Unless we opt out with Bitcoin, the State will stifle innovation

This is a transcript of the “Bitcoin Magazine Podcast” hosted by P and Q. In this episode, they are joined by Izabella Kaminska, editor at the Blind Spot and former editor at the Financial Times, to talk about how she realized that Bitcoin is an important piece of the puzzle for humanity to move forward and continue innovating.Watch This Episode On YouTube Or RumbleListen To The Episode Here:AppleSpotifyGoogleLibsynP: Everybody’s worried that it’s gonna be like, “If you don’t spend this CBDC within two weeks, you lose it.” It seems that we have systems in place. People are comfortable with credit-card-based systems. It will be a bit like the carrot and the whip, but I believe that it will still lead to the same result in the end, provided they are able to push them and launch them. Izabella Kaminska, I agree. People will be able to get discounts on their energy bills when they adopt energy-saving habits, which I believe will happen due to the energy crisis. All of this will result in an account-based, programmable credit feature that makes money completely de-neutralized. Money is not fungible with any other money. Everybody will have different spending limits. In a CBDC world, however, you run the risk of demonetizing the system. Instead of relying on price signals, the system will be determined by an arbitrary AI system. This system is called a Gosplan 2.0 system. It is very top-down and retrospective and focuses on your behavior yesterday and not what you can do in the future. P: Oh, that’s interesting.Kaminska: That’s really dangerous because for us to really get through the challenges of the next century, we have to innovate and any of these AI, holistic, overly controlling systems have a tendency, in my opinion, to repress the individual and repress his capacity for innovation. Innovation is only possible when there is risk. If you want to derisk the system, which I believe they are trying to do, then they will. But without risk, innovation is impossible. That is the problem. If there is no innovation, then I believe our species is pretty doomed.

 

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