You'll own nothing, and you'll be happy

Discussion in 'Markets & Economies' started by willrocks, Oct 31, 2020.

  1. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    And there it is.

    https://www.rba.gov.au/media-releases/2020/mr-20-27.html

    The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT). This is part of ongoing research at the Reserve Bank on wholesale CBDC.

    The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform. The POC will be used to explore the implications of ‘atomic’ delivery-versus-payment settlement on a DLT platform as well as other potential programmability and automation features of tokenised CBDC and financial assets.

    Assistant Governor (Financial System) Michele Bullock said ‘With this project we are aiming to explore the implications of a CBDC for efficiency, risk management and innovation in wholesale financial market transactions. While the case for the use of a CBDC in these markets remains an open question, we are pleased to be collaborating with industry partners to explore if there is a future role for a wholesale CBDC in the Australian payments system.’

    The project is expected to be completed around the end of 2020 and the parties intend to publish a report on the project and its main findings during the first half of 2021.
     
  2. Millennial Engineer

    Millennial Engineer Well-Known Member

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    That was fast to be completed around the end of 2020, thats around 2 months. Perhaps it is already done, or a fair amount underway at least.
     
    Last edited: Nov 2, 2020
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  3. mmm....shiney!

    mmm....shiney! Administrator Staff Member

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    What is “atomic delivery”? Is that just a swap for digital currency for a CBDC?

    I can’t imagine them opting for a DLT solution. :cool:
     
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  4. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    "Central Bank Digital Currency (CBDC)"

    So what will be the denominations:

    100 Sukkars = 1 Frydenberg
    10 Frydenbergs = 1 ScMo
    10 ScMo's = 1 Lowe
     
    Karoi, kilo, madaw1 and 3 others like this.
  5. Ag bullet

    Ag bullet Well-Known Member

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    Property is great but the trouble is you can be driven from it.

    Have a chat to a white South African farmer. I'm sure there is one near you.
     
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  6. Jason1

    Jason1 Well-Known Member

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    f'n socialists lol.
     
  7. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    They want to dispossess everyone of their private property. Everyone on that World Economic Forum should be jailed.
     
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  8. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    Im looking forward to dispossessing you of some of your private property in under 2 months ;)..tik tok, tik tok
     
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  9. Millennial Engineer

    Millennial Engineer Well-Known Member

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    First by incentive, after everyone has given up their property, you will be under huge social pressure to give up yours.

    Then by force.
     
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  10. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Yep my sons in-laws and his wife are from S Africa and I've heard some crazy stories.
     
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  11. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    Your mum like a beanie?
     
  12. leo25

    leo25 Well-Known Member Silver Stacker

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    They will, it will be distributed among the central bank and major banks.
     
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  13. mmm....shiney!

    mmm....shiney! Administrator Staff Member

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    One of these two at a time:

    Screen Shot 2020-11-03 at 9.37.19 pm.png
     
    Last edited: Nov 3, 2020
  14. willrocks

    willrocks Well-Known Member Silver Stacker

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    I didn't think he was your type.
     
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  15. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    I sent you a PM shortly after we made that bet months ago but you did not reply to it. Why is that? Here it is and I can still forward it to you if you like -

    "When I made the bet with you I said the bet is the thread title but I forgot to mention that the thread title was supposed to read AFTER 2020 but didn't have that in the title coz it would not fit. I mentioned this a few times in the thread. What happens if the 2 civil wars happen this year but the breakup of the USA happens next year? Who will win? Will you still give it to me coz Meier would have got it all right coz the first post of the thread shows exactly that he foretold after 2020. Or are you going to be a prick to me and hold me to my forgetful error bet?"
     
  16. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    I didnt think your pm warranted a reply as it sounded like a whinge from someone trying to welch out of a bet.

    Yes I will hold you to your bet @Skyrocket but instead of sending me $100 you are going to buy a super mega big ass lotto ticket, send me a clear photo of it BEFORE results are drawn and we halve the winnings if any
     
    Last edited: Nov 4, 2020
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  17. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    So if the civil wars happen this year and the subsequent break-up of the US happens next year you will still declare yourself the winner? That is a bit unfair to do that me, but I will pay you according to our/my (rushed error) bet. Forget the lotto ticket. I will pay you $100 with paypal if you win. But if the civil wars start this year and the US breaks up next year I will consider myself the winner even though I paid you out on the bet.
     
    Last edited: Nov 4, 2020
  18. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    We had the parameters clearly set but to stop your sulking if a civil war occurs but no breakup this calendar year we will call it a dead rubber
     
  19. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    Thank you! I will accept that.

    After all Meier foretold breakup "After" 2020. And when you asked me what the parameters of our bet was I carelessly said the thread title of my Meier thread without realizing it had no "after" in it coz it would not fit. So yeah, I be happy with that.

    Btw, funny how the US election is turning into a fight on both sides saying they won.
     

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