1/🧵
CBDCs are being touted as what will take over the digital currency world. This is sending fear into many. They believe that governments will wave a magic wand and it will be here.
1/🧵
CBDCs are being touted as what will take over the digital currency world. This is sending fear into many. They believe that governments will wave a magic wand and it will be here.
2/ The problem with this view is that they are already behind. You cannot create a network that is both safe and scales instantly. This has to be built and tested, a lot. Can a central bank risk a hack?
3/ Stablecoins are already in the wild. One that is operating is the Hive Backed Dolar. This is growing in utility which keeps increasing its power. Each time a new location accepts it, we see the network effect enhances.
4/ This means that we are expanding the size of the network (think nodes). As this occurs, it becomes entrenched as the monetary system people turn to. This is not done by edict. When biz can operate, that is what is gravitates towards.
5/ HBD, along with other stablecoins, is the alternative to CBDCs. People think governments will win this one but that fails to understand technology and how inept gov'ts are when it comes to this.
To read full article:
https://leofinance.io/posts/taskmaster4450/hbd-an-alternative-to-cbdc
Even in the case of a "perfect" implementation... this is an extended process, over years.