Getting rid of paper money sounds good on paper😏, but it’s genuinely a terrible Idea, It allows the government to track every single dollar you spend, right down to your totally legal weed your definitely smoking in Colorado. It would give the US government the surveillance capabilities of visa, Google and Facebook combined. Which is why I’m surprised it hasn’t happened yet, the only thing I can think of is it would weaken the dollar to other countries, the US could just turn off an entire country organization or individual’s entire economy, China and any country remotely hostile would immediately dump the dollar.
Not only that, electronic money is dependent of internet connection. If right now an internet outage of a few minutes is pure chaos in most retail, imagine not having something to fallback on a longer outage.
Oh you sweet sweet child. The government has complete control over Visa/MasterCard already. If they tell them to shut someone off they do. They also have complete access to what everyone buys.
Exactly l, you can monitor all the digital goods you want but the people who want privacy can always fall back to cash (technically they can track serial numbers but it’s nowhere near as invasive and can only be counted when it is spent with an untrusted source) they can turn off your banking account but they can’t turn off the cash you have buried in the back yard.
Lol, oh that is precious. Trust me, having physical cash is not safer. The government will just arrest you when you show up with cash if it is not stolen before then.
Getting rid of paper money sounds good on paper😏, but it’s genuinely a terrible Idea, It allows the government to track every single dollar you spend, right down to your totally legal weed your definitely smoking in Colorado. It would give the US government the surveillance capabilities of visa, Google and Facebook combined. Which is why I’m surprised it hasn’t happened yet, the only thing I can think of is it would weaken the dollar to other countries, the US could just turn off an entire country organization or individual’s entire economy, China and any country remotely hostile would immediately dump the dollar.
Not only that, electronic money is dependent of internet connection. If right now an internet outage of a few minutes is pure chaos in most retail, imagine not having something to fallback on a longer outage.
I could fathom a digital wallet that stores money locally.
Of course, any counterfeiting would only be verifiable with an internet connection.
Oh, I thought they meant that they would be replaced with coins…
Oh you sweet sweet child. The government has complete control over Visa/MasterCard already. If they tell them to shut someone off they do. They also have complete access to what everyone buys.
This all happened a long time ago.
But they don’t have complete visibility over what you do with cash, which is exactly their point right?
Exactly l, you can monitor all the digital goods you want but the people who want privacy can always fall back to cash (technically they can track serial numbers but it’s nowhere near as invasive and can only be counted when it is spent with an untrusted source) they can turn off your banking account but they can’t turn off the cash you have buried in the back yard.
Lol, oh that is precious. Trust me, having physical cash is not safer. The government will just arrest you when you show up with cash if it is not stolen before then.
No that really wasn’t their point. The government already has complete visibility without having to have an official digital currency.
There are also a host of problems with carrying cash and it is not really anonymous either.