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cbdc:public:cbdc_omg:04_doc:20_comments:brp:q07:start [2022/05/16 21:32] nick |
cbdc:public:cbdc_omg:04_doc:20_comments:brp:q07:start [2022/06/17 18:55] (current) terrance |
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| | [[cbdc:public:cbdc_omg:04_doc:20_comments:brp:start| Return to CBDC Benefits, Risks, and Policy Considerations ]] | <WRAP> | | [[cbdc:public:cbdc_omg:04_doc:20_comments:brp:start| Return to CBDC Benefits, Risks, and Policy Considerations ]] | <WRAP> | ||
| <html><b> | <html><b> | ||
| - | <a href="mailto:[email protected]?Subject=OMG CBDC Response: | + | <a href="mailto:[email protected]?Subject=OMG's CBDC WG Response: |
| Question: 07. What tools could be considered to mitigate any adverse impact of CBDC on the financial sector? Would some of these tools diminish the potential benefits of a CBDC? | Question: 07. What tools could be considered to mitigate any adverse impact of CBDC on the financial sector? Would some of these tools diminish the potential benefits of a CBDC? | ||
| ">Provide Feedback</a></b> | ">Provide Feedback</a></b> | ||
| Line 116: | Line 116: | ||
| <figure transactionTypes> | <figure transactionTypes> | ||
| - | {{ :cbdc:private:cbdc_omg:04_doc:20_comments:brp:q09:screen_shot_2022-05-05_at_5.24.38_pm.png?600 |}} | + | {{ cbdc:04_doc:20_comments:brp:q09:screen_shot_2022-05-05_at_5.24.38_pm.png?600 |}} |
| <caption>Eight Common Cryptocurrency Transaction Types.(( | <caption>Eight Common Cryptocurrency Transaction Types.(( | ||
| Jason Bloomberg, | Jason Bloomberg, | ||
| Line 194: | Line 194: | ||
| </WRAP>| | </WRAP>| | ||
| ^ 5 ^ Evading Sanctions | <WRAP> | ^ 5 ^ Evading Sanctions | <WRAP> | ||
| - | It’s no surprise that countries like North Korea are desperate for hard currency – and crypto gives them one avenue to obtain it. “Crypto-currencies have the added advantage to the DPRK [North Korea] of giving them more ways to circumvent US sanctions,” according to Lourdes Miranda, cryptocurrency analyst and financial crimes investigator at MirandaFinIntel Consulting, and Ross Delston, an attorney and certified AML specialist who frequently serves as an expert witness. “DPRK can create their own crypto-currencies or use established ones like Bitcoin. Having their own crypto-currency would also facilitate their ability to open online accounts under the guise of a non-adversarial nation using anonymous communication to conceal the user’s locations and usage on the internet.” | + | It’s no surprise that countries like North Korea are desperate for hard currency – and crypto gives them one avenue to obtain it. “Crypto-currencies have the added advantage to the DPRK [North Korea] of giving them more ways to circumvent US sanctions,” according to Lourdes Miranda, cryptocurrency analyst, and financial crimes investigator at MirandaFinIntel Consulting, and Ross Delston, an attorney and certified AML specialist who frequently serves as an expert witness. “DPRK can create their own crypto-currencies or use established ones like Bitcoin. Having their own crypto-currency would also facilitate their ability to open online accounts under the guise of a non-adversarial nation using anonymous communication to conceal the user’s locations and usage on the internet.” |
| - | Furthermore, while the United States and many of its allies have sanctions against such countries as North Korea and Iran, there are also economic sanctions against much larger economies like Russia’s that encourage Mr. Putin’s empire to make serious investments in crypto. | + | Furthermore, while the United States and many of its allies have sanctions against such countries as North Korea and Iran, there are also economic sanctions against much larger economies like Russia that encourage Mr. Putin’s empire to make serious investments in crypto. |
| - | Such investments, in fact, take place at the nation-state level. “[The] Russian government is about to make a step to start diversifying financial reserves into Bitcoin since Russia [is] forced by US sanctions to dump US Treasury bonds and [take] back US dollars,” according to Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, which is ironically funded by the Russian government itself. “These sanctions and the will to adopt modern financial technologies lead Russia to the way of investing its reserves into Bitcoin.”(( | + | Such investments, in fact, take place at the nation-state level. “[The] Russian government is about to take a step to start diversifying financial reserves into Bitcoin since Russia [is] forced by US sanctions to dump US Treasury bonds and [take] back US dollars,” according to Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, which is ironically funded by the Russian government itself. “These sanctions and the will to adopt modern financial technologies lead Russia to the way of investing its reserves into Bitcoin.”(( |
| Jason Bloomberg, | Jason Bloomberg, | ||
| __The Eight Most Popular Cryptocurrency Transaction Types Are Not What You Expect__, | __The Eight Most Popular Cryptocurrency Transaction Types Are Not What You Expect__, | ||
| Line 253: | Line 253: | ||
| <figure simpleCbdcFlow> | <figure simpleCbdcFlow> | ||
| - | {{ :cbdc:private:cbdc_omg:04_doc:15_common:70_dualnets:screen_shot_2022-04-20_at_2.53.28_pm.png?700 |}} | + | {{ cbdc:04_doc:15_common:70_dualnets:screen_shot_2022-04-20_at_2.53.28_pm.png?700 |}} |
| <caption>Theoretical Very Simplified Dual ACH-CBDC Network Concept.</caption> | <caption>Theoretical Very Simplified Dual ACH-CBDC Network Concept.</caption> | ||
| </figure> | </figure> | ||
| Line 262: | Line 262: | ||
| [[cbdc:public:cbdc_omg:04_doc:20_comments:brp:q07:start| Return to Top]] | [[cbdc:public:cbdc_omg:04_doc:20_comments:brp:q07:start| Return to Top]] | ||
