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> It’s Waller’s opinion, as well as my own, that the United States does not need to develop its own CBDC. Yet while Waller believes that the US doesn’t need a CBDC because of its already robust commercial banking sector, I believe that the US doesn’t need a CBDC despite the banks, whose activities are, to my mind, almost all better and more equitably accomplished these days by the robust, diverse, and sustainable ecosystem of non-State cryptocurrencies (translation: regular crypto).

I suppose it shouldn't be super surprising for one who's life has been in such a state of upheaval, but I think he really discounts the value that people put on stability - of which "regular crypto" really hasn't proven yet.

You have to define "stability"; it is a vague word.

If you're talking about price stability, this is an illusion. The appearance of price stability of any currency is created by 1) it's use as unit of account, and 2) high liquidity, usually caused by a state governing a large population decreeing its use as legal tender.

No currencies are stable in price, because the crux is what you're pricing them in. If you price dollars in oil as unit of account, the dollar becomes as volatile as oil appears to be when the reverse is the case, as it usually is. All currency prices are free floating. And really, commodities like oil (and salt, and plenty of others) are more stable currencies, because their production and consumption remain mostly constant, so the supply can be more easily predicted, multiple entities can produce it so there's no monopoly that can control supply entirely.

If you're talking about some other type of stability, such as infrastructural stability, bitcoin has been running for a decade with no formal governing body, and in principle is so stable that any Tom dick and harry can spin up a cryptocurrency network with minimal effort and it just works. That's pretty damn stable.

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