Pros and cons of the world switching from printed and coined money to strictly card swipes (debit, etc)?
Have to write an essay just wondered peoples' thoughts.
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Pros and cons of the world switching from printed and coined money to strictly card swipes (debit, etc)?
Have to write an essay just wondered peoples' thoughts.
Off the top of my head:
Printed/Coined(Pros):
-tangible asset.. it's in your hand.
-wear and tear pretty good for coins, although dollars are flammable.
-tangible assets can't be hacked.
Printed/Coined(Cons):
-Duplication and counterfeiting, and it'll take experts to know the real from fake. With every new print, they at least try to make the dollars less counterfeit-able. Trying to counterfeit coins would probably cost too much for what it's worth, as the alternative metal would probably be more expensive to use.
-Some extended families keep hard cash in their homes, as a way to hide income from the taxman. This promotes home invasions.
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debit/card swiping(pros):
less real estate means easy transportation.
debit/card swiping(cons):
-privacy: people will be able to see what you are purchasing and your purchasing patterns will be made available to others.
-hacking: if you get your ish hacked, you're funked unless you have a solid credit card company that backs you with their insurance services.
-but, what if the credit card companies are hacked? things can get screwy, really quick.
-viruses are out there. whenever software is involved, expect someone to be waiting to jack your numbers.
-stress comes from always wanting to be aware of tiny transactions on your account that you don't immediately recognize.
#GoldDoesn'tLie
Assuming that with only debit/credit cards then banks will have more money to loan out/invest since all money will be in them which will lead to economic growth.
Will also be alot handier to use only a card and not needing to carry around cash but like Slick Rick said, physical cash is a tangible asset which can be a good thing as of course cash isn't in any form illiquid.
Another con probably going back to the fact that all our money will be in banks and it will probably worsen the situation of how money is traded on, fractional reserves will most likely become even scary (ie. you lodge money in bank (say 100,000) and bank is only required to keep a set percentage of it in their bank and if all money is gone then it will just be a number on a screen so bank has to keep for example 5% will then it will keep only 5000 of it but this will only be a number on a screen so the other 99500 will be lent out and this person will lodge this in a bank as well, bank will keep 4975 of this as a number on a screen and lend out the other 94,525....see how big of a problem this is becoming, 100,000 so far has become 294,025 and yet all this will only exist has numbers on a screen, see how that can be a HUGE problem?....scary in my opinion!)
Paul, you bring up good points, which got my mind clicking.Quote:
Originally Posted by Paul McKeown
Pros of credit/debit:
-National banks will know the credit worthiness of an individual person much better.
-World banks will know the credit worthiness of an individual country much better. The numbers are a lookup away.
-Drug cartels can have their assets frozen with relative ease, because they would be in electronic form.
-Governments would basically have a better hold on black market type activities.
Good points bro!Quote:
Originally Posted by Slick Rick
Would it however using my example mean that the credit worthiness/accounts of banks would become ridiculously inflated from what is actually meant to be owned by each person....the concept of money would become even more fickle due to it all becoming only numbers on a screen?
I see your points. Hmmm, I'm here sipping wine and my mind is spinning. The first bank with not get an initial deposit of money, but digital currency. All money loaned out after this can be divvied with x mount of digital dollars residing in the bank of origin, for safe measure- this is probably the way it occurs now. And as you said, it'll go on and on from person to bank, to bank to bank, etc. Maybe for now that number is 10%, but let's say to kickstart a stagnant economy, the government decides to lax that number to 1%. Sure, the economy will get a boost, but eventually, may go stagnant once again. Or let's say the government floods the economy with digital dollars. At any time, the government would know exactly how many digital dollars are in the market place, and could pretty easily find out the digital net worth of the nation(in digital dollars), as everything is electronic. With hard currency, you really couldn't find the true net worth of the nation, since it's hard to track by its very nature. You could make estimates, but it would never really be exact. Maybe I'm just talking in circles. I'll nap after this and see what I dream up.Quote:
Originally Posted by Paul McKeown
In the end, the US would have to have a Central Bank, per se, for digital currency. There would need to be a Central World Bank for digital currencies as well. I think the true digital currency value of any nation would be a math formula away. Assuming coins weren't of value, you'd still have the gold. And all this brings me back to hard currency or digital currency don't mean anything if not backed by some sort of standard like the gold standard. Otherwise, countries would be giving out infinite digital currency. Something has to keep that in check.
