{"id":4211,"date":"2026-01-02T06:42:45","date_gmt":"2026-01-02T06:42:45","guid":{"rendered":"https:\/\/www.markus-schall.de\/?p=4211"},"modified":"2026-02-18T17:40:57","modified_gmt":"2026-02-18T17:40:57","slug":"porozumeni-digitalnim-penezum-bitcoin-stablecoins-a-cbdcs-vysvetleno-jednoduse","status":"publish","type":"post","link":"https:\/\/www.markus-schall.de\/cs\/2026\/01\/porozumeni-digitalnim-penezum-bitcoin-stablecoins-a-cbdcs-vysvetleno-jednoduse\/","title":{"rendered":"Porozum\u011bn\u00ed digit\u00e1ln\u00edm pen\u011bz\u016fm: Bitcoin, stablecoiny a CBDC vysv\u011btleny jednodu\u0161e"},"content":{"rendered":"<p>Byly doby, kdy pen\u00edze v ka\u017edodenn\u00edm \u017eivot\u011b prost\u011b \u201ebyly\u201c. Vyd\u011blali jste je, vybrali, zaplatili, p\u0159evedli \u00fa\u010dty - hotovo. A to byla jedna z tich\u00fdch vlastnost\u00ed star\u00e9ho syst\u00e9mu: byl tak spolehliv\u00fd, \u017ee jste si ho t\u00e9m\u011b\u0159 nev\u0161imli.<\/p>\n<p>Mnoho technick\u00fdch v\u011bc\u00ed funguje nejl\u00e9pe, kdy\u017e z\u016fst\u00e1vaj\u00ed neviditeln\u00e9. Hotovost je toho dobr\u00fdm p\u0159\u00edkladem: je hmatateln\u00e1, snadno pochopiteln\u00e1 a umo\u017e\u0148uje v\u00fdm\u011bnu, ani\u017e by na pozad\u00ed okam\u017eit\u011b b\u011b\u017eel syst\u00e9m, kter\u00fd v\u0161e zaznamen\u00e1v\u00e1 nebo analyzuje. To bylo norm\u00e1ln\u00ed po cel\u00e1 desetilet\u00ed. \u010clov\u011bk nemusel b\u00fdt odborn\u00edkem, aby se mohl \u00fa\u010dastnit obchodn\u00edho \u017eivota. To se v budoucnu zm\u011bn\u00ed.<!--more--><\/p>\n<hr \/>\n\n\t\t\t<div class=\"display-post-types\">\n\n\t\t\t\t\t\t\t<style type=\"text\/css\">\n\t\t\t#dpt-wrapper-643 { --dpt-text-align: left;--dpt-image-crop: center;--dpt-border-radius: 5px;--dpt-h-gutter: 10px;--dpt-v-gutter: 9px; }\t\t\t<\/style>\n\t\t\t<style type=\"text\/css\">#dpt-wrapper-643 { --dpt-title-font-style:normal;--dpt-title-font-weight:600;--dpt-title-line-height:1.5;--dpt-title-text-decoration:none;--dpt-title-text-transform:none;--dpt-excerpt-font-style:normal;--dpt-excerpt-font-weight:400;--dpt-excerpt-line-height:1.5;--dpt-excerpt-text-decoration:none;--dpt-excerpt-text-transform:none;--dpt-meta1-font-style:normal;--dpt-meta1-font-weight:400;--dpt-meta1-line-height:1.9;--dpt-meta1-text-decoration:none;--dpt-meta1-text-transform:none;--dpt-meta2-font-style:normal;--dpt-meta2-font-weight:400;--dpt-meta2-line-height:1.9;--dpt-meta2-text-decoration:none;--dpt-meta2-text-transform:none; }<\/style><div class=\"dpt-main-header\">\n\t\t\t\t\t\t<div class=\"dpt-main-title\">\n\t\t\t\t\t\t\t<span class=\"dpt-main-title-text\">Soci\u00e1ln\u00ed ot\u00e1zky sou\u010dasnosti<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t<\/div>\t\t\t\n\t\t\t\t<div id=\"dpt-wrapper-643\" class=\"dpt-wrapper dpt-mag1 land1 dpt-cropped dpt-flex-wrap\" >\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"wie ich in vier monaten f\u00fcnf b\u00fccher in zwei sprachen geschrieben habe\" data-id=\"2775\"  data-category=\"allgemein b\u00fccher gesellschaft tipps &amp; anleitungen\" data-post_tag=\"buch digitales eigentum lernen prozesse publishing verlag\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2025\/09\/jak-jsem-za-ctyri-mesice-napsal-pet-knih-ve-dvou-jazycich\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Jak jsem za \u010dty\u0159i m\u011bs\u00edce napsal p\u011bt knih ve dvou jazyc\u00edch<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1920\" height=\"1280\" class=\"attachment-full size-full\" alt=\"Psan\u00ed knih pomoc\u00ed Affinity a BoD\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/buecher-affinity-bod-selfpublishing.jpg\" data-dpt-sizes=\"(max-width: 1920px) 100vw, 1920px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/buecher-affinity-bod-selfpublishing.jpg 1920w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/buecher-affinity-bod-selfpublishing-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/buecher-affinity-bod-selfpublishing-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/buecher-affinity-bod-selfpublishing-768x512.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/buecher-affinity-bod-selfpublishing-1536x1024.jpg 1536w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 75%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2025\/09\/jak-jsem-za-ctyri-mesice-napsal-pet-knih-ve-dvou-jazycich\/\" rel=\"bookmark\">Jak jsem za \u010dty\u0159i m\u011bs\u00edce napsal p\u011bt knih ve dvou jazyc\u00edch<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"dauerkrise als normalzustand: wie narrative unsere wahrnehmung verzerren\" data-id=\"3840\"  data-category=\"allgemein b\u00fccher gesellschaft\" data-post_tag=\"buch deutschland energiepolitik erfahrungen europa krisen meinungsfreiheit pers\u00f6nlichkeitsentwicklung\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2025\/12\/permanentni-krize-jako-normalni-stav-jak-narativy-zkresluji-nase-vnimani\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Permanentn\u00ed krize jako norm\u00e1ln\u00ed stav: Jak narativy zkresluj\u00ed na\u0161e vn\u00edm\u00e1n\u00ed<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1536\" height=\"1024\" class=\"attachment-full size-full\" alt=\"Permanentn\u00ed krize, vypr\u00e1v\u011bn\u00ed\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/dauerkrise-narrative.jpg\" data-dpt-sizes=\"(max-width: 1536px) 100vw, 1536px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/dauerkrise-narrative.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/dauerkrise-narrative-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/dauerkrise-narrative-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/dauerkrise-narrative-768x512.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/dauerkrise-narrative-18x12.jpg 18w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 75%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2025\/12\/permanentni-krize-jako-normalni-stav-jak-narativy-zkresluji-nase-vnimani\/\" rel=\"bookmark\">Permanentn\u00ed krize jako norm\u00e1ln\u00ed stav: Jak narativy zkresluj\u00ed na\u0161e vn\u00edm\u00e1n\u00ed<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"mehr als punk: nina hagen, cosma shiva und die kunst, sich nicht vereinnahmen zu lassen\" data-id=\"4521\"  data-category=\"allgemein gesellschaft kunst &amp; kultur\" data-post_tag=\"auswandern deutschland erfahrungen europa krisen meinungsfreiheit musik portrait\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2026\/01\/more-than-punk-nina-hagen-cosma-shiva-a-umeni-nenechat-se-strhnout\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">V\u00edce ne\u017e punk: Nina Hagen, Cosma Shiva a um\u011bn\u00ed nenechat se strhnout<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1536\" height=\"1024\" class=\"attachment-full size-full\" alt=\"Portr\u00e9t Niny a Cosmy Shiva Hagenov\u00fdch\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Nina-Cosma-Shiva-Hagen-Titel.jpg\" data-dpt-sizes=\"(max-width: 1536px) 100vw, 1536px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Nina-Cosma-Shiva-Hagen-Titel.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Nina-Cosma-Shiva-Hagen-Titel-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Nina-Cosma-Shiva-Hagen-Titel-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Nina-Cosma-Shiva-Hagen-Titel-768x512.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Nina-Cosma-Shiva-Hagen-Titel-18x12.jpg 18w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 75%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2026\/01\/more-than-punk-nina-hagen-cosma-shiva-a-umeni-nenechat-se-strhnout\/\" rel=\"bookmark\">V\u00edce ne\u017e punk: Nina Hagen, Cosma Shiva a um\u011bn\u00ed nenechat se strhnout<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"die elektronische patientenakte (epa) im faktencheck: risiken, rechte und widerspruch\" data-id=\"3412\"  data-category=\"gesellschaft gesundheit tipps &amp; anleitungen\" data-post_tag=\"datenschutz eu-gesetze gesundheit prozesse ratgeber\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2025\/11\/elektronicky-zaznam-pacienta-epa-kontrola-rizik-prava-a-namitky\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Kontrola fakt\u016f o elektronick\u00e9 dokumentaci pacienta (EPR): rizika, pr\u00e1va a n\u00e1mitky<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1536\" height=\"1024\" class=\"attachment-full size-full\" alt=\"V\u0161echna fakta o elektronick\u00e9 dokumentaci pacienta\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Elektronische-Patientenakte.jpg\" data-dpt-sizes=\"(max-width: 1536px) 100vw, 1536px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Elektronische-Patientenakte.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Elektronische-Patientenakte-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Elektronische-Patientenakte-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Elektronische-Patientenakte-768x512.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Elektronische-Patientenakte-18x12.jpg 18w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 75%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2025\/11\/elektronicky-zaznam-pacienta-epa-kontrola-rizik-prava-a-namitky\/\" rel=\"bookmark\">Kontrola fakt\u016f o elektronick\u00e9 dokumentaci pacienta (EPR): rizika, pr\u00e1va a n\u00e1mitky<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n<hr \/>\n<h2>Pro\u010d najednou v\u0161ichni mluv\u00ed o digit\u00e1ln\u00edch pen\u011bz\u00edch<\/h2>\n<p>I po p\u0159\u00edchodu internetov\u00e9ho bankovnictv\u00ed z\u016fstal z\u00e1kladn\u00ed pocit stejn\u00fd: pen\u00edze byly st\u00e1le v\u00edce \u201edigit\u00e1ln\u011b viditeln\u00e9\u201c, ale nebyly \u201edigit\u00e1ln\u011b nov\u00e9\u201c. Byla to stejn\u00e1 eura, stejn\u00fd z\u016fstatek na \u00fa\u010dtu, stejn\u00fd p\u0159evod - jen pohodln\u011bj\u0161\u00ed. Pr\u00e1v\u011b proto mnoho lid\u00ed zpo\u010d\u00e1tku podce\u0148ovalo dal\u0161\u00ed etapu: Kdy\u017e se dnes mluv\u00ed o \u201edigit\u00e1ln\u00edch pen\u011bz\u00edch\u201c, \u010dasto se u\u017e nemluv\u00ed jen o pohodln\u00e9m bankovnictv\u00ed, ale o mo\u017en\u00e9 zm\u011bn\u011b samotn\u00e9 podoby pen\u011bz.<\/p>\n<h3>Bitcoin je star\u0161\u00ed, ne\u017e si mnoz\u00ed mysl\u00ed, ale dlouho se zd\u00e1l b\u00fdt daleko.<\/h3>\n<p><a href=\"https:\/\/en.wikipedia.org\/wiki\/Bitcoin\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> se mnoh\u00fdm jev\u00ed jako nov\u00fd fenom\u00e9n, ale historicky u\u017e m\u00e1 za sebou dlouhou cestu. B\u00edl\u00e1 kniha o Bitcoinu byla zve\u0159ejn\u011bna na konci \u0159\u00edjna 2008 a prvn\u00ed blok bitcoinov\u00e9ho blockchainu (tzv. \u201egenesis block\u201c) byl vyt\u011b\u017een 3. ledna 2009 - to znamen\u00e1, \u017ee s\u00ed\u0165 byla prakticky spu\u0161t\u011bna na za\u010d\u00e1tku roku 2009.<\/p>\n<p>P\u0159esto z\u016fst\u00e1val Bitcoin dlouho na okraji z\u00e1jmu. V prvn\u00edch letech byl sp\u00ed\u0161e pro technologick\u00e9 komunity, kryptografick\u00e9 nerdy a pozd\u011bji pro velmi spekulativn\u00ed kruhy. B\u011b\u017en\u00fd ka\u017edodenn\u00ed \u017eivot - n\u00e1jem, dan\u011b, v\u00fdplata, n\u00e1kupy - prost\u011b prob\u00edhal jako obvykle. Pro v\u011bt\u0161inu lid\u00ed neexistoval \u017e\u00e1dn\u00fd p\u0159esv\u011bd\u010div\u00fd d\u016fvod, pro\u010d se anga\u017eovat.<\/p>\n<p>A je to logick\u00e9: lid\u00e9 se m\u00e1lokdy dobrovoln\u011b zab\u00fdvaj\u00ed detaily syst\u00e9mu, pokud syst\u00e9m funguje v ka\u017edodenn\u00edm \u017eivot\u011b. P\u0159esn\u011b tak to bylo i u m\u011b.<\/p>\n<h3>M\u016fj vstup p\u0159i\u0161el pozd\u011b - ne jako obchodn\u00edk, ale z touhy pochopit mechanismy.<\/h3>\n<p>Nep\u0159i\u0161el jsem tradi\u010dn\u00ed cestou, o kter\u00e9 \u010dasto sly\u0161\u00edte v m\u00e9di\u00edch: <em>\u201eNakoupil jsem brzy, obchodoval jsem, vyd\u011blal jsem.\u201c<\/em> O to mi nikdy ne\u0161lo. Za\u010dal jsem s t\u00edm mnohem pozd\u011bji - teprve p\u0159ed n\u011bkolika lety jsem se za\u010dal bl\u00ed\u017ee zab\u00fdvat bitcoinem a dal\u0161\u00edmi kryptom\u011bnami.<\/p>\n<p>Spou\u0161t\u011b\u010dem nebyla chamtivost, ale prost\u011b okam\u017eik, kdy si uv\u011bdom\u00edte, \u017ee probl\u00e9m u\u017e nezmiz\u00ed. Objevuje se znovu a znovu, v rozhovorech, v titulc\u00edch, v podru\u017en\u00fdch v\u011bt\u00e1ch. A v ur\u010dit\u00e9m okam\u017eiku dosp\u011bjete k bodu, kdy se mus\u00edte rozhodnout: Bu\u010f nad t\u00edm definitivn\u011b m\u00e1vnete rukou - nebo si pro jednou ud\u011bl\u00e1te \u010das na to, abyste z\u00e1kladn\u00ed pojmy spr\u00e1vn\u011b pochopili. Pak jsem si polo\u017eil ot\u00e1zku:<\/p>\n<ul>\n<li>Co je v j\u00e1dru kryptom\u011bna - mimo v\u0161echny m\u00fdty?<\/li>\n<li>Pro\u010d n\u011bkte\u0159\u00ed lid\u00e9 mluv\u00ed o \u201edigit\u00e1ln\u00edm zlat\u011b\u201c?<\/li>\n<li>Co je na n\u011bm vlastn\u011b technicky nov\u00e9ho - a co je jen marketing?<\/li>\n<li>Pro\u010d to cel\u00e9 \u010dasto vypad\u00e1 jako zm\u011b\u0165 minc\u00ed, \u017eeton\u016f, burz, skand\u00e1l\u016f, mem\u016f a slib\u016f sp\u00e1sy?<\/li>\n<\/ul>\n<p>A rychle si uv\u011bdom\u00edte, \u017ee existuj\u00ed dva zp\u016fsoby, jak se s t\u00edmto t\u00e9matem vypo\u0159\u00e1dat. Bu\u010f budete sledovat \u0161um - nebo to ud\u011bl\u00e1te klasick\u00fdm zp\u016fsobem: krok za krokem, term\u00edn za term\u00ednem.<\/p>\n<h3>Pro\u010d dnes tolik lid\u00ed \u0159\u00edk\u00e1 \u201ecrypto\u201c - a mysl\u00ed t\u00edm n\u011bco \u00fapln\u011b jin\u00e9ho?<\/h3>\n<p>Slovo \u201ekrypto\u201c je dobr\u00fdm p\u0159\u00edkladem toho, jak se debaty vykolejuj\u00ed: V praxi se pou\u017e\u00edv\u00e1 jako souhrnn\u00fd term\u00edn, a\u010dkoli v praxi zahrnuje zcela odli\u0161n\u00e9 v\u011bci. Mnoz\u00ed \u0159\u00edkaj\u00ed <em>\u201eCrypto\u201c<\/em> a moje:<\/p>\n<ul>\n<li>Bitcoin jako my\u0161lenka decentralizovan\u00e9 m\u011bny<\/li>\n<li>jak\u00e1koli mince, se kterou lze obchodovat<\/li>\n<li>token, kter\u00fd b\u011b\u017e\u00ed pouze na existuj\u00edc\u00edm blockchainu.<\/li>\n<li>projekt, kter\u00fd je ve skute\u010dnosti pouze pod\u00edlem podobn\u00fdm akci\u00edm.<\/li>\n<li>nebo v nejhor\u0161\u00edm p\u0159\u00edpad\u011b: \u010dist\u00e1 pyramida.<\/li>\n<\/ul>\n<p>Pokud v\u0161e skon\u010d\u00ed ve stejn\u00e9m hrnci, automaticky se vyvozuj\u00ed nespr\u00e1vn\u00e9 z\u00e1v\u011bry. Pak se ka\u017ed\u00e1 kritika pochybn\u00e9ho tokenu najednou stane \u201ekritikou Bitcoinu\u201c. A z jak\u00e9hokoli nad\u0161en\u00ed pro Bitcoin se najednou stane pau\u0161\u00e1ln\u00ed nad\u0161en\u00ed pro \u201ev\u0161echno, co se n\u011bjak naz\u00fdv\u00e1 krypto\u201c. Pr\u00e1v\u011b proto nen\u00ed jasn\u00e9 rozli\u0161en\u00ed (mince vs. token, m\u011bna vs. aktivum, decentralizovan\u00e9 vs. centralizovan\u00e9) pedantsk\u00e9 - je p\u0159edpokladem jak\u00e9koli smyslupln\u00e9 diskuse v\u016fbec.<\/p>\n<p>A tady to za\u010d\u00edn\u00e1 b\u00fdt zaj\u00edmav\u00e9: zat\u00edmco mnoz\u00ed st\u00e1le diskutuj\u00ed o \u201ekrypto\u201c, paraleln\u011b se rozv\u00edj\u00ed druh\u00fd proud, kter\u00fd m\u00e1 jazykovou podobnost s kryptom\u011bnami (\u201edigit\u00e1ln\u00ed\u201c, \u201epen\u011b\u017eenka\u201c), ale obsahov\u011b jde o zcela jin\u00fd projekt.<\/p>\n<h3>CBDC a digit\u00e1ln\u00ed euro - najednou se z toho st\u00e1v\u00e1 syst\u00e9mov\u00e1 politika<\/h3>\n<p>Moment, kdy jsem si uv\u011bdomil, \u017ee se debata z\u00e1sadn\u011b posouv\u00e1, byla diskuse o CBDC - jin\u00fdmi slovy o digit\u00e1ln\u00edch pen\u011bz\u00edch centr\u00e1ln\u00ed banky.<\/p>\n<p>Na <a href=\"https:\/\/www.ecb.europa.eu\/euro\/digital_euro\/progress\/html\/ecb.deprp202510.en.html\" target=\"_blank\" rel=\"noopener\">digit\u00e1ln\u00ed euro<\/a> nejedn\u00e1 se o volnou ment\u00e1ln\u00ed hru, ale o projekt s jasn\u00fdmi f\u00e1zemi. Eurosyst\u00e9m m\u011bl vy\u0161et\u0159ovac\u00ed f\u00e1zi (2021-2023) a pot\u00e9 1. listopadu 2023 zah\u00e1jil p\u0159\u00edpravnou f\u00e1zi, kter\u00e1 m\u011bla p\u016fvodn\u011b trvat dva roky. (ECB tak\u00e9 popisuje, \u017ee tato p\u0159\u00edpravn\u00e1 f\u00e1ze prob\u00edhala od listopadu 2023 do \u0159\u00edjna 2025 a \u017ee pr\u00e1ce budou pokra\u010dovat i pot\u00e9).<\/p>\n<p>A pr\u00e1v\u011b zde d\u011bl\u00e1 mnoho lid\u00ed velkou chybu:<\/p>\n<ul>\n<li>Sly\u0161\u00edte <em>\u201edigit\u00e1ln\u00ed euro\u201c<\/em> a pomysl\u00edte si: Aha, to je n\u011bco jako Bitcoin - jen od st\u00e1tu.<\/li>\n<li>Nebo poslouchaj\u00ed <em>\u201eCrypto\u201c<\/em> a pomysl\u00edte si: aha, v\u0161echno je to stejn\u00e9 - digit\u00e1ln\u00ed, neviditeln\u00e9, manipulovateln\u00e9.<\/li>\n<\/ul>\n<p>Ani jedno nen\u00ed pravda. Z\u00e1kladn\u00ed my\u0161lenka CBDC spo\u010d\u00edv\u00e1 v tom, \u017ee jsou centralizovan\u00e9, institucion\u00e1ln\u011b zakotven\u00e9 a kontrolovateln\u00e9 m\u011bnovou politikou. Kryptom\u011bny (alespo\u0148 skute\u010dn\u00e9 \u201emince\u201c s vlastn\u00edm blockchainem) jsou v z\u00e1sad\u011b decentralizovan\u00e9, bez emitenta a bez centr\u00e1ln\u00ed kontroly. Nejedn\u00e1 se pouze o technick\u00fd rozd\u00edl. Je to syst\u00e9mov\u00fd rozd\u00edl.