As governments around the world prepare for central bank digital currencies, it is imperative that we use bitcoin to solve the challenges of the 21st century.
This is a transcribed excerpt from the “Bitcoin Magazine Podcast”, hosted by P and Q. In this episode, they are joined by Izabella Kaminska, editor-in-chief of Blind Spot and former editor-in-chief of the Financial Times, to explain how she achieved that Bitcoin is an important piece of the puzzle for humanity to move forward and keep innovating.
Listen to the episode here:
P: Everyone fears it’s like, “If you don’t spend that CBDC within two weeks, you lose it.” It seems like we already have systems in place and people are already very comfortable with credit card-based systems or similar systems where it’s like, “If you spend it in this specific area economy or in that specific way you get bonus points. It will be a bit like carrot versus whip, but I think it will still lead to the same result in the end, if they are able to push it and throw it.
Izabella Kaminska: Yes, I think that’s exactly it. With the energy shortage, I think you’ll see people get reductions on their energy bills if they engage in energy-saving behaviors, and that’s how it will start. All of this will combine into an account-based programmable credit function where money itself becomes totally deneutralized because nobody’s money will be fungible with someone else’s money because everyone will have different limits on how he can spend his money.
It used to be that money was neutral and that’s why markets work because the price signal is what determines how goods respond to supply and demand. But in a CBDC world, you risk totally demonetizing the system and going to a world where things get cleared up, not by a price signal, but by an arbitrary, algorithm-driven AI system that determines top down, what I call, a Gosplan 2.0 system, which is not about human innovation and creativity, but is very top down and retrospective, based on how your behaviors were yesterday, not about what you can accomplish in the future.
P: Oh, that’s interesting.
Kaminska: It’s really dangerous because in order for us to really meet the challenges of the next century, we have to innovate and all these AI, holistic and overly controlling systems tend, in my opinion, to suppress the individual and to repress his ability. for innovation.
Innovation can only come with risk. But if you want to reduce system risk — and I think that’s exactly what they’re trying to do, they’re trying to reduce system risk to the nth degree — but without risk, there’s no innovation. And here is the problem. If there’s no innovation, then I think our species is kind of doomed.