News for hackers. Stuff that matters.
Re:In our cashless society, we need to take digital jail ser... by jerf on Tuesday February 22, 2022 @08:14PM (#30436285)
Part of that "more convenience" is that people think it is all benefit and no cost. If a lot of people come to the conclusion that cashlessness is risky due to the easy with which the powers that be can flip a switch and steal it from them, the cost/benefit analysis changes. That is not to say everyone everywhere will suddenly and uniformly hate it. It just changes. The more people get hit by capricious actions, the more people will find their cost/benefits analysis changing.

The CBDCs are inevitably going to fail for the exact same reasons the central banks want them. The more control the central banks have, the more the CDBCs become merely 21st century company scrip and not currency. The more the central banks can arbitrarily reward and penalize you for political reasons, for social reasons, for economic engineering reasons, the more their "currency" fails to be currency on the most fundamental level of being a reliable store of value. People will realize they don't want them and they are too dangerous to hold.

But ye gods will they damage the world on the way to realizing this is too much control, because the once the elites think they have this, they aren't going to give this power up. They'll do everything they can to "ban" any other attempts at having ways of storing or conveying value until the whole system breaks, and they won't care, because even a failing system that they're still in charge of will be better than a system they aren't in charge of.

There are no comments on this comment yet.