<\/p>\n<h3>Pro\u010d se debata st\u00e1v\u00e1 tak emotivn\u00ed - a pro\u010d je zde d\u016fle\u017eit\u011bj\u0161\u00ed \u0159\u00e1d ne\u017e n\u00e1zor<\/h3>\n<p>Kdy\u017e pen\u00edze zm\u011bn\u00ed svou podobu, lid\u00e9 reaguj\u00ed instinktivn\u011b. To nen\u00ed iracion\u00e1ln\u00ed, ale norm\u00e1ln\u00ed. Pen\u00edze nejsou libovoln\u00fd produkt - jsou tich\u00fdm r\u00e1mcem, v n\u011bm\u017e funguje n\u00e1\u0161 ka\u017edodenn\u00ed \u017eivot. Ale pr\u00e1v\u011b proto je nebezpe\u010dn\u00e9 v\u00e9st tuto debatu pouze v emocion\u00e1ln\u00ed rovin\u011b. Emoce toti\u017e \u010dasto vyvol\u00e1vaj\u00ed dva reflexy:<\/p>\n<ul>\n<li><strong>Panika<\/strong> (<em>\u201eCht\u011bj\u00ed m\u00edt v\u0161echno pod kontrolou!\u201c<\/em>)<\/li>\n<li><strong>Trivializace<\/strong> (<em>\u201eJe to prost\u011b modern\u00ed a praktick\u00e9!\u201c<\/em>)<\/li>\n<\/ul>\n<p>Ob\u011b vedou \u0161patn\u00fdm sm\u011brem. Jedin\u00e9, co skute\u010dn\u011b pom\u00e1h\u00e1, je n\u011bco starom\u00f3dn\u00edho - a proto \u00fa\u010dinn\u00e9ho: t\u0159\u00edd\u011bn\u00ed pojm\u016f, ch\u00e1p\u00e1n\u00ed struktur, rozli\u0161ov\u00e1n\u00ed architektury.<\/p>\n<blockquote><p><em>Nesu\u010fte hned. Nejprve pochopte.<\/em><\/p><\/blockquote>\n<p>A pr\u00e1v\u011b to je c\u00edlem tohoto \u010dl\u00e1nku: ne prozelytizovat, ne alarmovat, ne uklid\u0148ovat - ale objas\u0148ovat.<\/p>\n<h3>Co m\u016f\u017ee \u010dten\u00e1\u0159 po p\u0159e\u010dten\u00ed tohoto \u010dl\u00e1nku jasn\u011b rozli\u0161it<\/h3>\n<p>Aby byl zbytek textu skute\u010dn\u011b u\u017eite\u010dn\u00fd, pracujeme nyn\u00ed s jasn\u00fdm po\u0159ad\u00edm, kter\u00e9 umo\u017e\u0148uje mnoh\u00e9 debaty na prvn\u00edm m\u00edst\u011b:<\/p>\n<ul>\n<li><strong>Kryptom\u011bna<\/strong> (skute\u010dn\u00e1 mince s vlastn\u00edm blockchainem)<\/li>\n<li><strong>Token<\/strong> (b\u011b\u017e\u00ed na blockchainu t\u0159et\u00ed strany, co\u017e je \u010dasto jin\u00fd koncept ne\u017e \u201epen\u00edze\u201c).<\/li>\n<li><strong>Bitcoin &amp; Co.<\/strong> (decentralizovan\u00fd, bez emitenta - s vlastn\u00edmi siln\u00fdmi str\u00e1nkami a omezen\u00edmi)<\/li>\n<li><strong>Stablecoins<\/strong> (mince spojen\u00e1 s n\u00e1rodn\u00ed m\u011bnou nebo komoditou)<\/li>\n<li><strong>CBDC<\/strong> (Pen\u00edze centr\u00e1ln\u00ed banky v digit\u00e1ln\u00ed podob\u011b - a s velmi rozd\u00edln\u00fdmi vlastnostmi v z\u00e1vislosti na proveden\u00ed)<\/li>\n<li><strong>Digit\u00e1ln\u00ed euro<\/strong> jako konkr\u00e9tn\u00ed evropsk\u00fd projekt CBDC s jasn\u00fdm <a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2023\/html\/ecb.pr231018~111a014ae7.en.html\" target=\"_blank\" rel=\"noopener\">F\u00e1ze projektu<\/a><\/li>\n<\/ul>\n<p>V dal\u0161\u00ed kapitole se v\u011bnujeme n\u011b\u010demu, co mnoho \u010dl\u00e1nk\u016f p\u0159eskakuje, p\u0159esto\u017ee je to z\u00e1klad v\u0161eho: pod\u00edv\u00e1me se na to, co pen\u00edze vlastn\u011b jsou - historicky a funk\u010dn\u011b. Proto\u017ee teprve a\u017e bude jasn\u00e9, co pen\u00edze d\u011blaj\u00ed (a jakou roli v tom hraje d\u016fv\u011bra), m\u016f\u017eeme spr\u00e1vn\u011b posoudit, co je na kryptom\u011bn\u00e1ch \u201enov\u00e9ho\u201c - a co je na CBDC \u201ejin\u00e9ho\u201c.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4222\" src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/geschichte-des-geldes.jpg\" alt=\"Historie pen\u011bz\" width=\"1536\" height=\"452\" srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/geschichte-des-geldes.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/geschichte-des-geldes-300x88.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/geschichte-des-geldes-1024x301.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/geschichte-des-geldes-768x226.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/geschichte-des-geldes-18x5.jpg 18w\" sizes=\"auto, (max-width: 1536px) 100vw, 1536px\" \/><\/p>\n<h2>Co pen\u00edze vlastn\u011b jsou - a co nikdy nebyly<\/h2>\n<p>Pen\u00edze nejsou v\u011bc, ale vztah. Kdy\u017e se mluv\u00ed o pen\u011bz\u00edch, mnoho lid\u00ed si nejprve p\u0159edstav\u00ed n\u011bco hmatateln\u00e9ho: mince, bankovky, \u010d\u00edsla na bankovn\u00edm \u00fa\u010dtu. To je pochopiteln\u00e9, ale je to nedostate\u010dn\u00e9. Ve sv\u00e9 podstat\u011b pen\u00edze nejsou v\u011bc, ale spole\u010densk\u00fd vztah. Funguj\u00ed jen d\u00edky tomu, \u017ee se lid\u00e9 dohodnou, \u017ee jim p\u0159isoud\u00ed ur\u010dit\u00fd v\u00fdznam. Tento v\u00fdznam m\u00e1 t\u0159i klasick\u00e9 funkce:<\/p>\n<ul>\n<li><strong>Prost\u0159edky v\u00fdm\u011bny<\/strong> - Pen\u00edze usnad\u0148uj\u00ed v\u00fdm\u011bnu slu\u017eeb<\/li>\n<li><strong>V\u00fdpo\u010detn\u00ed jednotka<\/strong> - umo\u017e\u0148uje srovn\u00e1vat hodnoty<\/li>\n<li><strong>Uchov\u00e1v\u00e1n\u00ed hodnoty<\/strong> - umo\u017e\u0148uje odlo\u017eit pln\u011bn\u00ed do budoucna.<\/li>\n<\/ul>\n<p>Rozhoduj\u00edc\u00ed je, \u017ee \u017e\u00e1dn\u00e1 z t\u011bchto funkc\u00ed nevy\u017eaduje nutn\u011b specifickou technickou formu. Pen\u00edze mohou b\u00fdt kovov\u00e9, pap\u00edrov\u00e9, \u00fa\u010detn\u00ed - nebo dokonce datov\u00e9. Forma je zam\u011bniteln\u00e1. D\u016fv\u011bra nikoli.<\/p>\n<h3>D\u016fv\u011bra byla v\u017edy d\u016fle\u017eit\u011bj\u0161\u00ed ne\u017e materi\u00e1l.<\/h3>\n<p>Historicky nebyly pen\u00edze nikdy p\u0159ij\u00edm\u00e1ny proto, \u017ee by byly \u201ekr\u00e1sn\u00e9\u201c nebo \u201etechnicky \u0161ikovn\u00e9\u201c, ale proto, \u017ee lid\u00e9 v\u011b\u0159ili, \u017ee je budou moci pozd\u011bji op\u011bt sm\u011bnit.<\/p>\n<ul>\n<li><strong>Zlato<\/strong> nebyla cenn\u00e1 proto, \u017ee byla leskl\u00e1, ale proto, \u017ee byla vz\u00e1cn\u00e1, trvanliv\u00e1 a v\u0161eobecn\u011b uzn\u00e1van\u00e1.<\/li>\n<li><strong>Pap\u00edrov\u00e9 pen\u00edze<\/strong> nefungovalo proto, \u017ee pap\u00edr je cenn\u00fd, ale proto, \u017ee za n\u00edm byl \u0159\u00e1d.<\/li>\n<li><strong>Pen\u00edze v ob\u011bhu<\/strong> na \u00fa\u010dtu funguje, proto\u017ee p\u0159edpokl\u00e1d\u00e1me, \u017ee \u010d\u00edslo bude platn\u00e9 i z\u00edtra.<\/li>\n<\/ul>\n<p>Tato d\u016fv\u011bra byla po dlouhou dobu implicitn\u00ed. Nemuseli jste o n\u00ed p\u0159em\u00fd\u0161let. Pr\u00e1v\u011b proto byly pen\u00edze historicky velmi konzervativn\u00edm syst\u00e9mem: ke zm\u011bn\u00e1m doch\u00e1zelo pomalu, postupn\u011b, \u010dasto po desetilet\u00ed. A pr\u00e1v\u011b proto ka\u017ed\u00e1 v\u011bt\u0161\u00ed zm\u011bna vyvol\u00e1v\u00e1 neklid - ne z iracion\u00e1ln\u00edho strachu, ale proto, \u017ee d\u016fv\u011bra je citliv\u00e1.<\/p>\n<h3>Od pen\u011bz v hotovosti k pen\u011bz\u016fm v p\u00edsmu: Prvn\u00ed velk\u00e1 abstrakce<\/h3>\n<p>P\u0159echod od pen\u011bz v hotovosti k pen\u011bz\u016fm v p\u00edsmu byl obrovsk\u00fdm krokem - i kdy\u017e se dnes zd\u00e1 b\u00fdt samoz\u0159ejm\u00fd. Bankovn\u00ed \u00fa\u010det se stal pen\u011bzi:<\/p>\n<ul>\n<li>neviditeln\u00fd<\/li>\n<li>\u00fa\u010detnictv\u00ed<\/li>\n<li>z\u00e1visl\u00e9 na instituc\u00edch<\/li>\n<\/ul>\n<p>Z\u016fstatek na \u00fa\u010dtu nen\u00ed fyzick\u00fd majetek, ale pohled\u00e1vka v\u016f\u010di bance. To je d\u016fle\u017eit\u00e9 pochopit: I dne\u0161n\u00ed bankovn\u00ed pen\u00edze nejsou \u201epen\u00edze v trezoru\u201c, ale vztah d\u016fv\u011bry. Nicm\u00e9n\u011b z\u00e1sadn\u00ed rovnov\u00e1ha z\u016fstala zachov\u00e1na: Hotovost nad\u00e1le existovala paraleln\u011b. Mohli jste z n\u00ed vyb\u00edrat, vyb\u00edrat a platit anonymn\u011b. Tato koexistence udr\u017eovala syst\u00e9m stabiln\u00ed po cel\u00e1 desetilet\u00ed - i z psychologick\u00e9ho hlediska.<\/p>\n<h3>Digit\u00e1ln\u00ed bankovnictv\u00ed nejsou digit\u00e1ln\u00ed pen\u00edze<\/h3>\n<p>To je jeden z nej\u010dast\u011bj\u0161\u00edch omyl\u016f. Online bankovnictv\u00ed, karty, aplikace a bezkontaktn\u00ed platby viditeln\u011b digitalizovaly na\u0161e pen\u00edze, ale nezm\u011bnily jejich strukturu. Samotn\u00e9 pen\u00edze z\u016fstaly stejn\u00e9:<\/p>\n<ul>\n<li>stejn\u00e9 euro<\/li>\n<li>stejn\u00fd pr\u00e1vn\u00ed z\u00e1klad<\/li>\n<li>stejn\u00e9 mechanismy m\u011bnov\u00e9 politiky<\/li>\n<\/ul>\n<p>Dalo by se \u0159\u00edci, \u017ee bylo modernizov\u00e1no rozhran\u00ed, nikoli z\u00e1klad. Kdy\u017e se dnes mluv\u00ed o \u201edigit\u00e1ln\u00edch pen\u011bz\u00edch\u201c, mnoz\u00ed maj\u00ed na mysli pr\u00e1v\u011b tuto vrstvu pohodl\u00ed. V p\u0159\u00edpad\u011b CBDC v\u0161ak jde ve skute\u010dnosti o n\u011bco jin\u00e9ho: o novou formu pen\u011bz, nikoliv jen o nov\u00fd p\u0159\u00edstup.<\/p>\n<h3>M\u011bnov\u00e1 politika funguje v\u017edy - ale obvykle neviditeln\u011b<\/h3>\n<p>Dal\u0161\u00ed bod, kter\u00fd se \u010dasto p\u0159ehl\u00ed\u017e\u00ed: Pen\u00edze nikdy nebyly neutr\u00e1ln\u00ed. Klasick\u00fd syst\u00e9m je tak\u00e9 \u0159\u00edzen\u00fd.<\/p>\n<ul>\n<li>Politika \u00farokov\u00fdch sazeb<\/li>\n<li>Expanze pen\u011b\u017en\u00ed z\u00e1soby<\/li>\n<li>Minim\u00e1ln\u00ed rezervy<\/li>\n<li>Regulace bank<\/li>\n<\/ul>\n<p>To v\u0161e denn\u011b ovliv\u0148uje na\u0161e pen\u00edze, ani\u017e bychom si to v\u011bdom\u011b uv\u011bdomovali. Rozd\u00edl nen\u00ed v tom, zda pen\u00edze ovl\u00e1d\u00e1me, ale v tom, jak p\u0159\u00edmo a jak jemn\u011b je tato kontrola mo\u017en\u00e1.<\/p>\n<p>\u010c\u00edm je syst\u00e9m digit\u00e1ln\u011bj\u0161\u00ed a p\u0159\u00edm\u011bj\u0161\u00ed, t\u00edm se zkracuje vzd\u00e1lenost mezi rozhodnut\u00edm a \u00fa\u010dinkem. Nejde o hodnotov\u00fd soud, ale o struktur\u00e1ln\u00ed rozd\u00edl, kter\u00fd si mus\u00edme uv\u011bdomit, ne\u017e za\u010dneme mluvit o p\u0159\u00edle\u017eitostech nebo rizic\u00edch.<\/p>\n<h3>Pro\u010d se m\u011bnov\u00e9 syst\u00e9my z\u0159\u00eddkakdy otev\u0159en\u011b m\u011bn\u00ed<\/h3>\n<p>M\u011bnov\u00e9 syst\u00e9my se obvykle nem\u011bn\u00ed prost\u0159ednictv\u00edm zjevn\u00fdch reforem, ale postupn\u00fdm p\u0159echodem:<\/p>\n<ul>\n<li>Nov\u00e1 pravidla<\/li>\n<li>Nov\u00e9 n\u00e1stroje<\/li>\n<li>Nov\u00e9 technick\u00e9 mo\u017enosti<\/li>\n<\/ul>\n<p>Kdy\u017e se ohl\u00e9dneme zp\u011bt, zd\u00e1 se n\u00e1m mnoho v\u011bc\u00ed logick\u00fdch. V p\u0159\u00edtomnosti to \u010dasto p\u016fsob\u00ed rozpt\u00fdlen\u011b. P\u0159esn\u011b v t\u00e9to situaci se dnes nach\u00e1z\u00edme: mezi zn\u00e1m\u00fdm syst\u00e9mem a mo\u017enou novou etapou, jej\u00ed\u017e kone\u010dn\u00e1 podoba je\u0161t\u011b nebyla stanovena.<\/p>\n<p>Proto nyn\u00ed nem\u00e1 smysl uva\u017eovat v jednoduch\u00fdch kategori\u00edch, jako je \u201edobr\u00fd\u201c nebo \u201e\u0161patn\u00fd\u201c. Ot\u00e1zka m\u00e1 v\u011bt\u0161\u00ed smysl z historick\u00e9ho hlediska:<\/p>\n<blockquote><p><em>Jak\u00e9 vlastnosti syst\u00e9m z\u00edsk\u00e1v\u00e1 - a jak\u00e9 vlastnosti m\u016f\u017ee ztratit?<\/em><\/p><\/blockquote>\n<h3>Pro\u010d je tato kapitola z\u00e1kladem v\u0161eho ostatn\u00edho<\/h3>\n<p>Ne\u017e za\u010dneme mluvit o kryptom\u011bn\u00e1ch, minc\u00edch, tokenech nebo CBDC, mus\u00edme si ud\u011blat jasno:<\/p>\n<ul>\n<li>Pen\u00edze nejsou p\u0159\u00edrodn\u00ed z\u00e1kon<\/li>\n<li>Pen\u00edze \u017eij\u00ed z d\u016fv\u011bry<\/li>\n<li>Pen\u00edze se m\u00e1lokdy m\u011bn\u00ed n\u00e1hle, ale \u00fa\u010dinn\u011b.<\/li>\n<li>Technologie je prost\u0159edek, ne c\u00edl<\/li>\n<\/ul>\n<p>Dal\u0161\u00ed kapitoly lze smyslupln\u011b \u010d\u00edst pouze na tomto pozad\u00ed. V opa\u010dn\u00e9m p\u0159\u00edpad\u011b diskutujete o symptomech, nikoliv o struktur\u00e1ch.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4218\" src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/krypto-coins-tokens.jpg\" alt=\"Kryptom\u011bny, mince a stablecoiny\" width=\"1536\" height=\"684\" srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/krypto-coins-tokens.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/krypto-coins-tokens-300x134.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/krypto-coins-tokens-1024x456.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/krypto-coins-tokens-768x342.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/krypto-coins-tokens-18x8.jpg 18w\" sizes=\"auto, (max-width: 1536px) 100vw, 1536px\" \/><\/p>\n<h2>Kryptom\u011bny - co jsou a co nejsou<\/h2>\n<p>\u201eCrypto\u201c nen\u00ed technick\u00fd term\u00edn, ale souhrnn\u00fd pojem. Kdy\u017e se dnes \u0159ekne \u201ekrypto\u201c, \u010dasto se t\u00edm mysl\u00ed nejr\u016fzn\u011bj\u0161\u00ed v\u011bci: Bitcoin, n\u011bjakou minci, token, sm\u011bnnou aplikaci, projekt, p\u0159\u00edslib rychl\u00e9ho zbohatnut\u00ed - nebo prost\u011b \u201etu digit\u00e1ln\u00ed v\u011bc\u201c.<\/p>\n<p>Probl\u00e9m je, \u017ee jakmile se v\u0161e spoj\u00ed do jednoho slova, ka\u017ed\u00e1 debata se st\u00e1v\u00e1 nep\u0159ehlednou. Pak se z podvodn\u00e9ho skand\u00e1lu najednou stane \u201ed\u016fkaz\u201c, \u017ee Bitcoin je nesmysl. Nebo naopak, my\u0161lenka decentralizovan\u00e9 m\u011bny se najednou stane legitimizac\u00ed pro n\u011bjak\u00fd fantazijn\u00ed token, kter\u00fd je zalo\u017een pouze na marketingu.<\/p>\n<p>Proto je prvn\u00ed krok klasick\u00fd a nudn\u00fd, ale z\u00e1sadn\u00ed: odd\u011blte pojmy. Co je to kryptom\u011bna v u\u017e\u0161\u00edm slova smyslu? Co je jen digit\u00e1ln\u00ed aktivum? A co je prost\u011b produkt, kter\u00fd m\u00e1 v n\u00e1zvu \u201ekrypto\u201c, proto\u017ee se l\u00e9pe prod\u00e1v\u00e1?<\/p>\n<h3>Co d\u011bl\u00e1 skute\u010dnou kryptom\u011bnu skute\u010dnou kryptom\u011bnou?<\/h3>\n<p>Podstatou kryptom\u011bny je digit\u00e1ln\u00ed syst\u00e9m, kter\u00fd nevy\u017eaduje centralizovanou autoritu. To je kl\u00ed\u010dov\u00fd rozd\u00edl oproti tradi\u010dn\u00edm m\u011bnov\u00fdm syst\u00e9m\u016fm, v jejich\u017e centru v\u017edy stoj\u00ed n\u011bjak\u00e1 instituce - centr\u00e1ln\u00ed banka, komer\u010dn\u00ed banka, poskytovatel platebn\u00edch slu\u017eeb. \u201eKlasick\u00e1\u201c kryptom\u011bna (v u\u017e\u0161\u00edm slova smyslu) m\u00e1 obvykle tyto vlastnosti:<\/p>\n<ul>\n<li><strong>Decentralizace<\/strong>\u017d\u00e1dn\u00fd jedin\u00fd oper\u00e1tor, kter\u00fd by \u0159\u00eddil syst\u00e9m s\u00e1m<\/li>\n<li><strong>Vlastn\u00ed s\u00ed\u0165<\/strong>Mnoho \u00fa\u010dastn\u00edk\u016f (uzl\u016f), kte\u0159\u00ed spole\u010dn\u011b prosazuj\u00ed pravidla.<\/li>\n<li><strong>Kryptografick\u00e1 ochrana<\/strong>Podpisy m\u00edsto \u201ed\u016fv\u011bry ve zprost\u0159edkovatele\u201c<\/li>\n<li><strong>Mechanismus konsensu<\/strong>: Postup, kter\u00fd rozhoduje o tom, kter\u00e9 transakce jsou platn\u00e9.<\/li>\n<li><strong>Transparentn\u00ed pravidla<\/strong>Syst\u00e9m se \u0159\u00edd\u00ed pevn\u00fdmi protokoly, nikoli spont\u00e1nn\u00edmi pokyny.<\/li>\n<\/ul>\n<p>D\u016fle\u017eit\u00e9: Toto je ide\u00e1ln\u00ed popis. V praxi n\u011bkter\u00e9 projekty tyto body spl\u0148uj\u00ed l\u00e9pe, jin\u00e9 h\u016f\u0159e - a mnoh\u00e9, kter\u00e9 na sob\u011b maj\u00ed naps\u00e1no \u201ecrypto\u201c, je nespl\u0148uj\u00ed v\u016fbec.<\/p>\n<h3>Pro\u010d je Bitcoin \u010dasto pova\u017eov\u00e1n za zvl\u00e1\u0161tn\u00ed p\u0159\u00edpad<\/h3>\n<p>Bitcoin je historick\u00fdm a kulturn\u00edm referen\u010dn\u00edm bodem. Ne proto, \u017ee by byl technicky \u201edokonal\u00fd\u201c, ale proto, \u017ee velmi d\u016fsledn\u011b zt\u011bles\u0148uje ur\u010dit\u00fd princip: Bitcoin se vyzna\u010duje t\u00edm, \u017ee nem\u00e1 emitenta, nem\u00e1 centralizovanou kontrolu, m\u00e1 jasn\u00e1 pravidla. Pr\u00e1v\u011b proto je Bitcoin mnoh\u00fdmi vn\u00edm\u00e1n sp\u00ed\u0161e jako \u201edigit\u00e1ln\u00ed hodnotov\u00fd p\u0159edm\u011bt\u201c - jin\u00fdmi slovy jako n\u011bco, co dr\u017e\u00edte, ne nutn\u011b jako n\u011bco, co denn\u011b utr\u00e1c\u00edte. To vede ke st\u0159\u00edzliv\u00e9mu uv\u011bdom\u011bn\u00ed, kter\u00e9 se v mnoha diskus\u00edch ztr\u00e1c\u00ed:<\/p>\n<ul>\n<li>Kryptom\u011bna m\u016f\u017ee technicky fungovat<\/li>\n<li>a p\u0159esto je jako platebn\u00ed prost\u0159edek prakticky neskladn\u00fd.<\/li>\n<li>nebo jako uchovatel hodnoty podl\u00e9haj\u00ed siln\u00fdm v\u00fdkyv\u016fm.<\/li>\n<\/ul>\n<p>Skute\u010dnost, \u017ee Bitcoin kol\u00eds\u00e1, nen\u00ed mor\u00e1ln\u00edm odsudkem, ale d\u016fsledkem jeho tr\u017en\u00ed logiky. A pr\u00e1v\u011b zde za\u010d\u00edn\u00e1 odd\u011blen\u00ed \u201emy\u0161lenky\u201c a \u201evhodnosti pro ka\u017edodenn\u00ed pou\u017eit\u00ed\u201c.<\/p>\n<h3>Mince vs. \u017eeton - rozd\u00edl, kter\u00fd v\u0161echno vy\u0159e\u0161\u00ed<\/h3>\n<p>Jedn\u00edm z nejd\u016fle\u017eit\u011bj\u0161\u00edch pojm\u016f, kter\u00fd se mnoho lid\u00ed nikdy po\u0159\u00e1dn\u011b nenau\u010dilo, je rozd\u00edl mezi minc\u00ed a \u017eetonem. M\u016f\u017ee se to zd\u00e1t jako detail, ale ve skute\u010dnosti jde o z\u00e1kladn\u00ed strukturu.