Well, we're all focusing on the retail side, which is a tiny portion of the reason financial institutions want CBDCs. The retail (consumer, aka us) side is an almost insignificant amount of $$$ to be a consideration. Financial institutions want CBDCs b/c of the greater efficiency and how much money that saves them/makes them on large dol…
Well, we're all focusing on the retail side, which is a tiny portion of the reason financial institutions want CBDCs. The retail (consumer, aka us) side is an almost insignificant amount of $$$ to be a consideration. Financial institutions want CBDCs b/c of the greater efficiency and how much money that saves them/makes them on large dollar institutional level transactions, international transactions, and so on. That's why I say they are happening and there is good reason for it (in addition to legitimate use in policing gangs, drug/human traffickers, etc.)
But, like I said, the bad actors in gov't, NGOs, "philanthropists," and so on are going to try to take advantage of it and use it for the types of things people are rightly worried about. It would be nice to remove the human element, but probably never going to happen.
Mix AI with everyone using a CBDC for everything and you're one step away from hell on earth, IMO. To avoid that, privacy laws - and maintaining alternative forms of currency - should be the primary concerns.
IMO, our biggest threat is our populace. It concerns me that so many millennial and gen Z folks don't seem to have even a concept of privacy anymore, much less an expectation or a the desire to ensure gov't respects it. So, that would be the main hurdle in ensuring the gov't maintains Constitutional privacy laws. As always, the biggest risk to us is us.
Well, we're all focusing on the retail side, which is a tiny portion of the reason financial institutions want CBDCs. The retail (consumer, aka us) side is an almost insignificant amount of $$$ to be a consideration. Financial institutions want CBDCs b/c of the greater efficiency and how much money that saves them/makes them on large dollar institutional level transactions, international transactions, and so on. That's why I say they are happening and there is good reason for it (in addition to legitimate use in policing gangs, drug/human traffickers, etc.)
But, like I said, the bad actors in gov't, NGOs, "philanthropists," and so on are going to try to take advantage of it and use it for the types of things people are rightly worried about. It would be nice to remove the human element, but probably never going to happen.
Mix AI with everyone using a CBDC for everything and you're one step away from hell on earth, IMO. To avoid that, privacy laws - and maintaining alternative forms of currency - should be the primary concerns.
IMO, our biggest threat is our populace. It concerns me that so many millennial and gen Z folks don't seem to have even a concept of privacy anymore, much less an expectation or a the desire to ensure gov't respects it. So, that would be the main hurdle in ensuring the gov't maintains Constitutional privacy laws. As always, the biggest risk to us is us.
Anyway, thanks for the conversation!