No currency has intrinsic value other than gold/silver.
So imo there is no difference between paper or plastic, OTHER than the annonymity that paper purchases can offer. (Everything electronic can be tracked)
electronic money:
pros:
shit's fast and easy to access
cons:
can't wipe your ass with electronic money, or use it to clean yourself up after intercoursing someone.
Cash is king. It is alot easier to stick to a budget and not be drowning in debt if you exclusively use paper money. If you only go shopping with money you have in your pocket at that moment, you will never be able to spend money you don't have. Something that is absolutely essential is a written budget. The only way you can get into trouble if you have a budget (and enough cash flow to cover absolute essentials) is if you don't stick to it.
As far as online purchases, debit cards linked to bank accounts I think are the best options. Again, you won't be able to spend money you don't have. Just make sure to budget. It is your gameplan with money. You wouldn't go into a tournament without a gameplan, why would you not have one for your bank account?
A strictly digital currency:
Pros:
-Ease of transportation
-No more currency conversion when traveling
-General convenience
-Would create a large problem for organized crime outfits who depend on laundered cash. There would be a record of every transaction.
-Theft, even with a surge in hacking, would be more difficult. Forensic banking could trace where your stolen money was wired to and reverse it.
Cons:
-Implementing the new system would place a large economic strain on the "little man" like food truck operators, very small businesses, street vendors, and any other business that depends mostly on cash transactions.
-No more ability to make confidential purchases. Government would be able to track every penny you spend. IRS would be able to audit people with even greater ferocity. This would particularly suck for people in the food service industry who depend on cash tips and underreport tips to the IRS in order to prevent having even more of their earnings stolen.
-Pain in the butt for certain occasions. Scenarios like "Hey man, I forgot I owe you $5. Here you go." or leaving a cash tip would no longer be possible. Unless we developed an RFID based system that interacted with smart phones so I could just tap my card to my buddies iPhone and instantly wire over $5.
-No more gum ball machines dispensing crappy candies and toys at then exits of large stores.
-No more dollar bill origami.
-Would likely result in a massive surge of hacking attacks.
-One step closer to implantable microchips, the completion of the global control grid, and a New World Order.
Tangent:
It doesn't really matter either way, because the current Keynesian powers-that-be will continue to devalue the currency either way until we're brought to Weimar Republic Papiermark status. Diversify your savings among gold, silver, and foreign currencies while you still have the chance.
The vast majority of money in circulation today is already just numbers on a screen. If I recall correctly, cash makes up less than 1% of the value of all transactions. That was old data too, so it's probably far less now. Think of the trillions we've "created" via quantitative easing. The vast majority of that, if not all, is created digitally without printing additional paper money.Quote:
Originally Posted by Paul McKeown
Fractional reserve banking is responsible for this to a large degree. Based on the formula [Money Supply=(1/Reserve Requirement)*(Deposits)] you can calculate that an insane amount of money is created by banks from nothing with the Federal Reserve's blessing.
Here's a graph illustrating how physical currency makes up a tiny fraction of the money supply: http://www.sott.net/image/image/1379...he_United_.png
And here's a graph illustrating the money multiplier effect at work due to fractional reserve banking:
http://figures.boundless.com/21073/f...quirements.gif
So while I get what you mean about digital currency having a psychological effect on consumption and savings, the fact is that the US Dollar is already predominately a digital currency.
One of the advantages of electronic money IMHO is that it makes banditry much harder and makes moving a lot of money much easier.
How comfortable would you be moving a million bucks across the country in a suitcase?
You can have it wired there pretty fast though...
Some really amazing points brought up. Definitely a lot of things for me to research.
As far as I know there is no "gold standard" and there hasn't been in many years. I could have read wrong information.
I feel like hackers wouldn't be much of a problem considering they aren't much of a problem now.
my one thought was how much money we would save from printing and coining. Not to mention inflation could be lessened. The economic growth internationally could really spark an amazing thing with a universal currency.
A friend mentioned to me that it's possible to exchange data between 2 phones by simply tapping them together. Could this be the way of the future?