<\/p>\n<ol>\n<li><strong>Coin (vlastn\u00ed blockchain)<\/strong>Mince pat\u0159\u00ed do vlastn\u00edho blockchainu. Je to \u201enativn\u00ed\u201c m\u011bna t\u00e9to s\u00edt\u011b. P\u0159\u00edkladem je Bitcoin nebo Ether (Ethereum). Mince je obvykle \u00fazce spojena s mechanismy, kter\u00e9 s\u00ed\u0165 provozuj\u00ed (poplatky, zabezpe\u010den\u00ed, pob\u00eddky).<\/li>\n<li><strong>Token (na blockchainu t\u0159et\u00ed strany)<\/strong>Token b\u011b\u017e\u00ed na existuj\u00edc\u00edm blockchainu. Vyu\u017e\u00edv\u00e1 tedy jeho infrastrukturu, bezpe\u010dnost a pravidla. Technicky je sp\u00ed\u0161e srovnateln\u00fd se \u201esmlouvou\u201c nebo \u201etokenem\u201c v r\u00e1mci syst\u00e9mu.<\/li>\n<\/ol>\n<p>Pro\u010d je toto rozli\u0161en\u00ed tak d\u016fle\u017eit\u00e9:<\/p>\n<ul>\n<li>Mince jsou sp\u00ed\u0161e \u201einfrastrukturn\u00edmi pen\u011bzi\u201c s\u00edt\u011b.<\/li>\n<li>Tokeny jsou \u010dasto sp\u00ed\u0161e digit\u00e1ln\u00ed pr\u00e1va, opr\u00e1vn\u011bn\u00ed, p\u0159\u00edstupov\u00e9 nebo u\u017eivatelsk\u00e9 tokeny.<\/li>\n<\/ul>\n<p>Mnoho token\u016f proto nen\u00ed m\u011bnou, i kdy\u017e se s nimi obchoduje. Ka\u017ed\u00fd, kdo to pochopil, si rychle uv\u011bdom\u00ed, \u017ee velk\u00e1 \u010d\u00e1st toho, \u010demu se tam \u0159\u00edk\u00e1 \u201ekryptom\u011bna\u201c, je ve skute\u010dnosti n\u011bco jin\u00e9ho.<\/p>\n<h3>Tokeny \u010dasto nejsou m\u011bny, ale digit\u00e1ln\u00ed sliby.<\/h3>\n<p>Mnoho \u017eeton\u016f znamen\u00e1 nap\u0159\u00edklad:<\/p>\n<ul>\n<li>P\u0159\u00edstup k platform\u011b<\/li>\n<li>Hlasovac\u00ed pr\u00e1va (spr\u00e1va a \u0159\u00edzen\u00ed)<\/li>\n<li>Modely \u00fa\u010dasti<\/li>\n<li>Mapov\u00e1n\u00ed skute\u010dn\u00fdch hodnot (nap\u0159. \u201etokenizovan\u00fdch\u201c aktiv)<\/li>\n<li>\u010dist\u011b spekulativn\u00ed konstrukce bez skute\u010dn\u00e9ho p\u0159\u00ednosu.<\/li>\n<\/ul>\n<p>To automaticky neznamen\u00e1, \u017ee tokeny jsou v z\u00e1sad\u011b \u0161patn\u00e9. Znamen\u00e1 to v\u0161ak, \u017ee tokeny maj\u00ed \u010dasto bl\u00ed\u017ee k finan\u010dn\u00edm produkt\u016fm ne\u017e k pen\u011bz\u016fm. A tady to za\u010d\u00edn\u00e1 b\u00fdt pro norm\u00e1ln\u00ed \u010dten\u00e1\u0159e zaj\u00edmav\u00e9, proto\u017ee to vysv\u011btluje ka\u017edodenn\u00ed \u017eivot. Kdy\u017e n\u011bkdo \u0159ekne \u201em\u00e1m krypto\u201c, m\u016f\u017ee to znamenat, \u017ee:<\/p>\n<ul>\n<li>dr\u017e\u00ed decentralizovanou m\u011bnu (minci)<\/li>\n<li>m\u00e1 u\u017e\u00edvac\u00ed pr\u00e1vo (token)<\/li>\n<li>dr\u017e\u00ed s\u00e1zku na projekt (spekulativn\u00ed token).<\/li>\n<li>nebo jednodu\u0161e dr\u017e\u00ed sm\u011bnn\u00fd produkt, kter\u00fd se naz\u00fdv\u00e1 pouze \u201ecrypto\u201c.<\/li>\n<\/ul>\n<p>Jedn\u00e1 se o \u010dty\u0159i zcela odli\u0161n\u00e9 v\u011bci - s naprosto odli\u0161n\u00fdmi riziky.<\/p>\n<h3>Stablecoiny: snaha u\u010dinit kryptom\u011bny \u201evhodn\u00fdmi pro ka\u017edodenn\u00ed pou\u017eit\u00ed\u201c<\/h3>\n<p>Mnoho lid\u00ed naraz\u00ed na dal\u0161\u00ed slovo: stablecoins. N\u00e1zev zn\u00ed uklid\u0148uj\u00edc\u00edm zp\u016fsobem a p\u0159esn\u011b o to jde: stablecoin by m\u011bl m\u00edt stabiln\u00ed hodnotu, obvykle d\u00edky tomu, \u017ee je nav\u00e1z\u00e1n na tradi\u010dn\u00ed m\u011bnu (nap\u0159. euro nebo dolar). T\u00edm se vytv\u00e1\u0159\u00ed jak\u00fdsi most mezi star\u00fdm a nov\u00fdm sv\u011btem:<\/p>\n<ul>\n<li>P\u0159enos a zpracov\u00e1n\u00ed kryptom\u011bn<\/li>\n<li>ale hodnotov\u00fd odkaz na klasick\u00fd m\u011bnov\u00fd syst\u00e9m<\/li>\n<\/ul>\n<p>D\u016fle\u017eit\u00e9 pro klasifikaci: Stablecoiny obecn\u011b nejsou decentralizovan\u00e9 \u201ep\u0159irozen\u00e9 ud\u00e1losti\u201c, ale t\u00e9m\u011b\u0159 v\u017edy podl\u00e9haj\u00ed n\u011bjak\u00e9 form\u011b spr\u00e1vy, pravidel, logiky rezerv a tedy i mocensk\u00fdch struktur. To m\u016f\u017ee d\u00e1vat smysl - jde v\u0161ak o jin\u00fd charakter ne\u017e u klasick\u00e9 decentralizovan\u00e9 kryptom\u011bny. To je dobr\u00e9, aby \u010dten\u00e1\u0159i pochopili: \u201ekrypto\u201c nen\u00ed automaticky osvobozeno od instituc\u00ed. \u010casto jde jen o novou formu, v n\u00ed\u017e se instituce znovu objevuj\u00ed.<\/p>\n<h3>Co kryptom\u011bny nejsou<\/h3>\n<p>K udr\u017een\u00ed \u010distoty term\u00edn\u016f n\u011bkdy pom\u00e1h\u00e1 negativn\u00ed seznam. Kryptom\u011bny nejsou automatick\u00e9:<\/p>\n<ul>\n<li><strong>Z\u00e1konn\u00e9 platidlo<\/strong> (jedn\u00e1 se o politicko-pr\u00e1vn\u00ed charakteristiku)<\/li>\n<li><strong>Stabiln\u00ed hodnota<\/strong> (to z\u00e1vis\u00ed na trhu, vyu\u017eit\u00ed a d\u016fv\u011b\u0159e)<\/li>\n<li><strong>anonymn\u00ed<\/strong> (mnoho syst\u00e9m\u016f je sp\u00ed\u0161e pseudonymn\u00edch; hodnocen\u00ed je \u010dasto mo\u017en\u00e9)<\/li>\n<li><strong>neregulovateln\u00e9<\/strong> (regulace se m\u016f\u017ee vztahovat na v\u00fdm\u011bny, rozhran\u00ed a vyu\u017eit\u00ed)<\/li>\n<li><strong>synonymum pro \u201eblockchain\u201c<\/strong> (Blockchain je technologie; \u201ecrypto\u201c je soci\u00e1ln\u00ed syst\u00e9m zalo\u017een\u00fd na technologii)<\/li>\n<\/ul>\n<p>Ti, kte\u0159\u00ed zde z\u016fst\u00e1vaj\u00ed st\u0159\u00edzliv\u00ed, z\u00edsk\u00e1vaj\u00ed n\u011bco vz\u00e1cn\u00e9ho: jasnost.<\/p>\n<h3>Pro\u010d se debata o kryptom\u011bn\u00e1ch \u010dasto zvrtne<\/h3>\n<p>Debata o kryptom\u011bn\u00e1ch m\u00e1lokdy sel\u017ee kv\u016fli technologii. Selh\u00e1v\u00e1 kv\u016fli t\u0159em vzorc\u016fm:<\/p>\n<ul>\n<li><strong>P\u0159\u00edslib sp\u00e1sy<\/strong>\u201eT\u00edm se v\u0161echno vy\u0159e\u0161\u00ed.\u201c<\/li>\n<li><strong>Zobecn\u011bn\u00ed skand\u00e1lu<\/strong>\u201eDo\u0161lo k podvodu, tak\u017ee v\u0161echno je podvod.\u201c<\/li>\n<li><strong>Zmaten\u00ed pojm\u016f<\/strong>Coin, token, stablecoin, sm\u011bnn\u00fd produkt - se v\u0161\u00edm se zach\u00e1z\u00ed stejn\u011b.<\/li>\n<\/ul>\n<p>Jakmile si to uv\u011bdom\u00edte, bude v\u00e1m tak\u00e9 jasn\u00e9, pro\u010d je tolik lid\u00ed bu\u010f p\u0159\u00edli\u0161 euforick\u00fdch, nebo p\u0159\u00edli\u0161 odm\u00edtav\u00fdch: Nereaguj\u00ed na syst\u00e9m - reaguj\u00ed na titulky.<\/p>\n<div class=\"lyte-wrapper\" style=\"width:640px;max-width:100%;margin:5px;\"><div class=\"lyMe\" id=\"WYL_FVofmAvGefs\"><div id=\"lyte_FVofmAvGefs\" data-src=\"https:\/\/www.markus-schall.de\/wp-content\/plugins\/wp-youtube-lyte\/lyteCache.php?origThumbUrl=%2F%2Fi.ytimg.com%2Fvi%2FFVofmAvGefs%2Fhqdefault.jpg\" class=\"pL\"><div class=\"tC\"><div class=\"tT\"><\/div><\/div><div class=\"play\"><\/div><div class=\"ctrl\"><div class=\"Lctrl\"><\/div><div class=\"Rctrl\"><\/div><\/div><\/div><noscript><a href=\"https:\/\/youtu.be\/FVofmAvGefs\" rel=\"nofollow noopener\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.markus-schall.de\/wp-content\/plugins\/wp-youtube-lyte\/lyteCache.php?origThumbUrl=https%3A%2F%2Fi.ytimg.com%2Fvi%2FFVofmAvGefs%2F0.jpg\" alt=\"Miniatura videa na YouTube\" width=\"640\" height=\"340\" \/><br \/>Pod\u00edvejte se na toto video na YouTube<\/a><\/noscript><\/div><\/div><div class=\"lL\" style=\"max-width:100%;width:640px;margin:5px;\"><\/div><br \/>\nBitcoin, Altcoiny, Stablecoiny a Memecoiny jednodu\u0161e vysv\u011btleny | <a href=\"https:\/\/www.youtube.com\/@BTC-ECHODe\" target=\"_blank\" rel=\"nofollow noopener\">BTC echo<\/a><\/p>\n<h2>Stablecoins - snaha vn\u00e9st do sv\u011bta kryptom\u011bn stabilitu<\/h2>\n<p>Ka\u017ed\u00fd, kdo se kryptom\u011bnami zab\u00fdv\u00e1 by\u0165 jen kr\u00e1tce, rychle naraz\u00ed na hlavn\u00ed probl\u00e9m: siln\u00e9 kol\u00eds\u00e1n\u00ed cen. To, co je vzru\u0161uj\u00edc\u00ed pro obchodn\u00edky, je nepraktick\u00e9 pro ka\u017edodenn\u00ed \u017eivot. Nikdo nechce r\u00e1no platit za k\u00e1vu, kdy\u017e je jej\u00ed cena odpoledne najednou dvakr\u00e1t vy\u0161\u0161\u00ed nebo o polovinu ni\u017e\u0161\u00ed - ne kv\u016fli inflaci, ale kv\u016fli pohyb\u016fm na trhu. Pr\u00e1v\u011b zde p\u0159ich\u00e1zej\u00ed na \u0159adu stablecoiny. Z\u00e1kladn\u00ed my\u0161lenka je jednoduch\u00e1 a srozumiteln\u00e1:<\/p>\n<p>Digit\u00e1ln\u00ed aktivum by m\u011blo technicky fungovat jako kryptom\u011bna, ale m\u011blo by m\u00edt stabiln\u00ed hodnotu. Stabiln\u00ed obvykle znamen\u00e1: nav\u00e1zan\u00e9 na zn\u00e1mou veli\u010dinu, obvykle tradi\u010dn\u00ed m\u011bnu, jako je euro nebo americk\u00fd dolar. Dalo by se \u0159\u00edci, \u017ee stablecoiny jsou pokusem o spojen\u00ed stabiln\u00ed povahy tradi\u010dn\u00edch pen\u011bz s technologi\u00ed kryptografick\u00e9ho sv\u011bta.<\/p>\n<h3>Co je podstatou stablecoinu<\/h3>\n<p>stablecoin je digit\u00e1ln\u00ed token, jeho\u017e hodnota je spojena s n\u011b\u010d\u00edm \u201estabiln\u00edm\u201c. Obvykle se jedn\u00e1 o:<\/p>\n<ul>\n<li>jeden<strong> st\u00e1t<\/strong> <strong>M\u011bna<\/strong> (nap\u0159. 1 \u017eeton = 1 euro nebo 1 dolar)<\/li>\n<li>vz\u00e1cn\u011bj\u0161\u00ed: a <strong>Suroviny<\/strong> nebo ko\u0161 m\u011bn<\/li>\n<\/ul>\n<p>D\u016fle\u017eit\u00e9 je pochopit: Stablecoiny nejsou m\u011bny v tradi\u010dn\u00edm slova smyslu. Nemaj\u00ed \u017e\u00e1dnou vlastn\u00ed m\u011bnovou politiku, \u017e\u00e1dnou nez\u00e1vislou logiku nedostatku a \u017e\u00e1dnou ekonomickou autonomii. Jejich hodnota v\u017edy z\u00e1vis\u00ed na fungov\u00e1n\u00ed peg. Rozhoduj\u00edc\u00edm faktorem proto nen\u00ed samotn\u00fd token, ale p\u0159\u00edslib, kter\u00fd za n\u00edm stoj\u00ed.<\/p>\n<h3>Jak t\u00e9to stability technicky dos\u00e1hnout<\/h3>\n<p>Existuj\u00ed r\u016fzn\u00e9 modely pro vytvo\u0159en\u00ed stability. Pro netechniky sta\u010d\u00ed zn\u00e1t z\u00e1kladn\u00ed principy:<\/p>\n<ol>\n<li><strong>Pln\u011b kryt\u00e9 stablecoiny<\/strong>Zde emitent slibuje: \u201eZa ka\u017ed\u00fd vydan\u00fd token je odpov\u00eddaj\u00edc\u00ed \u010d\u00e1stka v tradi\u010dn\u00edch pen\u011bz\u00edch nebo bezpe\u010dn\u00fdch investic\u00edch. Zjednodu\u0161en\u011b \u0159e\u010deno: \u201cZa ka\u017ed\u00fd digit\u00e1ln\u00ed token eura je n\u011bkde skute\u010dn\u00e9 euro.\" Tento model je snadno pochopiteln\u00fd - a z\u00e1vis\u00ed na d\u016fv\u011b\u0159e, transparentnosti a kontrole.<\/li>\n<li><strong>\u010c\u00e1ste\u010dn\u011b pokryt\u00e9 nebo algoritmick\u00e9 modely<\/strong>: Jedn\u00e1 se o snahu vytvo\u0159it stabilitu prost\u0159ednictv\u00edm mechanism\u016f, pravidel nebo tr\u017en\u00edch pob\u00eddek. Zn\u00ed to elegantn\u011b, ale je to mnohem slo\u017eit\u011bj\u0161\u00ed - a v minulosti to \u010dast\u011bji selh\u00e1valo.<\/li>\n<\/ol>\n<p>Pro b\u011b\u017en\u00e9ho u\u017eivatele je d\u016fle\u017eit\u00e9 v\u011bd\u011bt: \u010c\u00edm slo\u017eit\u011bj\u0161\u00ed je model stability, t\u00edm v\u011bt\u0161\u00ed je riziko, \u017ee v z\u00e1t\u011b\u017eov\u00fdch obdob\u00edch nevydr\u017e\u00ed.<\/p>\n<h3>Pro\u010d stablecoiny nejsou \u201eneutr\u00e1ln\u00ed\u201c n\u00e1stroje<\/h3>\n<p>Na prvn\u00ed pohled vypadaj\u00ed stablecoiny ne\u0161kodn\u011b: digit\u00e1ln\u00ed, praktick\u00e9, stabiln\u00ed. Ale nevyhnuteln\u011b s sebou p\u0159in\u00e1\u0161ej\u00ed nov\u00e9 mocensk\u00e9 struktury. Proto\u017ee n\u011bkdo mus\u00ed:<\/p>\n<ul>\n<li>Spr\u00e1va krytu<\/li>\n<li>Nastaven\u00ed pravidel<\/li>\n<li>rozhodnout, kdo se m\u016f\u017ee z\u00fa\u010dastnit.<\/li>\n<li>Zas\u00e1hn\u011bte v p\u0159\u00edpad\u011b pochybnost\u00ed<\/li>\n<\/ul>\n<p>To znamen\u00e1, \u017ee mnoho stablecoin\u016f se podob\u00e1 sp\u00ed\u0161e soukrom\u00fdm platebn\u00edm syst\u00e9m\u016fm ne\u017e voln\u00fdm m\u011bn\u00e1m. Funguj\u00ed - ale jen pokud d\u016fv\u011b\u0159ujete jejich provozovateli. To nen\u00ed obvin\u011bn\u00ed, ale st\u0159\u00edzliv\u00e9 zji\u0161t\u011bn\u00ed. Tradi\u010dn\u00ed banky funguj\u00ed \u00fapln\u011b stejn\u011b. Jedin\u00fd rozd\u00edl je v tom, \u017ee stablecoiny se \u010dasto tv\u00e1\u0159\u00ed jako \u201ekryptosvoboda\u201c, a\u010dkoli jsou struktur\u00e1ln\u011b vysoce organizovan\u00e9.<\/p>\n<h3>Stablecoiny v ka\u017edodenn\u00edm \u017eivot\u011b: praktick\u00e9, ale nenahrad\u00ed pen\u00edze<\/h3>\n<p>V ka\u017edodenn\u00edm \u017eivot\u011b se stablecoiny pou\u017e\u00edvaj\u00ed hlavn\u011b ke t\u0159em v\u011bcem:<\/p>\n<ul>\n<li>jako mezikrok p\u0159i obchodov\u00e1n\u00ed mezi kryptom\u011bnami.<\/li>\n<li>pro rychl\u00e9 mezin\u00e1rodn\u00ed p\u0159evody<\/li>\n<li>jako \u201eparkovi\u0161t\u011b\u201c ve sv\u011bt\u011b kryptom\u011bn, bez neust\u00e1l\u00fdch v\u00fdkyv\u016f cen.<\/li>\n<\/ul>\n<p>Co\u017e nejsou:<\/p>\n<ul>\n<li>nen\u00ed z\u00e1konn\u00fdm platidlem<\/li>\n<li>Nen\u00ed plnohodnotnou n\u00e1hradou hotovosti<\/li>\n<li>\u017e\u00e1dn\u00fd suver\u00e9nn\u00ed m\u011bnov\u00fd syst\u00e9m<\/li>\n<\/ul>\n<p>Dalo by se \u0159\u00edci, \u017ee stablecoiny jsou n\u00e1stroje. U\u017eite\u010dn\u00e9 - ale z\u00e1visl\u00e9 na syst\u00e9mu, ve kter\u00e9m se pou\u017e\u00edvaj\u00ed.<\/p>\n<h3>Pro\u010d jsou stablecoiny \u010dasto zam\u011b\u0148ov\u00e1ny s CBDC<\/h3>\n<p>Zde \u010dasto doch\u00e1z\u00ed k dal\u0161\u00edmu zmaten\u00ed pojm\u016f. Stablecoiny a CBDC se zdaj\u00ed b\u00fdt na prvn\u00ed pohled podobn\u00e9, proto\u017ee oboj\u00ed je \u201edigit\u00e1ln\u00ed\u201c a m\u00e1 \u201estabiln\u00ed hodnotu\u201c. Rozd\u00edl spo\u010d\u00edv\u00e1 v p\u016fvodu:<\/p>\n<ul>\n<li>Stablecoiny poch\u00e1zej\u00ed ze soukrom\u00e9ho sv\u011bta<\/li>\n<li>CBDC poch\u00e1zej\u00ed ze st\u00e1tn\u00edho pen\u011b\u017en\u00edho syst\u00e9mu<\/li>\n<\/ul>\n<p>Stablecoiny jsou tedy sp\u00ed\u0161e soukrom\u00fdmi n\u00e1hradn\u00edmi \u0159e\u0161en\u00edmi, kter\u00e1 vznikla proto, \u017ee zat\u00edm neexistuj\u00ed digit\u00e1ln\u00ed pen\u00edze centr\u00e1ln\u00ed banky. CBDC jsou pokusem o zapln\u011bn\u00ed t\u00e9to mezery ze strany st\u00e1tu - se zcela odli\u0161n\u00fdmi c\u00edli a r\u00e1mcov\u00fdmi podm\u00ednkami.<\/p>\n<h3>Pro\u010d by stablecoiny mohly b\u00fdt p\u0159echodn\u00fdm jevem?<\/h3>\n<p>Historicky jsou stablecoiny typick\u00fdm znakem p\u0159echodn\u00e9 f\u00e1ze. Objevuj\u00ed se tam, kde je to pot\u0159eba, ale ofici\u00e1ln\u00ed syst\u00e9m to zat\u00edm nedok\u00e1zal. Uvid\u00edme, zda budou stablecoiny hr\u00e1t \u00fast\u0159edn\u00ed roli v dlouhodob\u00e9m horizontu, nebo zda je v ur\u010dit\u00e9m okam\u017eiku nahrad\u00ed CBDC. Pravd\u011bpodobn\u00e9 v\u0161ak je, \u017ee maj\u00ed sv\u00e9 opodstatn\u011bn\u00ed - ne jako nov\u00fd z\u00e1klad m\u011bnov\u00e9ho syst\u00e9mu, ale jako p\u0159eklenovac\u00ed technologie.<\/p>\n<p>Po kryptom\u011bn\u00e1ch a stablecoinech p\u0159ich\u00e1z\u00ed na \u0159adu vl\u00e1dn\u00ed odpov\u011b\u010f na digit\u00e1ln\u00ed pen\u00edze: CBDC. A zde se obzvl\u00e1\u0161\u0165 jasn\u011b ukazuje, \u017ee podobn\u00e9 term\u00edny mohou popisovat velmi odli\u0161n\u00e9 skute\u010dnosti.<\/p>\n<hr \/>\n<h3>Aktu\u00e1ln\u00ed pr\u016fzkum o pl\u00e1novan\u00e9m digit\u00e1ln\u00edm euru<\/h3>\n<div class='bootstrap-yop yop-poll-mc'>\n\t\t\t\t\t\t\t<div class=\"basic-yop-poll-container\" style=\"background-color:#ffffff; border:0px; border-style:solid; border-color:#000000; border-radius:5px; padding:0px 5px;\" data-id=\"7\" data-temp=\"basic-pretty\" data-skin=\"square\" data-cscheme=\"blue\" data-cap=\"0\" data-access=\"guest\" data-tid=\"\" data-uid=\"2e153bdc8205dfc6153753cf10fc29ba\" data-pid=\"3412\" data-resdet=\"votes-number,percentages\" data-show-results-to=\"guest\" data-show-results-moment=\"after-vote\" data-show-results-only=\"false\" data-show-message=\"true\" data-show-results-as=\"bar\" data-sort-results-by=\"as-defined\" data-sort-results-rule=\"asc\"data-is-ended=\"0\" data-percentages-decimals=\"2\" data-gdpr=\"no\" data-gdpr-sol=\"consent\" data-css=\".basic-yop-poll-container[data-uid] .basic-vote {\t\t\t\t\t\t\t\t\ttext-align: center;\t\t\t\t\t\t\t\t}\" data-counter=\"0\" data-load-with=\"1\" data-notification-section=\"top\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"basic-inner\"><div class=\"basic-message hide\" style=\"border-left: 10px solid #008000; padding: 0px 10px;\" data-error=\"#ff0000\" data-success=\"#008000\"><p class=\"basic-message-text\" style=\"color:#000000; font-size:14px; font-weight:normal;\"><\/p><\/div><div class=\"basic-overlay hide\"><div class=\"basic-vote-options\"><\/div><div class=\"basic-preloader\"><div class=\"basic-windows8\"><div class=\"basic-wBall basic-wBall_1\"><div class=\"basic-wInnerBall\"><\/div><\/div><div class=\"basic-wBall basic-wBall_2\"><div class=\"basic-wInnerBall\"><\/div><\/div><div class=\"basic-wBall basic-wBall_3\"><div class=\"basic-wInnerBall\"><\/div><\/div><div class=\"basic-wBall basic-wBall_4\"><div class=\"basic-wInnerBall\"><\/div><\/div><div class=\"basic-wBall basic-wBall_5\"><div class=\"basic-wInnerBall\"><\/div><\/div><\/div><\/div><\/div><form class=\"basic-form\" action=\"\"><input type=\"hidden\" name=\"_token\" value=\"52a7cc51e4\" autocomplete=\"off\"><div class=\"basic-elements\"><div class=\"basic-element basic-question basic-question-text-vertical\" data-id=\"7\" data-uid=\"952d299a0fa1dc7702aa80fb5ea9f8f5\" data-type=\"question\" data-question-type=\"text\" data-required=\"yes\" data-allow-multiple=\"no\" data-min=\"1\" data-max=\"7\" data-display=\"vertical\" data-colnum=\"\" data-display-others=\"no\" data-others-color=\"\" data-others=\"\" data-others-max-chars=\"0\"><div class=\"basic-question-title\"><h5 style=\"color:#000000; font-size:16px; font-weight:normal; text-align:left;\">Co si mysl\u00edte o pl\u00e1novan\u00e9m zaveden\u00ed digit\u00e1ln\u00edho eura?