People who are made anxious by ambiguity and novelty wind up being political conservatives,
Sheepy though process - if the future is different –it is kind of disgusting – if it’s disgusting it’s wrong wrong wrong ..and that’s it
https://open.spotify.com/episode/4uzO5YJ0k7HeELtjm9ZAdq?si=9f72e802e0644826
52 Snippets from 2023
https://snippet.finance/52-snippets-from-2023/
Oyster cards as digital money
The rise of Central Bank Digital Currencies (CBDCs) sparks concerns about increased state surveillance over spending habits. While fears of government monitoring prompt debates and resistance from some quarters like Governor Ron DeSantis of Florida, analyzing London's transport payment systems, particularly the Oyster cards, sheds light on the dynamics between convenience and privacy in electronic payment systems. CBDCs, being a potential replacement for physical cash, raise the question of how much individuals prioritize privacy in their transactions.
Electronic payment systems inherently create transaction trails, raising concerns about state intrusion and control. The debate around CBDCs revolves around balancing the state's access to transactional data and individual privacy rights. While some argue that such fears are overstated, given existing surveillance methods like bank account monitoring and CCTV access, the fundamental question remains: do people truly prioritize privacy over convenience in their transactions? Surveys and public consultations attempt to gauge public sentiment on privacy in electronic payments, but these methods may not fully capture real-world behavior.
London's Transport for London (TfL) inadvertently presents a revealing case study on privacy preferences in payment systems. Different payment methods, from paper tickets to contactless cards, offer varying degrees of privacy. Unregistered Oyster cards provide near-anonymous transactions, while contactless cards hold minimal to significant user information. Despite privacy differences, data analysis reveals a clear trend favoring convenience over privacy. The usage of contactless debit and credit cards for travel has surged, while the use of pay-as-you-go Oyster cards has declined significantly.
This shift indicates that most individuals prioritize the convenience of direct debit or credit card payments over the additional privacy offered by unregistered Oyster cards. The trend showcases the dominance of convenience in driving payment choices. Moreover, the inconvenience of topping up Oyster cards compared to direct bank account payments plays a significant role in adoption preferences. This preference for convenience raises doubts about the potential adoption of CBDCs, as their perceived inconvenience might hinder widespread acceptance, outweighing concerns about privacy invasion. Central banks considering CBDC implementation should heed the pivotal role of convenience in shaping consumer behavior and adoption trends.
