ZEROHEDGE - Central Bank Digital Currencies Are Doomed To Fail - And Here's Why
(www.zerohedge.com)
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Ironic that central banks feel any urge to embrace currency inspired by bitcoin.. Given its premise was to eliminate counterfeitability, mandate transparency, and facilitate transactions which cant be blocked.
All of which the central banks hate like poison.
As noted however in the ZH article, its the small nations banks who are embracing this and none of the major ones. Smart by them, they have everything to gain. How many nations have currency immune to being counterfeited?
A digital currency could be counterfeited if it is designed to be so by the government. Such a government would design a system where they can create digital currency out of thin air, to enable all the shenanigans common with fiat currency. The privacy protections would also be removed. Instead of being designed as a sound money system like Bitcoin, the new CBDC would be designed as a surveillance and control platform. In other words, the very opposite of Bitcoin.
True, and then its just as worthless as all others. Far more so if truth be told, since to run money-printers it at least consumes some time and resource.
This my questions about who creates and controls the digital currency and it's transfer mechanisms.
This is how Bitcoin is designed to more or less maintain itself. There is a core group of developers tasked with updating or tweaking the current version of the Bitcoin client that everyone uses. Beyond that the system runs itself. It's hardwired in exactly how many fresh Bitcoins will be mined each day. And it's also hardwired in that each user's name and identity is not directly connected to their blockchain wallets. The whole system is designed to be as private and tamper proof as possible, and has been very successful in that respect.
What is the value of the email protocol? Priceless. It's an extremely valuable protocol to move messages, just as Bitcoin is a protocol to move wealth.
Any Central Bank Digital Currency will be a pale copy of Bitcoin, a Frankenstein tool to remove all privacy and not be a sound money, but an infinitely manipulated currency capable of enslaving those who use it.
Anything that is "programmed" or "hard-wired" can be changed. But, it is likely to be destructive to the entire system. A bothersome notion.