anticonformist (OP)
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March 09, 2021, 06:28:26 AM |
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So if a new monetary system is set in place after a financial collapse and they start to issue CBDC, do you think exchanges will accept them and open markets where they are paired with cryptocurrencies?
And if not how could they stop CBDC from hitting the markets?
What type of effect would that have on the entire cryptocurrency market?
Also who would want to hold CBDC when they see cryptocurrencies going up in price and obviously CBDC reaming/acting as a "stable coin"
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mk4
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March 09, 2021, 06:39:12 AM |
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So if a new monetary system is set in place after a financial collapse and they start to issue CBDC, do you think exchanges will accept them and open markets where they are paired with cryptocurrencies?
Why not? It's not like fiat to crypto trading pairs don't exist yet. And if not how could they stop CBDC from hitting the markets?
Define "hitting". What type of effect would that have on the entire cryptocurrency market?
More trading pairs and more liquidity? Also who would want to hold CBDC when they see cryptocurrencies going up in price and obviously CBDC reaming/acting as a "stable coin"
The same reason why some people hold fiat(USD/GDP/EUR/PHP/etc) and stablecoins, and not bitcoin/crypto.
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Bttzed03
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March 09, 2021, 06:43:18 AM |
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So if a new monetary system is set in place after a financial collapse and they start to issue CBDC, do you think exchanges will accept them and open markets where they are paired with cryptocurrencies?
I don't see any reason why they won't because centralized exchanges are already accepting fiat deposits/withdrawals direct from/to bank accounts and other applications. What type of effect would that have on the entire cryptocurrency market?
I don't think it will affect cryptocurrency usage that much. It will probably compete with all centralized stable coins and the so-called crypto of the banks XRP.
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Lorence.xD
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March 09, 2021, 07:16:47 AM |
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There isn't a lot of difference with CBDC and cryptocurrencies so I think that we won't be resisting to any changes related to this. I think that it is good that CBDCs are being introduced but I think that they should be tested first and have some experiments at a small scale so that whenever the chance of failure were to happen they don't have that much of a damage.
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pooya87
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When you sign in your bitcoin exchange and then go to your bank's website and make a "digital" transfer of fiat to that exchange you are already using "Central Bank Digital Currency" and it is easily dumped for bitcoin as long as the bank doesn't cause any problems for its users. I don't see why this should change in the future if they change the database they use for their CBDC! Also who would want to hold CBDC when they see cryptocurrencies going up in price and obviously CBDC reaming/acting as a "stable coin"
The same reason why some people hold fiat(USD/GDP/EUR/PHP/etc) and stablecoins, and not bitcoin/crypto. Even though both are centralized but there is still a big difference between anything issued by banks and stable coins. The former will always demand 100% centralization and KYC while the later is partially centralized and (so far) doesn't require KYC.
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hv_
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March 09, 2021, 07:22:41 AM |
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Same as for giral fiat , created by banks
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Coinsfera
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March 09, 2021, 07:33:50 AM |
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So if a new monetary system is set in place after a financial collapse and they start to issue CBDC, do you think exchanges will accept them and open markets where they are paired with cryptocurrencies?
And if not how could they stop CBDC from hitting the markets?
What type of effect would that have on the entire cryptocurrency market?
Also who would want to hold CBDC when they see cryptocurrencies going up in price and obviously CBDC reaming/acting as a "stable coin"
Yeah it can be possible. Why not exchanging CBDC with other cryptos. Governments can take serious steps toward other cryptocurrencies. They issue CBDC to replace other cryptos, and they will apply some barrier to other cryptos. Yeah if it is CBDC then it will probably be stable. However, we use crypto to avoid that stability. If it is pegged to USD then it will lose value as time passes. CB will not stop printing and inflation will make CBDC less valuable. If you want stability you can use CBDC. Many crypto enthusiasts do not like losing against time. So they will hold their cryptocurrencies-BTC, ETH.
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amishmanish
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March 09, 2021, 08:13:10 AM |
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The main effect that CBDC will have on the crypto market is political. CBDCs are just Central banks' way of saying, "Look, we can do this too. You don't need this other coin". It is more like a competing product that also gives them an excuse to declare crypto usage as unnecessary, wasteful, harmful in that order.
While things have gone a long way down the road as far as Bitcoin adoption and acceptance is concerned, I just cannot shrug away the feeling that they aren't hatching some plot to derail adoption.