<\/h5><\/div><ul class=\"basic-answers\"><li class=\"basic-answer\" style=\"padding:0px 0px;\" data-id=\"31\" data-type=\"text\" data-vn=\"2\" data-color=\"#000000\" data-make-link=\"no\" data-link=\"\"><div class=\"basic-answer-content basic-text-vertical\"><label for=\"answer[31]\" class=\"basic-answer-label\"><input type=\"radio\" id=\"answer[31]\" name=\"answer[7]\" value=\"31\"><span class=\"basic-text\" style=\"color: #000000; font-size: 14px; font-weight: normal;\">Dob\u0159e - je to logick\u00fd krok v digitalizaci.<\/span><\/label><\/div><\/li><li class=\"basic-answer\" style=\"padding:0px 0px;\" data-id=\"32\" data-type=\"text\" data-vn=\"5\" data-color=\"#000000\" data-make-link=\"no\" data-link=\"\"><div class=\"basic-answer-content basic-text-vertical\"><label for=\"answer[32]\" class=\"basic-answer-label\"><input type=\"radio\" id=\"answer[32]\" name=\"answer[7]\" value=\"32\"><span class=\"basic-text\" style=\"color: #000000; font-size: 14px; font-weight: normal;\">Neutr\u00e1ln\u00ed - pokud je zachov\u00e1na hotovost<\/span><\/label><\/div><\/li><li class=\"basic-answer\" style=\"padding:0px 0px;\" data-id=\"33\" data-type=\"text\" data-vn=\"15\" data-color=\"#000000\" data-make-link=\"no\" data-link=\"\"><div class=\"basic-answer-content basic-text-vertical\"><label for=\"answer[33]\" class=\"basic-answer-label\"><input type=\"radio\" id=\"answer[33]\" name=\"answer[7]\" value=\"33\"><span class=\"basic-text\" style=\"color: #000000; font-size: 14px; font-weight: normal;\">Kritick\u00e9 - vid\u00edm rizika pro kontrolu a monitorov\u00e1n\u00ed<\/span><\/label><\/div><\/li><li class=\"basic-answer\" style=\"padding:0px 0px;\" data-id=\"34\" data-type=\"text\" data-vn=\"60\" data-color=\"#000000\" data-make-link=\"no\" data-link=\"\"><div class=\"basic-answer-content basic-text-vertical\"><label for=\"answer[34]\" class=\"basic-answer-label\"><input type=\"radio\" id=\"answer[34]\" name=\"answer[7]\" value=\"34\"><span class=\"basic-text\" style=\"color: #000000; font-size: 14px; font-weight: normal;\">Odm\u00edt\u00e1m - Odm\u00edt\u00e1m digit\u00e1ln\u00ed m\u011bny centr\u00e1ln\u00edch bank<\/span><\/label><\/div><\/li><li class=\"basic-answer\" style=\"padding:0px 0px;\" data-id=\"35\" data-type=\"text\" data-vn=\"2\" data-color=\"#000000\" data-make-link=\"no\" data-link=\"\"><div class=\"basic-answer-content basic-text-vertical\"><label for=\"answer[35]\" class=\"basic-answer-label\"><input type=\"radio\" id=\"answer[35]\" name=\"answer[7]\" value=\"35\"><span class=\"basic-text\" style=\"color: #000000; font-size: 14px; font-weight: normal;\">V\u00edm o tom p\u0159\u00edli\u0161 m\u00e1lo<\/span><\/label><\/div><\/li><\/ul><\/div><div class=\"clearfix\"><\/div><\/div><div class=\"basic-vote\"><a href=\"#\" class=\"button basic-vote-button\" role=\"button\" style=\"background:#027bb8; border:0px; border-style: solid; border-color:#000000; border-radius:5px; padding:10px 10px; color:#ffffff; font-size:14px; font-weight:normal;\">Hlasujte na<\/a><\/div><input type=\"hidden\" name=\"trp-form-language\" value=\"cs\"\/><\/form><\/div><\/div><\/div><\/div>\n\t\t\t\t\t\t<\/div>\n<hr \/>\n<h2>CBDC - digit\u00e1ln\u00ed pen\u00edze od st\u00e1tu<\/h2>\n<p>CBDC znamen\u00e1 <em><strong>Digit\u00e1ln\u00ed m\u011bna centr\u00e1ln\u00ed banky<\/strong><\/em>, jin\u00fdmi slovy \u201edigit\u00e1ln\u00ed pen\u00edze centr\u00e1ln\u00ed banky\u201c. To je d\u016fle\u017eit\u00e9, proto\u017ee to otev\u0159en\u011b vyjad\u0159uje podstatu: nejde o soukrom\u00fd projekt, nejde o sc\u00e9nu, nejde o novou \u201ekomunitn\u00ed m\u011bnu\u201c, ale o pen\u00edze, kter\u00e9 poch\u00e1zej\u00ed ze st\u00e1tn\u011b-centr\u00e1ln\u00edho bankovn\u00edho syst\u00e9mu. Na prvn\u00ed pohled si to m\u016f\u017eete p\u0159edstavit velmi jednodu\u0161e:<\/p>\n<p>CBDC je digit\u00e1ln\u00ed forma pen\u011bz centr\u00e1ln\u00ed banky, kterou lze pou\u017e\u00edvat k platb\u00e1m - v z\u00e1vislosti na proveden\u00ed pro ob\u010dany (retail) nebo pouze pro banky a finan\u010dn\u00ed instituce (wholesale). Banka pro mezin\u00e1rodn\u00ed platby (BIS) popisuje CBDC jako zp\u016fsob, jak nab\u00eddnout \u201ehotovostn\u00ed\u201c bezpe\u010dnost a pohodl\u00ed p\u0159i digit\u00e1ln\u00edch platb\u00e1ch - i kdy\u017e s velmi odli\u0161n\u00fdm technick\u00fdm proveden\u00edm.<\/p>\n<p>A pr\u00e1v\u011b zde za\u010d\u00edn\u00e1 z\u00e1sadn\u00ed bod: neexistuje \u017e\u00e1dn\u00fd \u201ejeden\u201c CBDC. Existuje pouze jeden spole\u010dn\u00fd term\u00edn - a za n\u00edm se skr\u00fdvaj\u00ed velmi odli\u0161n\u00e9 pl\u00e1ny.<\/p>\n<h3>Pro\u010d vl\u00e1dy a centr\u00e1ln\u00ed banky v\u016fbec vytv\u00e1\u0159ej\u00ed CBDC?<\/h3>\n<p>Pokud se na tuto problematiku pod\u00edv\u00e1te st\u0159\u00edzliv\u011b, zjist\u00edte, \u017ee centr\u00e1ln\u00ed banky maj\u00ed n\u011bkolik opakuj\u00edc\u00edch se motiv\u016f:<\/p>\n<ol>\n<li><strong>Platebn\u00ed transakce jako probl\u00e9m infrastruktury<\/strong>Digit\u00e1ln\u00ed platby dnes \u010dasto prob\u00edhaj\u00ed prost\u0159ednictv\u00edm soukrom\u00fdch syst\u00e9m\u016f (banky, karetn\u00ed s\u00edt\u011b, technologick\u00e9 platformy). CBDC by byl pokusem zajistit \u010d\u00e1st t\u00e9to infrastruktury ve\u0159ejn\u011b - podobn\u011b jako byla d\u0159\u00edve hotovost ch\u00e1p\u00e1na jako z\u00e1kladn\u00ed ve\u0159ejn\u00e1 slu\u017eba.<\/li>\n<li><strong>Suverenita a z\u00e1vislosti<\/strong>Ten, kdo ovl\u00e1d\u00e1 platebn\u00ed transakce, ovl\u00e1d\u00e1 v\u00edce ne\u017e jen technologii. St\u00e1ty tradi\u010dn\u011b uva\u017euj\u00ed v kategori\u00edch stability, odolnosti v\u016f\u010di kriz\u00edm a z\u00e1vislosti. To nen\u00ed automaticky \u201edobr\u00e9\u201c nebo \u201e\u0161patn\u00e9\u201c, ale vysv\u011btluje to, pro\u010d je tato ot\u00e1zka politick\u00e1.<\/li>\n<li><strong>Vyu\u017eit\u00ed hotovosti kles\u00e1<\/strong> - Role pen\u011bz centr\u00e1ln\u00edch bank se zmen\u0161uje: v mnoha zem\u00edch se m\u00e9n\u011b pou\u017e\u00edv\u00e1 hotovost. Kdy\u017e zmiz\u00ed hotovost, zmiz\u00ed z ka\u017edodenn\u00edho \u017eivota i viditeln\u00e1 forma pen\u011bz centr\u00e1ln\u00ed banky. O CBDC se \u010dasto hovo\u0159\u00ed jako o reakci na tuto situaci: Pen\u00edze centr\u00e1ln\u00ed banky by si m\u011bly zachovat svou roli i v digit\u00e1ln\u00edm sv\u011bt\u011b.<\/li>\n<li><strong>Konkurence soukrom\u00fdch digit\u00e1ln\u00edch form\u00e1t\u016f<\/strong>Stablecoins a velk\u00e9 platformy ukazuj\u00ed: Digit\u00e1ln\u00ed nosi\u010de hodnot se mohou st\u00e1t velmi rychle velk\u00fdmi. Centr\u00e1ln\u00ed banky na to reaguj\u00ed - i kdyby jen z klasick\u00e9ho d\u016fvodu sebez\u00e1chovy m\u011bnov\u00e9ho \u0159\u00e1du.<\/li>\n<\/ol>\n<h3>Digit\u00e1ln\u00ed euro jako p\u0159\u00edklad: projekt s f\u00e1zemi a otev\u0159en\u00fdm v\u00fdsledkem<\/h3>\n<p>V Evrop\u011b je \u00fast\u0159edn\u00edm referen\u010dn\u00edm bodem digit\u00e1ln\u00ed euro. ECB zah\u00e1jila jeho p\u0159\u00edpravnou f\u00e1zi, kter\u00e1 za\u010dala 1. listopadu 2023 a p\u016fvodn\u011b m\u011bla trvat dva roky.<\/p>\n<p>Sou\u010dasn\u00e9 informace ECB popisuj\u00ed, \u017ee tato p\u0159\u00edpravn\u00e1 f\u00e1ze prob\u00edhala od listopadu 2023 do \u0159\u00edjna 2025 a \u017ee technick\u00e9 pr\u00e1ce a podpora legislativn\u00edho procesu budou pokra\u010dovat. D\u016fle\u017eit\u00e9 jsou zde dv\u011b v\u011bci:<\/p>\n<ol>\n<li><strong>Projekt je\u0161t\u011b nen\u00ed hotov\u00fdm produktem<\/strong>. Je testov\u00e1n, p\u0159ipravov\u00e1n, politicky diskutov\u00e1n - a nakonec hodn\u011b z\u00e1le\u017e\u00ed na pr\u00e1vn\u00ed struktu\u0159e.<\/li>\n<li><strong>O form\u011b nebylo rozhodnuto, pouze o sm\u011bru.<\/strong>. Kl\u00ed\u010dovou ot\u00e1zkou nen\u00ed \u201eP\u0159ijde digit\u00e1ln\u00ed euro ano\/ne?\u201c, ale sp\u00ed\u0161e: Jak by to vypadalo, jak\u00e9 role by m\u011bly banky, jak\u00e1 by byla mo\u017enost ochrany soukrom\u00ed, jak\u00e9 by byly limity?<\/li>\n<\/ol>\n<p>V popisech projekt\u016f ECB v\u00fdslovn\u011b zmi\u0148uje t\u00e9mata, jako je u\u017eivatelsk\u00e1 zku\u0161enost, ochrana osobn\u00edch \u00fadaj\u016f, finan\u010dn\u00ed za\u010dlen\u011bn\u00ed a dopad na \u017eivotn\u00ed prost\u0159ed\u00ed, tedy klasick\u00e9 po\u017eadavky, kter\u00e9 mohou b\u00fdt ve vz\u00e1jemn\u00e9m rozporu.<\/p>\n<h3>Pro\u010d CBDC nejsou kryptom\u011bny<\/h3>\n<p>\u010cist\u00fd st\u0159ih zde pom\u00e1h\u00e1, aby si \u010dten\u00e1\u0159 neud\u011blal \u0161patnou p\u0159edstavu:<\/p>\n<ul>\n<li>Kryptom\u011bny (v u\u017e\u0161\u00edm slova smyslu) se \u010dasto cht\u011bj\u00ed \u0159\u00eddit bez centr\u00e1ln\u00ed autority.<\/li>\n<li>CBDC jsou z definice navr\u017eeny s \u00fast\u0159edn\u00edm org\u00e1nem - konkr\u00e9tn\u011b centr\u00e1ln\u00ed bankou a st\u00e1tn\u00edm pr\u00e1vn\u00edm r\u00e1mcem.<\/li>\n<\/ul>\n<p>To m\u00e1 praktick\u00e9 d\u016fsledky:<\/p>\n<ul>\n<li>Pravidla nevych\u00e1zej\u00ed z \u201ekodexov\u00e9ho konsensu\u201c, ale z pr\u00e1va a instituc\u00ed.<\/li>\n<li>Zm\u011bny jsou mo\u017en\u00e9 nejen technicky, ale i politicky.<\/li>\n<li>P\u0159\u00edstup m\u016f\u017ee b\u00fdt \u0159\u00edzen (kdo, kde a v jak\u00e9m rozsahu m\u016f\u017ee co d\u011blat).<\/li>\n<li>Prosazov\u00e1n\u00ed a kontrola jsou syst\u00e9mov\u011b jednodu\u0161\u0161\u00ed, proto\u017ee syst\u00e9m je napojen na st\u00e1vaj\u00edc\u00ed struktury.<\/li>\n<\/ul>\n<p>Nemus\u00edte to dramatizovat. M\u011bli bychom o tom mluvit up\u0159\u00edmn\u011b: CBDC je n\u00e1strojem v r\u00e1mci m\u011bnov\u00e9ho \u0159\u00e1du - nikoli jeho protip\u00f3lem.<\/p>\n<h3>Velk\u00e1 ot\u00e1zka designu: maloobchod nebo velkoobchod - a kdo k n\u011bmu m\u00e1 v\u016fbec p\u0159\u00edstup<\/h3>\n<p>Kdy\u017e se \u0159ekne CBDC, mnoho \u010dten\u00e1\u0159\u016f si okam\u017eit\u011b vybav\u00ed \u201eob\u010dansk\u00e9 pen\u011b\u017eenky\u201c. To je v\u0161ak pouze jedna z mo\u017en\u00fdch podob.<\/p>\n<ul>\n<li><strong>Maloobchodn\u00ed CBDC<\/strong>pro ob\u010dany a podniky v ka\u017edodenn\u00edm \u017eivot\u011b<\/li>\n<li><strong>Velkoobchod CBDC<\/strong>pro banky\/finan\u010dn\u00ed instituce, nap\u0159. pro z\u00fa\u010dtov\u00e1n\u00ed mezi bankami.<\/li>\n<\/ul>\n<p>To, kter\u00e9 variant\u011b d\u00e1 zem\u011b p\u0159ednost, ji\u017e hodn\u011b napov\u00edd\u00e1 o tom, \u010deho chce vlastn\u011b dos\u00e1hnout: pohodln\u011bj\u0161\u00edch plateb pro ob\u010dany nebo efektivn\u011bj\u0161\u00ed infrastruktury finan\u010dn\u00edho trhu. A pak p\u0159ich\u00e1z\u00ed dal\u0161\u00ed klasick\u00e1 ot\u00e1zka: kdo \u0159\u00edd\u00ed vztah se z\u00e1kazn\u00edkem?<\/p>\n<p>Centr\u00e1ln\u00ed banky tradi\u010dn\u011b nejsou \u201eorganizace poskytuj\u00edc\u00ed slu\u017eby z\u00e1kazn\u00edk\u016fm\u201c. Proto se mnoho model\u016f spol\u00e9h\u00e1 na zprost\u0159edkovatele (nap\u0159. banky), kte\u0159\u00ed provozuj\u00ed pen\u011b\u017eenky nebo prov\u00e1d\u011bj\u00ed ov\u011b\u0159en\u00ed toto\u017enosti. BIS popisuje pr\u00e1v\u011b tuto \u0161k\u00e1lu: n\u00e1vrhy se li\u0161\u00ed podle toho, zda jsou zapojeni zprost\u0159edkovatel\u00e9, zda je infrastruktura konven\u010dn\u00ed nebo distribuovan\u00e1 a zda je p\u0159\u00edstup zalo\u017een na \u00fa\u010dtu nebo tokenu.<\/p>\n<h3>\u00da\u010det nebo token - a pro\u010d je to pro ochranu soukrom\u00ed z\u00e1sadn\u00ed?<\/h3>\n<p>Kl\u00ed\u010dov\u00fd rozd\u00edl spo\u010d\u00edv\u00e1 v logice p\u0159\u00edstupu:<\/p>\n<ol>\n<li><strong>\u00da\u010detn\u00ed<\/strong>\u201eM\u00e1te \u00fa\u010det\u201c (nebo pen\u011b\u017eenku podobnou \u00fa\u010dtu). Transakce jsou v\u00edce z\u00e1visl\u00e9 na identit\u011b\/registraci, podobn\u011b jako v dne\u0161n\u00edm bankovn\u00edm modelu.<\/li>\n<li><strong>Token-based<\/strong>\u201eM\u00e1te digit\u00e1ln\u00ed token\u201c (srovnateln\u00fd s digit\u00e1ln\u00ed hotovost\u00ed). D\u016fraz je kladen v\u00edce na vlastnictv\u00ed tokenu, m\u00e9n\u011b na identitu, m\u016f\u017ee - v z\u00e1vislosti na designu - vypadat v\u00edce jako hotovost.<\/li>\n<\/ol>\n<p>Org\u00e1ny pro ochranu \u00fadaj\u016f a odborn\u00e9 dokumenty \u010dasto popisuj\u00ed tento rozd\u00edl naprosto stejn\u011b a z\u00e1rove\u0148 zd\u016fraz\u0148uj\u00ed praktick\u00e9 nap\u011bt\u00ed: zcela anonymn\u00ed \u0159e\u0161en\u00ed je obt\u00ed\u017en\u00e9 sladit s po\u017eadavky, jako je boj proti pran\u00ed \u0161pinav\u00fdch pen\u011bz.<\/p>\n<p>Nejd\u016fle\u017eit\u011bj\u0161\u00ed sd\u011blen\u00ed: \u201eDigit\u00e1ln\u00ed\u201c nen\u00ed automaticky \u201edohled\u201c - ale tak\u00e9 nen\u00ed automaticky \u201ejako hotovost\u201c. Z\u00e1le\u017e\u00ed na proveden\u00ed.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4219 size-full\" src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/cbcd-programmierbares-geld-e1767421961630.jpg\" alt=\"Programovateln\u00e9 pen\u00edze\" width=\"1536\" height=\"700\" srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/cbcd-programmierbares-geld-e1767421961630.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/cbcd-programmierbares-geld-e1767421961630-300x137.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/cbcd-programmierbares-geld-e1767421961630-1024x467.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/cbcd-programmierbares-geld-e1767421961630-768x350.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/cbcd-programmierbares-geld-e1767421961630-18x8.jpg 18w\" sizes=\"auto, (max-width: 1536px) 100vw, 1536px\" \/><\/p>\n<h3>Programovatelnost: slovo, kter\u00e9 vyvol\u00e1v\u00e1 mnoh\u00e9 - a kter\u00e9 je t\u0159eba spr\u00e1vn\u011b kategorizovat<\/h3>\n<p>Jen m\u00e1lokter\u00fd jin\u00fd term\u00edn se stane emocion\u00e1ln\u00edm tak rychle jako \u201eprogramovateln\u00e9 pen\u00edze\u201c. Skepse a p\u0159esnost se zde vyplat\u00ed. V\u017edy je t\u0159eba odd\u011blit dv\u011b ot\u00e1zky:<\/p>\n<ol>\n<li><strong>Lze naprogramovat samotn\u00e9 pen\u00edze?<\/strong> Tak\u017ee: M\u016f\u017ee nosi\u010d hodnot obsahovat podm\u00ednky (\u201elze pou\u017e\u00edt pouze pro X\u201c, \u201evypr\u0161\u00ed platnost\u201c, \u201epouze v regionu Y\u201c)?<\/li>\n<li><strong>Nebo jsou programovateln\u00e9 pouze platby?<\/strong> Tak\u017ee: Lze platebn\u00ed procesy automatizovat (nap\u0159. logikou chytr\u00fdch smluv), zat\u00edmco samotn\u00fd nosi\u010d pen\u011b\u017en\u00ed hodnoty z\u016fst\u00e1v\u00e1 \u201eneutr\u00e1ln\u00ed\u201c?<\/li>\n<\/ol>\n<p>V praxi se tyto dva pojmy \u010dasto zam\u011b\u0148uj\u00ed. Technicky je mo\u017en\u00e9 leccos - politicky a pr\u00e1vn\u011b je v\u0161ak leccos o\u0161emetn\u00e9. Pr\u00e1v\u011b proto se v seri\u00f3zn\u00edch projektech CBDC hodn\u011b mluv\u00ed o hranic\u00edch: O hranic\u00edch, vzorech, offline schopnostech, ochran\u011b dat a ot\u00e1zce, co bude hotovost znamenat v budoucnu.<\/p>\n<p>St\u0159\u00edzliv\u011b \u0159e\u010deno: CBDC mohou b\u00fdt teoreticky velmi mocn\u00e9 - ale to, zda je tato moc vyu\u017eita, nez\u00e1vis\u00ed na technologii, ale na pr\u00e1vn\u00edm r\u00e1mci, kontrole a politick\u00e9 kultu\u0159e.<\/p>\n<h3>Pohled na \u010c\u00ednu: e-CNY jako jin\u00fd p\u0159\u00edstup<\/h3>\n<p>Srovn\u00e1n\u00ed ukazuje, pro\u010d by se nem\u011blo mluvit obecn\u011b o \u201eCBDC\u201c. V p\u0159\u00edpad\u011b e-CNY \u010c\u00edna uplat\u0148uje p\u0159\u00edstup, kter\u00fd je v ofici\u00e1ln\u00edch popisech prezentov\u00e1n jako dvou\u00farov\u0148ov\u00e1 architektura: Centr\u00e1ln\u00ed banka (PBoC) je odpov\u011bdn\u00e1 za emisi a z\u00e1kladn\u00ed infrastrukturu, zat\u00edmco zprost\u0159edkovatel\u00e9 a oper\u00e1to\u0159i zaji\u0161\u0165uj\u00ed ekonomiku a provoz pen\u011b\u017eenek.<\/p>\n<p>Krom\u011b toho se neust\u00e1le objevuj\u00ed nov\u00e9 \u0159\u00eddic\u00ed a regula\u010dn\u00ed r\u00e1mce, kter\u00e9 ukazuj\u00ed, \u017ee tyto syst\u00e9my nejsou \u201ehotov\u00e9\u201c, ale d\u00e1le se rozv\u00edjej\u00ed a jsou p\u0159\u00edsn\u011bji omezov\u00e1ny.