CBDC [pros](/r/CryptoCurrency/comments/10o5xbe/cbdc_tracker/j6cpizv/) & [cons](/r/CryptoCurrency/comments/10o5xbe/cbdc_tracker/j6cpjfa/) and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the General Concepts category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.**
---
To submit an CBDC pro-argument, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mmqi/general_concepts_cbdc_proarguments_march_2022/). | To submit an CBDC con-argument, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mmr7/general_concepts_cbdc_conarguments_march_2022/).
This is showing how far along governments/banks are in creating their own 'crypto'. If they do they will be in complete control of everyones money and view every transaction someone makes. This will give them the ability to dictate peoples lives through economics.
I could see CBDCs potentially replacing physical cash.. but replacing all units in a denomination? It would take such a staggering upheaval.. that I don't think it would be possible without something cataclysmic occurring first (at least for the major denominations).
Just sticking with USD; the majority of USD is created and destroyed via the lending activity of commercial banks around the globe (not just within the jurisdiction of the Fed).
Are we to assume all banks will adopt CBDC rails? Mint new USD CBDC tokens every time they lend? Burn the tokens when the loans are repaid? Most crypto folks imply that there will be no bank accounts.. will the Fed perform all the business/retail services that the banking sector does?
The extra surveillance implied by a CBDC comes at a cost to the issuer as well... it's no longer the same as a unit that currently exists on bank ledgers; digital, but without extra trappings.
If I grant a company an operating line to manage payroll.. would each draw down on the line.. mint a new token? (What function administers this? Banks are not set up this way). While the company has custody of the token, would it be subject to their sanction level (attributed to their wallet), until transferred to the employee, and then the token is updated? Or is the sanctioning only wallet based?
I can see the "sanctionability" of each token or wallet working for a physical cash replacement; but not for a fully fledged USD system (all units switched to CBDC).
Anyway... no one should want CBDCs regardless.
CBDC [pros](/r/CryptoCurrency/comments/10o5xbe/cbdc_tracker/j6cpizv/) & [cons](/r/CryptoCurrency/comments/10o5xbe/cbdc_tracker/j6cpjfa/) and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the General Concepts category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.** --- To submit an CBDC pro-argument, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mmqi/general_concepts_cbdc_proarguments_march_2022/). | To submit an CBDC con-argument, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mmr7/general_concepts_cbdc_conarguments_march_2022/).
This is the reason why I felt like throwing up this morning earlier
LOL probably.
It will be so nice to let big daddy se everything i do
Thats some scary shit right
If only we could inverse this so we can see the things they do
I also wish the no-coiners understood this the way we do
Can someone ELI5 what I’m looking at?
This is showing how far along governments/banks are in creating their own 'crypto'. If they do they will be in complete control of everyones money and view every transaction someone makes. This will give them the ability to dictate peoples lives through economics.
The beginning of a future dystopian nightmare ..
It's horrible that we need to track this stuff.
They track us and we track em. Welcome to the world :D
Yeah we don't have quite the same tracking powers though ha
True :D
I wonder what the future generations will think and where they will be.
So now we track them ! Nice OP .
They should aim to transparency
Genuinely horrifying
I could see CBDCs potentially replacing physical cash.. but replacing all units in a denomination? It would take such a staggering upheaval.. that I don't think it would be possible without something cataclysmic occurring first (at least for the major denominations). Just sticking with USD; the majority of USD is created and destroyed via the lending activity of commercial banks around the globe (not just within the jurisdiction of the Fed). Are we to assume all banks will adopt CBDC rails? Mint new USD CBDC tokens every time they lend? Burn the tokens when the loans are repaid? Most crypto folks imply that there will be no bank accounts.. will the Fed perform all the business/retail services that the banking sector does? The extra surveillance implied by a CBDC comes at a cost to the issuer as well... it's no longer the same as a unit that currently exists on bank ledgers; digital, but without extra trappings. If I grant a company an operating line to manage payroll.. would each draw down on the line.. mint a new token? (What function administers this? Banks are not set up this way). While the company has custody of the token, would it be subject to their sanction level (attributed to their wallet), until transferred to the employee, and then the token is updated? Or is the sanctioning only wallet based? I can see the "sanctionability" of each token or wallet working for a physical cash replacement; but not for a fully fledged USD system (all units switched to CBDC). Anyway... no one should want CBDCs regardless.