ECB Says Cash "Not Fit" For Digital Economy, Dismisses CBDC Privacy Concernswww.zerohedge.com/crypto/ecb-says-cash-not-fit-digital-economy-dismisses-cbdc-privacy-concerns
196 sats \ 2 comments \ @cryptocoin 24 Aug 2022 bitcoin
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110 sats \ 0 replies \ @nerd2ninja 24 Aug 2022
"The paper also rejected cryptocurrencies and stablecoins, calling them a 'threat to monetary sovereignty.'"
Hey there is something we can agree upon ;)
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40 sats \ 0 replies \ @itsrealfake 24 Aug 2022
from the paper in question:
The ability to bundle digital payments and services puts BigTech in a unique position to play a major role in the market for payments. In particular, the strong network externalities in both digital platforms and payment services create the scope for dominance by a small number of digital money issuers. These prospects have – at least in part – inspired a debate among central bankers about the potential benefits of introducing public digital money in the form of central bank digital currency.
the idea of "big tech" issuing money makes me feel ill.
Ewww yuck. Have a look @ figure 4 from the original paper (you should go download the paper and read it anyway, zerohedge will not give you the level of detail present there)
If you hold this view, then coercive anti-privacy can be viewed as the result of intense competition. fucking gross.
Figure 4.
This Figure illustrates the relationship between the value of privacy (vertical axis) and the degree of competition in financial intermediation (horizontal axis) in the model of Ahnert et al. (2022).
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