Thoughts on CBDC's and long-term effect on the cryptomarket

[a.amt94]

Hi guys,

As a lot of you may now, the Central banks are heavy into the development of the CBDC's. I truly believe that these coins are a tool of the global elite to control us. You can take a dive into what these coins really are meant for and its pretty scary. Its basically the opposite of what crypto currencies today are meant for; centralization and complete control.

A lot of people see this as bullish for the Crypto currency market for obvious reasons, nevertheless I still believe the adoption of these CBDC's will be forced onto us. Just like the restrictions of the so called pandemic were forced onto us. This makes we wonder how these two polar opposites will co-exist, and what long-term effects it will have on the market.

I would like to know your thoughts on this.

[1715111934]

1715111934

[Don Pedro Dinero]

CBDCs are an improved or worse version of cash, depending on how you look at it. For banks and governments that want to control citizens more and more, they are an improved version, as they allow tracking each and every transaction made, and it is said that they can be programmed with certain characteristics,

"A CBDC is a currency issued by a central bank, which has the possibility of programming the money so that it meets certain requirements and particularities. If you want, you can even set an expiry date to encourage consumption", says Manuel Beaudroit, in ¿Qué son las CBDC, las criptomonedas que quieren reemplazar al efectivo?

For us users who want privacy, they are a worse version of cash for that very reason, because they increase the control and power that governments and banks have over us.

[Baofeng]

I don't know if we can take this as a bullish sign, those who says "Yes", don't know what CBCD is. It's just fiat per se, in digital form, but worst. Because the government can track you down when you used it. Of course they are going to force or become a mandatory for their people to be on CBCD, specially if you are going to transaction with government agencies. I don't think it will have an impact to crypto though, I guess we are still going to used coins like Bitcoin and Ethereum more if possible. And if government are going to force CBCD's then so be it, but it doesn't mean the death of crypto, we will have to take advantage of both of them.

[avikz]

CBDC is a definitely a tool which will provide an upper hand to the government in order to control our finances in a better way. You can't anymore evade taxes, your funds can be blocked anytime if government suspects anything wrong. You won't be able to hide anything to the government when it comes to finance. It's a monitoring and spying tool for the government.

So once we move to CBDC regime, I expect cryptocurrency to go even higher as the demand will be increased for privacy. So in long term, we will see high demand in cryptocurrency market, especially for the privacy focused ones. That's my assessment of the situation.

[fiulpro]

They would be used instead of USDT since USDT despite being pegged 1:1 theoretically did not provide enough stand on the ground and ultimately the crash wasn't something positive for the market and thus at the end of the day it is essential to see that no matter what a person trading might need something like : CBDC's so they can trade and exchange it as well, which means that, at the end of the day, they would have to use it instead of other pegged currency since it would be directly pegged and controlled by the government so they won't let it go down much, they would ofc not be used instead of something like Bitcoins but for sure it might provide immense opportunities for people as well.

[Yogee]

I have this suspicion that authorities are not content with regulating centralized exchanges and all forms of crypto crowd funding to control or monitor crypto users so they offer CBDC. It's probably an offer to allow their customers to transfer funds locally or internationally without so much hassle unlike how digital fiats are processed. Some of the retail traders could choose that over using crypto then converting on exchanges for fiat. Will that affect market? I'm not sure.

[Lucius]

A lot of people see this as bullish for the Crypto currency market for obvious reasons, nevertheless I still believe the adoption of these CBDC's will be forced onto us. Just like the restrictions of the so called pandemic were forced onto us. This makes we wonder how these two polar opposites will co-exist, and what long-term effects it will have on the market.

When you talk about people, it's generally not surprising that some people think that CBDC will have a positive effect on Bitcoin or altcoins, like they thought that FB coin would be the killer of Bitcoin, but they didn't realize how absurd that idea was. If we're going to be honest, then it doesn't even matter to most people whether they want to use a privatized-centralized stablecoin or a stablecoin backed by their government - although governments will undoubtedly have the advantage of imposing their product on practically everyone whether they want it or not.

I have no doubt that the majority will accept everything that is imposed on them, just as we accepted all the crazy measures during the pandemic because we were not given a choice. The minority who think for themselves and don't take things for granted will still try to look for alternative ways, and Bitcoin is one of those ways. Although there is no doubt that the mechanisms of world governments can harm Bitcoin, the fact is that its use will always remain a matter of choice, even if it were to be banned.

[tadamichi]

This makes we wonder how these two polar opposites will co-exist, and what long-term effects it will have on the market.

