Posts by ex_ob

UK Treasury and Bank of England starting to sound serious about 'Britcoin'

Re: Reinventing the wheel takes you nowhere different

Bad argument. Not all cryptos are bitcoin.

There are very good arguments to oppose a CBDC, but you need to go and research them -- don't offer these weak arguments that are easy to defeat.

Re: Will happen, will be first, will succeed, but will be more like a database

The blockchain is inherently slow and prone to attacks. Any form of critical infrastructure that must be exposed to public networks has a giant risk slapped on it, and if that network happens to provide the nations currency then you better be very careful.

CBDC's are a poor idea because of censorship and national security.

Re: No

Poor reason to oppose, simply because most cryptos now are "proof of stake" or use a consensus mechanism that doesnt require a lot of power...

You need to understand the implications of censorship if you want to oppose a CBDC, theyre the only worthwhile arguments against.

The obvious problem here is that with a programable currency, the government will not be able to resist imposing policies through the currency.

So if they think you shouldn't donate to xyz political movement because they have decided theyre all "haters" or something, you just wont be able to donate.

If you want to buy something they think you shouldn't have too much of because of "climate change", i.e. a Sunday roast, then again you're screwed, because sorry you've had too many Sunday roasts already this year.

If you combine this with lets say a digital ID and an IoT that they have the "admin keys" to, then really kiss goodbye to any freedom whatsoever. You truly will be in the digital gulag... which is of course the opposite of the dream we all had for the Internet.