This is even dumber when you consider we’re ~2 years away from the launch of the Digital Euro. As easy and fast to transfer as a cryptocoin with none of the drawbacks. No Blockchain nonsense, backed by banks, transactions can be cancelled and refunded just like any digital transaction, and standardized to all EU banks.
Exactly. Once a Digital Euro is live, most of crypto’s “use case” evaporates. Same speed and convenience, but with consumer protections, reversibility, and real institutional backing.👌
This just sounds like a regular bank transfer to another European bank…input recipient in your self-service online banking and press “transfer”…beep boop done.
What does this “digital” euro do that the existing euro (which is also perfectly working in digital space) solve?
For real, isn’t this allowing them to have much more control over what you have in the bank? Preventing bank runs as they call it(aka blocking withdrawals)
Not really. I was scammed for a few hundreds of euro’s last year. I knew the company, I knew the account but the bank was incapable of reacting because of ‘reasons’.
They know where the money went but they can’t follow where it got transferred to. So they can only follow one transaction and after that it’s gone. (Except when you get a court order)
That’s exactly the problem. “Reversible in theory” doesn’t mean much if banks can’t or won’t act fast. Without real-time intervention and enforcement, the protections are mostly on paper, by the time they move, the money’s already gone.👌
For the past 11years I only transact with Crypto and I feel very much comfortable because any mistake I make is traceable and also refundable with zero charge. Almost everyone here in US has adapted to Crypto. The bank is just a reflection of the bad government. 👎
This is even dumber when you consider we’re ~2 years away from the launch of the Digital Euro. As easy and fast to transfer as a cryptocoin with none of the drawbacks. No Blockchain nonsense, backed by banks, transactions can be cancelled and refunded just like any digital transaction, and standardized to all EU banks.
Exactly. Once a Digital Euro is live, most of crypto’s “use case” evaporates. Same speed and convenience, but with consumer protections, reversibility, and real institutional backing.👌
This just sounds like a regular bank transfer to another European bank…input recipient in your self-service online banking and press “transfer”…beep boop done.
What does this “digital” euro do that the existing euro (which is also perfectly working in digital space) solve?
A regular transfer takes at least some hours/days. With digital currency the transfer is instant.
Apart from that, surveillance. There’s a (de)centralized register that shows how much money there is ti be found on any account at any given time.
Exactly 👌👌👌
Surveilence
For real, isn’t this allowing them to have much more control over what you have in the bank? Preventing bank runs as they call it(aka blocking withdrawals)
I read almost all the comments here, your words are just exactly my thoughts. 👌
There will be the exact same level of surveillance, it’s still just run by banks so there’s no difference there.
Not really. I was scammed for a few hundreds of euro’s last year. I knew the company, I knew the account but the bank was incapable of reacting because of ‘reasons’. They know where the money went but they can’t follow where it got transferred to. So they can only follow one transaction and after that it’s gone. (Except when you get a court order)
That’s exactly the problem. “Reversible in theory” doesn’t mean much if banks can’t or won’t act fast. Without real-time intervention and enforcement, the protections are mostly on paper, by the time they move, the money’s already gone.👌
For the past 11years I only transact with Crypto and I feel very much comfortable because any mistake I make is traceable and also refundable with zero charge. Almost everyone here in US has adapted to Crypto. The bank is just a reflection of the bad government. 👎