It depends on how extreme the cbdc is going to be. I also think cbdcs are coming, because otherwise fiat could likely collapse. This system is more fragile than ever, so they don’t really have an alternative to complete control, if they wanna keep it alive. This is just a worse form of money that won’t survive forever, as it can’t enable free trade and has the worst monetary properties you could think of, from an economic perspective.

Flirting with tyranny has its own cost tho and central planning will never work in the long term(or it would’ve already, it’s just destructive and doesn’t benefit people), cbdcs won’t change anything about that. If they can’t provide an alternative system where people can prosper freely, this would just buy them time before they get replaced.

Bitcoin will easily co-exist with any system that could be in place, you can’t really stop or forbid it, because it’s too decentralized. So people will always have an alternative where they can transact freely, in times of cbdcs this could draw more people to Bitcoin, no matter if it’s allowed or not. More and more people could realise the advantages of having a free, independent form of money, driving adoption up. When the time of cbdcs ends, Bitcoin could have so many people on it’s side, that it could be chosen as the new monetary system by people. This can be seen as a chance to prove itself and a really good solution to the underlying problem cbdcs tried to solve in the first place.

In the end it’s a question of, can a broken system be kept alive forever with more control, or will an actual solution take over? To me the first option seems unrealistic, so it’s a matter of what comes after it.

[Wind_FURY]

CBDCs are an improved or worse version of cash, depending on how you look at it. For banks and governments that want to control citizens more and more, they are an improved version, as they allow tracking each and every transaction made, and it is said that they can be programmed with certain characteristics,

"A CBDC is a currency issued by a central bank, which has the possibility of programming the money so that it meets certain requirements and particularities. If you want, you can even set an expiry date to encourage consumption", says Manuel Beaudroit, in ¿Qué son las CBDC, las criptomonedas que quieren reemplazar al efectivo?

For us users who want privacy, they are a worse version of cash for that very reason, because they increase the control and power that governments and banks have over us.

The more a centralized entity has control over money, the more control they'll have over society. That's never an improved version from the plebs viewpoint, which 90% of all humans are. The real rulers of the world are the top 1%, with the top 9% who are working for them. If that control is a kind of poison for human freedom, I truly believe Bitcoin is the antidote.

[TheUltraElite]

A lot of people see this as bullish for the Crypto currency market for obvious reasons, nevertheless I still believe the adoption of these CBDC's will be forced onto us.

Speculation is good but it must done in a ""healthy" not delusional manner. CBDCs have not been launched yet and I know one thing for sure is that the governments love to tax its users and therefore the primary objective will be about taxing and focus will be on crypto and how we spend it - that is where the CBDC will come in. It can also be just another cryptocurrency which can be used in crypto exchanges to buy/sell other crypto - like another altcoin.

I still dont get why you think that they will be forced upon you. Unless of course you are suffering from the "Everyone is trying to kill me" syndrome.

Just like the restrictions of the so called pandemic were forced onto us.

In many countries people roamed about free with restrictions. The US is not the entire world. Restrictions are for the good of the people around you and not you specifically. Stop being selfish.

This makes we wonder how these two polar opposites will co-exist, and what long-term effects it will have on the market.

heh, I dont even wonder about such. Just make your profits from the market and leave the rest to time. Who knows if we even might not live long enough to see that day that CBDC gets launched in our country.

[Wind_FURY]

A lot of people see this as bullish for the Crypto currency market for obvious reasons, nevertheless I still believe the adoption of these CBDC's will be forced onto us.

Speculation is good but it must done in a ""healthy" not delusional manner. CBDCs have not been launched yet and I know one thing for sure is that the governments love to tax its users and therefore the primary objective will be about taxing and focus will be on crypto and how we spend it - that is where the CBDC will come in. It can also be just another cryptocurrency which can be used in crypto exchanges to buy/sell other crypto - like another altcoin.

Because of the programmable nature of CBDC, and because the real purpose of such a currency is MORE CONTROL, there's a high probability that CBDCs will be programmed to ban its users from sending them to places/services where they convert their CBDC to cryptocurrencies.

I still dont get why you think that they will be forced upon you. Unless of course you are suffering from the "Everyone is trying to kill me" syndrome.

I believe it will be, the government will use Fear Uncertainy Doubt, and propaganda to make everyone believe that CBDC = Good for their "safety and security".

[Argoo]

States are developing and issuing their CBDCs, that is, digitized national currencies, primarily because they will be much more efficient than their current non-cash payments. For them, this is the most important thing. CBDCs should not directly conflict with cryptocurrencies. These are completely different financial assets with different functions and tasks. CBDCs are likely to compete with the current private stablecoins, and as such, they may soon enter an unpleasant period of government regulation and partial bans. But we, in order to discuss this topic, first of all need to see their functioning and interaction in practice.

