non-private coins like BTC show the amount, sender, and recipient. there's no memo line. it gives regulators room to ask, but no more.
private-coins like XMR hide sender and recipient, but if the keys were to be released, everyone with XMR is fucked.
the issue isn't so much either of these, but that they can bake in restrictions into the smart contract that form the basis of the CBDC. unlike legislative actions, all it takes is some "community manager" tier janny to label you or your business an enemy of the regime, and suddenly you're unpersoned. like during the pandemic, they could have cut off not only entire businesses and people, but banning ivermectin purchases, and even rationed out toilet paper. it's smart contracts that are used to instate communism. and they will absolutely use lawfare to make you fight it... oh, while you don't have access to any funds to do so in the first place.
and they can force adoption by incentivizing businesses to start accepting CBDCs while issuing UBI denominated in the CBDC, under the guise of some sort of public assistance. they could transition practically everyone off cash and credit/debit in under a year with this.
the difficulty to protect ourselves is much harder and there are two levels.
(1) at my business, we allow crypto for AR/AP. it's hard enough to even move the money in crypto, and the only ones who play ball with that are international partners where international banking takes easily 5%+. with eastern europe, south/southeast asia, and some parts of latin america, banks often take easily up to 10% in transaction fees, and hold their money for days. so it's been easier there to get them onto crypto payments.
(2) but that's just the first hurdle... the real issue is changing the contract denominations... i mean that the monthly fee isn't 2,599 USD... that it's 0.99 ETH. in the last 5 years, we were only successful with that once, and as soon as crypto shot up, they demanded to rebase the denomination to USD or EUR. this is because currencies use network effects... they can't pay out contracts denominated in ETH when their AR is largely denominated in fiat that's constantly being inflated to shit.
non-private coins like BTC show the amount, sender, and recipient. there's no memo line. it gives regulators room to ask, but no more.
private-coins like XMR hide sender and recipient, but if the keys were to be released, everyone with XMR is fucked.
the issue isn't so much either of these, but that they can bake in restrictions into the smart contract that form the basis of the CBDC. unlike legislative actions, all it takes is some "community manager" tier janny to label you or your business an enemy of the regime, and suddenly you're unpersoned. like during the pandemic, they could have cut off not only entire businesses and people, but banning ivermectin purchases, and even rationed out toilet paper. it's smart contracts that are used to instate communism. and they will absolutely use lawfare to make you fight it... oh, while you don't have access to any funds to do so in the first place.
and they can force adoption by incentivizing businesses to start accepting CBDCs while issuing UBI denominated in the CBDC, under the guise of some sort of public assistance. they could transition practically everyone off cash and credit/debit in under a year with this.
the difficulty to protect ourselves is much harder and there are two levels.
(1) at my business, we allow crypto for AR/AP. it's hard enough to even move the money in crypto, and the only ones who play ball with that are international partners where international banking takes easily 5%+. with eastern europe, south/southeast asia, and some parts of latin america, banks often take easily up to 10% in transaction fees, and hold their money for days. so it's been easier there to get them onto crypto payments.
(2) but that's just the first hurdle... the real issue is changing the contract denominations... i mean that the monthly fee isn't 2,599 USD... that it's 0.99 ETH. in the last 5 years, we were only successful with that once, and as soon as crypto shot up, they demanded to rebase the denomination to USD or EUR. this is because currencies use network effects... they can't pay out contracts denominated in ETH when their AR is largely denominated in fiat that's constantly being inflated to shit.
AR?
AR/AP = accounts receivables (incoming payments from others to us) and accounts payables (outgoing payments from us to others)