Why CBDCs Aren't Much Of A Threat
We know the hype regarding CBDCs. Many are claiming this is the end. Personally, I think this is overrated. In fact, these are going to be an epic failure.
In this video I discuss some of the technical issues that are facing the idea of a CBDC.
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Whoa, thanks for another awesome one @taskmaster4450 , I was trying to guess what you would say about this because been brainstorming how every of all this plans would work
But, there is something I know, banks may face increased competition from CBDCs, which could lead to a decline in their gains and a reduction in the vacuity of credit
The capability of central banks to enforce financial policy could be limited by the use of CBDCs, which could lead to increased inflation or other economic problems, thus it's important that the implicit benefits and downsides of CBDCs are meticulously considered
Thanks @taskmaster4450 for bringing a notice to this, these are vital things that's needed to be considered. I'm @josedam
It would give them more control. Cash is already illegal in Europe (over 1K euro purchases are now illegal) the head of the EXB is on recording saying this October will be the time the CBDC will be decided on and deployed in 2024. This is indeed a threat. To downplay it seems foolish.
Wouldn't those CBDCs not just further weaken their Banking sector? I mean, don't those government entities think that a healthy Banking sector is required for a modern economy? I can't follow, look like a highway that should not be built.
The head of the ECB said October this year for CBDC. Not saying it will be so but it’s not just weak talk. It’s then themselves. Governments want control and central banks want control. This is indeed a threat. Especially with our dumbed down population. 2024 will be the year this makes or breaks.
Full Communism down the road, we're at war with Russia but it seems are about to switch sides, what 30 years can do to the world.
For what reason should there be any FUD about whether or not it is possible for CBDCs to be developed in Western countries, when China has already developed its own CBDC?: As China pushes its digital currency plans, the US falls behind
Furthermore, France and China recently used China's new CBDC, rather than the US dollar, to sign a trade agreement for China's liquified natural gas (LNG) to be shipped to France: China & France Complete First LNG Gas Trade Using Chinese CBDC
The sad fact is that CBDCs, which include the use of digital IDs and Social Credit Systems, are already a reality. The issue now is to discuss and debate how we can help to prevent the use of Western CBDCs from being a threat to Life, Liberty, and the Pursuit of Happiness—as China's CBDC already is a threat to the inalienable rights of those in China and abroad.
It is probable that King Macron I's recent public denunciation of Europe being dependent on the U.S.A. was made at the behest of China, whereby France therefore "earned" from China a good CBDC Social Credit System score, before China would agree to sell its LNG to France. France’s Macron Calls on Europe to Reduce Reliance on U.S. for Security
The head of the ECB said October this year it will be ready. Her words bot mine. So definitely not limited to China. The push is coming the next 12-18 months according to them themselves. It’s silly to call this a non threat when most of our population is dumb down shills and would cheer for this if it comes with a monthly payment.
Clip of the ECB head witch herself being recorded saying the CBDC will be here and final decision will be made in October. Interesting clip for this topic indeed regardless of ins opinion. Personally I think it’s a valid threat indeed. But regardless all should hear this clip above. She didn’t know this would be public so it’s quite telling!
These are good points. I think you are assuming a well thought out and orderly roll out. BUt perhaps the givernments think it is simple or perhaps they have been planning this for years. The Euro Bank President said October 2023. She seemed very confident. I understand what you are saying, that it is very complicated. But when you look at Nigeria's CBDC you see that people who are seeking to seize power will do so at the expense and sufferring of their own people.
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Summary:
In this video, the speaker delves into the topic of Central Bank Digital Currencies (CBDCs) and presents a critical analysis of why he believes they are overhyped and likely to be unsuccessful. The discussion is focused on the technological challenges associated with CBDCs, including issues related to system structuring, governance, security, network integration, and potential vulnerabilities. He also raises questions about the role of central banks in credit issuance and the historical track record of central banks, particularly in the United States. Overall, he questions the feasibility and wisdom of implementing CBDCs given the complexities and uncertainties surrounding their operation.
Detailed Article:
The episode starts with the speaker, Task, highlighting the continuation of his discussion on CBDCs from a previous video and emphasizing the multi-faceted challenges he perceives with their implementation. One of the key arguments put forth is the technological hurdles that must be overcome for successful CBDC deployment. Task delves into a series of thought-provoking questions, such as the structure of CBDC databases, the use of distributed ledger technology, selection of node systems, and integration with existing financial networks.
Throughout the discussion, Task underscores the lacking discourse on critical aspects of CBDCs in public forums and social media. He elucidates on the complex nature of network development, questioning the responsibility for system failures, potential vulnerabilities in smart contracts, and the integration of commercial banks and payment services into a CBDC framework. He challenges the notion of CBDCs as a simple solution, highlighting the intricate governance issues and the implications of central bank control over credit issuance.
Moreover, the speaker draws attention to the historical context of central bank performance, particularly in the United States, critiquing past Fed chairs and their management of economic policies. Task expresses skepticism towards the track record of central banks, suggesting a lack of trust in their decision-making abilities. He raises concerns about the potential consequences of granting central banks significant influence over credit expansion and highlights the regulatory challenges such a shift would entail.
In conclusion, Task leaves the audience with a critical perspective on the feasibility and effectiveness of CBDCs, portraying central banks as entities with questionable expertise and reliability. His assessment of the technological, governance, and historical shortcomings of central banks casts doubt on the perceived benefits of CBDCs, presenting a nuanced view of the complexities involved in their implementation.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.