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There is decentralized crypto like bitcoin, and then there could be central crypto like the new digital Yuan. i.e. fiat crypto.
No?
A cashless country like Sweden arguably already has a fully digital currency.
The titular feature of crypto is the increased anonymity it can afford to holders. There would be nothing like that with a digital gov coin. I think this distinction is important enough to say that a centralized, identified digital currency could not be called a cryptocurrency.
A cashless country like Sweden arguably already has a fully digital currency.
The titular feature of crypto is the increased anonymity it can afford to holders. There would be nothing like that with a digital gov coin. I think this distinction is important enough to say that a centralized, identified digital currency could not be called a cryptocurrency.
I don't know why a central fiat can't be encrypted/blockchain or whatever.
I would think that they can trace, and they can vaporize.
I also think this is a way for China to create money ad lib. And without a public record.
In China, the government does not need to ask anyone if they need to make more money. There is no public record now. Most people use online payment systems already, so any tracing to be done, already happens. Be more concerned about your own loss of freedoms because they are happening very very quickly.
Governments would LOVE to have an electronic money system because it gets rid of the need for gold, but more importantly, there is so much more opportunity to control. Any punishment or even a hint of suspicion any public servant can call for your electronic bank account to be frozen. Without that...what can you buy? Very soon you would have a well ordered populace (on the surface). Only one bank account allowed.
Got a gun? freeze the bank account until you hand it in.
Unfortunately, there will become a 2-tier society because of the many people who do not have or do not want a bank account. There are some jobs which deal in cash and these would have great difficulty doing business in electronic money. Many are criminals of course, but also there are those who cannot get credit or have dodgy credit ratings. These people would be outside the system.
I don't know why a central fiat can't be encrypted/blockchain or whatever.
It can be... initial prototypes of Fedcoin coming later this summer. Encrypted instant cash transfer smartphone to smartphone, just as fast as handing someone a twenty. Banks and credit card companies aren't going to like it.
Unfortunately, there will become a 2-tier society because of the many people who do not have or do not want a bank account. There are some jobs which deal in cash and these would have great difficulty doing business in electronic money. Many are criminals of course, but also there are those who cannot get credit or have dodgy credit ratings. These people would be outside the system.
They figured out that kind of bankless/bank optional electronic payment system in Kenya close to 15 years ago-
Then you have no excuse for being caught off guard when it finally does happen...
Nothing will surprise me which is why I don’t hide under a rock , I allow for it in my plan up and done . I don’t harp on it for years and years waiting for what may never come in my lifetime.
I certainly don’t hide from investing and I don’t dwell and worry about what I can’t control
The road to being a dominant reserve currency is a tough one.
Sometimes random ceos that have been in trouble with the SEC can tank it’s value by a fifth simply because their car company with less than 1% of the market share stopped accepting BTN for a fraction of those fraction of sales.
It’s a pretty big worry of mine that the USD, which is almost 2/3 of foreign exchange reserves and more than half of global trade is conducted in, will be taken over by these.
The road to being a dominant reserve currency is a tough one.
Sometimes random ceos that have been in trouble with the SEC can tank it’s value by a fifth simply because their car company with less than 1% of the market share stopped accepting BTN for a fraction of those fraction of sales.
It’s a pretty big worry of mine that the USD, which is almost 2/3 of foreign exchange reserves and more than half of global trade is conducted in, will be taken over by these.
There is a large enough group of partially educated techno-millenials with no long term investment experience, that will teach us old Luddite bastards a thing or two about passive money making.
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