<\/p>\n<p>Rozd\u00edl oproti evropsk\u00e9mu diskurzu nen\u00ed ani tak v \u201etechnologii\u201c, jako sp\u00ed\u0161e v \u0159\u00edzen\u00ed a zakotven\u00ed: Jakou roli hraj\u00ed soukrom\u00e9 platformy? Jak je kontrolov\u00e1no chov\u00e1n\u00ed u\u017eivatel\u016f? Jak\u00e9 kontroln\u00ed mechanismy jsou spole\u010densky p\u0159ijateln\u00e9? To jsou kulturn\u00ed ot\u00e1zky - a pr\u00e1v\u011b proto CBDC nikdy nen\u00ed pouze technick\u00fdm projektem.<\/p>\n<h3>Hloubkov\u00e1 studie: Digit\u00e1ln\u00ed euro z pohledu teorie her<\/h3>\n<p>Ve videu, kter\u00e9 stoj\u00ed za zhl\u00e9dnut\u00ed, Christian Rieck kategorizuje digit\u00e1ln\u00ed euro z pohledu teorie her - a uv\u00e1d\u00ed n\u011bkolik bod\u016f, kter\u00e9 p\u0159esahuj\u00ed technick\u00e9 detaily. Rieck jasn\u011b \u0159\u00edk\u00e1, \u017ee digit\u00e1ln\u00ed euro nen\u00ed pouhou modernizac\u00ed hotovosti, ale novou kategori\u00ed pen\u011bz se syst\u00e9mov\u00fdmi d\u016fsledky. D\u016fle\u017eit\u00e9 jsou zejm\u00e9na t\u0159i konstruk\u010dn\u00ed ot\u00e1zky: emise prost\u0159ednictv\u00edm komer\u010dn\u00edch bank (podle n\u011bj to d\u00e1v\u00e1 smysl, proto\u017ee se t\u00edm zachov\u00e1v\u00e1 osv\u011bd\u010den\u00fd dvoustup\u0148ov\u00fd m\u011bnov\u00fd syst\u00e9m), pl\u00e1novan\u00e9 z\u0159eknut\u00ed se anonymity (problematick\u00e9, proto\u017ee ekonomick\u00e1 svoboda v\u017edy vy\u017eaduje soukrom\u00fd platebn\u00ed prostor) a nejasn\u00e1 ot\u00e1zka programovatelnosti. Zat\u00edmco programovateln\u00e9 platby mohou b\u00fdt provediteln\u00e9, programovateln\u00e9 pen\u00edze samy o sob\u011b by znamenaly poru\u0161en\u00ed neutrality pen\u011bz. Rieckova anal\u00fdza z pohledu teorie her ukazuje st\u0159\u00edzliv\u011b: Digit\u00e1ln\u00ed euro je m\u00e9n\u011b o technologii a v\u00edce o rovnov\u00e1ze sil, pob\u00eddk\u00e1ch a dlouhodob\u00fdch pravidlech hry v m\u011bnov\u00e9m syst\u00e9mu.<\/p>\n<div class=\"lyte-wrapper\" style=\"width:640px;max-width:100%;margin:5px;\"><div class=\"lyMe\" id=\"WYL_MMd3-2-RqHs\"><div id=\"lyte_MMd3-2-RqHs\" data-src=\"https:\/\/www.markus-schall.de\/wp-content\/plugins\/wp-youtube-lyte\/lyteCache.php?origThumbUrl=%2F%2Fi.ytimg.com%2Fvi%2FMMd3-2-RqHs%2Fhqdefault.jpg\" class=\"pL\"><div class=\"tC\"><div class=\"tT\"><\/div><\/div><div class=\"play\"><\/div><div class=\"ctrl\"><div class=\"Lctrl\"><\/div><div class=\"Rctrl\"><\/div><\/div><\/div><noscript><a href=\"https:\/\/youtu.be\/MMd3-2-RqHs\" rel=\"nofollow noopener\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.markus-schall.de\/wp-content\/plugins\/wp-youtube-lyte\/lyteCache.php?origThumbUrl=https%3A%2F%2Fi.ytimg.com%2Fvi%2FMMd3-2-RqHs%2F0.jpg\" alt=\"Miniatura videa na YouTube\" width=\"640\" height=\"340\" \/><br \/>Pod\u00edvejte se na toto video na YouTube<\/a><\/noscript><\/div><\/div><div class=\"lL\" style=\"max-width:100%;width:640px;margin:5px;\"><\/div><br \/>\nDigit\u00e1ln\u00ed euro: Jak \u0161patn\u00e9 to bude? (Programovateln\u00e9 pen\u00edze a suver\u00e9nn\u00ed pen\u00edze) | <a href=\"https:\/\/www.youtube.com\/@ProfRieck\" target=\"_blank\" rel=\"nofollow noopener\">Prof. Rieck<\/a><\/p>\n<h2>Pro\u010d neexistuje \u201ejeden CBDC\u201c<\/h2>\n<p>Mnoho lid\u00ed si CBDC p\u0159edstavuje, jako by nakonec existovala \u201eta\u201c digit\u00e1ln\u00ed n\u00e1rodn\u00ed m\u011bna, kter\u00e1 funguje v\u0161ude stejn\u011b: jedna aplikace, jedna pen\u011b\u017eenka, hotovo. Ve skute\u010dnosti je CBDC sp\u00ed\u0161e stavebnic\u00ed, ve kter\u00e9 mohou st\u00e1ty a centr\u00e1ln\u00ed banky p\u0159ij\u00edmat velmi odli\u0161n\u00e1 rozhodnut\u00ed.<\/p>\n<p>To je tak\u00e9 d\u016fvod, pro\u010d mohou ob\u011b zem\u011b \u0159\u00edkat \u201eCBDC\u201c - a p\u0159esto vytv\u00e1\u0159et syst\u00e9my, kter\u00e9 jsou v ka\u017edodenn\u00edm \u017eivot\u011b zcela odli\u0161n\u00e9. Mus\u00edte si to p\u0159edstavit jako d\u016fm: Dva domy se mohou oba naz\u00fdvat \u201ed\u016fm\u201c, ale jeden je d\u0159evostavba s tlust\u00fdmi zdmi a mal\u00fdm oknem, zat\u00edmco druh\u00fd je prosklen\u00e1 budova s inteligentn\u00edm domem a kamerou v ka\u017ed\u00e9m rohu. Oba jsou domy - ale jsou to \u00fapln\u011b jin\u00e1 m\u00edsta k bydlen\u00ed.<\/p>\n<h3>Nejd\u016fle\u017eit\u011bj\u0161\u00ed rozd\u00edl: maloobchod nebo velkoobchod<\/h3>\n<p>Prvn\u00ed velk\u00e1 zm\u011bna zn\u00ed: Pro koho je CBDC ur\u010den?<\/p>\n<p><strong>Maloobchodn\u00ed CBDC<\/strong><\/p>\n<ul>\n<li>je ur\u010dena ob\u010dan\u016fm a podnik\u016fm<\/li>\n<li>by m\u011bly b\u00fdt pou\u017eiteln\u00e9 v ka\u017edodenn\u00edm \u017eivot\u011b (podobn\u011b jako hotovost\/karta).<\/li>\n<li>je politicky obzvl\u00e1\u0161\u0165 citliv\u00e1, proto\u017ee se p\u0159\u00edmo dot\u00fdk\u00e1 reality \u017eivota.<\/li>\n<\/ul>\n<p><strong>Velkoobchod CBDC<\/strong><\/p>\n<ul>\n<li>je ur\u010dena bank\u00e1m a finan\u010dn\u00edm instituc\u00edm<\/li>\n<li>se pou\u017e\u00edv\u00e1 pro z\u00fa\u010dtov\u00e1n\u00ed mezi institucemi (settlement)<\/li>\n<li>je v ka\u017edodenn\u00edm \u017eivot\u011b sotva viditeln\u00fd, ale m\u016f\u017ee zm\u011bnit finan\u010dn\u00ed architekturu.<\/li>\n<\/ul>\n<p>Pro\u010d je to d\u016fle\u017eit\u00e9: Pokud zem\u011b zpo\u010d\u00e1tku stav\u00ed pouze \u201eve velk\u00e9m\u201c, \u010dasto to sv\u011bd\u010d\u00ed o tom, \u017ee chce syst\u00e9m zefektivnit, ale ne v\u00e9st \u0161irokou soci\u00e1ln\u00ed diskusi. Pokud zem\u011b prosazuje \u201emaloobchod\u201c, je to zn\u00e1mka toho, \u017ee chce novou formu pen\u011bz zakotvit v ka\u017edodenn\u00edm \u017eivot\u011b.<\/p>\n<h3>Na z\u00e1klad\u011b \u00fa\u010dtu nebo tokenu<\/h3>\n<p>Druh\u00e1 hlavn\u00ed ot\u00e1zka n\u00e1vrhu ur\u010duje, jak \u201evlastn\u00edte\u201c CBDC:<\/p>\n<p><strong>\u00da\u010detn\u00ed<\/strong><\/p>\n<ul>\n<li>M\u00e1te ur\u010dit\u00fd typ \u00fa\u010dtu nebo registrovan\u00e9 pen\u011b\u017eenky.<\/li>\n<li>Transakce jsou do zna\u010dn\u00e9 m\u00edry z\u00e1visl\u00e9 na identit\u011b a p\u0159\u00edstupov\u00fdch pr\u00e1vech.<\/li>\n<li>se podob\u00e1 dne\u0161n\u00edmu uva\u017eov\u00e1n\u00ed bank<\/li>\n<\/ul>\n<p><strong>Token-based (na b\u00e1zi tokenu)<\/strong><\/p>\n<ul>\n<li>Vlastn\u00edte digit\u00e1ln\u00ed \u201ehodnotov\u00e9 jednotky\u201c (jako digit\u00e1ln\u00ed hotovost).<\/li>\n<li>Vlastnictv\u00ed a transfer v centru pozornosti<\/li>\n<li>m\u016f\u017ee vypadat v\u00edce jako hotovost - podle toho, jak je implementov\u00e1na.<\/li>\n<\/ul>\n<p>Praktick\u00fd rozd\u00edl pro \u010dten\u00e1\u0159e: \u00da\u010detn\u00ed slu\u017eby \u010dasto p\u016fsob\u00ed jako \u201einternetov\u00e9 bankovnictv\u00ed 2.0\u201c. Token-based m\u016f\u017ee p\u016fsobit jako \u201ehotovost v digit\u00e1ln\u00ed podob\u011b\u201c - ale pouze v p\u0159\u00edpad\u011b, \u017ee je do n\u011bj v\u00e1\u017en\u011b zabudov\u00e1na ochrana soukrom\u00ed a mo\u017enost offline platby.<\/p>\n<h3>P\u0159\u00edmo v centr\u00e1ln\u00ed bance nebo prost\u0159ednictv\u00edm zprost\u0159edkovatel\u016f<\/h3>\n<p>T\u0159et\u00ed p\u0159ep\u00edna\u010d zn\u00ed: Kdo \u201eobsluhuje\u201c kontakt s u\u017eivatelem?<\/p>\n<p><strong>P\u0159\u00edm\u00fd model<\/strong><\/p>\n<ul>\n<li>Ob\u010dan\u00e9 by m\u011bli p\u0159\u00edm\u00fd p\u0159\u00edstup k infrastruktu\u0159e centr\u00e1ln\u00ed banky.<\/li>\n<li>na pap\u00ed\u0159e zn\u00ed jasn\u011b a \u201e\u010dist\u011b\u201c<\/li>\n<li>je prakticky obt\u00ed\u017en\u00e9, proto\u017ee centr\u00e1ln\u00ed banky tradi\u010dn\u011b nemaj\u00ed masov\u00e9 struktury slu\u017eeb z\u00e1kazn\u00edk\u016fm.<\/li>\n<\/ul>\n<p><strong>Zprost\u0159edkovatelsk\u00fd model<\/strong> (nap\u0159. banky, poskytovatel\u00e9 platebn\u00edch slu\u017eeb).<\/p>\n<ul>\n<li>Pen\u011b\u017eenky, podpora, identifikace prob\u00edhaj\u00edc\u00ed prost\u0159ednictv\u00edm st\u00e1vaj\u00edc\u00edch hr\u00e1\u010d\u016f<\/li>\n<li>snadn\u011bji zapad\u00e1 do st\u00e1vaj\u00edc\u00edho syst\u00e9mu<\/li>\n<li>m\u016f\u017ee znamenat: v\u011bt\u0161\u00ed slo\u017eitost, v\u00edce z\u00e1vislost\u00ed, v\u00edce rozhran\u00ed.<\/li>\n<\/ul>\n<p>Zde se op\u011bt projevuje konzervativn\u00ed charakter m\u011bnov\u00fdch syst\u00e9m\u016f: Mnoho n\u00e1vrh\u016f se sna\u017e\u00ed za\u010dlenit nov\u00e9 tak, aby se star\u00e9 nerozbilo. To nen\u00ed zbab\u011bl\u00e9, ale historicky norm\u00e1ln\u00ed - experimenty s pen\u011bzi se ned\u011blaj\u00ed jako aktualizace aplikac\u00ed.<\/p>\n<hr \/>\n<h3>Aktu\u00e1ln\u00ed pr\u016fzkum o pl\u00e1novan\u00e9m digit\u00e1ln\u00edm ID EU<\/h3>\n<div class='bootstrap-yop yop-poll-mc'>\n\t\t\t\t\t\t\t<div class=\"basic-yop-poll-container\" style=\"background-color:#ffffff; border:0px; border-style:solid; border-color:#000000; border-radius:5px; padding:0px 5px;\" data-id=\"4\" data-temp=\"basic-pretty\" data-skin=\"square\" data-cscheme=\"blue\" data-cap=\"0\" data-access=\"guest\" data-tid=\"\" data-uid=\"f740347dec66f382bfec95706082b63d\" data-pid=\"3412\" data-resdet=\"votes-number,percentages\" data-show-results-to=\"guest\" data-show-results-moment=\"after-vote\" data-show-results-only=\"false\" data-show-message=\"true\" data-show-results-as=\"bar\" data-sort-results-by=\"as-defined\" data-sort-results-rule=\"asc\"data-is-ended=\"0\" data-percentages-decimals=\"2\" data-gdpr=\"no\" data-gdpr-sol=\"consent\" data-css=\"\" data-counter=\"0\" data-load-with=\"1\" data-notification-section=\"top\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"basic-inner\"><div class=\"basic-message hide\" style=\"border-left: 10px solid #008000; padding: 0px 10px;\" data-error=\"#ff0000\" data-success=\"#008000\"><p class=\"basic-message-text\" style=\"color:#000000; font-size:14px; font-weight:normal;\"><\/p><\/div><div class=\"basic-overlay hide\"><div class=\"basic-vote-options\"><\/div><div class=\"basic-preloader\"><div class=\"basic-windows8\"><div class=\"basic-wBall basic-wBall_1\"><div class=\"basic-wInnerBall\"><\/div><\/div><div class=\"basic-wBall basic-wBall_2\"><div class=\"basic-wInnerBall\"><\/div><\/div><div class=\"basic-wBall basic-wBall_3\"><div class=\"basic-wInnerBall\"><\/div><\/div><div class=\"basic-wBall basic-wBall_4\"><div class=\"basic-wInnerBall\"><\/div><\/div><div class=\"basic-wBall basic-wBall_5\"><div class=\"basic-wInnerBall\"><\/div><\/div><\/div><\/div><\/div><form class=\"basic-form\" action=\"\"><input type=\"hidden\" name=\"_token\" value=\"c443f29581\" autocomplete=\"off\"><div class=\"basic-elements\"><div class=\"basic-element basic-question basic-question-text-vertical\" data-id=\"4\" data-uid=\"a3de1973ebe42d60114ba10e8e6f046f\" data-type=\"question\" data-question-type=\"text\" data-required=\"yes\" data-allow-multiple=\"no\" data-min=\"1\" data-max=\"1\" data-display=\"vertical\" data-colnum=\"\" data-display-others=\"no\" data-others-color=\"\" data-others=\"\" data-others-max-chars=\"0\"><div class=\"basic-question-title\"><h5 style=\"color:#000000; font-size:16px; font-weight:normal; text-align:left;\">Souhlasili byste s centralizovanou digit\u00e1ln\u00ed identitou na \u00farovni EU?<\/h5><\/div><ul class=\"basic-answers\"><li class=\"basic-answer\" style=\"padding:0px 0px;\" data-id=\"14\" data-type=\"text\" data-vn=\"6\" data-color=\"#000000\" data-make-link=\"no\" data-link=\"\"><div class=\"basic-answer-content basic-text-vertical\"><label for=\"answer[14]\" class=\"basic-answer-label\"><input type=\"radio\" id=\"answer[14]\" name=\"answer[4]\" value=\"14\"><span class=\"basic-text\" style=\"color: #000000; font-size: 14px; font-weight: normal;\">Ano, pokud je to bezpe\u010dn\u00e9 a dobrovoln\u00e9<\/span><\/label><\/div><\/li><li class=\"basic-answer\" style=\"padding:0px 0px;\" data-id=\"15\" data-type=\"text\" data-vn=\"9\" data-color=\"#000000\" data-make-link=\"no\" data-link=\"\"><div class=\"basic-answer-content basic-text-vertical\"><label for=\"answer[15]\" class=\"basic-answer-label\"><input type=\"radio\" id=\"answer[15]\" name=\"answer[4]\" value=\"15\"><span class=\"basic-text\" style=\"color: #000000; font-size: 14px; font-weight: normal;\">Pouze pokud nen\u00ed propojen s jin\u00fdmi \u00fadaji<\/span><\/label><\/div><\/li><li class=\"basic-answer\" style=\"padding:0px 0px;\" data-id=\"16\" data-type=\"text\" data-vn=\"100\" data-color=\"#000000\" data-make-link=\"no\" data-link=\"\"><div class=\"basic-answer-content basic-text-vertical\"><label for=\"answer[16]\" class=\"basic-answer-label\"><input type=\"radio\" id=\"answer[16]\" name=\"answer[4]\" value=\"16\"><span class=\"basic-text\" style=\"color: #000000; font-size: 14px; font-weight: normal;\">Ne, to z\u00e1sadn\u011b odm\u00edt\u00e1m.<\/span><\/label><\/div><\/li><li class=\"basic-answer\" style=\"padding:0px 0px;\" data-id=\"59\" data-type=\"text\" data-vn=\"3\" data-color=\"#000000\" data-make-link=\"no\" data-link=\"\"><div class=\"basic-answer-content basic-text-vertical\"><label for=\"answer[59]\" class=\"basic-answer-label\"><input type=\"radio\" id=\"answer[59]\" name=\"answer[4]\" value=\"59\"><span class=\"basic-text\" style=\"color: #000000; font-size: 14px; font-weight: normal;\">Co je to \"centr\u00e1ln\u00ed digit\u00e1ln\u00ed identita\"?<\/span><\/label><\/div><\/li><\/ul><\/div><div class=\"clearfix\"><\/div><\/div><div class=\"basic-vote\"><a href=\"#\" class=\"button basic-vote-button\" role=\"button\" style=\"background:#027bb8; border:0px; border-style: solid; border-color:#000000; border-radius:5px; padding:10px 10px; color:#ffffff; font-size:14px; font-weight:normal;\">Hlasujte na<\/a><\/div><input type=\"hidden\" name=\"trp-form-language\" value=\"cs\"\/><\/form><\/div><\/div><\/div><\/div>\n\t\t\t\t\t\t<\/div>\n<hr \/>\n<h3>Offline schopnost: nen\u00e1padn\u00e1 ot\u00e1zka s velk\u00fdm dopadem<\/h3>\n<p>Jednou z nejv\u00edce podce\u0148ovan\u00fdch ot\u00e1zek je: Funguje CBDC tak\u00e9 offline? Offline schopnost by znamenala Platbu bez st\u00e1l\u00e9ho online p\u0159ipojen\u00ed. To zvy\u0161uje odolnost v\u016f\u010di krizov\u00fdm situac\u00edm (v\u00fdpadek proudu, selh\u00e1n\u00ed s\u00edt\u011b, katastrofy) a - v z\u00e1vislosti na konstrukci - m\u016f\u017ee pos\u00edlit soukrom\u00ed<br \/>\nBez mo\u017enosti offline se CBDC rychle stane \u201epouh\u00fdm digit\u00e1ln\u00edm platebn\u00edm syst\u00e9mem\u201c.<\/p>\n<p>D\u00edky mo\u017enosti offline se bl\u00ed\u017e\u00ed tomu, co tradi\u010dn\u011b d\u011bl\u00e1 hotovost: Platba bez trval\u00e9 z\u00e1vislosti na infrastruktu\u0159e. A pr\u00e1v\u011b zde se st\u00e1v\u00e1 politick\u00fdm: syst\u00e9m, kter\u00fd dok\u00e1\u017ee platit offline, je obt\u00ed\u017en\u011bj\u0161\u00ed zcela ovl\u00e1dnout. Syst\u00e9m, kter\u00fd je v\u017edy online, je snadn\u011bji kontrolovateln\u00fd a analyzovateln\u00fd. To nen\u00ed konspirace, ale \u010dist\u00e1 logika syst\u00e9mu.<\/p>\n<h3>Soukrom\u00ed nen\u00ed ano\/ne, ale spektrum.<\/h3>\n<p>Mnoho diskus\u00ed se zamot\u00e1v\u00e1, proto\u017ee soukrom\u00ed se \u010dasto pova\u017euje za p\u0159ep\u00edna\u010d: bu\u010f \u201eanonymn\u00ed\u201c, nebo \u201eneanonymn\u00ed\u201c. V praxi existuj\u00ed nuance, nap\u0159:<\/p>\n<ul>\n<li>Pln\u011b identifikovan\u00e9 platby (jako v tradi\u010dn\u00edm bankovnictv\u00ed)<\/li>\n<li>pseudonymn\u00ed platby (identita nen\u00ed p\u0159\u00edmo viditeln\u00e1, ale lze ji rekonstruovat).<\/li>\n<li>odstup\u0148ovan\u00e1 ochrana osobn\u00edch \u00fadaj\u016f (nap\u0159. mal\u00e9 \u010d\u00e1stky jsou soukrom\u011bj\u0161\u00ed, velk\u00e9 \u010d\u00e1stky jsou v\u00edce kontrolov\u00e1ny).<\/li>\n<li>Ochrana soukrom\u00ed v\u016f\u010di maloobchodn\u00edkovi, ale ne v\u016f\u010di provozovateli syst\u00e9mu.<\/li>\n<li>Soukrom\u00ed pouze za ur\u010dit\u00fdch podm\u00ednek (nap\u0159. offline nebo do v\u00fd\u0161e limit\u016f).<\/li>\n<\/ul>\n<p>Pro \u010dten\u00e1\u0159e je toto z\u00e1sadn\u00ed bod: nemus\u00edte se pt\u00e1t \u201eJe CBDC anonymn\u00ed?\u201c, ale:<\/p>\n<blockquote><p>Kdo, kdy a za jak\u00fdch podm\u00ednek co vid\u00ed?<\/p><\/blockquote>\n<p>Takto kladete spr\u00e1vn\u00e9 ot\u00e1zky. V\u0161echno ostatn\u00ed je st\u016fl \u0161tamgast\u016f.<\/p>\n<h3>Limity, poplatky, trvanlivost: \u201etich\u00e9 se\u0159izovac\u00ed \u0161rouby\u201c<\/h3>\n<p>CBDC mohou (ale nemus\u00ed) b\u00fdt vybaveny p\u00e1kami, kter\u00e9 u hotovosti neexistuj\u00ed:<\/p>\n<ul>\n<li><strong>Maxim\u00e1ln\u00ed \u010d\u00e1stky<\/strong> na pen\u011b\u017eenku nebo na transakci<\/li>\n<li><strong>Modely poplatk\u016f<\/strong>, kter\u00e9 lze nastavit politicky<\/li>\n<li><strong>Mechanika \u00farokov\u00fdch sazeb<\/strong> (teoreticky mo\u017en\u00e9, prakticky politicky citliv\u00e9)<\/li>\n<li><strong>\u201eTrvanlivost\u201c<\/strong> pen\u011bz (velmi kontroverzn\u00ed - technicky mysliteln\u00e9, spole\u010densky v\u00fdbu\u0161n\u00e9).<\/li>\n<\/ul>\n<p>D\u016fle\u017eit\u00e9 je, \u017ee mnoho z t\u011bchto v\u011bc\u00ed nemus\u00ed b\u00fdt nutn\u011b sou\u010d\u00e1st\u00ed CBDC. Ale samotn\u00fd fakt, \u017ee jsou technicky a syst\u00e9mov\u011b mo\u017en\u00e9, m\u011bn\u00ed debatu. V p\u0159\u00edpad\u011b hotovosti se k t\u011bmto druh\u016fm p\u00e1k muselo dosp\u011bt oklikou. V digit\u00e1ln\u00edm syst\u00e9mu je lze dostat bl\u00ed\u017ee k povrchu.