You know full well that I’m not a fan of crypto. I’m completely aware that 99.99% of all that garbage is scams. I have no issue with the authorities going after this people.
But there are things about this technology that are not a scam and it is worth trying to understand how this works and how things may change because of it. If that is of no interest to you and you just want to cry because you or some people lost a couple bucks on a dog coin then we can end this conversation and I leave you to cry alone in the corner, I don’t have any interest in that discussion.
CBDC have similar characteristics in some ways, but are completely different in others. But for a variety of reasons I will only go into if you are actually interested they will not be able to compete with Bitcoin.
No, I do not need to answer things I never claimed. Like you don’t need to answer what exactly you love so much about what Epstein did with children on his private island.
Maybe it’s not where society has to go. And everyone can have their own opinion about it.
I have never seen any use case for NFTs that makes actually sense. Every thing they try to do fundamentally collides with the oracle problem and depends on external centralized system, at which point it becomes completely pointless to have them on a decentralized block chain that has all sorts of inefficiencies.
The entity that runs a CBDC is the central bank. Good luck holding them accountable for the damage they will do by abusing that absolute power over everyone’s wealth.
In contrast, Bitcoin is a protocol with no one in charge. You either agree to the protocol and take part or you don’t. And since no one can change it, no one has to be held accountable in the first place.
I know, you probably also think that money requires built in surveillance and censorship. On that we just have to disagree. It didn’t require this for the last 10k years, so it doesn’t need it now.
Lol, now we’re onto your silly back and fourth and I have to spell things out to you as if you don’t understand when we both know you do understand…I know you never claimed that, I am simply asking you a question…again do you have an answer? If not your convo/views have flaws.
Your convo leads to nowhere, You seem to want to claim something is a scam and then not give any details as to why you even think that. You have a strange way of talking and I’m unsure how anyone can take you seriously.
I think it will be exactly the same as it is now, instead of paper plastic and ink it will be some sort of digital token. If anything it will help banks/governments continue what they are currently doing but more efficiently. The process of printing and subsequently burning money will become a couple of clicks to create or delete money.
Obviously with BTC you can monitor your own holding in comparison to what everyone else owns and it would seem governments/banks envy some of the benefits BTC brings to the table. I can definitely see why you have concerns as I learn more about CBDC’s I’m starting to have privacy concerns.
I am definitely a fan of BTC from a retail purchase perspective and have found it very useful for internet shopping with trusted retailers, It has done exactly what it says on the tin and kept my transactions secure.
Do you know if the money currently in our bank accounts will eventually automatically become CBDC’s?
The money in our banks is jsut a representation so it’s easy to transfer it. When CBDCs are implemented I assume the banks will follow the national bank and switch over to CBDC reference instead of database reference. But instead of the Bitcoin there can be destruction of coins which will be used to control it’s value depending on the economical situation of the country (maybe even in relation to money/value lent other countries). Not sure, it will be controlled by those voted into power by the people of the country. Sound better than trusting a random anonymous person (who guarantees you he is not a financial advisor) with your money.
Just to inform you and Karak (both who post that the sky is falling and the banks are going to close), in France there are 140 banks, you can put up to 100 thousand Euro per bank and it will be insured/guaranteed by the government. So if every bank should fall, the government and insurances will cover per person up to 14 000 000 euro. So for “poor” people who have more than 14 million euros in their bank account , well they are screwed. So yes, those “poor” people will be stuck with only 14 million euros… sad but I guess that’s how you see poor people. Unless you use the 96 municipal banks where you could put another 9 600 000 euros. But yea, the really poor who own over 23 million euros will be the victim if the banks fail. I hope those you consider “poor” don’t cry to much in their Ferrari’s and Bentley’s as the salty tears might damage the leather seating. Let me tell you that Bitcoin does not have that guarantee and it’s just like putting money under your mattress. Probably ok for a few hundred euros but not for millions.
We all know crypto is for the rich and the gullible. I can guarantee you the rich get richer and the gullible will end up in poverty. No matter how much you promote crypto. And no, “the poor” don’t need to anonymously send money overseas, they can already do this but yes, there is a danger as some countries have far different insurance values. For El Salvador it’s only $9000 per person per bank. Unlike their crypto El Salvador’s Chivo wallet keeps breaking, and users are seeking answers | The Block
Not only me, there are many example around and the whole idea of “Let us make a financial service and not regulate it and hope no bad people will abuse it” is childish. Or criminal. You keep claiming ‘nativity’ but by now we all know better.
So you want to understand something without understanding it? I can understand why you type the way you do, you seem to be deciding what is or isn’t important before you’ve even understood it.
If this is your attitude then you’re never going to understand anything about crypto or Bitcoin. It really isn’t that difficult.
