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[–]brimshae 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (0 children)

central bank digital currencies

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Look, a balloon… err, Trump

[–]SoCo 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Reading the many results from US government agencies, the any digital currency fundamentally requires privacy to be usable, yet it is treated like a nefarious thing for decentralized cryptocurrencies. They of course really mean it must be completely transparent to them and their corporate partners, but private to outsiders.

The proposed CBDC's as the result of government inquiries throw away all the aspects of cryptocurrencies that make them better than legacy banking. They are all envisioned with zero security to the banking partners using the permission-ed system. they are all centralized, throwing away that security, privacy, censorship proofing, and resiliency. They don't even bother to use a blockchain...they don't understand what a blockchain is or how the revolutionary idea of it's time stamping solves huge problems. A authoritative centralized group of cloud services building "blocks" in a centralized manor completely defeats the benefits.

It's just cloud database coins. We already have that, it's called credit cards. They are slow, taking weeks to a month to settle many times. They are insecure, if anyone gets your card info, they can make transactions, but you have to give that info to anyone to use it. Their collective fees are massive. The huge amount of redundancy, waste, and manpower to facilitate it, expels whole continents worth of Carbon. How many skyscrapers and office buildings does the banking system require to do everything badly and insecurely? How many 100's of thousands of people drive their gas car to work at the bank every day, sitting in the air condition, doing the job of a automated program? To keep the fake charade going they eat $100's of Millions of dollars in fraud, globally......every HOUR. This amount is continually increasing and has a huge impact on the economy as a whole.