News to me.
Perhaps you are confusing CBDC with "stablecoin"?
If that is the sufficient criteria for "store of wealth" then you may be surpised to know that there are indeed thousands of cryptocurrencies which "can't be seized" and must then be considered as stores of wealth equal to bitcoin.
I could fork some existing project in the morning and create something which "can't be seized". Would you like to put all of your money into it? I'll create one with a fixed supply and sell you the entire supply up front.
No confusion Donald, it won’t make the purists happy but cbdc is basically a centralised stable coin
No it isn't. It is a digital form of central bank money. (Which even differs from commercial money btw even though for most intents and purposes the distinction doesn't matter that much day-to-day).
It would be the difference between holding a digital dollar coin, and holding one stablecoin which is "pegged" to the dollar via some mechanism. There is no mechanism needed for the former. It's a dollar and that's it.
The cryptocurrency fad is on the way out.
The smart people took the majority to the cleaners and this will continue until crypto is worth pennies.
I don't think so. Everyone knows the deal with casino's, but they are still around and are not going anywhere. Human psychology doesn't change much. Crypto, despite all it's issues, still offers people opportunities to make 10x or 50x off some other poor schmuck over short periods, as long as that continues, then I'm sure crypto will keep going on in whatever form it takes.
(Unless of course there's something like coordinated global regulation, but that doesn't seem to be materialising)
So its a virtual representation of a cryptographic token with a value of, lets say one dollar, the only distinguishing feature between this and other stablecoins is the centralised authority here is the central bank who can generate tokens and actually call them digital dollars?
It does not need to be seized to be made worthless. The fact that you can’t walk into a shop and buy a bar of soap with a coin makes it vulnerable to regulation and the fact that it is so automated makes it easier to do. We can account for ever single crypto currency transaction flowing into the banking systems as a matter of course, something we can’t do with any other currency. And if the BIS, ECB or FED directs it be done, the ability to convert your crypto can be removed in a matter of hours. And that will render it worthless for all practical uses.
The CBDC is a dollar in the same way that the dollar note in your pocket is a dollar. It is not merely a promise that they will try to keep conditions such as will enable you to exchange it for a dollar in the future. Up until I think around 1970, Irish punts were kind of like a "stablecoin" for sterling because a punt had a corresponding pound sitting in a bank in London. A punt was not a pound but the Irish government effectively promised that it was backed by one. But that was a sovereign rather than a private company doing that. Even then, there was still a slight risk of that system breaking.
A CBDC has many wholesale uses. The average consumer is probably only aware of retail applications.
Unfortunately, and I constantly criticise them for being a bunch of dinosaurs, like it or not they have the power to put the boot down and regulate the area how they see fit. When you see them using such hyperbole, it gives an indication where they will go in that regard.
I can't see it, they are as standoff as usual crossing their fingers and hoping a natural failure occurs during the current climate.
As a wise man once said, "they'll do nuttin"
Sorry Donald, but from here on in its a CBSC
Tether are after posting a long and very rambling post on their site in an attempt to fight back against a Wall Street Journal article today that questions if each Tether is-in-fact backed by a dollar (or dollar equivalent).
Questions about Tether are hanging around like a Guinness fart in a small lift, and they are unlikely to go away until they decide to release a full audit. Surely the stablecoin that is considered the engine oil and timing chain of the crypto economy should be producing regular audits, letting people know what the makeup of their reserves is, and how they managed to liquidate almost 40 billion of commercial paper within a year while no-one in that part of the financial industry has dealt with them?
They've been around a long time, and they've weathered a few storms (and an outstanding Department of Justice investigation), but surely the crypto community should be asking more probing questions at this stage?
Blackstone in trouble, which will make the property downturn in the US worse with retirement funds exposed to this as well. Could be a choppy start the the new year.
Pretty much every coin only moving around 0 to 3% over 24 hr period. Unlike the stock market, they are all so homogenous.
That said, I'm surprised they haven't plunged lower, in my opinion the prices are still relatively high considering what's been happening over the past 6 months. Unless they are about to do that March 2020 thing and suddenly drop 40% in a day.
12bn taken out.
Considering the events of the past while it's not a massive amount withdrawn - I've taken everything off exchanges regardless just to be on the safe side and using XTB for any day trades on BTC
Planned 20% workforce cut for Coinbase
Yiz will give yourselves an ulcer with all that worry lads.
On a side note, if Reddit has its own coin then shouldn't Boards have a coin too?
It did but it got banned.
Really, whats the history on this? Why banned?
Yes, it’s a joke.
It was called the BIWPCoin.
Short for "Blast It With Piss" Coin.
..
What is that sh1te supposed to be about before I waste time clicking on it?
Is this Joe Rogan your financial advisor ..... or maybe a tech whizz? Has he a PhD in cryptography perchance? So that he can explain it all to us? Maybe a few years working as a economics researcher with the IMF or OECD or similar?
Tune in next week folks when we'll have Liveline insight and analysis on "alts" from Joe Duffy.
Was that financial advice right before his UFO guest or Graham Hancock?
Open the mind lads, don't be afraid
But open it as far as Joe’s and your brain falls out.
USDC depegged, looks like contagion from banking failures that could see a run on it. It’s not clear how much exposure they have.
So regulators go after crypto, people pull their funds which causes a run on deposit which causes pressure on banks tied into long term yields which are lower than short term yields. This results in insolvency and a banking bust. Bad times ahead for everyone.
The thing is economists warned that the fast interest rate hikes after a long period of low interest rates might break the system and it looks like that is happening.
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