Reddit enrages users again by ditching thank-you coins and awards::Reddit, which is still dealing with the fallout from its last controversial decision, said it plans to phase out coins and awards.
Reddit enrages users again by ditching thank-you coins and awards::Reddit, which is still dealing with the fallout from its last controversial decision, said it plans to phase out coins and awards.
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every time i hear criticism like this i have to notice that these problems exist mostly within heavily outdated american banking system.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