Tether is not a CBDC.
It's literally a BDC
Tether is not a central bank, they don't issue notes of an independent monetary unit. They aren't associated with any govt. Tether is just a modern banknote with most of the same problems, risks, and trust issues. The difference being it is available to anyone with a smart phone without an account -- which is actually a significant improvement over the old garbage.
Tether is custodian issued digital banknotes. Literally in every use of those terms this is the accurate thing to call it. "Cash" has always just referred to banknotes issued that were redeemable in gold or at a bank that was a bearer asset. The difference with a stablecoin like Tether and physical cash is the oversight/surveillance that the institution has for the digital alternative. This is why ecash is actually the only thing that digitally shares basically all the characteristics of physical cash (txn privacy from issuer and bearer asset). Tether is far easier to freeze accounts and spy on what everyone is doing. Obviously why people want to label it "something bad."
My point is that the CBDC label is NOT accurate, and when we use words and labels arbitrarily, it desensitizes people to them. If people just become "whatever" about Tether (because if you don't use it, who cares), and everyone calls it a CBDC, then after a few years of this people are just going to think "CBDCs are fine, who cares?"
Calling everything we don't like a CBDC is a HUGE BENEFIT to actual CBDCs.
Bank digital currencies are not a problem. They will remain solvent as long as the "bank" does. They are a much better option than credit cards, and the option of being able to issue ecash is even better.
BDCs are certainly a far cry from the #Bitcoin sovereign world that we are building and have nothing to do with it, but they are ALSO a far cry from a genuine CBDC.
So please, stop using words that matter in a stupid and cheap way, because when we REALLY need them, you'll have sucked them of all of their power and meaning.
accurate language is extremely important.
1000%, if we don't use our language carefully then we only ruin our own linguistic power to fight the things we don't want to see in the world. People do not respect how much we lose by being sloppy and cheap with our language.
It’s of course by design. Newspeak. Like, calling it inflation when it’s price increases. Calling it a vaccine when it’s not. Like calling him a woman when it’s a man. Like calling it capitalism when it’s communism. Etc etc. We are in trouble. We can’t clearly communicate.
What backs the BDCs? Does the thing backing it come from... a central bank?
Do you not realize that this isn't relevant at all and has nothing to do with the definition or core problem of a CBDC?
Treasuries back tons of major investment institutions, are they CBDCs? Treasuries back every modern currency across the world today, are they CBDCs? Treasuries back reserves at you local bank, does your debit card spend and receive CBDCs?
With respect, literally dude you kinda prove my point. "backed by treasuries" is the least important and not even slightly unique part of the concern for CBDCs. Literally ALL of the fiat bullshit, the ENTIRE global fiat enterprise, is backed by govt treasuries already. When someone issues and forces a CBDC on the population, not once will my protest be "I can't believe its backed by treasuries!"
If that's what bothers you about CBDCs, then I have really bad news for you... just sayin
It's about who controls the pulleys and levers.
If any of those things you listed were a digital currency (debit card definitely is), then yes, they are CBDCs.
The core problem as I see it is control, largely via surveillance. Tether does not control their backing. My bank does not control their backing. CBDCs are already here and derive from control of the backing assets. Want to control Tether, stop selling them notes.
I understand your point but disagree with your assertions regarding Tether. They're pegged to THW same central bank we all are. That being said, hopefully they'll pivot to Bitcoin backed if/when the time comes. It's obvious they're accumulating sats by leveraging fiat fuckery.
coOP?
Not familiar with the term/acronym as it relates to banknotes or currency. What does it refer to?
the world: fiatfuckery, but fr, just looking @ the bigger picture/been watching since b4 this "crazier times" manifested & could c flows changing long b4 Bitcoin
tether is still a private business which like snowden had mentioned, has the unique ability to get around the 4th amendment / unreasonable search and seizure
I must have missed it - what does BDC stand for?
I'm using it in the same context as CBDC
Central Bank Digital Currency
Bank Digital Currency
US will almost certainly get private issue. All the big banks are working on their own, and some speculate tether and eth may be part of the plan as well.
I think Trump is trying to do a private issue BDC, as far as I'm aware, especially at the conference, he talked about banning CBDC, but not digital currencies that are like Tether altogether.
Yea its typical political double speak. I fear anti-cbdc laws will be written vague enough to include btc and any others they deem 'dangerous'. Nothing to back up the suspicions, but that's how they roll. I can think of very little laws that ever actually benefitted people, so no reason to think they really care about cbdcs.
