HN is a really sad place for bitcoin discussions. Reminds me of /.

What's /.?

Slash dot, it's another discussion board

People really need to start thinking about how they’ll navigate governments having CBDCs.

If you think you’ll be able to simply unplug from the system by using bitcoin or gold/silver, and maintain your current standard of living, you haven’t thought this through completely. [Nitter]

25 sats \ 0 replies \ @duvel 9 Feb

Yes, that is a very interesting comment. With a lot of services you can only pay in fiat or later on CBDC for e.g. energy, taxes, insurances, at least in the EU. But for other stuff like food, electronics, clothing, you could pay with Bitcoin. The merchant could accept Bitcoin in store or online. is also a great alternative.

The most interesting thing about CBDCs imo is that it aligns the interests of commercial banks with those that oppose them (bitcoiners for example).

Commercial banks become redundant and unnecessary in a CBDC world. Will be interesting to see how lobbying efforts play out

One saddest/worst comments:

If you're worried about "total bank surveillance" (which seems to be most people in this thread), don't. Every single bank you have an account with already has to keep track of know-your-customer information. It's not like the fact that there's a centralized digital currency will give the government more control over you than not. The government can simply tell the banks to hold your assets, put you on a list that prevents payments providers to service you, etc.

The digital currency won't make any of that worse.

The good thing about digital currencies is that'll actually take power away from commercial banks. Right now you need to go through someone like Barclays, HSBC, etc, to get your money. CBDC actually lets you keep your balance directly with the government ledger and avoid relying on banks for everything. This is a good thing.

Beware that commercial banks are obviously opposed to this and will be very vocal about it.

If the commercial banks are against it, the there is a 0% chance it will happen.

When it comes, it will be an utter monstrosity that fattens their pockets.

Actually, it's not possible for commercial banks to profit from being cut out of the money game. A CBDC would by it's very nature stop them from issuing fiat, which they do with every loan they make.

They do seem to have more power than the fed does though, so I've long said that there is no way in hell the Fed will be issuing a CBDC in any way. That's for countries like China where the banks aren't a larger cartel than the government is.

What if the CBDC were an interest bearing token that got dispersed through the banks?

Wow, sometimes when i read a comment like that, counter arguments start popping into my head and i think about formulating an answer, but as i read on i realize that it is hopeless. They are too far gone/brainwashed or on the govs payroll

For some time now i have the suspicion that HN consists of 75% GTP instances. I refuse to believe that so many people are able to formulate so much high entropy text so consistently.

"high entropy text" is an interesting way to say nonsense comments lol

Those "GTP instances" are actually FAANG employees. Their opinions are basically indistinguishable.

well that is the reddit equiv to stacker. They always lean left on everything and support everything the govt or media pushes. Not parroting the "message" will get you downvoted.

The vast majority in the U.K. are of the mindset that "nothing bad would happen here". One of the reasons why I left and have no plans to return. Too far gone now, they have passed the event horizon.

Long term, people will realise to earn in REAL money. In the short term however, this will bring so many new benefits to Governments that I can't believe anyone with sanity or a single brain cell believes this will benefit them:

  • It will usher in crazy capital controls - even to 'aligned' G7 countries
  • It will stop the exits into tokens & coins - without relying on commercial banks to do their dirty work
  • It will allow them to steal & freeze assets from ANYONE who resists them
  • It will allow them to surveil so much more easily
  • It will allow them to implement their carbon austerity Ponzi agenda
  • It will allow them to ration quantities of products per person
  • It will slow inflation during the next round of printing
  • It will give them a backup plan to when they super-inflate sterling (think maduro Petro)

Really, what is the general public getting from any of this? Besides yet another law they didn't vote or ask for? Just a wake-up call to exit sooner, for those that choose to open their eyes...

If you are one of the lords, why would you fight serfdom?

It’s on us, Bitcoiners to really educate people on the evils of CBDC. Average people are living paycheck to paycheck and don’t care. Those who suck at the teet of fiat money and see freedom as a threat to their privilege would absolutely support CBDC.

If it wasn’t for Bitcoin and wanting the world a better place for my kids I would support it. My bullshit big corpo job is a nice lifestyle and it won’t hurts paying the guy who cut my grass in worthless shit while I keep my real money in actual assets.

Did my best to explaining the bullish CBDC case. Why BTC has never been confronted and why that confrontation (with CBDC's) will cause extreme monetization of BTC in a Twitter thread:

Anybody defending CBDC is sick in the head and might be experiencing Stockholm syndrome

HN has been slowly but surely degrading so not surprised

when will people learn that centralizing power will always lead to disaster?

Maybe never

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