The main problem I believe it could tackle is inflation. We continue to devalue our currency and in turn we are devaluing our export business which is something most people haven't connected together.
Guns, Ammo, and Beef Jerky will never lose its value. Invest wisely
Tom is on point.
There should be a blog or podcast called Guns, Ammo, and Jerky.
Saw something interesting at a restaurant today that might be worth including. The manager of the restaurant logged into the cash register with a fingerprint scanner. You might want to explore using fingerprints to access digital currency and the potential privacy issues that could arise. If we go completely digital with currency, hacking would probably need to be a capital crime.
Ugh, dude, I had almost the same topic when I did the research work in the university. Really, however I remember only the name of this work, because I even didn't check the work, because I trusted it to the professionals. Frankly speaking I ordered my research work from the writing service http://www.domypapers.com/, and they made everything cheap and really qualitative, so I even got 100 scores on this research work ) However, I know that that guys have essay writing service, so you could order the essay from them...
All card will be an end to banks... It would have to be centralized through the governments even easier in a one world situation... You would have a few year grace period like when we switched from gold based to no gold backed cash... You would bring it to a newly made bureau that gave you the card and new laws would be made with white hat hacker amnesty and a reward for showing the breach and offering a viable solution to fixing it...
It would have to go hand and hand with another program like minority report or person of interest and the global cell network and internet computer networks would work with AI to determine the humans relevance and if they are worthy/ a threat to the society... There would need to be another new bureau that handles the collection of those who decide to not play by the rules of decency...camps where people would go to be reeducated would have to be established(death camps seriously think that a 40yr old prick is just going to wake up see the change and stop being a prick.) they would need to put a new type of technology in place similar to the one that batman used in the dark knight..echo location... AI combined with an algorithm would be used to do simple category selection on the people and they would just one day get scooped up and taken away where they can't harm those who want to enjoy a truly peaceful society where rules are rules and make sense... There would be no rebel resistance because they would see that this system is drastically better then anything that has existed on earth in a long time... The old history would have to be fazed out and tv and movies made different.(i have always wanted to make a movie sin/without drama and bullshit people don't realize how tv and movies have sculpted the current way they seek life and live.) it would have to be a total reworking of everything the human knows now... As a child living in the beach parks of hawaii(i lived in a van may dad tricked out from 2-4.5yrs) and around a verity of people gangsters,outlaws,hippies,religious types, yuppies, 9-5 regulars, I realized I had to lie because the truth was only putting me in a bad situation... When we make it so our kids don't think getting shit faced and date raping maryjane rotten crotch at parties and doing what we know inside is wrong (it feels to good to be right, come on you know that naughty feels so good I'm doing bad feeling.) a total reworking globally of everything and everyone... And yes those who have proven to be the bad ones will be killed... But just because your brother fucked up doesn't mean you bad... Yes people will start to harbor their shit sides deep down and we will get occasional explosions of bullshit but it will be way less then now and it has been in the past... A brave new world if you will... Religion will be out and the being god will be known and accepted...(nichi said god is dead...he knew that god as religions see the dude is bullshit and to a human they say that person is dead in some cases) generations down the line people will have a core change and the random out burst will stop, the world will stabilize and then we will wipe the history completely so its like all the death and cleansing never happened and they have no idea about these things... The people will see how great what they have been a part of is and embrace this norm... There will be no old style civilizations beyond the walls... Through intense retraining at the baby child level and the zero drama in the tv and movies, people will see a new meaning in life and know that all the bullshit is unneeded... English will become the only language spoken because of its monosex words and ease of phonetics... Your not bad because your autistic or dyslexic down syndrome wheelchair.... Its the actions the harboring hate and fears and all the what for lack of a more unifying word darkness(in the current human understandable)... Your children will be born wanting to be a part of this society seeing the greatness... (How many bullied because they saw it in a movie how many fought bullies because they saw it on tv etc...do you see?) we are either on the brink of this new thing or the brink of total annihilation and destruction... We have been trained to look over the fence and envy... What if we train to be content with our lot in life... Back to the card based value system...
