Posted on 04/08/2014 6:52:04 AM PDT by SeekAndFind
Paper currency is dirty and is a major transmitter of disease as it goes from unwashed hand to unwashed hand. It is easily lost and stolen, and can be easily destroyed by getting wet or burned.
It physically wears out in a short time and is costly and troublesome to replace. So why do we still use the filthy stuff in the electronic age?
When given a choice, people find credit cards, debit cards and bank account electronic payments more convenient than cash. In many parts of the world, payments can be made from cellphone to cellphone, with the phone companies serving many of the functions of traditional banks. Money can be stored and transmitted from and to almost any form of computer.
Also various forms of electronic money can be made more secure than paper currency. Electronic monies and payment systems do not spread disease.
Governments like electronic money payment systems that they can monitor, such as credit cards, but they don’t like nongovernment created electronic monies and payment systems that they find difficult to monitor like bitcoin. So, predictably, last week the IRS ruled that bitcoin is not money, thus the users must report the capital gain and loss against the U.S. dollar for each transaction made with bitcoins. Even with advanced software, an individual who might use bitcoins for the purchase of many goods and services will find trying to comply with the IRS an accounting nightmare.
Some 15 years ago, I wrote a book forecasting the demise of paper currency. I expected paper currency to gradually disappear like paper checks have. However, I was wrong. Rather than disappearing, the demand for paper currency is rising faster than inflation or population,
(Excerpt) Read more at washingtontimes.com ...
Not after Target. I pay cash, or don’t shop there.
Absolutely, and the revival of the 401-K IRA confiscation in “trade” for a “guarenteed” rate of return of 3% is still out there. Notable Cong. Miller socialist from CA is leaving finally— having laid the dirty work and his own venture socialist/communist seizures in place.
The answer will have to be other than discourse that is civil.
for the most part, I don’t.
Almost my income is direct deposit except one client that hasn’t yet changed.
I have two dedicated credit cards and a debit card. The credit cards simplify my book keeping because when I pay the various amounts are credited to the various expense accounts. I have one card just for medical expense. I have all medical expense with a nice statement in one place. Plus, I can pay at the counter of the providers including the emergency room.
I have about $60 I have carried around since January. Cash is just not necessary in the day to day
you’re going to get a stripper to wear a card reader? /sarc
When I lived in Seattle there were five costcos within half an hour of our house. Now, we have to drive an hour and a half to either the Louisville or new Lexington store. And their gas is cheap for the area they are in, but still more expensive than where we live, so we pass. We used to always gas up at costco.
Richard Rahn get lost, you are a government tool
No one ever got sick from touching money
You want all of us reduced to a number that you can track
How about HELL NO
Because HELL NO, that's why.
Think of it as a Financial "Concentration Camp."
I’ve never accidentally burned any money while doing a fire dance.
Agree. When the NY Fed can’t come up with enough gold to return the German government’s supply it was holding in safekeeping, there’s little doubt that most physical precious metal have gone to China and elsewhere.
The West foolishly considers pieces of paper — fiat currencies and contracts purporting to represent precious metal ownership — to be superior to physically possessing gold, silver, etc.
Kind of hard to feed strippers electronic money.
It’ll be a device that attaches to her smart phone, unlike the camera, which is built in.
There would be no beggars on intersections.
I was actually approached in a parking lot just yesterday by a beggar and gave him that line. He stared at me like he was rebooting.
All money is electronic blips on a computer ledger. The paper is merely a tangible representation of the entry on the computer ledger. Even if we revert to a gold standard and we will, the electronic entries will be tied to gold ledger entries.
It is now easier and quicker to transfer from one ledger to another via the internet/wireless network than to insert cumbersome and completely unnecessary paper. Paper includes both cash and checks and letters of credit. All are paper representations of entries on an electronic ledger.
666. As today’s events move onward it seems more and more probable that the predictions of “The Revelation of St. John the Divine are becoming true. All the conditions seem to be coming together.
Interesting points.
“Governments like electronic money payment systems that they can monitor”
Well, since ‘governments’ are so into taxes, and taking earnings for individuals, I propose a ‘working in government’ tax. This will be a ‘progressive’ tax, just like our federal income tax. The more money you make working in/for the government, the more of this special government workers tax you would pay. To be fair, those at the top (e.g. Senators, President, Supreme Court Justices etc.) should pay a top rate that is commensurate with the top rate of the US taxpayer for federal income tax. Note, that this ‘government tax’ would be in addition to standard federal taxes, although I would left them deduct from their federal tax a percentage of what they pay in their ‘government job’ tax.
What’s the justification? Well, as government workers, you use more of the government infrastructure than ordinary citizens (e.g. the Capital building, the White House, the Capital police and secret service, the special cafeterias and transportation systems, the special IT people etc. etc.). It’s only fair that you should have to pay more taxes for these things - because you benefit most from them.
Maybe they are the ones who really are behind Bitcoin.
I would be okay with coins.
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