| - | : //The question is I do not understand where the backing of Bitcoin is coming from, you have to really stretch your imagination to infer what the intrinsic value of bitcoin is. I haven’t been able to do it.// Alan Greenspan, former chairman of the Federal Reserve.(( | + | : //The question is I do not understand where the backing of Bitcoin is coming from, you have to really stretch your imagination to infer what the intrinsic value of bitcoin is. I haven’t been able to do it.// Alan Greenspan, former chairman of the Federal Reserve. (( |
| Jason Bloomberg, | Jason Bloomberg, | ||
| __What Is Bitcoin's Elusive Intrinsic Value?__, | __What Is Bitcoin's Elusive Intrinsic Value?__, | ||
| Line 294: | Line 294: | ||
| ^ 1 ^ Check the Market Listing | <WRAP>'The first step is to look up the project on a cryptocurrency aggregator. The two largest cryptocurrency aggregators are CoinMarketCap and Coingecko. CMC is the most well-known while CoinGecko is known for more smaller-cap projects. | ^ 1 ^ Check the Market Listing | <WRAP>'The first step is to look up the project on a cryptocurrency aggregator. The two largest cryptocurrency aggregators are CoinMarketCap and Coingecko. CMC is the most well-known while CoinGecko is known for more smaller-cap projects. | ||
| - | These sites provide a high-level overview of the project: trading history, crypto ranking, a brief description of the project as well as the primary links to the project website and the project’s social media links.(( | + | These sites provide a high-level overview of the project: trading history, crypto ranking, a brief description of the project as well as the primary links to the project website and the project’s social media links. (( |
| Richard Knight, | Richard Knight, | ||
| __How to Evaluate a Cryptocurrency - 7 Steps to Analyzing Crypto Projects Before Investing__, | __How to Evaluate a Cryptocurrency - 7 Steps to Analyzing Crypto Projects Before Investing__, | ||
| Line 315: | Line 315: | ||
| There is no excuse for a poorly developed website. Today it is very easy and relatively inexpensive to develop a clean and functional website. The project website should be well put together, functional and openly share details about the project, the people behind it, the roadmap, and the investors (if applicable). | There is no excuse for a poorly developed website. Today it is very easy and relatively inexpensive to develop a clean and functional website. The project website should be well put together, functional and openly share details about the project, the people behind it, the roadmap, and the investors (if applicable). | ||
| - | If the website is of poor quality, has spelling mistakes, is reluctant to disclose to the team members or even worse is a copy-and-paste of a prior fork, then these are all cause for concern and should be avoided.(( | + | If the website is of poor quality, has spelling mistakes, is reluctant to disclose to the team members, or even worse is a copy-and-paste of a prior fork, then these are all cause for concern and should be avoided. (( |
| Richard Knight, | Richard Knight, | ||
| __How to Evaluate a Cryptocurrency - 7 Steps to Analyzing Crypto Projects Before Investing__, | __How to Evaluate a Cryptocurrency - 7 Steps to Analyzing Crypto Projects Before Investing__, | ||
| Line 327: | Line 327: | ||
| </WRAP>| | </WRAP>| | ||
| ^ 3 ^ Check Social Media Profiles | <WRAP> | ^ 3 ^ Check Social Media Profiles | <WRAP> | ||
| - | If everything looks good at this point, the next step is to check the social media profiles. This step will take a bit more time to assess.(( | + | If everything looks good at this point, the next step is to check the social media profiles. This step will take a bit more time to assess. (( |
| Richard Knight, | Richard Knight, | ||
| __How to Evaluate a Cryptocurrency - 7 Steps to Analyzing Crypto Projects Before Investing__, | __How to Evaluate a Cryptocurrency - 7 Steps to Analyzing Crypto Projects Before Investing__, | ||
| Line 369: | Line 369: | ||
| A project's success is directly related to something which its users will need (or want). While gaming and metaverse projects may not at first glance solve an important problem, they do offer something people want. No matter the niche or project, it must be able to solve an important problem (or need). | A project's success is directly related to something which its users will need (or want). While gaming and metaverse projects may not at first glance solve an important problem, they do offer something people want. No matter the niche or project, it must be able to solve an important problem (or need). | ||
| - | When assessing the utility or use case of a project, it’s important to look at both the current demand and potential future demand. Does the potential future demand include worldwide adoption or is it only local? If you are not able to determine the reasons or motivations for significant future demand, then then it’s likely not a project you will want to hold for the long term.(( | + | When assessing the utility or use case of a project, it’s important to look at both the current demand and potential future demand. Does the potential future demand include worldwide adoption or is it only local? If you are not able to determine the reasons or motivations for significant future demand, then then it’s likely not a project you will want to hold for the long term. (( |
| Richard Knight, | Richard Knight, | ||
| __How to Evaluate a Cryptocurrency - 7 Steps to Analyzing Crypto Projects Before Investing__, | __How to Evaluate a Cryptocurrency - 7 Steps to Analyzing Crypto Projects Before Investing__, | ||
cbdc/public/cbdc_omg/04_doc/20_comments/brp/q07/start.1652751173.txt.gz · Last modified: 2022/05/16 21:32 by nick