Currently debt system can not work, that the USA government has bailed out the banks this many times is proof it won't work... The amount of times one guy at a computer has hacked and fucked shit up so many times... A war ship was hacked once tomahawks were fired its real shit... We bailed out people who spent your money they spent your cash on themselves and on nothing... People have hacked bank accounts and and drained peoples pay,savings, home addresses, personal photos the list goes on... We live in a world that is void of trust... Many out in the streets look at police officers fed the military as some kind of enemy... Its so divided... If they made a card based system today it would fail, it would be corrupted because look at the world we live in... You think the mafias wouldn't find a way to do work around especially in the first few years during the trade in time... Some smart dick could add a low amount of cash to their account every day till they one day reach a rich amount... They think it could make it harder to be a criminal and easier to be a society earned legit tax paying rich man or a regular go to my job that supports something that people think they need... It will be an even grader scale death to those who knew the world of selling weed then it because legal and it doesn't matter if your shit beats out the legal guys no one cares, they have the cash for the legal licence and the cards they make the cash... The bottoms of society who lived on welfare and sold dro or had a low wage job and weed on the side to help make life in this world where cash is everything and I can't even live off grid without becoming a millionaire with like 25million... They want to kill the bottom...
You want to hear something that is so true it hurts(note there are more slaves now then in the old days more people more slaves...) that's not what hurts... So they the people who had the cash and were part of those social groups that are all big and secret were like hey we realize its cheaper for us to pay a wage then to keep a slave.
debt in an ideal situation will give a tighter hold on inflation... So will set pricing... A shitty fact the minimum wage in some place in like the when we were on the gold standard in the 1900-1930s I read on some site some place it was 17cents and hour... Do you know what you could buy for 17cents a fuck load!(that was a state set not feds feds was Roosevelt and it was 25cents hr..4.25ish now day perhour)you could buy so much for that 17-25cents... Not at 10hr your lucky to get fucking lunch... Loaf of decent bread is like 8$ or more and then what you going to put on it brah??? With a true debt system that the cards are issued by a government agency and not a independent industry we at the least have the potential for a fare lot... The real issue as semi stated above is that with inflation the greed bug sets in on the store front and we have to pay more while actually having less... Its weird but that's real. Mcdonalds use to be 99cent for a mcdouble when I was in high school now its 2-3.50 depending on the part of the country or country your in.. That is 100-like 250% increase and minimum was like 5$-7.25$ for many till recently( actually atm 7.25$ in usa minimum wage legally... Mcdonalds usually starts at 10ish for an american that id legal...i can get fuck all with 7.25$ in Hawaii even ten is like fuck you bitch... Yeah the mainland has better costs but still 7.25$ isn't that kush of a life( and they gave weed money to the middle/upper middle class like they needed it... We can't have a fare system in this debt system unless we have what I described in paragraph 2 and it would have to be some kind of socialism/wage set and price set...
The coin( I love 5$ coins or pound, soles, what ever a metal coin) so the tangible system, makes collecting taxes harder and actioning tax law breakers harder... if this not paying taxes good for society... Let me remind you you can buy some African countries failed money it say like 20trillion and its worth nothing... Taxes keep that piece of paper valuable... Why not just get rid of society well most humans without these base low level rules would be fucking abysmal shit beings natural disasters and we see headlines of rape and looting!!!( you ever see that video on you tube white people looting in a natural disaster and dark as skin tones looting rotflmao white folks taking the food n bread[on the whole some probably took tvs n shit] dark as taking Tvs and shit like that of dollar value ahahhaha) this tangible cash system needs to go! But only with the second paragraph brought into actions... Otherwise debt will be the same shit...
The whole credit system is bullshit, banks are crooks, can't trust shop owners who prefer cash...
If you base a movie off this shit or make cash off it I want my piece... If you use any of my info a credit would be cool (poohbearcomedian888 brought this to my attention...) miles from Budapest and I still aint got no pussy lol. Proclaim me your leader lets make paragraph 2 real...lol
it sucks that the USA doesn't have a 5$ coin, I played a nice set of music in new zealand and this nice drunk dude liked it so much he dropped all his coin into my case they got 5NZD coin and shit I got paid! I guess americans don't appreciate the live street preformer the same as the common wealth...
gold and silver go up and down based on those few people who have the majority of it... They can actual control the price of gold and silver. There is a few individuals that have so much of both they set the priceQuote:
Originally Posted by Kurzy
The forum has a 10,000 charater limit... The original was like 18,500 charaters... lol