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Crypto industry pushing Canada to follow U.S. lead in embracing stablecoins (www.bnnbloomberg.ca)
submitted 1 year ago by to c/canada@lemmy.ca
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[–] 3 points 1 year ago (2 children)

I know lemmy is super anti-crypto, but digital dollars are probably inevitable, and stablecoins are vastly preferable to a CBDC

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  • [–] 1 point 1 year ago (1 child)

    Why?

    Stablecoins are a private narket solution. While CBDCs are a genuine soverign solution.

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  • [–] 1 point 1 year ago*

    CBDCs would grant immense power to the state. They would know every purchase you make and have the ability to block specific transactions or even freeze your account fully. It's an authoritarian's dream.

    Stablecoins have drawbacks too, and the state could exercise control over them somewhat. But blockchains have more property rights and privacy (although not total privacy) built into it by default. It would be much more difficult for a state to overcome those hurdles.

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    • [–] 1 point 1 year ago

    No crypto. Bitcoin only. No ones in charge of it and all the companies are going to want it when they realize it’s perfect capital; they’re already buying as much as they can.

    https://bitcointreasuries.net/ See for yourself how much they are picking up without anyone working realizes.

    Most of the wealth on earth is owned by individuals. When Bitcoin flips the wealth transfers to companies. I don’t know what that really means for the good of humanity but there’s an itchy feeling.

    Buy some not none.

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    [+] -23 points 1 year ago (9 children)
    [deleted]
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  • [–] 33 points 1 year ago (4 children)

    Regulate society for the greatest good. Living in a playground for the ultra-wealthy is not it

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  • [–] 4 points 1 year ago

    That's whom cryptocurrency confidence games is currently serving, though. It vacuums off bad investors far more than bad markets ever could have, and leaves society to deal with the mess. Stablecoins is just another way to pass off the sort of bad debt that has led to bank rescues of the past and the fall of Lehman Brothers. You say you are tying it to currency, and then begin tying it off to bad debt obligations.

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  • [–] -3 points 1 year ago (2 children)

    Don't worry about the downvotes bro. Lemmy has a knee jerk aversion to crypto, even though the ideals of the fediverse and the ideals of crypto are very much aligned

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  • [–] 2 points 1 year ago* (last edited 1 year ago) (1 child)

    Ideals and reality are vastly different things.

    Much like the the american dream, capitalism, etc, no matter the system, if people are able to hoard wealth, they hoard power.

    Crypto does nothing to change anything except make hoarding easier since the supply is finite.

    Crypto is not anonymous.(no matter how hard you believe) Crypto is not about your freedom. Crypto is not going to make the world a better place.

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  • [–] 1 point 1 year ago

    Totally hear you — crypto isn’t perfect, and yeah, hoarding happens just like in any system. But that’s more a human problem than a crypto one.

    Crypto is a tool, and how it is used is what matters. It can be used to speculate on ridiculous monkey JPEGs, or scam people or it can be used to send money across borders without middlemen, resist censorship, and invest without being subject to the big banks.

    It’s not a silver bullet, but it does open up new possibilities that the current system just doesn’t.

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