A cypherpunk is any individual advocating widespread use of strong cryptography and privacy-enhancing technologies as a route to social and political change. Originally communicating through the Cypherpunks electronic mailing list, informal groups aimed to achieve privacy and security through proactive use of cryptography. Cypherpunks have been engaged in an active movement since at least the late 1980s.
As far as I’m aware being a cypherpunk is not a crime or a scam. Cypherpunks had been working on methods to solve privacy/security issues for a long time, Satoshi finally solved an issue called the “double spend” which was Bitcoin’s only hurdle.
Lots of people “mainly investors/traders” caught wind of Bitcoin and proceeded to market it a something people could get rich from quickly.
So you not wanting to understand the tech behind this will only serve to mislead you which is apparent, it’s absolutely fine for you to dislike Bitcoin I just think it is a bit awakward because you seem to be writing a dissertation on these forums without doing any research or study.
So no, crypto is not for the rich and gullible, it is simply for the people who want more privacy and security. You have somehow been misled into thinking a certain way when you hear crypto and no matter how anyone tries to communicate that you are wrong and need to research more you will still be stuck in your “it’s a scam”. This is why so many people get scammed you have more faith in other peoples ability to understand something than your own ability.
You should be typing…like a normal sensible adult. see below…
Bitcoin is simply a Digital token used to transfer value and is created in a specific way that makes each Bitcoin unique, it is a widely accepted fact that if you own or recieve a Bitcoin or part of a Bitcoin it can be exchanged for fiat money at a crypto exchange. One would actually be fine accepting only this fact about Bitcoin and completely ignoring the “you can get rich from Bitcoin”.
I know FTX is a scam, did not need to understand their “special algorythm” which no one could understand as it was just a scam.
So yes, I know it’s a scam and yes I do not understand the algorythm FTX uses.
What is (one of the so many) a big red flag with you is that you acknowledge that everything besides ‘pure’ BTC and lightning is a scam, yet here you are claiming NFT’s are not a scam. You just change your idea of technology every few posts, not because you care but because you need ‘just another customer’.
Then when confronted with your financial advise you have been giving for quite some hundred posts you say ‘oh no, it’s not a financial system, it’s a privacy system’ continuously moving the goal posts. That’s also quite a big red flag.
Concluding that you keep on saying anything that appears good but is objectively false (like BTC is for the poor who in your definition are afraid their millions are not insured in the bank) yet you are very extremely silent around this and again, move the goalpost.
It’s clear and obvious you have no technology to talk about, you are here to say anything that makes your profit (which you might or not declare to the ebil gubernment) increase.
You messed up there, Bitcoin was designed to cut out the middleman. I guess I can’t really understand well when middlemen appear, go bankrupt and a lot of gullible people end up poor.
See, you have a definition that is not in the whitepaper, it will be whatever it is needed to be interesting to the next gullible person.
NFT’s are fundamentally a MLM/DirectMarketing/‘whatever name you will give it so it sounds new’ type scam designed to get people use BTC and inflate the value of BTC transactions to artificially increase the use before the rug-pull (which you have been posting about a lot above so you can’t say you didn’t knew).
Why would you reference “crypto exchange”, most are by law (EBIL GUBERNMENT) required to implement KYC. So yes, I don’t understand that you say one thing and the exact opposing thing the next sentence or paragraph or post.
Yet you can’t find/quote a single post where I gave financial advice, In fact I have been asking why normal people are investing their life savings in Bitcoin when the usage is only at 350k transactions per day.
Again, you can’t provide any evidence of this, You’re just typing emotional nonsense because you don’t have a valid argument. You’ve done zero research on this topic yet you have more opinions than anyone else in the whole world, there is simply no balanced view in any of what you are typing.
This has got to be the most bizzare convo I have ever had on the eve forums, forgive me I am bemused that you actually think it’s ok to have complete conviction on a subject you’re not even bothered to learn about.
Why does the average person still need a bank account if they can have a wallet with central bank currency that works without a bank? Would be interested if you actually thought about that.
In my opinion there are two possibilities:
They actually make the CBDC money directly accessible for end users, in which case they profit from the efficiency gain, but that means that banks lose a huge junk of their customers and cheap capital. This will wreck complete havoc in the banking sector.
They somehow castrate the whole thing from the start, in an attempt to save the bank’s business and keep the current system as is with end users not having access to CBDC money directly, completely wasting all the advantages such a system would bring in terms of automation.
Yeah this argument gets repeated a lot, like it’s somehow sound. It just completely fails to account for businesses with lots of people on a monthly payroll who need cash in the bank to cover that.
And you actually think that spreading their cash out over dozens of banks with a 100k cap is a reasonable solution?
Yeah it is pretty much. The money under your mattress also doesn’t disappear if the bank goes bust.
You call that financial advice? This was when I was mining, I suppose it is somewhat, my point was since all of us here are gamers we obviously have gaming PC’s which can be used to mine crypto and support transactions on a specific crypto network.
