Quote from: jaysabi on Today at 04:59:08 AM

Quote from: fulcare on July 30, 2021, 09:39:08 AM

Quote from: ROSEDF on July 30, 2021, 01:39:55 AM

I think that cryptocurrency and fiat currency can be used together. The feature of cryptocurrency is that fiat currency does not have, and the feature of fiat currency is that cryptocurrency does not. If there is no fiat currency, how do we buy cryptocurrency, and now various countries are launching digital fiat currency , This is actually a threat to cryptocurrency, because the government cannot control cryptocurrency. It will prohibit the use of cryptocurrency for everyone to use legal digital currency. It will be a blow to cryptocurrency at that time, but we Everyone likes to use cryptocurrency because it is relatively free, not regulated by the government, and there is no third party. Your own information will not be easily leaked, and now transaction payments are more convenient and fast

Digital fiat currency isn't much of a threat to decentralized cryptocurrencies. Digital fiat currencies are a threat to society because they undermine privacy like no tool did ever before. You can't transact anymore without the banks and the government knowing where you were at what point in time and what type of items you most likely bought. If you have to go to a pharmacy twice a week and buy something, they know you must be sick like hell. If you pay the price for a package of cigarettes and they see the exact same amount every day on your financial report, they know you are a heavy smoker.

What you're describing isn't any different from electronic payments as they currently are. You don't even need a digital currency. There's no reason to suspect that a digital currency though would allow the government to know what specific items you're purchasing though, just like the current digital payment systems don't provide that information. That concern is overblown, but I agree a digital currency is a potential nightmare for consumers because of the extra power it grants the government over the economy.

Alright, let's assume you go to a store and a certain bottle of well known cheap whiskey has a certain price. You go to that store seven days a week and buy that bottle, most of the time between 6 and 7 pm. Maybe you add some other stuff that has a price everyone could pretty easily identify. Now you ask your bank for a loan. Don't you think they might have a clue because of your spending habits? What if you attend a "certain" doctor three times a week and you pay privately? Do you think the doctor has a hidden company on the Cayman Islands such that nobody knows you are visiting that doctor three times a week when the transaction with all details shows up on our account every single time? No, it will say "Doctor Smith bla bla bla". What about paying in a whorehouse? Or going into a pub more often than the average person, paying your bill with digital money there? Or you frequently have to pay a lawyer, anything wrong with you? Are you a criminal? Should I go on? I know I am mentioning stuff that might reveal so called "weaknesses" of some people. But as long as they don't harm anyone when they drink 7 bottles whiskey a week and have usually been paying back reliably, are you sure that insurance companies and banks won't use that data?