Cashless Society

people with lots of money, large corporations and billionaires will do their best to keep money around as long as possible so they can continue to exploit the rest of us

 

Federal reserve

 

Is not Federal...



and there's no reserves....

 

Well . . . just what in the hell is it, then?

 

A bank.

 

But you make it sound as it it's an empty bank . . .

 

Banks only have to hold a small percentage of their net worth on hand... The rest is basically debt. This is how they create money through lending. The Federal Reserve can't be audited so their holdings are probably smaller than the norm. Could be zilch for all we know.



Smoke and mirrors, my friend.

 

RFID chip with bank account information. All transactions are done thru the chip. No actual cash needed

 

Good luck with that

 

Nah uh. I don't wanna socialize with a bunch of broke motherfuckers.

 

Bitcoin or something like it seems to offer many advantages over fiat currencies. For one thing, since it's basically a peer to peer payment system, the banks, transfer companies and other parasitic entities are dis-intermediated. It also allows to you do many very small transactions practically for free.

Just for the sake of clarity, here's an example of how Bitcoin can be of immense use to people in the developing world.
If a worker from say, Nigeria is working in the UK and wants to send £100 back to their family, the transfer will cost at least £10 by conventional methods of money transfer. That's 10% less getting to those needy relations. And in somewhere like Nigeria, £10 is an amount of money worth having.
If they were to use Bitcoin, the fee, if any, would be less that one penny. The transfer is immediate, and the recipient would only need access to a computer or smartphone to watch the transaction take place, get confirmed and cash out their coins.
In an emergency situation where funds were needed right away, it would be impossible with banks, but with Bitcoin, absolutely no problem.

It has the potential to give millions in the 3rd world and elsewhere who have no access to banking, an enormous economic boost. It can empower them in a new and unique way.

And it offers a lot to folks like us in western countries. Free money transfers, no bank charges, transparency at every level.

It's important to understand that Bitcoin is not owned or run by any corporation or institution. It is based on open source code. There are various groups working on it and around it, but nobody controls it as such.

Probably as more companies come up with new ideas on simplifying using Bitcoin it will become more accessible to more people. But even now, although it may seem confusing at first glance, it's not that difficult to get into it.

Anyway, it could eventually pave the way for a cashless culture where money would be only encrypted information. We're way from that just now I think, but crypto currency is a genie which is out of the bottle, and it's hard to see them getting it back in there.

 

Crypt0currency is less complicated than doing an international wire transfer can be. Also lots cheaper. No one needs to know how much money you have or how much you spend and on what (or who pays you and for what for). While every transaction can be found in the blockchain, it is not necessary that a wallet or public key be associated with your name, residency address or other such personal information. Coin mixing can heavily obfuscate transactions in order to provide more privacy. In fact transactions are not even associated with IP addresses or host names and is not included in transactions or in the blockchain. This information is not needed for transactions by the bitcoin protocol, the protocol is very functional, it does only what is really necessary and does it well, and and does not need any extra junk data apart from what the protocol needs to function. Of course IP addresses are used for your network connection, that's what those numbers are for (some ppl seem to be confused thinking their purpose is to identify users, when in fact they are to identify machines on a network so routers can get data to the right machines) and networks can't function without unique identifiers for hosts but actually associating them to a transaction is probably somewhat difficult and using bitcoin with Tor is not that difficult to do and keeps the one assigned to ur modem by ur ISP from being exposed. If ur still worried about IP addressees just run a Tor exit node and you have plausible deniability

Crypt0 is great, pump it to the mooon!

 

Ask a friend. What would be desirable is an end to variable exchange rates.

 

Pump and dump causes this. And it's not really undesirable IMO as long as there's a stable upward trend.

 

Ace, I'm surprised given the nature of these forums that there aren't more people on here who are into crypto. To me it seems like it could be a big revolutionary thing.

Evidently the Isle of Mann, a small island off Britain, have big plans to become the Switzerland of Bitcoin. Be interesting to see how it goes for them.

An end to market manipulation by banks would be one desirable outcome. But as long as you have separate currencies, middle men will always find ways to exploit shifts of relative value. Money does have to be changed from one currency to another.

 

Talking about remedy for problems found in a cashless society. So what about credit, lend if you will but don't charge interest.

 

Where is that?

 

One solution that seems to be emerging is crowd funding platforms such as Kickstarter and Startjoin. This is where you pitch your prospective project on a website, and anyone can put money in - even a very small amount of money. Depending on the kind of project you're seeking to finance through this method, you can offer rewards for various levels of investment, or even shares in the enterprise.
But many of the projects I have looked at on startjoin are actually things which it's good to be able to put just a small contribution into because I feel they are worthwhile projects.

So there's one way to get credit without paying interest.

https://www.startjoin.com

 

An end to variable exchange rates at the cost of exchange.

 

no loss that i can see there either.
don't see how bitcoin = cashless
nor how cashless = conspiracy