<\/p>\n<p>A pr\u00e1v\u011b zde se vyplat\u00ed skeptick\u00fd, ale klidn\u00fd p\u0159\u00edstup: nep\u0159edpokl\u00e1dejte, \u017ee se v\u0161e poda\u0159\u00ed, ale ani se nechovejte, jako by to bylo nemo\u017en\u00e9.<\/p>\n<h3>Pro\u010d se digit\u00e1ln\u00ed euro m\u016f\u017ee li\u0161it od e-j\u00fcanu<\/h3>\n<p>Pokud chcete CBDC skute\u010dn\u011b porozum\u011bt, mus\u00edte to p\u0159ijmout: Pen\u00edze jsou tak\u00e9 kultura. Evropsk\u00fd projekt CBDC je zasazen do jin\u00e9ho kontextu ne\u017e \u010d\u00ednsk\u00fd:<\/p>\n<ul>\n<li>odli\u0161n\u00e1 kultura ochrany \u00fadaj\u016f<\/li>\n<li>rozd\u00edln\u00e1 role st\u00e1tu v ka\u017edodenn\u00edm \u017eivot\u011b<\/li>\n<li>dal\u0161\u00ed institucion\u00e1ln\u00ed prost\u0159ed\u00ed<\/li>\n<li>dal\u0161\u00ed mechanismy politick\u00e9 kontroly<\/li>\n<li>rozd\u00edln\u00e1 spole\u010densk\u00e1 o\u010dek\u00e1v\u00e1n\u00ed transparentnosti a diskuse<\/li>\n<\/ul>\n<p>To automaticky neznamen\u00e1, \u017ee Evropa je \u201elep\u0161\u00ed\u201c nebo \u010c\u00edna \u201ehor\u0161\u00ed\u201c. Znamen\u00e1 to jen, \u017ee syst\u00e9my se budou li\u0161it, i kdy\u017e se pou\u017e\u00edv\u00e1 stejn\u00e1 technologie - proto\u017ee \u0159\u00edzen\u00ed, pr\u00e1vo a politick\u00e1 praxe formuj\u00ed technologii.<\/p>\n<p>A pr\u00e1v\u011b proto jsou pau\u0161\u00e1ln\u00ed v\u00fdroky typu \u201eCBDC = monitorov\u00e1n\u00ed\u201c nebo \u201eCBDC = pouze pohodln\u00e9\u201c t\u00e9m\u011b\u0159 v\u017edy p\u0159\u00edli\u0161 stroh\u00e9. Mluvit o n\u011bm m\u016f\u017eete a\u017e pot\u00e9, co zn\u00e1te konkr\u00e9tn\u00ed konstrukci.<\/p>\n<h2>P\u0159ehled v\u0161ech definic<\/h2>\n<div style=\"overflow-x: auto; -webkit-overflow-scrolling: touch;\">\n<table style=\"border-collapse: collapse; width: 100%; line-height: 1.35;\">\n<thead>\n<tr style=\"background: #f2f2f2;\">\n<th style=\"text-align: left; padding: 10px 12px; border: 1px solid #ddd; width: 220px;\">Term\u00edn \/ Co je to?<\/th>\n<th style=\"text-align: left; padding: 10px 12px; border: 1px solid #ddd;\">Stru\u010dn\u00fd popis (srozumiteln\u00fd)<\/th>\n<th style=\"text-align: left; padding: 10px 12px; border: 1px solid #ddd; width: 220px;\">Odkaz \/ Emitent<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Kryptom\u011bna<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Souhrnn\u00e9 ozna\u010den\u00ed pro syst\u00e9my digit\u00e1ln\u00edch hodnot, kter\u00e9 jsou kryptograficky zabezpe\u010deny. V u\u017e\u0161\u00edm slova smyslu jde o \u201edecentralizovan\u00e9\u201c syst\u00e9my bez centr\u00e1ln\u00ed autority, kter\u00e9 ov\u011b\u0159uj\u00ed transakce prost\u0159ednictv\u00edm s\u00edt\u011b.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">\u017d\u00e1dn\u00fd jedin\u00fd emitent (u decentralizovan\u00fdch minc\u00ed). Vznik\u00e1\/\u017eije d\u00edky s\u00edti, pravidl\u016fm a u\u017eivatel\u016fm.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Mince<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">\u201eNativn\u00ed\u201c m\u011bna <em>vlastn\u00ed<\/em> Blockchain. Mince je sou\u010d\u00e1st\u00ed z\u00e1kladn\u00ed infrastruktury (poplatky, pob\u00eddky, zabezpe\u010den\u00ed) p\u0159\u00edslu\u0161n\u00e9 s\u00edt\u011b.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">\u017d\u00e1dn\u00fd klasick\u00fd vydavatel; pravidla jsou definov\u00e1na v protokolu a jsou podporov\u00e1na s\u00edt\u00ed.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Token<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Digit\u00e1ln\u00ed nosi\u010d hodnot <em>na adrese<\/em> existuj\u00edc\u00edho blockchainu (nap\u0159. Ethereum). \u010casto se jedn\u00e1 sp\u00ed\u0161e o digit\u00e1ln\u00ed pr\u00e1vo\/opr\u00e1vn\u011bn\u00ed\/p\u0159\u00edstup ne\u017e o \u201epen\u00edze\u201c v u\u017e\u0161\u00edm slova smyslu.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Obvykle je \u201evyd\u00e1v\u00e1\u201c projekt\/t\u00fdm\/organizace prost\u0159ednictv\u00edm inteligentn\u00ed smlouvy (technick\u00e9, \u010dasto centr\u00e1ln\u011b organizovan\u00e9).<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Blockchain<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Princip technologie\/ukl\u00e1d\u00e1n\u00ed dat: distribuovan\u00fd \u0159et\u011bzec datov\u00fdch z\u00e1znam\u016f odoln\u00fd proti neopr\u00e1vn\u011bn\u00e9 manipulaci. Blockchain nen\u00ed automaticky \u201ekrypto\u201c, ale pouze n\u00e1stroj, na kter\u00e9m m\u016f\u017ee b\u011b\u017eet mnoho v\u011bc\u00ed.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">\u017d\u00e1dn\u00fd vydavatel; v z\u00e1vislosti na syst\u00e9mu hrad\u00ed s\u00ed\u0165\/oper\u00e1to\u0159i\/\u00fa\u010dastn\u00edci.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Pen\u011b\u017eenka<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">\u201epen\u011b\u017eenka\u201c pro digit\u00e1ln\u00ed aktiva. V kryptografick\u00e9m sv\u011bt\u011b obvykle software\/hardware pro spr\u00e1vu kl\u00ed\u010d\u016f. U CBDC m\u016f\u017ee b\u00fdt \u201epen\u011b\u017eenka\u201c sp\u00ed\u0161e konceptem vl\u00e1dn\u00edho\/regulovan\u00e9ho \u00fa\u010dtu nebo aplikace.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Crypto: u\u017eivatel si kl\u00ed\u010de spravuje s\u00e1m (nebo u poskytovatele slu\u017eeb). CBDC: typicky centr\u00e1ln\u00ed banka\/banka\/poskytovatel slu\u017eby jako poskytovatel.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Stablecoin<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Token, jeho\u017e hodnota m\u00e1 z\u016fstat stabiln\u00ed, obvykle nav\u00e1z\u00e1n\u00edm na euro\/dolar. Prakticky \u201emost\u201c: kryptotechnologie, ale hodnotov\u00fd odkaz na tradi\u010dn\u00ed pen\u00edze.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Soukrom\u00fd emitent\/provozovatel (spole\u010dnost\/konsorcium). Stabilita z\u00e1vis\u00ed na kryt\u00ed\/pravidlech\/d\u016fv\u011b\u0159e.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Fiatov\u00e9 pen\u00edze<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">St\u00e1tn\u00ed pen\u00edze bez vazby na zlato\/st\u0159\u00edbro. Hodnota se vytv\u00e1\u0159\u00ed prost\u0159ednictv\u00edm pr\u00e1vn\u00edho uzn\u00e1n\u00ed, d\u016fv\u011bry a m\u011bnov\u00e9 politiky.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">St\u00e1tn\u00ed\/centr\u00e1ln\u00ed banka; realizov\u00e1no prost\u0159ednictv\u00edm hotovostn\u00edho a bankovn\u00edho syst\u00e9mu.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Pen\u00edze v ob\u011bhu<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">\u201e\u00da\u010detn\u00ed pen\u00edze\u201c na bankovn\u00edch \u00fa\u010dtech. V\u011bt\u0161ina pen\u011bz v b\u011b\u017en\u00e9m \u017eivot\u011b jsou bankovn\u00ed pen\u00edze: Jsou to \u010d\u00edsla na \u00fa\u010dtu, kter\u00e1 existuj\u00ed jako pohled\u00e1vka v\u016f\u010di bance.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Komer\u010dn\u00ed banky (v r\u00e1mci politiky centr\u00e1ln\u00ed banky a regula\u010dn\u00ed politiky).<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Pen\u00edze centr\u00e1ln\u00ed banky<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Pen\u00edze emitovan\u00e9 p\u0159\u00edmo centr\u00e1ln\u00ed bankou. Dnes p\u0159edev\u0161\u00edm hotovost (viditeln\u00e1 pro ob\u010dany) a rezervy (pro banky v pozad\u00ed).<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Centr\u00e1ln\u00ed banka (nap\u0159. ECB\/Eurosyst\u00e9m).<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>CBDC<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Digit\u00e1ln\u00ed pen\u00edze centr\u00e1ln\u00ed banky. St\u00e1tn\u00ed pen\u00edze v digit\u00e1ln\u00ed podob\u011b - pro ob\u010dany (retail) nebo pouze pro banky (wholesale), v z\u00e1vislosti na proveden\u00ed. Nejedn\u00e1 se o krypto deriv\u00e1t, ale o sou\u010d\u00e1st m\u011bnov\u00e9ho \u0159\u00e1du.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Centr\u00e1ln\u00ed banka (st\u00e1tn\u00ed instituce, z\u00e1konem regulovan\u00e1).<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Maloobchodn\u00ed CBDC<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">CBDC pro ob\u010dany a firmy v ka\u017edodenn\u00edm \u017eivot\u011b (podobn\u011b jako hotovost\/karta). Politicky citliv\u00fd, proto\u017ee m\u00e1 p\u0159\u00edm\u00fd dopad na realitu \u017eivota.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Centr\u00e1ln\u00ed banka - \u010dasto s bankami\/poskytovateli platebn\u00edch slu\u017eeb jako zprost\u0159edkovateli.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Velkoobchod CBDC<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">CBDC pro banky\/finan\u010dn\u00ed instituce pro zpracov\u00e1n\u00ed podklad\u016f (z\u00fa\u010dtov\u00e1n\u00ed). V b\u011b\u017en\u00e9m \u017eivot\u011b sotva viditeln\u00e9, ale pro finan\u010dn\u00ed trhy d\u016fle\u017eit\u00e9.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Centr\u00e1ln\u00ed banka, pou\u017e\u00edvaj\u00ed p\u0159edev\u0161\u00edm finan\u010dn\u00ed instituce.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>CBDC na b\u00e1zi \u00fa\u010dtu<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">CBDC, kde je p\u0159\u00edstup mo\u017en\u00fd prost\u0159ednictv\u00edm registrovan\u00e9ho \u00fa\u010dtu\/pen\u011b\u017eenky. P\u0159ipad\u00e1 mi to sp\u00ed\u0161e jako modernizovan\u00e9 bankovn\u00ed pen\u00edze, jen s charakterem pen\u011bz centr\u00e1ln\u00ed banky.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Centr\u00e1ln\u00ed banka (p\u0159\u00edmo nebo prost\u0159ednictv\u00edm zprost\u0159edkovatel\u016f); v\u011bt\u0161\u00ed roli obvykle hraje identita.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>CBDC zalo\u017een\u00e9 na tokenech<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">CBDC, v n\u011bm\u017e se p\u0159ev\u00e1d\u011bj\u00ed digit\u00e1ln\u00ed \u201ejednotky hodnoty\u201c (v\u00edce podobn\u00e9 hotovosti). M\u016f\u017ee - v z\u00e1vislosti na proveden\u00ed - umo\u017enit offline platby a v\u011bt\u0161\u00ed soukrom\u00ed.<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Centr\u00e1ln\u00ed banka; konkr\u00e9tn\u00ed soukrom\u00ed z\u00e1vis\u00ed na designu, limitech a z\u00e1konech.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\"><strong>Digit\u00e1ln\u00ed euro<\/strong><\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Konkr\u00e9tn\u00ed projekt CBDC Eurosyst\u00e9mu. C\u00edl: digit\u00e1ln\u00ed forma eura jako dopl\u0148kov\u00e9ho platebn\u00edho prost\u0159edku (kl\u00ed\u010dov\u00e9 jsou koncepce, design a legislativa).<\/td>\n<td style=\"padding: 10px 12px; border: 1px solid #ddd;\">Eurosyst\u00e9m\/ECB (s legislativou EU jako r\u00e1mcem).<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>Pro\u010d je toto rozli\u0161en\u00ed z\u00e1sadn\u00ed<\/h2>\n<p>Je\u0161t\u011b ne\u017e skon\u010d\u00edme, kr\u00e1tk\u00e1 pozn\u00e1mka pro \u010dten\u00e1\u0159e, kte\u0159\u00ed by se cht\u011bli bl\u00ed\u017ee sezn\u00e1mit s konkr\u00e9tn\u00edm projektem: J\u00e1 jsem ji\u017e napsal sv\u016fj vlastn\u00ed podrobn\u00fd <a href=\"https:\/\/www.markus-schall.de\/cs\/2025\/11\/digitalni-euro-prichazi-co-to-znamena-co-nesmi-delat-a-co-by-mohlo-delat\/\"><strong>\u010cl\u00e1nek o digit\u00e1ln\u00edm euru<\/strong><\/a> ve kter\u00e9m jsou znovu systematicky analyzov\u00e1ny c\u00edle, pozad\u00ed a otev\u0159en\u00e9 ot\u00e1zky.<\/p>\n<p>Pokud byste po p\u0159e\u010dten\u00ed tohoto textu cht\u011bli podrobn\u011bji porozum\u011bt tomu, jak je vlastn\u011b evropsk\u00fd CBDC koncipov\u00e1n a kde le\u017e\u00ed politick\u00e9 a pr\u00e1vn\u00ed p\u00e1ky, najdete zde dobr\u00fd dopln\u011bk. Tento \u010dl\u00e1nek je z\u00e1m\u011brn\u011b koncipov\u00e1n \u0161\u00ed\u0159eji: Jeho c\u00edlem je uspo\u0159\u00e1dat, klasifikovat a jasn\u011b odd\u011blit pojmy.<\/p>\n<h3>Skute\u010dn\u00fdm probl\u00e9mem nen\u00ed technologie, ale z\u00e1m\u011bna pojm\u016f.<\/h3>\n<p>Pokud si p\u0159edchoz\u00ed kapitoly shrneme dohromady, zjist\u00edme jednu v\u011bc: v\u011bt\u0161ina v\u00e1\u0161niv\u00fdch diskus\u00ed o digit\u00e1ln\u00edch pen\u011bz\u00edch selh\u00e1v\u00e1 nikoli kv\u016fli nedostatku inteligence, ale kv\u016fli nedostatku \u0159\u00e1du.<\/p>\n<ul>\n<li>Kryptom\u011bny jsou zam\u011b\u0148ov\u00e1ny s CBDC<\/li>\n<li>Stablecoiny jsou myln\u011b pova\u017eov\u00e1ny za st\u00e1tn\u00ed pen\u00edze<\/li>\n<li>\u201eDigit\u00e1ln\u00ed\u201c je automaticky ztoto\u017e\u0148ov\u00e1no s \u201edohledem\u201c nebo \u201epokrokem\u201c.<\/li>\n<li>Jednotliv\u00e9 skand\u00e1ly se prom\u00edtaj\u00ed do cel\u00fdch syst\u00e9m\u016f.<\/li>\n<\/ul>\n<p>Vznikaj\u00ed tak t\u00e1bory, ve kter\u00fdch by byla diferenciace skute\u010dn\u011b nutn\u00e1. Prvn\u00ed krok by byl zcela tradi\u010dn\u00ed: naz\u00fdvat v\u011bci prav\u00fdmi jm\u00e9ny a odd\u011blovat je. Ti, kte\u0159\u00ed v\u011bd\u00ed, o \u010dem mluv\u00ed, mus\u00ed b\u00fdt m\u00e9n\u011b hlasit\u00ed.<\/p>\n<h3>Pro\u010d ostra\u017eitost nem\u00e1 nic spole\u010dn\u00e9ho s panikou<\/h3>\n<p>Ostra\u017eitost nen\u00ed projevem ned\u016fv\u011bry, ale odpov\u011bdnosti. Zejm\u00e9na pokud jde o pen\u00edze, jeden z nejcitliv\u011bj\u0161\u00edch soci\u00e1ln\u00edch syst\u00e9m\u016f v\u016fbec, bylo v minulosti v\u017edy moudr\u00e9 pe\u010dliv\u011b sledovat zm\u011bny. B\u00fdt ostra\u017eit\u00fd neznamen\u00e1<\/p>\n<ul>\n<li>reflexivn\u011b odm\u00edtaj\u00ed v\u0161e nov\u00e9<\/li>\n<li>podez\u0159\u00edvat z ka\u017ed\u00e9ho projektu zl\u00e9 \u00famysly<\/li>\n<li>ztracen\u00ed se v nejhor\u0161\u00edch sc\u00e9n\u00e1\u0159\u00edch<\/li>\n<\/ul>\n<p>Bd\u011blost znamen\u00e1:<\/p>\n<ul>\n<li>Ptejte se<\/li>\n<li>Porozum\u011bn\u00ed n\u00e1vrh\u016fm<\/li>\n<li>N\u00e1ro\u010dn\u00e9 limity<\/li>\n<li>V\u011bdom\u00e9 utv\u00e1\u0159en\u00ed p\u0159echod\u016f<\/li>\n<\/ul>\n<p>To nen\u00ed modern\u00ed ned\u016fv\u011bra, ale velmi star\u00e1 bur\u017eoazn\u00ed ctnost.<\/p>\n<h3>Hotovost je v\u00edc ne\u017e nostalgie<\/h3>\n<p>V mnoha debat\u00e1ch se s hotovost\u00ed zach\u00e1z\u00ed, jako by to byl p\u0159e\u017eitek, kter\u00fd je t\u0159eba z d\u016fvodu efektivity opustit. To v\u0161ak nen\u00ed spr\u00e1vn\u00e9.<br \/>\nHotovost m\u00e1 vlastnosti, kter\u00e9 \u017e\u00e1dn\u00fd digit\u00e1ln\u00ed syst\u00e9m nem\u016f\u017ee zcela nahradit:<\/p>\n<ul>\n<li>Okam\u017eit\u00e1 dostupnost<\/li>\n<li>Technick\u00e1 nez\u00e1vislost<\/li>\n<li>Intuitivn\u00ed srozumitelnost<\/li>\n<li>Transakce bez st\u00e1l\u00fdch zprost\u0159edkovatel\u016f<\/li>\n<li>forma tich\u00e9ho soukrom\u00ed<\/li>\n<\/ul>\n<p>M\u016f\u017eete si myslet, \u017ee hotovost je starom\u00f3dn\u00ed, ale nem\u011bli byste ji podce\u0148ovat. Historicky byla hotovost v\u017edy protiv\u00e1hou slo\u017eit\u00fdch syst\u00e9m\u016f. Ne jako n\u00e1hrada v\u0161eho, ale jako korektiv.<\/p>\n<h3>Svoboda se \u010dasto projevuje v alternativ\u00e1ch, nikoli v nucen\u00ed.<\/h3>\n<p>Svoboda m\u00e1lokdy spo\u010d\u00edv\u00e1 v tom, \u017ee m\u00e1te jen jednu mo\u017enost. Svoboda vznik\u00e1 tam, kde si m\u016f\u017eete vybrat. V\u00fdhradn\u011b digit\u00e1ln\u00ed pen\u011b\u017en\u00ed syst\u00e9m v\u00e1m tuto mo\u017enost volby bere. Syst\u00e9m, v n\u011bm\u017e vedle sebe existuj\u00ed hotovost, \u00fa\u010detn\u00ed pen\u00edze a digit\u00e1ln\u00ed forma, je robustn\u011bj\u0161\u00ed - technicky, soci\u00e1ln\u011b i politicky. Z\u00e1sadn\u00ed ot\u00e1zka tedy nezn\u00ed: <em>\u201eDigit\u00e1ln\u00ed nebo hotovostn\u00ed?\u201c<\/em>, ale:<\/p>\n<blockquote><p><em>\u201eJak\u00e9 mo\u017enosti maj\u00ed ob\u010dan\u00e9 re\u00e1ln\u011b k dispozici?\u201c<\/em><\/p><\/blockquote>\n<p>Tato ot\u00e1zka nen\u00ed ideologick\u00e1, ale praktick\u00e1.<\/p>\n<h3>Pro\u010d byste nem\u011bli nechat zm\u011bnu jen tak prob\u011bhnout?<\/h3>\n<p>Velk\u00e9 syst\u00e9my se m\u00e1lokdy zm\u011bn\u00ed jedn\u00edm velk\u00fdm t\u0159eskem. M\u011bn\u00ed se mnoha mal\u00fdmi kroky, z nich\u017e ka\u017ed\u00fd se s\u00e1m o sob\u011b zd\u00e1 b\u00fdt ne\u0161kodn\u00fd.<\/p>\n<ul>\n<li>pilotn\u00ed projekt<\/li>\n<li>nov\u00e1 komfortn\u00ed funkce<\/li>\n<li>dobrovoln\u00e1 volba<\/li>\n<li>p\u0159echodn\u00e9 pravidlo<\/li>\n<\/ul>\n<p>P\u0159i zp\u011btn\u00e9m pohledu v\u0161e vypad\u00e1 logicky. V p\u0159\u00edtomnosti pot\u0159ebujeme lidi, kte\u0159\u00ed z\u016fst\u00e1vaj\u00ed pozorn\u00ed, ani\u017e by v\u011bci blokovali. S d\u0159\u00edv\u011bj\u0161\u00edmi zm\u011bnami pen\u011bz to nebylo jin\u00e9 - byly jen pomalej\u0161\u00ed.<\/p>\n<p>Do kryptom\u011bn, stablecoin\u016f a CBDC jsem se nepustil z nad\u0161en\u00ed nebo strachu, ale z jednoho prost\u00e9ho d\u016fvodu: proto\u017ee pen\u00edze jsou p\u0159\u00edli\u0161 d\u016fle\u017eit\u00e9 na to, aby z\u016fstaly jen na titulc\u00edch novin.