Posted on 04/01/2021 3:52:38 AM PDT by gattaca
Thanks to the Federal Reserve, the idea that you can go into a store and anonymously purchase something with cash might soon be obsolete. Why? Because they're developing something called Fedcoin, which would be based on blockchain technology. If you're unfamiliar with blockchain technology, you're not alone. Here's how a piece on Motley Fool describes it:
The digital and decentralized ledger that records all transactions. Every time someone buys digital coins on a decentralized exchange, sells coins, transfers coins, or buys a good or service with virtual coins, a ledger records that transaction, often in an encrypted fashion, to protect it from cybercriminals. These transactions are also recorded and processed without a third-party provider, which is usually a bank.
Right now, Bitcoin is a popular form of cryptocurrency that operates using blockchain technology. Like the description above, Bitcoin is decentralized, its transactions are anonymous, and no central bank is involved.
(Excerpt) Read more at newsmax.com ...
No matter how much you say no they just keep moving forward.......
This is what happens when you don’t have an opposition party.
If the feds release a blockchain digital currency, I will not believe that my purchase is not being tracked somehow, whether it be the purchase itself or whether it is the place where I shop.
On the surface, that makes it sound like I can be a totally anonymous person, working for a company completely under the radar. Getting paid in untraceable, anonymous currency. Paying no taxes. Buying and selling with Uncle Sam completely unaware of any of my activities, engaging perhaps in all kinds of criminal activity with no one the wiser.
Pretty sure that this not remotely true.
It will be true, in the most technical sense. However, it will not be true in the truest sense.
That’s how liberals have always done things.
It already is being tracked. Mastercard helped the FIB identify participants in the January 6th Freedom Gathering in DeeCee.
The U.S. has a digital currency. It’s called the dollar. There is no need for a replacement, but block chain technology can be incorporated to make transactions easier and more secure.
Ping!
I don’t know anyone who pays for hotels and flights in cash.
There have been numerous proposals, all rejected, to tax people for their use of the underground economy. They have ranged from an additional tax from those who actually pay taxes of $750 to $2500. That’s because people buy and sell at garage sales, drug deals, lawn care, give to panhandlers, etc. with not taxes. The government wants to tax everything. The more the government regulates the more the underground economy is used, the more actual money flows into untaxed cash sales.
Here’s a real life example of how the government drives people into the underground economy. A man I know has cancer and the treatment is paid for by the government. But if he’s employed by a company the company insurance pays for it. What are the odds he’ll get employed and stay that way for long? That’s because he can work just fine for a few hours a day, but couldn’t possibly work a forty hour week. And, at the type of work and the level he’d be at, he would have to work whatever hours the company wanted. Thus, he does odd jobs for cash, because man can not live by free cancer treatment alone. Incidentally, he was married and had a little business until he got a fine he couldn’t pay and the state took his driver’s license away. He lost the business, the wife and his home.
This is just one example of how government f’s-up people’s lives.
The government wants everyone working for big companies that pay benefits. Thus, in the Covid disaster, which only became a disaster because of the government, Big-G, shut down all the small mom and pop’s who sold, say appliances, but left open Lowe’s and Home Depot. That was by design.
If you want to see what destroys the economy, look no farther than the government.
I bought 2 hot dogs with cash and i can tell you they were indicative for what i expect to come out of DC.
In the past couple of years NJ required businesses to accept cash; as long as we have open borders, cash will be around. An increasing percentage of the population works for cash, and pays for everything with it (including the rent on illegal apartments - the homeowners MUST accept cash for these to keep them off tax returns).
I usually use cash for food purchases and other
miscellaneous items.
Just a note - the article from Newsmax is over a year old and the author is trying to sell product. Be aware.
Because the conservative movement lacks leadership and conviction?
It’s not true. Governments certainly can, and do, track digital movement. Anyone who thinks they can’t track Bitcoin or other digital currency is a fool.
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