“The Honest Drink Podcast” was a refreshing three hosts “GRILLING ME” on China’s CBDC!
The 17-year-old Scotch helped me survive Justin, Howie, and “mic drop” Eric’s grilling! This is the most fun I’ve had in ages, and if you want “off-the-record” truth bombs (💣), this is the place! The guys and the Scotch brought out my best!
Some key moments!
06:30 If you love tech, just move to China. This is the place to be. China is a decade ahead and is providing a blueprint for the West if it’s willing to listen.
09:30 Three strawmen arguments against studying China’s tech: 1) It’s different there, 2) China copies and doesn’t innovate, 3) There is no internet privacy.
18:30 WeChat Pay Alipay and credit cards in the West are open books. There are few secrets in how data is handled.
24:00 Credit card processing is all digital, but the fees from hand processing remain!
33:45 💣: Payment in China is free! Payment was REINVISIONED as a free product because when something is free, you are the product!
41:15 Financial inclusion and digital wallets! Their greatest legacy.
48:30 Overdraft fees were around $12 bn a year and are a regressive tax on the poor!
52:50 WeChat and Alipay are not the same as CBDC, which is taking us into a future where machines pay!
58:45 You will not have an account with the Central Bank! Complete bunk!
1:06 Spyware? CBDC and cards are similar.
1:12 💣 Digital yuan gives greater privacy than Chinese users have now and better than cards in the West!
1:18 CBDC will FREEZE your money, bring social credit, and expire! Sorry, all of these things can be done already without CBDC!
1:25 💣: Autocratic dictatorships don’t need CBDC to control people!
1:28: 💣 The future of Crypto: It has a right to exist and will not die. Crypto does not have a right to exist in an unregulated fashion. It has surrendered that right!
1:30 💣: Crypto and inclusion, our most vulnerable populations, cannot be asked to accept 20% currency volatility…what insanity is this?!
1:35 Programmable money already exists, and people want it!
1:38 If you envision a dystopian future, you can do it without a CBDC!
1:43 💣: social credit! You have it already in the West with an obsession for credit scoring!
1:49 China actually doesn’t have a unified social credit system!
1:52 The irony is that Chinese people like the social credit system!
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