<\/p>\n<p>Nemus\u00edte b\u00fdt obchodn\u00edk, technologick\u00fd expert ani aktivista. Sta\u010d\u00ed b\u00fdt ob\u010danem - s ambic\u00ed porozum\u011bt tomu, co se m\u011bn\u00ed.<br \/>\nDigit\u00e1ln\u00ed v\u00fdvoj nelze vr\u00e1tit zp\u011bt. Lze je v\u0161ak ovlivnit. A design v\u017edy za\u010d\u00edn\u00e1 jasnost\u00ed.<\/p>\n<p>O digit\u00e1ln\u00edch pen\u011bz\u00edch budeme mluvit i v p\u0159\u00ed\u0161t\u00edch letech - v\u011bcn\u011b nebo emotivn\u011b, organizovan\u011b nebo chaoticky. Ka\u017ed\u00fd \u010dten\u00e1\u0159 se m\u016f\u017ee s\u00e1m rozhodnout, na jak\u00e9 \u00farovni se chce pod\u00edlet. Ka\u017ed\u00fd, kdo do\u010detl a\u017e sem, m\u00e1 v\u00fdhodu:<\/p>\n<blockquote><p>Dok\u00e1\u017ee rozli\u0161ovat.<\/p><\/blockquote>\n<p>A pr\u00e1v\u011b to je n\u011bkdy nejd\u016fle\u017eit\u011bj\u0161\u00ed forma svobody.<\/p>\n<hr \/>\n\n\t\t\t<div class=\"display-post-types\">\n\n\t\t\t\t\t\t\t<style type=\"text\/css\">\n\t\t\t#dpt-wrapper-644 { --dpt-text-align: left;--dpt-image-crop: center;--dpt-border-radius: 5px;--dpt-small-grid-column: 33.33%;--dpt-large-grid-column: 33.3333333333%;--dpt-h-gutter: 10px;--dpt-v-gutter: 10px; }\t\t\t<\/style>\n\t\t\t<style type=\"text\/css\">#dpt-wrapper-644 { --dpt-title-font-style:normal;--dpt-title-font-weight:600;--dpt-title-line-height:1.5;--dpt-title-text-decoration:none;--dpt-title-text-transform:none;--dpt-excerpt-font-style:normal;--dpt-excerpt-font-weight:400;--dpt-excerpt-line-height:1.5;--dpt-excerpt-text-decoration:none;--dpt-excerpt-text-transform:none;--dpt-meta1-font-style:normal;--dpt-meta1-font-weight:400;--dpt-meta1-line-height:1.9;--dpt-meta1-text-decoration:none;--dpt-meta1-text-transform:none;--dpt-meta2-font-style:normal;--dpt-meta2-font-weight:400;--dpt-meta2-line-height:1.9;--dpt-meta2-text-decoration:none;--dpt-meta2-text-transform:none; }<\/style><div class=\"dpt-main-header\">\n\t\t\t\t\t\t<div class=\"dpt-main-title\">\n\t\t\t\t\t\t\t<span class=\"dpt-main-title-text\">Aktu\u00e1ln\u00ed \u010dl\u00e1nky o z\u00e1konech EU<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t<\/div>\t\t\t\n\t\t\t\t<div id=\"dpt-wrapper-644\" class=\"dpt-wrapper dpt-grid1 multi-col dpt-mason-wrap\" >\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"die digitale id der eu: verkn\u00fcpfung, kontrolle und risiken im alltag\" data-id=\"3486\"  data-category=\"allgemein gesellschaft tipps &amp; anleitungen\" data-post_tag=\"datenschutz eu-gesetze europa prozesse ratgeber\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2025\/11\/digitalni-identita-eu-propojuje-kontrolu-a-riziko-v-kazdodennim-zivote\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Digit\u00e1ln\u00ed ID EU: propojen\u00ed, kontrola a rizika v ka\u017edodenn\u00edm \u017eivot\u011b<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1536\" height=\"1024\" class=\"attachment-full size-full\" alt=\"Digit\u00e1ln\u00ed ID EU\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitale-ID-der-EU.jpg\" data-dpt-sizes=\"(max-width: 1536px) 100vw, 1536px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitale-ID-der-EU.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitale-ID-der-EU-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitale-ID-der-EU-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitale-ID-der-EU-768x512.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitale-ID-der-EU-18x12.jpg 18w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 67%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2025\/11\/digitalni-identita-eu-propojuje-kontrolu-a-riziko-v-kazdodennim-zivote\/\" rel=\"bookmark\">Digit\u00e1ln\u00ed ID EU: propojen\u00ed, kontrola a rizika v ka\u017edodenn\u00edm \u017eivot\u011b<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"hohe energiepreise in deutschland verstehen: gas, strom und benzin einfach erkl\u00e4rt\" data-id=\"4103\"  data-category=\"allgemein gesellschaft tipps &amp; anleitungen\" data-post_tag=\"deutschland energiepolitik eu-gesetze europa krisen ratgeber\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2025\/12\/vysvetleni-vysokych-cen-energii-v-nemecku-plyn-elektrina-a-benzin-jednoduse\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Pochopen\u00ed vysok\u00fdch cen energi\u00ed v N\u011bmecku: Plyn, elekt\u0159ina a benzin jednodu\u0161e vysv\u011btleny<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1536\" height=\"1024\" class=\"attachment-full size-full\" alt=\"Ceny energi\u00ed v N\u011bmecku\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/energiepreise-deutschland.jpg\" data-dpt-sizes=\"(max-width: 1536px) 100vw, 1536px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/energiepreise-deutschland.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/energiepreise-deutschland-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/energiepreise-deutschland-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/energiepreise-deutschland-768x512.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/energiepreise-deutschland-18x12.jpg 18w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 67%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2025\/12\/vysvetleni-vysokych-cen-energii-v-nemecku-plyn-elektrina-a-benzin-jednoduse\/\" rel=\"bookmark\">Pochopen\u00ed vysok\u00fdch cen energi\u00ed v N\u011bmecku: Plyn, elekt\u0159ina a benzin jednodu\u0161e vysv\u011btleny<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"europa zwischen meinungsfreiheit und regulierung: neues us-infoportal wirft fragen auf\" data-id=\"5102\"  data-category=\"allgemein featured gesellschaft\" data-post_tag=\"denkmodelle deutschland eu-gesetze europa geopolitik krisen meinungsfreiheit spieltheorie\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2026\/03\/evropa-mezi-svobodou-projevu-a-regulaci-novy-informacni-portal-usa-vyvolava-otazky\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Evropa mezi svobodou projevu a regulac\u00ed: Nov\u00fd informa\u010dn\u00ed port\u00e1l USA vyvol\u00e1v\u00e1 ot\u00e1zky<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1536\" height=\"1024\" class=\"attachment-full size-full\" alt=\"Cenzura EU, nen\u00e1vistn\u00e9 projevy a nov\u00fd port\u00e1l USA\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/EU-Hatespeech-US-Portal.jpg\" data-dpt-sizes=\"(max-width: 1536px) 100vw, 1536px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/EU-Hatespeech-US-Portal.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/EU-Hatespeech-US-Portal-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/EU-Hatespeech-US-Portal-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/EU-Hatespeech-US-Portal-768x512.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/EU-Hatespeech-US-Portal-18x12.jpg 18w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 67%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2026\/03\/evropa-mezi-svobodou-projevu-a-regulaci-novy-informacni-portal-usa-vyvolava-otazky\/\" rel=\"bookmark\">Evropa mezi svobodou projevu a regulac\u00ed: Nov\u00fd informa\u010dn\u00ed port\u00e1l USA vyvol\u00e1v\u00e1 ot\u00e1zky<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"der digitale euro kommt \u2013 was er bedeutet, was er nicht darf, und was er k\u00f6nnte\" data-id=\"3345\"  data-category=\"allgemein apple iphone &amp; ipad gesellschaft\" data-post_tag=\"datenschutz eu-gesetze europa ratgeber\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2025\/11\/digitalni-euro-prichazi-co-to-znamena-co-nesmi-delat-a-co-by-mohlo-delat\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Digit\u00e1ln\u00ed euro p\u0159ich\u00e1z\u00ed - co znamen\u00e1, co nesm\u00ed d\u011blat a co by mohlo d\u011blat<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1536\" height=\"1024\" class=\"attachment-full size-full\" alt=\"Digit\u00e1ln\u00ed euro p\u0159ich\u00e1z\u00ed\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitaler-Euro.jpg\" data-dpt-sizes=\"(max-width: 1536px) 100vw, 1536px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitaler-Euro.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitaler-Euro-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitaler-Euro-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitaler-Euro-768x512.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Digitaler-Euro-18x12.jpg 18w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 67%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2025\/11\/digitalni-euro-prichazi-co-to-znamena-co-nesmi-delat-a-co-by-mohlo-delat\/\" rel=\"bookmark\">Digit\u00e1ln\u00ed euro p\u0159ich\u00e1z\u00ed - co znamen\u00e1, co nesm\u00ed d\u011blat a co by mohlo d\u011blat<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"energie, macht und abh\u00e4ngigkeit: europas weg vom exportweltmeister zum nachfrager\" data-id=\"4945\"  data-category=\"allgemein featured gesellschaft\" data-post_tag=\"denkmodelle deutschland energiepolitik eu-gesetze europa geopolitik krisen meinungsfreiheit sicherheitspolitik\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2026\/02\/energeticka-sila-a-zavislost-prechod-evropy-ze-svetoveho-exportniho-sampiona-na-spotrebitele\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Energie, moc a z\u00e1vislost: cesta Evropy od sv\u011btov\u00e9ho exportn\u00edho \u0161ampiona ke spot\u0159ebiteli<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1536\" height=\"1024\" class=\"attachment-full size-full\" alt=\"Evropa a energie\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Europa-Energie.jpg\" data-dpt-sizes=\"(max-width: 1536px) 100vw, 1536px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Europa-Energie.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Europa-Energie-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Europa-Energie-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Europa-Energie-768x512.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Europa-Energie-18x12.jpg 18w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 67%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2026\/02\/energeticka-sila-a-zavislost-prechod-evropy-ze-svetoveho-exportniho-sampiona-na-spotrebitele\/\" rel=\"bookmark\">Energie, moc a z\u00e1vislost: cesta Evropy od sv\u011btov\u00e9ho exportn\u00edho \u0161ampiona ke spot\u0159ebiteli<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"spieltheorie erkl\u00e4rt 25 jahre geopolitik: wie europa seine strategische rolle verlor\" data-id=\"3850\"  data-category=\"allgemein gesellschaft kunst &amp; kultur\" data-post_tag=\"denkmodelle deutschland energiepolitik eu-gesetze europa geopolitik krisen sicherheitspolitik spieltheorie\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2025\/12\/teorie-her-vysvetluje-25-let-geopolitiky-jak-evropa-ztratila-svou-strategickou-roli\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Teorie her vysv\u011btluje 25 let geopolitiky: Jak Evropa ztratila svou strategickou roli<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1200\" height=\"896\" class=\"attachment-full size-full\" alt=\"Teorie her vysv\u011btluje 25 let geopolitiky\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/europa-russland-spieltheorie.jpg\" data-dpt-sizes=\"(max-width: 1200px) 100vw, 1200px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/europa-russland-spieltheorie.jpg 1200w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/europa-russland-spieltheorie-300x224.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/europa-russland-spieltheorie-1024x765.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/europa-russland-spieltheorie-768x573.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/europa-russland-spieltheorie-16x12.jpg 16w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 75%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2025\/12\/teorie-her-vysvetluje-25-let-geopolitiky-jak-evropa-ztratila-svou-strategickou-roli\/\" rel=\"bookmark\">Teorie her vysv\u011btluje 25 let geopolitiky: Jak Evropa ztratila svou strategickou roli<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n<hr \/>\n<h2>\u010casto kladen\u00e9 ot\u00e1zky o CBDC<\/h2>\n<ol>\n<li><strong>Co to vlastn\u011b jsou CBDC a pro\u010d se jimi zem\u011b zab\u00fdvaj\u00ed?<\/strong><br \/>\nCBDC jsou digit\u00e1ln\u00ed formy pen\u011bz centr\u00e1ln\u00ed banky. Neemituj\u00ed je soukrom\u00e9 spole\u010dnosti, ale centr\u00e1ln\u00ed banky a jsou sou\u010d\u00e1st\u00ed st\u00e1tn\u00edho m\u011bnov\u00e9ho \u0159\u00e1du. St\u00e1ty se jimi zab\u00fdvaj\u00ed, proto\u017ee se m\u011bn\u00ed platebn\u00ed zvyklosti, hotovost se pou\u017e\u00edv\u00e1 m\u00e9n\u011b a soukrom\u00e9 digit\u00e1ln\u00ed platebn\u00ed syst\u00e9my jsou st\u00e1le dominantn\u011bj\u0161\u00ed. CBDC m\u00e1 zajistit, aby pen\u00edze centr\u00e1ln\u00ed banky hr\u00e1ly v digit\u00e1ln\u00edm prostoru i nad\u00e1le svou roli a nebyly zcela vytla\u010deny soukrom\u00fdmi \u0159e\u0161en\u00edmi.<\/li>\n<li><strong>Jsou CBDC pouh\u00fdmi st\u00e1tn\u00edmi kryptom\u011bnami?<\/strong><br \/>\nNe, CBDC nejsou st\u00e1tn\u00ed obdobou bitcoinu nebo jin\u00fdch kryptom\u011bn. Kryptom\u011bny jsou v z\u00e1sad\u011b decentralizovan\u00e9 a nevy\u017eaduj\u00ed centr\u00e1ln\u00ed kontroln\u00ed org\u00e1n. CBDC jsou naproti tomu z\u00e1m\u011brn\u011b centr\u00e1ln\u011b organizovan\u00e9, pr\u00e1vn\u011b zakotven\u00e9 a kontrolovateln\u00e9 z hlediska m\u011bnov\u00e9 politiky. Spole\u010dn\u00e9 rysy se v z\u00e1sad\u011b omezuj\u00ed na digit\u00e1ln\u00ed formu, nikoli na z\u00e1kladn\u00ed my\u0161lenku.<\/li>\n<li><strong>Jak\u00fd je hlavn\u00ed rozd\u00edl mezi kryptom\u011bnami a CBDC?<\/strong><br \/>\nHlavn\u00ed rozd\u00edl spo\u010d\u00edv\u00e1 v mocensk\u00e9 struktu\u0159e. Kryptom\u011bny se sna\u017e\u00ed nahradit d\u016fv\u011bru technologi\u00ed a pravidly v k\u00f3du. CBDC se nad\u00e1le spol\u00e9haj\u00ed na instituce, z\u00e1kony a politickou odpov\u011bdnost. Kryptom\u011bny nemaj\u00ed emitenta, CBDC ano. To vede ke zcela odli\u0161n\u00fdm charakteristik\u00e1m, pokud jde o kontrolu, stabilitu a mo\u017enosti intervence.<\/li>\n<li><strong>Co jsou stablecoiny a pro\u010d jsou \u010dasto zam\u011b\u0148ov\u00e1ny?<\/strong><br \/>\nStablecoiny jsou digit\u00e1ln\u00ed tokeny, jejich\u017e hodnota je v\u00e1z\u00e1na na tradi\u010dn\u00ed m\u011bnu, jako je euro nebo americk\u00fd dolar. Poch\u00e1zej\u00ed ze soukrom\u00e9ho sektoru a jsou pokusem vn\u00e9st do sv\u011bta kryptom\u011bn stabilitu. Jsou zam\u011b\u0148ov\u00e1ny s CBDC, proto\u017ee se oba jev\u00ed jako digit\u00e1ln\u00ed a maj\u00ed stabiln\u00ed hodnotu. Rozhoduj\u00edc\u00ed rozd\u00edl je v\u0161ak v emitentovi: stablecoiny jsou soukrom\u00e9 konstrukce, CBDC jsou st\u00e1tn\u00ed pen\u00edze.<\/li>\n<li><strong>Jsou stablecoiny skute\u010dn\u00e9 pen\u00edze?<\/strong><br \/>\nStablecoiny nejsou z\u00e1konn\u00fdm platidlem ani nez\u00e1visl\u00fdm pen\u011b\u017en\u00edm syst\u00e9mem. Jsou to digit\u00e1ln\u00ed p\u0159\u00edsliby hodnoty, jejich\u017e stabilita z\u00e1vis\u00ed na tom, zda podkladov\u00e9 zaji\u0161t\u011bn\u00ed skute\u010dn\u011b existuje a je d\u016fv\u011bryhodn\u011b spravov\u00e1no. Mohou b\u00fdt praktick\u00e9, ale nenahrazuj\u00ed hotovost ani st\u00e1tn\u00ed pen\u00edze.<\/li>\n<li><strong>Co znamen\u00e1 \u201emince\u201c a co \u201etoken\u201c?<\/strong><br \/>\nMince je nativn\u00ed m\u011bnou vlastn\u00edho blockchainu, tj. sou\u010d\u00e1st\u00ed z\u00e1kladn\u00ed infrastruktury s\u00edt\u011b. Token b\u011b\u017e\u00ed na existuj\u00edc\u00edm blockchainu a obvykle p\u0159edstavuje pr\u00e1vo na u\u017e\u00edv\u00e1n\u00ed, n\u00e1rok nebo p\u0159\u00edslib projektu. Mnoho takzvan\u00fdch \u201ekryptom\u011bn\u201c jsou ve skute\u010dnosti tokeny, a nikoli m\u011bny v prav\u00e9m slova smyslu.<\/li>\n<li><strong>Pro\u010d hodnota kryptom\u011bn tolik kol\u00eds\u00e1?<\/strong><br \/>\nKryptom\u011bny nepodl\u00e9haj\u00ed \u017e\u00e1dn\u00fdm tradi\u010dn\u00edm kontroln\u00edm mechanism\u016fm m\u011bnov\u00e9 politiky. Jejich hodnota vznik\u00e1 v\u00fdhradn\u011b na z\u00e1klad\u011b nab\u00eddky, popt\u00e1vky a o\u010dek\u00e1v\u00e1n\u00ed. Vzhledem k tomu, \u017ee pou\u017e\u00edv\u00e1n\u00ed, akceptace a n\u00e1lada na trhu zna\u010dn\u011b kol\u00edsaj\u00ed, vede to k vysok\u00e9 volatilit\u011b. To nen\u00ed chyba syst\u00e9mu, ale p\u0159\u00edm\u00fd d\u016fsledek jeho konstrukce.<\/li>\n<li><strong>Jsou CBDC automaticky monitorovac\u00edm n\u00e1strojem?<\/strong><br \/>\nCBDC mohou teoreticky vytv\u00e1\u0159et velmi podrobn\u00e9 datov\u00e9 stopy, ale nemus\u00ed je nutn\u011b vytv\u00e1\u0159et. Zda a do jak\u00e9 m\u00edry jsou transakce sledovateln\u00e9, z\u00e1vis\u00ed na konkr\u00e9tn\u00edm n\u00e1vrhu. Modely zalo\u017een\u00e9 na \u00fa\u010dtech jsou transparentn\u011bj\u0161\u00ed, modely zalo\u017een\u00e9 na tokenech mohou b\u00fdt v\u00edce podobn\u00e9 hotovosti. Rozhoduj\u00edc\u00edm faktorem je pr\u00e1vn\u00ed r\u00e1mec, nejen technologie.