IMF Has Just Unveiled A New Global Currency Known As The “Universal Monetary Unit”

originally posted by: socialmediaclown
You didn't even mention a clearinghouse or Swift.

If you understand the industry that middle conversion is the clearinghouse or similar platform, FFS. Otherwise it's direct, which isn't happening.

a reply to: AugustusMasonicus

But that's not what you stated. You weren't aware of the Switch project.

originally posted by: socialmediaclown
But that's not what you stated. You weren't aware of the Switch project.

What Swift does is not a direct conversion so it wasn't relevant to your dopey 'centralized global digital currency' comment. There is no such thing and there is no mechanism to use such a thing in practice.

a reply to: AugustusMasonicus

You just said the middle conversion is the clearinghouse

originally posted by: socialmediaclown
You just said the middle conversion is the clearinghouse

Or similar platform, hence why you will not have a 'centralized global digital currency'.

I can keep repeating this as many times as necessary.

a reply to: AugustusMasonicus

You called Swift a clearinghouse then you said the middle conversion is the clearinghouse then you said Swift is not a direct conversion.

originally posted by: socialmediaclown
You called Swift a clearinghouse then you said the middle conversion is the clearinghouse then you said Swift is not a direct conversion.

It's not a direct conversion when you go through a third party, they take a cut.

Let me really dumb this down for you. If the dollar and the euro are at par and I hand you a dollar you now have one euro, that's a direct conversion. If we go through a clearinghouse you will not get a full euro, you will get less because of the cut they take, this is not a direct conversion. This is payments/settlement 101.

a reply to: AugustusMasonicus

Then you shouldn't have said the middle conversion is the clearinghouse house. There is no such thing as a "middle conversion". Your words not mine.

originally posted by: socialmediaclown
Then you shouldn't have said the middle conversion is the clearinghouse house. There is no such thing as a "middle conversion". Your words not mine.

Just because you don't understand it is not my problem, the transaction that occurs in the middle is done by a clearinghouse.

School is still open if you need more lessons.

a reply to: AugustusMasonicus

Correct terminology matters. Now your calling it a transaction. None of your explanations have gotten around to the fact you didn't know about the Swift project before you said CBDCs couldn't be converted. Or transacted.

originally posted by: socialmediaclown
...before you said CBDCs couldn't be converted.

Directly converted. Pay attention.

a reply to: AugustusMasonicus Conversion isn't transaction. Are you saying that Swift is buying and selling currencies?

originally posted by: socialmediaclown
Conversion isn't transaction. Are you saying that Swift is buying and selling currencies?

Converting is 100% transactional, you think they do it for free?

a reply to: AugustusMasonicus

So the currencies aren't converted?

originally posted by: socialmediaclown
So the currencies aren't converted?

Converted to what and in what specific instance?

a reply to: infolurker

Oh the Universal monitoring unit
right I know what that's all about

a reply to: AugustusMasonicus

I don't know. You tell me. You're the one who brought up the conversion issue.

originally posted by: socialmediaclown
I don't know. You tell me. You're the one who brought up the conversion issue.

The initial comment of yours I replied to revolved around the DC in the Original Post and how other DC's would need to be converted into that one and then back to the final currency. It isn't a 'centralized global digital currency'. It's essentially a clearinghouse.

a reply to: AugustusMasonicus

My comment didn't mention anything about the DC in the original post. You misconstrued everything.

originally posted by: socialmediaclown
My comment didn't mention anything about the DC in the original post.

Did I say it did? I included that in my reply to you to show how there cannot be a 'centralized global digital currency' that you dreamt up.