Tether is complete genius. The service they give to millions of people around the world is life saving. Why is it so popular ? Because it solves a big problem for many people.
I love tether it's great. Genius business.
It will lead to a bitcoin standard too
Third world fiat shitcoin to first world fiat shitcoin to Bitcoin
I wouldn't say I love Tether, but I'm mostly indifferent about it. It's a huge step up from traditional banking and its a very interesting tool, but it also furthers the dollar network, bolsters the US treasury market, and is explicitly still just a dollar credit token.
I see its benefits and its drawbacks. I prefer Tether existing than it not, for sure, but I don't love it and it's not the solution to our biggest problems, its just an interesting new take on banking infrastructure, imo.
It's not about you are me loving it, I never used it. It's thé market (aka people) loving it.
Millions of people use it voluntarily. You can't Deny that
Agreed. It also pisses me off whenever I see "hardware wallet". It's not a damn wallet, it's a signing device. And I don't think this will ever be corrected.
And yeah, Tether is an example of a shitcoin I don't want or need but to others it may have an actual use case (the unbanked that need short term stability and no access to physical dollars)
I'm toxic where toxicity is justified, this is not one of those cases. At some point though, they will be captured by evil because they CAN BE. (In case they aren't yet)
“It also pisses me off whenever I see "hardware wallet". It's not a damn wallet, it's a signing device.”
Thanks for expressing the same frustration I have
Absolutely, it's already difficult enough for newcomers to understand the technical aspects and plain wrong descriptions such as these are very confusing.
When like 70-80% of Tether's holdings are in U.S. treasuries, I'd say it's very misleading to claim no association to any govt. Due to this dependence - along with the mentioned ability to freeze and surveil activity - the practical difference between USDT and a CBDC lies only in what the U.S. government has yet to decide to exercise. (the same would go for any BDC that's also beholding to the demands of a govt).
I agree, however, that it's not good to inaccurately label anything - even if it's only inaccurate on a technicality... Someone needs to coin another term for government-cucked digital currency to cover them all.
Nothing about what I said made any suggestion one way or another about "association with a govt." It's literally a USD stablecoin. Why would anyone claim that it's not US related?
That said from the company standpoint specifically, they are scared shitless about doing any business with any US company or being attached in any way to US markets. Like very paranoid about it. So if you are saying they are some US govt project then I'd argue that doesn't really add up. I think the US thinks Tether is undermining their power and control, even though from the standpoint of someone who understands, it actually is a significant support for the US dollar and treasuries. I simply think the political system is only just now waking up to that and trying to figure out how to take advantage of that.
"They aren't associated with any govt." isn't a suggestion one way or another? I must be misreading that somehow.
Regardless, per your response, we appear to actually be on the same page
Cheers!
I mean that they haven’t issued a govt currency and aren’t a govt program or institution. I didn’t mean that they don’t buy a particular govt’s treasuries, as that’s obviously false.
Words have specific meaning. Using a certain word to refer to something that it is not cheapens and ultimately dilutes the meaning and significance of words. Sometimes that is bad, sometimes it is a non-issue. Regardless, it is transformative
Listened to this using Eleven Lans reader app and AI voices have definitely crossed the chasm.
Yes, your distinction is well made as is your point about conflating our choices.
I take your point and its a good one. We should always be careful with our language and speak truefully and accurately. However, I think knowing your audience is also really important when getting across the message. On nostr, its not hard to find people that understand the destiction you are making which is 100% accurate. To a normie, or somebody who doesnt know the difference between crypto and BTC, never heard of nostr, doesnt understand the realities of inflation, ect. Making the argument about CBDC and BDC doesnt dont seem important enough to me and will more likely confuse a significant amount of people that would otherwise begin their exploration down the BTC rabbit hole.
So ignorance is weekness in the fight to come. Don't be ignorant. Well spoken!
What would a CBDC give the US government that they can't get with tether?
Well said, Guy. In fact @preston had a great chat with the Tether guys on his latest #bitcoinfundamentals podcast. Very interesting to see how this helping people in the new world with massive inflation issues. It’s a stepping stone to Bitcoin adoption too.
💯
nostr:nevent1qqs02ckcd9nn9w6mcwt56t49p76jefurxfy4hgjykrv3757lq9aac9spz9mhxue69uhkummnw3ezuamfdejj7q3qh8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wqxpqqqqqqzup8cah
Oddbean new post about login | logout 