CBDC's. Are you paying attention?

Discussion in 'Digital Currencies' started by markcoinoz, Nov 23, 2023.

  1. markcoinoz

    markcoinoz Well-Known Member Silver Stacker

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    This video was put out by Coin Bureau on the shaping up of Global adoption of CBDC's.
    For anyone thinks this is just a Conspiracy Theory, suggest you do a bit more digging.
    In the video Australia gets an honourable mention.

    The best part about the video, Jessica is the host and not Guy:D

    The video is at the end of my post.
    Something also to keep an eye on.
    Algorand - XRP - USDT


    Unlike earlier projects where the CBDC was purely a proof-of-concept, the pilot CBDC was issued as a real legal claim on the RBA. In response to a white paper published in September 2022, industry participants were invited to submit proposals of CBDC use cases.

    What is the Australian CBDC pilot program?
    The project involved the RBA issuing a limited-scale 'pilot' CBDC that was a real legal claim on the RBA. The pilot CBDC was used by selected industry participants to demonstrate how a CBDC could be used to provide innovative payment and settlement services to Australian households and businesses.23 Aug 2023

    https://www.rba.gov.au/media-releas...e RBA,to Australian households and businesses.



     
  2. markcoinoz

    markcoinoz Well-Known Member Silver Stacker

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    I don't have any major concerns either, as I am sure it will happen eventually:)
    The important part for me is to be aware of it and be prepared and take steps before
    it happens. I don't rely on one source to gather information from. There is currently a fair bit of talk
    about Algorands tokenomics and although the CEO denies their involvement with planning to role out a CBDC, the
    tokenomics and their countless reports says otherwise.


    https://cbdctracker.org/

    https://cbdctracker.org/cbdc-tracker-whitepaper.pdf
     
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  3. projack

    projack Well-Known Member Silver Stacker

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    The CBDC only works until the electricity also works well at the same time.
     
  4. pmbug

    pmbug Active Member

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    There are plenty of real signals on the global CBDC story. No need to wade through the hysterical noise.

    https://www.bis.org/speeches/sp231123.htm

    BIS honcho extols virtues of crypto and then says the future needs central bank controlled wholesale CBDC to deliver what decentralized crypto is doing right now.

    https://www.bis.org/about/bisih/topics/cbdc/mandala.htm

    https://www.imf.org/en/Blogs/Articl...al-currency-development-enters-the-next-phase

    And just for the comedy:
    https://www.bis.org/publ/work1147.htm

    ~~~

    I could also reference a multitude of reports (but I'll only list one below) on programs from various countries on developing their own CBDCs or the various cross border settlement experiments that have been conducted preparing for CBDCs (some with and some without interfaces to non-CBDC crypto platforms). The news is out there for anyone who is interested.

    https://www.coindesk.com/consensus-magazine/2023/11/07/a-cbdc-alternative-to-swift/
     
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  5. pmbug

    pmbug Active Member

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  6. pmbug

    pmbug Active Member

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    BIS continues developing advice for nation states on building retail CBDCs:
    https://www.bis.org/publ/othp82.htm

    Skimming through the paper, I saw this:
    These people have zero self awareness. Not one decentralized permissionless model (pretty much all crypto platforms aside from stablecoins) has experienced a network attack since the inception of crypto platforms. The crypto ecosystem is hyper aware of the potential and has always worked to mitigate against that risk. Anyone care to hazard a guess whether the BIS brainiacs were concerned that a centralized model might enable an actor to manipulate their network? lol. It's a feature, not a bug. They are working so hard to develop a centralized model that can deliver the same features that decentralized systems are already offering. It's really comic and tragic when you understand the issues.
     
  7. pmbug

    pmbug Active Member

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    https://www.bis.org/review/r231213e.pdf

    The 4th priority is referring to another BIS project:

    https://www.bis.org/cpmi/publ/d219.htm?source=pmbug.com
     
  8. pmbug

    pmbug Active Member

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  9. Real $ Return

    Real $ Return Well-Known Member

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    Like the opinion of more experienced,intelligent and possibly less paranoid or optimistic members please if anyone has time. Been taking cash outta bank over time...stacking cash mostly 100s and 50s but also $1000 one time in 20s...to freak out the annoying accusing female cashier one time :eek:;) her loud mutterings about "money laundering" and "drugs" irritated me so watching her counting it out was payment in its self. My ignorant ? Is it worth having several K in cash? Theres so much information with little clarity, will there come a time soon when cold,hard physical cash is not accepted making my efforts at security worthless? Movements popping up trying to appeal and halt the restrictions but weve seen whats happened since 2020 may not be a collapse but def a slow degradation tightening restrictions and control. Been thinking of thinning the physical keeping a smaller reserve and buying more assets. But other side has thought the ability to have access to the cash anytime has me stalled. Cheers
     
  10. heartastack

    heartastack Well-Known Member Silver Stacker

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    Biggest personal reason to have cash (say 3 months) on hand is if there is a banking freeze and employers can't pay staff on time. Anything more catastrophic than that I don't let dictate my current life choices (yet)
     
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  11. pmbug

    pmbug Active Member

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    When Covid hit, I went to the bank and took out 10k in cash. Told the cashier that I wanted a reserve in case the banking system shut down. She said OK and handed me the money.

    I think it was Kyle Bass that famously asked a bank for $1,000,000 in nickels at a time when the melt value was around 6.8 cents per coin. When asked why, he said, "I like nickels." Lol.

    As to how much cash anyone should keep on hand, that's a tough question to answer as there are many variables that might be different for everyone in addition to the subjective assessment necesary to achieve peace of mind. IMO, good to have a reserve handy for times of trouble, but if govco invalidates cash (either for CBDC or a new cash issuance), hording cash likely isn't going to do you much good. Cash should be used right now instead of hoarded if you want to help undermine the political capital central banks are using to justify CBDCs.
     
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  12. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    I keep cash leaving only a couple of months expenses in the bank. How much cash is usually enough for 3 months living should things go pear shape.
    My system breaks down when buying the dip!
     
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  13. Real $ Return

    Real $ Return Well-Known Member

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    Appreciate the responses,I'll whittle down reserves to 4 or 5mths to be safe. I use cash every time i can except for things that have to be paid online...also rave on to random people on days im social enough and few family there's surprising amount of awareness now so hopefully that amounts to action and resistance best we can. Its crazy imo how much shit we let happen...the many "governed" by a useless few system sucks :p
     
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  14. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    ^ I'm not factoring this sort of scenario in to my plans @Real $ Return.

    The only thing preventing someone from accessing their bank account would be loss of power/internet for a short period, so having enough cash on hand for a week or two to buy things would make sense. Fck worrying about paying scheduled debits online during an outage, that's the banking system's problem and it would happen at the back end regardless of any issues consumers face at the front end. In that situation the biggest challenge would be getting money in to your accounts to ensure you meet the funding needs of any scheduled bills you've set up.

    Remember, there are deposit guarantees in place and for most of us, we don't have more cash than the limit.

    Anything that would cause a systemic collapse is so far on the extreme it's not worth planning for. Holding cash comes at an opportunity cost so the idea is to find a balance you're comfortable with. 2K would satisfy me easily for a couple of weeks, for fuel, medications and food should I run out of anything. And alcohol.
     
    Last edited: Apr 8, 2024
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  15. Phiber

    Phiber Well-Known Member Silver Stacker

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    That’s sensible for sure
     
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