<\/li>\n<li><strong>Lze hotovost nahradit CBDC?<\/strong><br \/>\nTechnicky by bylo mo\u017en\u00e9 hotovost zcela nahradit, ale politicky a spole\u010densky je to velmi kontroverzn\u00ed. Hotovost pln\u00ed funkce, kter\u00e9 digit\u00e1ln\u00ed syst\u00e9my obt\u00ed\u017en\u011b kop\u00edruj\u00ed, jako je technick\u00e1 nez\u00e1vislost a okam\u017eit\u00e9 pou\u017eit\u00ed. Mnoho centr\u00e1ln\u00edch bank proto zd\u016fraz\u0148uje, \u017ee CBDC by m\u011bly hotovost dopl\u0148ovat, nikoliv nahrazovat - zda tomu tak bude i v dlouhodob\u00e9m horizontu, je otev\u0159enou ot\u00e1zkou.<\/li>\n<li><strong>Pro\u010d je hotovost v\u00edce ne\u017e jen platebn\u00ed prost\u0159edek?<\/strong><br \/>\nHotovost je infrastruktura svobody. Umo\u017e\u0148uje transakce bez technick\u00fdch po\u017eadavk\u016f, bez registrace a bez st\u00e1l\u00fdch zprost\u0159edkovatel\u016f. Historicky byla hotovost v\u017edy protiv\u00e1hou slo\u017eit\u00fdch, institucionalizovan\u00fdch syst\u00e9m\u016f. D\u00edky t\u00e9to vlastnosti je spole\u010densky relevantn\u00ed i dnes.<\/li>\n<li><strong>Co znamenaj\u00ed \u201eprogramovateln\u00e9 pen\u00edze\u201c a pro\u010d je tento term\u00edn tak kontroverzn\u00ed?<\/strong><br \/>\nTento term\u00edn se \u010dasto pou\u017e\u00edv\u00e1 voln\u011b. Programovateln\u00e9 mohou b\u00fdt bu\u010f platebn\u00ed procesy, nap\u0159\u00edklad automatick\u00e9 proveden\u00ed za ur\u010dit\u00fdch podm\u00ednek, nebo samotn\u00e1 pen\u011b\u017en\u00ed hodnota. Druh\u00e1 mo\u017enost by znamenala, \u017ee pen\u00edze jsou v\u00e1z\u00e1ny na podm\u00ednky. Technicky je mo\u017en\u00e9 mnoho v\u011bc\u00ed, ale politicky je tento bod velmi citliv\u00fd a kontroverzn\u00ed.<\/li>\n<li><strong>Pro\u010d neexistuje \u201ejedin\u00fd CBDC\u201c?<\/strong><br \/>\nCBDC nejsou standardizovan\u00fdm produktem, ale souhrnn\u00fdm ozna\u010den\u00edm pro velmi odli\u0161n\u00e9 koncepty. O architektu\u0159e, modelu p\u0159\u00edstupu, \u00faloze bank, ochran\u011b dat a mo\u017enostech offline p\u0159ipojen\u00ed rozhoduj\u00ed samy zem\u011b. Proto mohou digit\u00e1ln\u00ed pen\u00edze centr\u00e1ln\u00ed banky fungovat v Evrop\u011b zcela jinak ne\u017e v \u010c\u00edn\u011b nebo jin\u00fdch regionech.<\/li>\n<li><strong>Co znamen\u00e1 \u201emaloobchodn\u00ed CBDC\u201c a \u201evelkoobchodn\u00ed CBDC\u201c?<\/strong><br \/>\nMaloobchodn\u00ed CBDC jsou ur\u010deny ob\u010dan\u016fm a firm\u00e1m pro ka\u017edodenn\u00ed platebn\u00ed transakce. Velkoobchodn\u00ed CBDC jsou ur\u010deny bank\u00e1m a finan\u010dn\u00edm instituc\u00edm a pou\u017e\u00edvaj\u00ed se pro zpracov\u00e1n\u00ed pozad\u00ed. Mnoho zem\u00ed za\u010d\u00edn\u00e1 s velkoobchodn\u00edmi modely, proto\u017ee vyvol\u00e1vaj\u00ed m\u00e9n\u011b spole\u010densk\u00fdch diskus\u00ed.<\/li>\n<li><strong>Pro\u010d je pro CBDC tak d\u016fle\u017eit\u00e1 schopnost pracovat offline?<\/strong><br \/>\nOffline schopnost zvy\u0161uje odolnost platebn\u00edho syst\u00e9mu a m\u016f\u017ee pos\u00edlit ochranu soukrom\u00ed. Bez offline schopnosti se digit\u00e1ln\u00ed pen\u00edze st\u00e1vaj\u00ed zcela z\u00e1visl\u00e9 na infrastruktu\u0159e. Hotovost ukazuje, jak cenn\u00e1 je mo\u017enost platit i bez elekt\u0159iny nebo s\u00edt\u011b.<\/li>\n<li><strong>Jsou CBDC nutn\u00e9, pokud je ji\u017e k dispozici online bankovnictv\u00ed?<\/strong><br \/>\nInternetov\u00e9 bankovnictv\u00ed je digit\u00e1ln\u00ed rozhran\u00ed pro st\u00e1vaj\u00edc\u00ed bankovn\u00ed pen\u00edze. CBDC by byly novou formou pen\u011bz centr\u00e1ln\u00ed banky. Rozd\u00edl nen\u00ed v pohodl\u00ed, ale v z\u00e1kladu. CBDC m\u011bn\u00ed, kdo vyd\u00e1v\u00e1 pen\u00edze a jak p\u0159\u00edmo mohou ob\u010dan\u00e9 s pen\u011bzi centr\u00e1ln\u00ed banky komunikovat.<\/li>\n<li><strong>Pro\u010d mnoho lid\u00ed reaguje na t\u00e9ma digit\u00e1ln\u00edch pen\u011bz emotivn\u011b?<\/strong><br \/>\nPen\u00edze jsou hluboce spojeny s bezpe\u010dnost\u00ed, kontrolou a ka\u017edodenn\u00edm \u017eivotem. Zm\u011bny pen\u011b\u017en\u00edho syst\u00e9mu se dot\u00fdkaj\u00ed z\u00e1kladn\u00edch pot\u0159eb a vyvol\u00e1vaj\u00ed instinktivn\u00ed reakce. Tato emocionalita nen\u00ed zn\u00e1mkou iracionality, ale ukazuje na d\u016fle\u017eitost t\u00e9matu.<\/li>\n<li><strong>Co konkr\u00e9tn\u011b znamen\u00e1 ostra\u017eitost p\u0159i jedn\u00e1n\u00ed s CBDC?<\/strong><br \/>\nBd\u011blost znamen\u00e1 sledovat v\u00fdvoj, porozum\u011bt n\u00e1vrh\u016fm a kl\u00e1st ot\u00e1zky. Neznamen\u00e1 to odm\u00edtat ka\u017edou inovaci, ale sp\u00ed\u0161e v\u011bnovat pozornost tomu, kter\u00e9 mo\u017enosti zb\u00fdvaj\u00ed. Zejm\u00e9na pokud jde o z\u00e1kladn\u00ed infrastrukturu, je kritick\u00e9 sledov\u00e1n\u00ed zn\u00e1mkou vysp\u011blosti.<\/li>\n<li><strong>M\u011bli by ob\u010dan\u00e9 v\u011bdom\u011b pokra\u010dovat v pou\u017e\u00edv\u00e1n\u00ed hotovosti?<\/strong><br \/>\nPou\u017e\u00edv\u00e1n\u00ed hotovosti nen\u00ed zp\u011btn\u00fdm p\u0159\u00edstupem, ale v\u011bdom\u00fdm rozhodnut\u00edm ve prosp\u011bch rozmanitosti m\u011bnov\u00e9ho syst\u00e9mu. Dokud hotovost existuje a pou\u017e\u00edv\u00e1 se, z\u016fst\u00e1v\u00e1 alternativa. Tato volba je tichou, ale d\u016fle\u017eitou sou\u010d\u00e1st\u00ed soci\u00e1ln\u00ed svobody.<\/li>\n<li><strong>Jak\u00fd je nejd\u016fle\u017eit\u011bj\u0161\u00ed poznatek z cel\u00e9 debaty?<\/strong><br \/>\nNejd\u016fle\u017eit\u011bj\u0161\u00ed je uv\u011bdomit si, \u017ee na term\u00ednech z\u00e1le\u017e\u00ed. Ka\u017ed\u00fd, kdo dok\u00e1\u017ee jasn\u011b rozli\u0161it mezi kryptom\u011bnami, stablecoiny a CBDC, ztrat\u00ed strach z m\u00f3dn\u00edch slov. Porozum\u011bn\u00ed nenahrad\u00ed politick\u00e9 rozhodnut\u00ed ani osobn\u00ed postoj, ale je p\u0159edpokladem pro vytvo\u0159en\u00ed objektivn\u00edho a vlastn\u00edho n\u00e1zoru.<\/li>\n<li><strong>Pro\u010d je na ob\u00e1lce bankovka v hodnot\u011b 308 eur?<\/strong><br \/>\nProto\u017ee je to ilustrace - a ilustrace mohou zobrazovat v\u011bci, kter\u00e9 (zat\u00edm) ve skute\u010dnosti neexistuj\u00ed. S digit\u00e1ln\u00edmi pen\u011bzi bychom si m\u011bli zvyknout na to, \u017ee hodnoty u\u017e nebudou v\u017edy vypadat pov\u011bdom\u011b...<\/li>\n<\/ol>\n<hr \/>\n\n\t\t\t<div class=\"display-post-types\">\n\n\t\t\t\t\t\t\t<style type=\"text\/css\">\n\t\t\t#dpt-wrapper-645 { --dpt-text-align: left;--dpt-image-crop: center;--dpt-border-radius: 5px;--dpt-h-gutter: 10px;--dpt-v-gutter: 9px; }\t\t\t<\/style>\n\t\t\t<style type=\"text\/css\">#dpt-wrapper-645 { --dpt-title-font-style:normal;--dpt-title-font-weight:600;--dpt-title-line-height:1.5;--dpt-title-text-decoration:none;--dpt-title-text-transform:none;--dpt-excerpt-font-style:normal;--dpt-excerpt-font-weight:400;--dpt-excerpt-line-height:1.5;--dpt-excerpt-text-decoration:none;--dpt-excerpt-text-transform:none;--dpt-meta1-font-style:normal;--dpt-meta1-font-weight:400;--dpt-meta1-line-height:1.9;--dpt-meta1-text-decoration:none;--dpt-meta1-text-transform:none;--dpt-meta2-font-style:normal;--dpt-meta2-font-weight:400;--dpt-meta2-line-height:1.9;--dpt-meta2-text-decoration:none;--dpt-meta2-text-transform:none; }<\/style><div class=\"dpt-main-header\">\n\t\t\t\t\t\t<div class=\"dpt-main-title\">\n\t\t\t\t\t\t\t<span class=\"dpt-main-title-text\">Aktu\u00e1ln\u00ed \u010dl\u00e1nky o um\u011bn\u00ed a kultu\u0159e<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t<\/div>\t\t\t\n\t\t\t\t<div id=\"dpt-wrapper-645\" class=\"dpt-wrapper dpt-mag1 land1 dpt-cropped dpt-flex-wrap\" >\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"apple im wandel: fr\u00fche ger\u00e4te, eigene erfahrungen und eine ausstellung im ocm\" data-id=\"5480\"  data-category=\"allgemein apple iphone &amp; ipad apple macos hardware kunst &amp; kultur stories &amp; humor\" data-post_tag=\"apple erfahrungen filemaker mac prozesse publishing\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2026\/03\/jablko-v-prechodu-early-devices-vlastni-zkusenosti-a-vystava-na-ocm\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Apple v p\u0159echodu: ran\u00e1 za\u0159\u00edzen\u00ed, osobn\u00ed zku\u0161enosti a v\u00fdstava v OCM<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1536\" height=\"1024\" class=\"attachment-full size-full\" alt=\"Apple Macintosh Classic a Colour Classic\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel.jpg\" data-dpt-sizes=\"(max-width: 1536px) 100vw, 1536px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel-768x512.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel-18x12.jpg 18w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel-600x400.jpg 600w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel-264x176.jpg 264w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel-640x427.jpg 640w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel-560x373.jpg 560w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel-550x367.jpg 550w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Apple-OCM-Titel-552x368.jpg 552w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 75%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2026\/03\/jablko-v-prechodu-early-devices-vlastni-zkusenosti-a-vystava-na-ocm\/\" rel=\"bookmark\">Apple v p\u0159echodu: ran\u00e1 za\u0159\u00edzen\u00ed, osobn\u00ed zku\u0161enosti a v\u00fdstava v OCM<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"cancel culture im westen: sport, universit\u00e4ten, milit\u00e4r und eu-sanktionen analysiert\" data-id=\"5009\"  data-category=\"allgemein gesellschaft kunst &amp; kultur\" data-post_tag=\"denkmodelle deutschland europa geopolitik krisen meinungsfreiheit sicherheitspolitik spieltheorie\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2026\/02\/zrusit-kulturu-na-zapade-sportovni-univerzity-vojenske-a-eu-sankce-analyzovany\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Zru\u0161it kulturu na Z\u00e1pad\u011b: anal\u00fdza sportu, univerzit, arm\u00e1dy a sankc\u00ed EU<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1536\" height=\"1024\" class=\"attachment-full size-full\" alt=\"Zru\u0161it kulturu na Z\u00e1pad\u011b\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Cancel-Culture-Westen.jpg\" data-dpt-sizes=\"(max-width: 1536px) 100vw, 1536px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Cancel-Culture-Westen.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Cancel-Culture-Westen-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Cancel-Culture-Westen-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Cancel-Culture-Westen-768x512.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Cancel-Culture-Westen-18x12.jpg 18w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 75%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2026\/02\/zrusit-kulturu-na-zapade-sportovni-univerzity-vojenske-a-eu-sankce-analyzovany\/\" rel=\"bookmark\">Zru\u0161it kulturu na Z\u00e1pad\u011b: anal\u00fdza sportu, univerzit, arm\u00e1dy a sankc\u00ed EU<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"wenn pflicht wieder pflicht wird. eine art essay von herrn von l&#8217;oreot.\" data-id=\"3010\"  data-category=\"allgemein gesellschaft kunst &amp; kultur stories &amp; humor\" data-post_tag=\"deutschland erfahrungen geopolitik krisen pers\u00f6nlichkeitsentwicklung sicherheitspolitik\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2025\/10\/kdyz-se-povinnost-opet-stava-povinnosti-druh-eseje-pana-von-loreota\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Kdy\u017e se povinnost op\u011bt stane povinnost\u00ed. Jak\u00e1si esej pana von L'oreota.<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1536\" height=\"1024\" class=\"attachment-full size-full\" alt=\"Ne\u010dekan\u00fd telefon\u00e1t\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/loreot-pflicht-anruf.jpg\" data-dpt-sizes=\"(max-width: 1536px) 100vw, 1536px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/loreot-pflicht-anruf.jpg 1536w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/loreot-pflicht-anruf-300x200.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/loreot-pflicht-anruf-1024x683.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/loreot-pflicht-anruf-768x512.jpg 768w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 75%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2025\/10\/kdyz-se-povinnost-opet-stava-povinnosti-druh-eseje-pana-von-loreota\/\" rel=\"bookmark\">Kdy\u017e se povinnost op\u011bt stane povinnost\u00ed. Jak\u00e1si esej pana von L'oreota.<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"dpt-entry has-thumbnail\" data-title=\"vicco von b\u00fclow alias loriot \u2013 ordnung, form und der leise widerstand des humors\" data-id=\"4169\"  data-category=\"allgemein gesellschaft kunst &amp; kultur stories &amp; humor\" data-post_tag=\"deutschland erfahrungen pers\u00f6nlichkeitsentwicklung portrait\">\n\t\t\t\t\t\t\t<div class=\"dpt-entry-wrapper\"><div class=\"dpt-featured-content\"><div class=\"dpt-permalink\"><a href=\"https:\/\/www.markus-schall.de\/cs\/2025\/12\/vicco-von-buelow-alias-loriot-objednavkovy-formular-a-tichy-odpor-humoru\/\" class=\"dpt-permalink\"><span class=\"screen-reader-text\">Vicco von B\u00fclow alias Loriot - \u0159\u00e1d, forma a tich\u00fd odpor humoru<\/span><\/a><\/div><div class=\"dpt-thumbnail\"><div class=\"dpt-thumbnail-inner\"><img width=\"1250\" height=\"912\" class=\"attachment-full size-full\" alt=\"\" context=\"dpt\" data-dpt-src=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Loriot-Titel.jpg\" data-dpt-sizes=\"(max-width: 1250px) 100vw, 1250px\" data-dpt-srcset=\"https:\/\/www.markus-schall.de\/wp-content\/uploads\/Loriot-Titel.jpg 1250w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Loriot-Titel-300x219.jpg 300w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Loriot-Titel-1024x747.jpg 1024w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Loriot-Titel-768x560.jpg 768w, https:\/\/www.markus-schall.de\/wp-content\/uploads\/Loriot-Titel-16x12.jpg 16w\" \/><\/div><span class=\"dpt-thumbnail-aspect-ratio\" style=\"padding-top: 75%\"><\/span><\/div><\/div><div class=\"sub-entry\"><h3 class=\"dpt-title\"><a class=\"dpt-title-link\" href=\"https:\/\/www.markus-schall.de\/cs\/2025\/12\/vicco-von-buelow-alias-loriot-objednavkovy-formular-a-tichy-odpor-humoru\/\" rel=\"bookmark\">Vicco von B\u00fclow alias Loriot - \u0159\u00e1d, forma a tich\u00fd odpor humoru<\/a><\/h3><\/div><\/div>\n\t\t\t\t\t\t<\/div><!-- .dpt-entry -->\n\t\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n<hr \/>","protected":false},"excerpt":{"rendered":"<p>Byly doby, kdy pen\u00edze v ka\u017edodenn\u00edm \u017eivot\u011b prost\u011b \u201ebyly\u201c. Vyd\u011blali jste je, vybrali, zaplatili, p\u0159evedli \u00fa\u010dty - hotovo. A to byla jedna z tich\u00fdch vlastnost\u00ed star\u00e9ho syst\u00e9mu: byl tak spolehliv\u00fd, \u017ee jste si ho t\u00e9m\u011b\u0159 nev\u0161imli. Mnoho technick\u00fdch v\u011bc\u00ed funguje nejl\u00e9pe, kdy\u017e z\u016fst\u00e1vaj\u00ed neviditeln\u00e9. Hotovost je ... <a title=\"Vicco von B\u00fclow alias Loriot - \u0159\u00e1d, forma a tich\u00fd odpor humoru\" class=\"read-more\" href=\"https:\/\/www.markus-schall.de\/cs\/2025\/12\/vicco-von-buelow-alias-loriot-objednavkovy-formular-a-tichy-odpor-humoru\/\" aria-label=\"\u010c\u00edst v\u00edce o Vicco von B\u00fclow alias Loriot - \u0158\u00e1d, forma a tich\u00fd odpor humoru\">\u010c\u00edst d\u00e1l<\/a><\/p>","protected":false},"author":1,"featured_media":4217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":87,"footnotes":""},"categories":[1,466],"tags":[469,473,470,475,482,478],"class_list":["post-4211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-allgemein","category-gesellschaft","tag-datenschutz","tag-digitales-eigentum","tag-eu-gesetze","tag-europa","tag-geopolitik","tag-spieltheorie"],"_links":{"self":[{"href":"https:\/\/www.markus-schall.de\/cs\/wp-json\/wp\/v2\/posts\/4211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.markus-schall.de\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.markus-schall.de\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.markus-schall.de\/cs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.markus-schall.de\/cs\/wp-json\/wp\/v2\/comments?post=4211"}],"version-history":[{"count":15,"href":"https:\/\/www.markus-schall.de\/cs\/wp-json\/wp\/v2\/posts\/4211\/revisions"}],"predecessor-version":[{"id":4254,"href":"https:\/\/www.markus-schall.de\/cs\/wp-json\/wp\/v2\/posts\/4211\/revisions\/4254"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.markus-schall.de\/cs\/wp-json\/wp\/v2\/media\/4217"}],"wp:attachment":[{"href":"https:\/\/www.markus-schall.de\/cs\/wp-json\/wp\/v2\/media?parent=4211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.markus-schall.de\/cs\/wp-json\/wp\/v2\/categories?post=4211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.markus-schall.de\/cs\/wp-json\/wp\/v2\/tags?post=4211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}