My critique of Mark Carney's critique of central bank digital currency, or CBDC. He thinks the stuff will be dangerous, I think it could suffer from irrelevance: https://jpkoning.blogspot.ca/2018/04/critiquing-carney-critique-of-central.html …
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My post isn't about a state-issued cryptocurrency. I intentionally avoided any mention of the underlying tech in order to concentrate on the end point.
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Current crypto community is a echo chamber and you know it. We are still little guys acting like we're going to take over the world.
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It is People who collectively decide to imbue scarce objects with a monetary premium. We are those people.
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You are a tiny minority who have frankly extreme views. Why do you think the rest of the world will agree to accept what you define as "money" in preference to what democratically-elected governments define as "money"?
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Markets are better than Officials in figuring out which money, it, the Market, likes better. The current fiat system is our only choice as we are brought into this reality. Alternatives & competition is good for progress.
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Were you part of the vote in 1971 when Nixon decided to redesign the monetary system? Exactly.
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As I'm British, and at the time was very young, clearly not. But then the decision to link the USD to gold and my country's currency to the USD was taken long before I was born. How far back do you want to go?
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Don’t you think experimentation and innovation of several financial units competing against each other in cyberspace is a great idea to try to build even better money?
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I do, actually. But that isn't what is going on right now. What is happening right now is an attempt by goldbugs and Austrian economic cranks to take over the monetary system. It would be the triumph of shamanism.
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I can't think of a single good reason why a state would want to issue a proper cryptocurrency.
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Do you believe fiat state monopoly on money is better for the world than various moneys competing against one another in an open market?
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as a person who spends much of his time writing Ethereum tooling, i’d love it if the Fed issued a USD ERC20 token. a lot of decent stablecoins are emerging, but still.
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I don't have a problem with state-issued ERC20 tokens. Common standard is good. But a state-issued cryptocurrency - sorry, can't see the point.
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What is the difference between state-issued ERC20 and state-issued cryptocurrency?
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That is not true. Many people would. And most already use digital government money.
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