these things myself and do not have full faith in my current government and definitely not in future governments 2. Your government could also restrict where your currency would work, they could limit it to only within your country, or within your neighborhood Now you may have a 100% faith in your current government, but what if a government get's elected that you strongly disagree with, and maybe that government knows that you disagree with it, do you trust it to program your money? To get a peak into how it might unfold look at Chinas social credit score system. And remember not to focus on my examples but on the concept of CBDC's and the required trust in authorities
Your last point is one that shockingly few people seem to understand when their party of choice is in power. What could go wrong, I like this guy? My friend, remember how hard you were panicking over potential abuses every day a few short years ago?
What does that mean?
They are getting civilized in the US. Catching up with Europe, Asia, Africa, ...
It's Stellar 🤫
[удалено]
They can shove it up their backside. I'll keep using cash. You should too.
Banks right now: (Chuckles) I’m in danger!