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Yaunfitda
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March 09, 2021, 09:04:01 AM |
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So if a new monetary system is set in place after a financial collapse and they start to issue CBDC, do you think exchanges will accept them and open markets where they are paired with cryptocurrencies?
If crypto exchanges are going to accept it, then the answer is yes. And if not how could they stop CBDC from hitting the markets?
And why would exchanges stop CBDC though? it's like fiat in every sense so there is no competition. What type of effect would that have on the entire cryptocurrency market?
Nothing. Also who would want to hold CBDC when they see cryptocurrencies going up in price and obviously CBDC reaming/acting as a "stable coin"
CBDC could have some positive as well, like when governments are integrating it to their financial services, access will be very easy and going to be cheap and fast.
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Ucy
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March 09, 2021, 09:57:29 AM |
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There isn't a lot of difference with CBDC and cryptocurrencies so I think that we won't be resisting to any changes related to this. I think that it is good that CBDCs are being introduced but I think that they should be tested first and have some experiments at a small scale so that whenever the chance of failure were to happen they don't have that much of a damage.
I don't know much CBDC but I doubt it will have thesame ideals of True Cryptocurrency like being Decentralized, transparent/public, immutable, censorship resistant, privacy-friendly, anonymity-friendly, trustless, permissionless, driven by network consensus, etc. But I hope it ends up absorbing those who don't really care about the ideals of cryptocurrency... I think that will help cryptocurrency space alot. There quite a number of people who don't just like the ideals but can't let go.
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Karartma1
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March 09, 2021, 10:18:52 AM |
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Being the new technological advancement of central bank money I think the only reason for their creation is to stir away from crypto. CDBCs will be super controlled and monitored and I don't thing central banks will allow people and companies to trade them for cryptocurrencies. Remember that CDBCs are being developed to regain control over the money supply (and its issuance).
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tranthidung
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March 09, 2021, 10:29:48 AM |
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So if a new monetary system is set in place after a financial collapse and they start to issue CBDC, do you think exchanges will accept them and open markets where they are paired with cryptocurrencies?
I guess it will exist with CBDCs and bridges between banks and exchanges. Bridges can be Escrow or CBDC wallets on exchanges. It is the same to centralized exchanges, where you can bind your account with bank account. Then make fiat deposit to your wallet, and use it to trade Remitano is one of such exchange with fiat wallets and crypto wallets. Remitano Wallet and What can you do with it?When you sign in your bitcoin exchange and then go to your bank's website and make a "digital" transfer of fiat to that exchange you are already using "Central Bank Digital Currency" and it is easily dumped for bitcoin as long as the bank doesn't cause any problems for its users. I don't see why this should change in the future if they change the database they use for their CBDC!
It is what bank system used to credit digital number to bank account balance. Governments called bitcoin and cryptocurrency are virtual currency. They are creatively used the term 'virtual' for cryptocurrency in general. What are differences between the number in bank account now (with fiat) and in the future with CBDC (digital fiat)? They are all created by governments and credited to bank accounts under law regulations from governments & central banks. Real fiat, real digital fiat, real CBDC, what are they? They are only different in physical means: paper, polymer, metal, digital. Fortunately they are worse than bitcoin.
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jerrison
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March 10, 2021, 10:46:40 PM |
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Central Bank digital currency is just a way of banks upgrading to a more digitized system but it still has the functionality of centralization which is something cryptocurrency seeks to neutralise. Now the question is, how can you compare a centralised system to a decentralized system just because they both exist in a digital space. you can not interchnage cryptocurrency with CBDC in any form.
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Darker45
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March 11, 2021, 04:17:36 AM |
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So if a new monetary system is set in place after a financial collapse and they start to issue CBDC, do you think exchanges will accept them and open markets where they are paired with cryptocurrencies? First and foremost, the change is not necessarily systemic. It's just form which is changing. The central bankers are still there holding the most powerful positions in terms of money generation and issuance. There might not anymore be printing of money out of thin air, but it is only because printing is already replaced with minting. And, yes, crypto exchanges won't have other choice but to accept them because they want to offer fiat pairs one way or another. And if not how could they stop CBDC from hitting the markets? They won't stop CBDC from reaching the market. CBDC is the default money, the one used by the state and the population. How could they even stop that? What type of effect would that have on the entire cryptocurrency market? Nothing much. Again, there is nothing essential in the shift from the old form of fiat to digital fiat. Also who would want to hold CBDC when they see cryptocurrencies going up in price and obviously CBDC reaming/acting as a "stable coin" CBDC is the legal tender. You may not prefer to have your savings in the form of CBDC but everybody has the reason to have a certain amount of it.