I’d hardly call this finacial advice since it uses existing equipment and required zero investment to start. this was more job advice to techies who happen to like working for themselves, I would have thought financial advice was more “Invest your savings in this product/stock” which definitely isn’t what I was suggesting.
Believe it or not many of us tech nerds get excited about doing something like a solar power project, when I get a home with a garden it’s definitely something I’m looking at.
The CBDC will always be available (just like normal national currency) through national bank or private bank(so you can have that funny ‘privacy’ you keep referring to). So a bank can perform services and profit from that. The government is usually slow and inefficient so banks can compete in many ways. Banks will compete with government bonds so you can lend to more than just the government. Banks will do services the national bank can’t (or won’t) do, things like SEPA direct debit, debet or credit cards, … but none of those require you to come on premises, you can log on to the government portal (https://franceconnect.gouv.fr/) to certify it’s you. And technology is changing fast and electronic payments by phone are already existing provided by a private bank and thus there is no interest to use an app from some random unknown guy… or from people who are (the son of) bankers but can’t stop whining on how bad government and banks are and he’s be much better, as he “pinky promises”.
It’s all about trust. And accountability. If one is afraid of loosing money from a bank that’s regulated by their government, the people can rely on the government to bail them out. No one is bailing out crypto.
Payroll processing , which is usually outsourced, is usually charged per employee on average $10 to $25 per month. So they can use multiple banks to pay out to the Payroll processing company. So I guess you are talking about less than 0.04% of the companies… and those billion dollar companies have assets divided over several banks.
I think it’s hilarious as you claim to be concerned about “the sky that is falling” while literally in a place close to you it literally happened and life just went on and there wasn’t much of an issue and BTC or lightning didn’t do anything and were not even close to a lifeline neither for the company and neither for the employees.
Hey, there is always a job opening for accountants there, you could apply. Tell them I sent you to manage more than one bank account in case the Credit Suisse bank would fail and Nestlé would loose their ~14 million. Please film the reaction of the recruiter… and ask him if you can share it, like candid camera things… must be EPIC.
Why would you even need that for non-international payments, if you can just pay with a CBDC in the shop or send it to other people?
You mean the people are bailing the banks out? Or who do you think is paying for that in the end?
This isn’t even a problem of fiat, it’s a problem of regulation. Why are banks that custody customer money even allowed to speculate with that money? As it is today, I basically pay them so I can give them a free loan they then use to gamble with, and if something goes wrong, I as a tax payer pay for it. How retarded is that? How is this even allowed?
The same goes for so called “crypto banks”. The whole reason why they go bust is the same as for the banks in the fiat system, degenerate gambling. But unlike in the fiat system, I don’t require a bank to store my money, I have the option to self custody. I know, it’s just another risk trade-off. But as it stands now, I would never give a bank the majority of my money. I rather custody that myself, because I can.
Oh yeah? The government “guaranteeing” credit (just another new form of money printing that circumvents the debt break) that amounts to something like $30k per citizen of the country is “not much of an issue”. They just put all the risk of that whole operation on the shoulder of the whole country without even asking anyone.
I get it, you are not concerned and everything is fine. I actually hope you are right, but I fear you are underestimating the rotten state of this monetary system. Money only works as long as people have trust in it. There is nothing any government can do if that trust is gone for good.
I think politics has lots to do with it, Currently the UK is supporting Ukraine by providing state of the art weapons and defence systems which is being paid for by the UK tax payer. I can see the logic in them using tax money as it will secure the production of food which I need, the issue is how long can the UK sustain support to Ukraine without affecting the UK tax payer? As you say something could go wrong where russia decides to have permanent occupation in Ukraine which would make managing finances in Ukraine difficult.
I do try to have a balanced view and I imagine if the UK did nothing to support Ukraine, Yes our tax money would be more secure but food supply lines would be affected badly, I go to the shop and there would be no sunflower oil on the shelf, also the products that contain wheat, maize, barley and rice would also be affected and lots of food manufacturers would have to revise their recipie’s and possibly let employees go due to lower sales.
I do think governments need some control of our tax money to promote humanatarian causes, but there definitely needs to be strict rules governing this.
Pay (Gas, electricity, water) bills “automatically”… I don’t like to be without those. You can also use it for ISP , newpapers,…
Because they follow a set of rules, it’s regulated. Markets change and they have to make an educated guess (or in your perception gamble) on what investment will be a success and what not. No one knows the future but there are certain things that are reasonable reliable. There are the evil bankers that want the “quick money” and they do some shady stuff but that’s not the deal… Barings Bank: Its Collapse, Acquisition, Lessons Learned
Wrong, they ask the people all the time. Laws are modified all the time.
Sounds like you would need like a parliament and elected officials to vote for approval of those things? Oh wait, you already have them… not sure what your want exactly? Your vote matters every time, not just when you have a problem. Many people forget about that. But at least accept what it is even if you don’t vote. Can’t have it both ways.
