Hacker News Reader

HNHacker News

Top New Best Ask Show Jobs

Comment by adam_arthur | Hacker News Reader

Parent Full thread

adam_arthur·

I tend to think that after enough cycles people will begin to write off crypto entirely.

A USD CBDC will kill it either way

View on HN

People still "invest" in multi-level marketing stuff, so I'm not an optimist.

Have you seen this new coin? Have you read the white paper? It's a completely new scam^Wthing!

By "kill", I mean that it won't likely go mainstream mania, featured on CNBC etc. Not that it won't exist at all.

There's definitely another fool born every day

MLM never was any close to being this mainstream. Maybe in 1997 in Albania.

Herbalife, Amway, Avon, etc. all became pretty big, it just doesn't seem like that to most people in tech bc it's a different target market.

They were orders of magnitude from having 3 trillion market cap.

Market Cap really doesn't mean anything - if I buy a grain of sand for $1 suddenly sand has the largest market cap at $7,500,000,000,000,000,000.00

My understanding is CBDC’s are for banks and not retail. So it won’t kill it.

I don't think crypto actually serves much of a purpose at retail. As a customer, what reason do I have to pay for my groceries with bitcoin instead of my debit card?

A CBDC is just a bank account at the Fed with an API. You don't need retail banks anymore if you have one; conversely you don't need one if you already have retail banks.

Banks already have such an account at the Fed, and are getting realtime FedWire soon, and it doesn't really matter that the API involves SFTP'ing ACH files around.

Hmm what would the advantage be then? The Fed is already linked up with US Banks

Somehow I doubt it.

It's just too easy to participate.

Also: are you interested in my brand new Krasnol-NFT?

I'm sure the fact that the US seized the Russian central banks dollar reserves will do wonders for the adoption of a US CBDC

Reply on news.ycombinator.com