The Fed Remaking the Dollar (Digital??)

No, it's 100% not anonymity. If you still think that you have your information off of the yellow press. It's about frictionless transactions and getting rid of several peels of the current transaction banking onion.

Crypto was never anonymous. All it takes is figuring out one single name that is attached to one single key. That enables you to get access to all this guys transactions and the transactions of his counterparties.
Do you really think the authorities don't use the mixers they have seized as a honey pot? That's a golden opportunity for them to collect adresses and figure out the connections between different illegal transactions

 

crypto isnt anonymous; everything is tracked. if usd digital dollar every happens I bet barter systems will spring up. What's old is new again

 

Barter systems are a myth. They never actually happened.

 

My post is from the standpoint of the end-user. Of your "three major advantages":

1) No onboarding - doesn't apply to CBDCs as the issuers will surely want to link wallets to identities, and exclude criminals from the system;

2) Instant (and nearly free) transfers - a red herring as this is already available in many countries/regions (eg IDEAL in the Netherlands) without any use of blockchain;

3) Ease of tracing - certainly not an advantage for the end-user!

So to repeat, the "digital dollar" seems to offer no practical benefit over existing systems - with the exception of the badly outdated U.S. Fedwire system, which is slated to finally be upgraded to allow instant payments. On the other hand, it sure gives the government and the Fed significantly more control over the monetary system.

 

See, that's what I meant. Nobody cares about the little ailments of a few hundred million people. If you were right, there would not be billions in cryptocurrency transactions every single day since you cannot build a market on speculation only without the participation of paper.

In Asia, almost 8% of all remittance business is almost exclusively done in crypto and that is only 4 years after BTC had its breakthrough.

Saying instant and nearly free transfers isn't necessary because a few boomers already have access to it is like saying they should eat cake if they cannot afford bread. It takes almost a month to wire money out of Angola and you pay almost 30% in fees for that. Tell these guys they should just use Visa.

What is a red herring though is being worried about privacy. Your IP is tracked on ET, the apps on your smartphone send your personal data to dozens of private companies 24/7 who share it with government authorities by law. As someone who had hands on experience with international money transfer I more or less guarantee you that every single transaction you do on your bank account is tracked, reported and stored. And once you send money out of the western monetary system there is a guy in your bank who is obliged to report your transaction if he just thinks it is out of line with your usual behaviour.
No dude, your privacy is long gone and thinking that you can keep it by sticking to a bunch of paper notes is ridiculous.

There is a race to "onboard" the other 6 billion people who still deal with an average money transfer fee of 6.8% worldwide, because controlling and monitoring money movement is power.
Crypto has a meteoric rise for these exact reasons and there is more than enough data to support that IF you are willing to look it up. And no government will let go of the chance to play a major role in payment. CBDCs will come, if you like it or not

 

The exact same bs as cryptos.

 

Because there really is no perceived benefit, else it would be very easy to explain.

 

1. The whole point of on boarding is kyc. And that makes perfect sense for anyone without criminal energy.

2. Most small transactions are instant to the frontend User. The settlement in the backend is handled by banks and other financial institutions. Makes no difference to the client who sends and receives small payments near instantly today. Larger payments don't matter whether they settle instantly or at t+1 or t+2

3. That is not a perceived advantage to any normal client. Law enforcement already can trace payments with the current system.

I can see the benefits for third world countries but not for 95% of the world's financial wealth.

So,again, what's the perceived advantage of cryptos or a digital dollar to anyone in Europe, America, and developed Asia? None so far as I can see

 

“A rough estimate for the absolute size of the eurozone underground economy would be $3 trillion.“

Milken Institute Review, January 31, 2019