[boyptc]

Honestly, you don't have to think of it that much.

Upon hearing the news about CBDCs, they sounded like they're positive and good because they've including it as part of the crypto market. But, they're not really cryptos.

That's why, if you are too worried with them, you need to remove that in your mind and just ignore them and let them die or develop because in the end, it's another hype for the mainstream.

[Zilon]

CBDCs is coming to place complete restriction and control on us a target on what paper money was unable to achieve. Paper money outside the bank is spent at your own wish but every dime in the bank comes with regulations and restrictions of all kinds now if CBDCs completely replaces paper money then we no longer own our currencies but the government do and can freeze it when ever the chose to.

DeFi brings this liberty to our finances, Making us our own banks, giving us rights to spend our coins without fear of having our wallets frozen or setting limits of transaction for each day.

[yhiaali3]

CBCD is much worse than fiat or the bank, because you will lose your privacy completely, if the central bank issues its own digital currency and the government forces everyone to use it and prevents the use of any other currency in the country then it will be a nightmare, because you will lose your privacy forever not only that Rather, the government will be able to prevent certain people (undesirable from the government) that will prevent them from owning any digital money and will put pressure on them by preventing them, perhaps even from buying the necessary daily necessities.

[Lanatsa]

CBCD is much worse than fiat or the bank, because you will lose your privacy completely, if the central bank issues its own digital currency and the government forces everyone to use it and prevents the use of any other currency in the country then it will be a nightmare, because you will lose your privacy forever not only that Rather, the government will be able to prevent certain people (undesirable from the government) that will prevent them from owning any digital money and will put pressure on them by preventing them, perhaps even from buying the necessary daily necessities.

Not totally that much in difference with fiat on where it is really still centralized,controllable,reversible or something in related with that key area which isnt something surprising.
Banks made those cbdc just to in line with the current trend that we do have in crypto market but we arent that dumb on not to make out differentiation.

CBDC's are shit and those people who do consider this as a cryptocurrency is totally dumb (actually i do see some). Dont know on how they do able to view it that way.

Speaking about effects on crypto market then i dont see any significance when it comes to that manner.So i dont really have doubts nor getting scared about their existence.

[2stout]

Great, another "shitcoin" to add to the list but this time different- the government.  So this will be digital and most likely not crypto in performance and technology, which in and of itself I don't see having much affect since it will be Fiat 2.0.  Crypto long-term effects will be determined more so by law instead of this "shitcoin".

[Wind_FURY]

States are developing and issuing their CBDCs, that is, digitized national currencies, primarily because they will be much more efficient than their current non-cash payments. For them, this is the most important thing.

It will also be more efficient for the government to control society through CBDCs, and for them, that's the MOST important thing. They don't care if it's more efficient for you to use as long as it's the most efficient for them to control YOU.

CBDCs should not directly conflict with cryptocurrencies. These are completely different financial assets with different functions and tasks. CBDCs are likely to compete with the current private stablecoins, and as such, they may soon enter an unpleasant period of government regulation and partial bans. But we, in order to discuss this topic, first of all need to see their functioning and interaction in practice.

Financially no, but from a philosophical, and an ethos standpoint, yes. A CBDC world would make owning Bitcoin very very necessary.

[Gozie51]

I still believe the adoption of these CBDC's will be forced onto us. Just like the restrictions of the so called pandemic were forced onto us.

Is really unfortunate the way government can force some policies down the throat of the masses. I also have this feeling that with time the CBDC adoption will become a thing where most countries will follow and try to restrict inflow of fiat especially the countries not so supportive of freedom and bitcoin. This is the list of some countries that have launched CBDC.

From this source

[Hydrogen]

As economic circumstances deteriorate, there are still many who are expecting governments and central banks of the world to save them. They may place all of their wealth and life savings into CBDC and other state mandated programs as their best option for avoiding inflation.

Others who have lost faith in governments and central banks may store their wealth in gold and precious metals. They are more likely to seek alternatives to fiat and CBDC, which they no longer trust to retain their value in the event of hyperinflation.

Depending on the performance and rollout of CBDC, public opinion could shift. The way people think about and view the world could change. To an extent we already see this happening with shifts in approval ratings and voter registrations. The question is, will it matter over the long term.

It was easy for many to believe bitcoin was evil when prices were low and inflation wasn't a concern. Now that conditions are changing however and people are being forced to question their own perspectives everytime they fuel up at the gas pump. Many are being forced to look outside their comfort zone. And it is possible things might change.

Its been said that it took people 10 years to accept vitamin C being a legitimate treatment for scurvy in centuries past. Today, public opinion can shift and change much more quickly within a span of weeks or months. Rather than decades.