Current Events > anybody else low key freaking out towards China's digitizing their currency?

(+) Yeah! (+)

the potential of even more government control and its impact on international trade is scary. black mirror shit and Orwell can't even imagine this shit.

i dislike current american administrations but if dollars become de-standarized and yuan become main global currency it's basically the end.

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There will be a Third World War before the yuan becomes the world reserve currency, I wouldnt worry too much

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Not at all worried about it.

Poor chinese people tho. Rebellion is almost impossible at this point. Without physical cash, it will be social credit electric bogaloo where they can just ban individual from ever receiving money.

Shit is scary af.

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"Your social credit score is yellow-red. All your money now belongs to us"

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Haven't heard about this, sounds sketchy af
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I guess China is the grand social experiment where we see how far things will go before the inevitable rebellion

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Not really

I never use cash. If I have cash, in my mind, it's "spent" money. I only place value on the money in my bank accounts.

If someone gave me $50, I'd be like "woo, free $50 to spend on stupid shit!"

If someone gave me like $1000, I'd put it into my bank

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I don't really think about China too much.

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Like Ronny Chieng says. "Don't use cash, like a cave man"

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Flauros posted...

"Your social credit score is yellow-red. All your money now belongs to us"

This. You can already be refused services and stuff with bad social score, but with some cash at least you can still do something relatively lowkey and undetected.

If they are goin to get rid of physical currency the grip on chinese people is gonna be tighter than ever.

You don't need room 101, you just need to lock all of their account and they will just starve to death.

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The social credit score is really not as scary as you think it is. And you can always increase your score through charity work and things like that. It's actually less scary than the credit score we all have to maintain, which is entirely tied to your financial situation.

Kazi1212 posted...

There will be a Third World War before the yuan becomes the world reserve currency, I wouldnt worry too much

I think a literal third world war is much more worrisome than a centralized world reserve.

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TreyFlowers posted...

I never use cash. If I have cash, in my mind, it's "spent" money. I only place value on the money in my bank accounts.

If someone gave me $50, I'd be like "woo, free $50 to spend on stupid shit!"

If someone gave me like $1000, I'd put it into my bank

It's because we don't live in authoritarian country (yet anyway) and we still have choice for cash and other method of transactions. It's really a big deal if you have no choice at all. Without the dictator stuff digital is generally good and more convenient, with such government, you say something thy don't like?
BAM life savings, insurance, wage, stock and other non-physical assets frozen.

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Tyranthraxus posted...

I think a literal third world war is much more worrisome than a centralized world reserve.

it is, Im just saying there wont be a shift in the centralized world reserve without another world war

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Tyranthraxus posted...

I think a literal third world war is much more worrisome than a centralized world reserve.

At this point "WW3" is basically another word for global thermonuclear war. The end of life on this planet.
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The only cash I carry out is a US $1 bill for... activities.

I'm Australian.

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i use credit or debit foreverything cash is filthy

apolloooo posted...

Poor chinese people tho. Rebellion is almost impossible at this point. Without physical cash, it will be social credit electric bogaloo where they can just ban individual from ever receiving money.

Shit is scary af.

It's not like there is an alternative system they could use, where they could trade Goods & Services for Services & Goods.

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