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Kittygalore
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March 11, 2021, 11:29:41 AM |
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Being the new technological advancement of central bank money I think the only reason for their creation is to stir away from crypto. CDBCs will be super controlled and monitored and I don't thing central banks will allow people and companies to trade them for cryptocurrencies.
That is my first thought too, the only reason for their creation is to distract people and continue patronizing the banks. But if there is no ill intentions behind the creation of CBDCs by these banks, I think that interchangeability with cryptocurrency is a possibility with CBDC since it is in a sense still a fiat.
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Argoo
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May 25, 2021, 01:45:59 PM |
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There isn't a lot of difference with CBDC and cryptocurrencies so I think that we won't be resisting to any changes related to this. I think that it is good that CBDCs are being introduced but I think that they should be tested first and have some experiments at a small scale so that whenever the chance of failure were to happen they don't have that much of a damage.
This issue will largely depend on the position of the states that will issue their CBDCs. It should be noted that not all stablecoins of central banks of states will even use blockchain technology. So, the Chinese digitized yuan, which will appear soon, will not use blockchain technology and we still have to study how it will interact with cryptocurrency. So far, there is very little information about this on this forum. Most likely, they will not actually relate to cryptocurrency, although they can interact with it. However, in general, CBDC can be used as we currently use private stablecoins. The only difference will be in their owner.
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Ucy
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May 25, 2021, 03:53:46 PM |
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There isn't a lot of difference with CBDC and cryptocurrencies so I think that we won't be resisting to any changes related to this. I think that it is good that CBDCs are being introduced but I think that they should be tested first and have some experiments at a small scale so that whenever the chance of failure were to happen they don't have that much of a damage.
This issue will largely depend on the position of the states that will issue their CBDCs. It should be noted that not all stablecoins of central banks of states will even use blockchain technology. So, the Chinese digitized yuan, which will appear soon, will not use blockchain technology and we still have to study how it will interact with cryptocurrency. So far, there is very little information about this on this forum. Most likely, they will not actually relate to cryptocurrency, although they can interact with it. However, in general, CBDC can be used as we currently use private stablecoins. The only difference will be in their owner.Once it's not fully opened to the public/society (who I assume are the real owner) like true cryptocurrencies are, you cannot safely say it's owned by them (the public). Fiat are supposed to share thesame feature with decentralized crypto rather than being centralized, opaque, mutable, high in permission/trust, weak in privacy/anonymity, etc. The good/better is constantly slandered while the bad is seen as good... That's the irony in both worlds that the blind cannot see.
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DooMAD
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May 25, 2021, 05:23:18 PM Last edit: May 25, 2021, 05:42:40 PM by DooMAD |
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In short, no. My suspicion is they'll only allow licenced currency traders or brokers to do that. More to the point, even if you could, why would you take the risk? Any CBDC you were hypothetically able to deposit to an exchange could be confiscated at any time, without warning. If CBDCs work the way I think they will, I wouldn't list them if I ran an exchange.
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carlfebz2
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May 25, 2021, 05:36:31 PM |
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So if a new monetary system is set in place after a financial collapse and they start to issue CBDC, do you think exchanges will accept them and open markets where they are paired with cryptocurrencies?
And if not how could they stop CBDC from hitting the markets?
What type of effect would that have on the entire cryptocurrency market?
Also who would want to hold CBDC when they see cryptocurrencies going up in price and obviously CBDC reaming/acting as a "stable coin"
-For sure they will and just like on what we are currently seeing fiat/crypto pairs as of this moment. Nothing would be different! -Stopped? As long it does have that monetary value then its up to platforms choice. -None -Value wont really be that volatile so this doesnt make any difference compared to those stable coins.
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capcaypro
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May 25, 2021, 07:20:46 PM |
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I think this can happen why CDBC doesn't compete here, this will feel better for us but maybe the impact it will have is that liquidity will increase because with the many coins being traded it will automatically increase liquidity as well and of course in making coins it is not arbitrary there is a process that must be done before this coin is formed besides that testing must also be done for this so that cdbc can compete
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