Universal Central Bank Digital Currency?
Steve Cecchetti and Kim Schoenholtz , like most commentators on the subject, needs to take the extra effort to distinguish between digital bearer set and digital non-bearer assets. Note I always have to leave the adjectives in, the whole list, ('digital', 'bearer', 'asset'). It is all digital, every agent can independently check the watermark without counterfeit, it is not just a unit of account but any stable executable ownership contract,
Tell them, pretend to be a $20 bill, make a digital version of that thing. They always start with the central bank checking the watermark, exactly the opposite of what a $20 bill watermark is for. After four of five posts on the subject, these two will have the 'Ah ha' moment.
Queues, queues and more
The authors do the wonderful thing, show how a central bank can alter the ratio of demand to supply for money. That is a nothing burger, everything in the auto cash layer is queue stabilized, saying central banks know a bit of the skill means nothing.
KYC
Kentucky Fried Customers, know your customer. Completely irrelevant discussion. We can know enough truth abut the contract to proceed with the trade, and the customer can remain an anonymous thumb print. We can do this because it uses the same technology as digital bearer cash. Add enforce trading restrictions on digital bearer cash and it become digitalberer asset.
We use the same technology to counterfeit proof and enforce contracts. We learn about our customers before hand, then pre-qualify them with crypto badges. Thus, KYC rules are just like any other contract, and do not clog the escrow networks.
Queues, queues and more
The authors do the wonderful thing, show how a central bank can alter the ratio of demand to supply for money. That is a nothing burger, everything in the auto cash layer is queue stabilized, saying central banks know a bit of the skill means nothing.
KYC
Kentucky Fried Customers, know your customer. Completely irrelevant discussion. We can know enough truth abut the contract to proceed with the trade, and the customer can remain an anonymous thumb print. We can do this because it uses the same technology as digital bearer cash. Add enforce trading restrictions on digital bearer cash and it become digitalberer asset.
We use the same technology to counterfeit proof and enforce contracts. We learn about our customers before hand, then pre-qualify them with crypto badges. Thus, KYC rules are just like any other contract, and do not clog the escrow networks.
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