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Anyone who wants to help keep the DigiByte blockchain as secure and decentralized as possible should help run the full node. A “full node” is simply the desktop, laptop, or DigiByte-core full validation wallet. Simply start DGB Core v7.17.3 and keep it running.
Jared Tate pointing to how the power of a CBDC comes from the production capacity of a country, stated: This is actually terrifying the more you think it through. China’s global rollout of there digital currency is indeed terrifying. They will have the ability to do things never before done with a central bank’s currency. This will really alter geopolitics forever.
They can literally reach into individual consumer or business accounts and “freeze” funds at will. The economy gets too hot, easy to slow down; the economy slows down, people wake up to a few extra Yuan in their accounts.
Even more terrifying is the social credit system. Say something government doesn’t like and poof. Your money is gone (blockchain burn function). The same goes for countries they make loans to. Don’t do want china wants; money they lent you disappears.
China can literally tie individual production and manufacturing of individual products to individual consumers in foreign countries. Want to be able to buy China’s latest gizmo, do what China wants you to.
Noah Seidman: Which public blockchains are integrated with the DLT infrastructure being built by the Chinese government? Further, the organization integrating these public blockchain networks was started by China Union Pay, China Mobile, State Information Center, and Red Data Tech, which is the government.
What are some CBDC level tools that we have learned from DeFi? Sovereigns will be throwing around cash, incentive systems to encourage consumption and participation. No longer will tax deductions be the only tool available.
So, seesaw back and forth between lowering rates to save the economy and raising rates to save the dollar?
Both and more. Folks are underestimating the power of a CBDC. I argue the power of a CBDC comes from the production capacity of a country, and in that regard, China manufactures for the entire world. China can literally finance its own GDP by giving the world unlimited new money.
Community response: Understanding the difference between what money is (in today’s reality) vs. what it could be (in a free market) just might help get you through the next few years.
Many things about the economy and the kind of influence that nations can have are changing with the coming of cryptocurrencies.
