this post was submitted on 15 Jul 2023
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arguably it always has been https://www.ic.unicamp.br/~stolfi/bitcoin/2021-01-16-yes-ponzi.html#sum
monetization of upvotes, lack of bot control, yeah i see no way this can go sideways
CBDCs were always a vaporware, and crypto in general is driven by hype only
I suspect we'll see products that end up getting branded CBDC (e-yuan, e-rupee, e-dollar), but it may look nothing like blockchain hype projects.
There are plenty of real world problems that a natively digital transaction system can mitigate. The obvious use case is "I'm in Los Angeles, how can I pay someone in Edinburgh three pounds without spending days for settlement, worrying about inter-bank communication, or dealing with private firms that have turned it into a rent-seeking space that adds huge fees". Note this can be done without some elaborate blockchain system. In fact, a centralized service operated by the state has the right incentive alignment: they are more beholden to the social and political goal of "efficient commerce helps economic growth" rather than the private-enterprise mindset of "if I can get people to consume the tokens I already own, I can be a kazillionaire."
every time i hear criticism like this i have to notice that these problems exist mostly within heavily outdated american banking system. in my country i can send bank transfer to anyone within country for free and it will always clear within 24h, but less than ~3h if sent during normal working hours. transfers within bank are instant; when i pay my internet bill, for example, such instant transfer goes to payment processor (with little overhead ~0.3$). within EU, there are SEPA transfers
then, outside of banks in usual sense of this word, there is range of solutions from revolut to m-pesa