2021-06-23 Forbes - Say Goodbye To Bitcoin And Say Hello To The Digital Dollar

[cr1776]

The Senate Banking committee's hearing on the digital dollar two weeks ago was not only a public exploration and introduction to the concept a central bank-backed digital currency, the hearing was also used as a platform to publicly assassinate the viability of the private ("bogus" in the words of Senator Warren) cryptocurrency market (bitcoin, stablecoins, etc.).

https://www.forbes.com/sites/bryanrich/2021/06/23/say-goodbye-to-bitcoin-and-say-hello-to-the-digital-dollar/

Great! The digital dollar, and with it all the central bank digital currencies, are the new "blockchain" sneak oil, if you know what I mean!
While the wise man watches and observes the moon, the fool continues to watch the finger.
That is good, they are still missing the point. In any case, digital dollar, stablecoin etc. are just replacements for old currencies.
Bitcoin is a revolutionary protocol that cannot fear this thin and sterile challenge.
Onward and upward.

Exactly acquafredda.

Duping people by saying pyrite is gold may work for a little while, but smart people know the difference and others will figure it out eventually.  No one should accept a digital dollar as a replacement for a decentralized, secure crypto.

A centralized coin might as well just be a database at AWS.  Anyone could have done a centralized digital dollar several decades but it makes little sense unless now you are attempting to muddy the waters in order to preserve centralized fiat currencies around the world.  

[dfox101]

Digital dollar will be a joke. If it is like the dollar and central bank can issue from the thin air, what's the point? The bitcoin, like gold, preserves its value and will become even more valuable, because the supply is limited, that is all the differences.

[bbc.reporter]

I might be alone on this one, but I'm actually hoping a digital dollar (if it happens) does result in the demise of corporate stablecoins.  People sometimes compare fiat to IOUs.  But at least they're the original IOU.  Not a secondary IOU that supposedly represents the primary one, but likely isn't backed 1:1, so you don't actually know whether your secondary IOU represents anything useful at all.

If it weren't for laziness and ignorance, stablecoins would never have gained traction to begin with.  The sooner they die, the better.  

Likely? If banks in the US are in an indefinite period of doing away with fractional reserves, I really can't see why they'd want need or want to back any of those digital IOUs with anything more than the obligatory inspection pass.

At least now, it'll be backed by whatever certainties the world's largest (as yet) superpower can offer. But when the usurper in the East flexes for real, I wonder what happens.

P.S. You're not alone.

We might not want that to become true hehe. Tether and presently also USDC appear to be supporting the whole cryptospace market. If they die, the market’s liquidity dies by maybe 50% or more?

Also, I was excited about strike.me’s original plan in El Salvador because it would redollarize the country through a stablecoin without owning a Federal Reserve printer hehehe. It would have given Tether real utility.

[mindrust]

Digital dollar will be a joke. If it is like the dollar and central bank can issue from the thin air, what's the point? The bitcoin, like gold, preserves its value and will become even more valuable, because the supply is limited, that is all the differences.

The point is to eliminate cash. That's what they want since the beginning. They don't want you to have any physical notes because that threatens the banking system. Physical notes are hard to trace and you can't know who has how much. When everything gets digitalised, both of these problems will be gone.

The only problem is there are still many old people that can't use any electronic devices and I guess covid19 is here to fix that.

[buwaytress]

We might not want that to become true hehe. Tether and presently also USDC appear to be supporting the whole cryptospace market. If they die, the market’s liquidity dies by maybe 50% or more?

Also, I was excited about strike.me’s original plan in El Salvador because it would redollarize the country through a stablecoin without owning a Federal Reserve printer hehehe. It would have given Tether real utility.

It'll be a setback for sure, but one I'm willing to take for the medium-term. I'm not one to discredit any external factor. We be hating on them stablecoins and influencers and what-haves but they've all gone and done their bit, can't disregard that. If they die, Bitcoin remains, and there'll be other forms of liquidity, arguably more organic and more resilient.

On El-Salvador, that's a point. They dollarised, and failed. Redollarisation isn't a magic wand, they found that out (neither is Bitcoin).

[bryant.coleman]

The reason why so many people are interested in Bitcoin is not due to its digital format. The real reason is that it is protected against inflation due to the principle of controlled supply. If we just want a digital form of currency, then why can't we use PayPal or some other digital fiat? Now this so called digital dollar may be slightly different in format, but in practical usage there is hardly any difference from PayPal. The media is just overhyping it as the next big thing, but there is zero chance that it will be able to replace Bitcoin.