The Digital Dollar: Cash-Free Is Coming

False.

The rumor was $600 or more per transaction, not ALL transactions if an account has $600 in it. Your point is absurd when you twist reality. Originally Posted by Chung Tran

Nope it’s $600 total in transactions. It stems from a 1960s rule requiring reporting as a 1099 when total transaction value >$600. So if you have more than 600 in PayPal transactions… you will have to report on it. That’s a pain because I do some buying and reselling of collectibles on eBay. Now I have to prove what I paid for an item I may have bought 20 years ago. It’s fcuking ridiculous. Im glad that the IRS focuses on audition g those make 75k or less though!!!

. . .if Texas was a sovereign, independent Nation again... Originally Posted by ICU 812

Could not happen soon enough

False.
The rumor was $600 or more per transaction, not ALL transactions if an account has $600 in it. Your point is absurd when you twist reality. Originally Posted by Chung Tran

Shallow thinkers never really get very far.
Add these two to your lexicon:

• Interconnectedness
• Structured payments

Oddly enough, I also mean Interconnectedness in a network way, as in internet. However, the IRS can ask for the full account info. Actually, they don't ask, they demand. The most simple, aka classic way to fly under whatever cap level there is is to make the payments at a value just under the cap or half of the cap x2. (structured payment) That is also flagged.

Then there is also the detail of total (recurring) payments to a party that combined exceed the cap. So how would they know that exactly, seeing whereas each are well under the cap? Like a couple random amounts to the same person, say your monthly provider of choice (remember we're going all digital all the time - for your own good).

Regardless, we are talking about going from $10,000 to $600 as the 'initial' flagging point, notwithstanding multiple payments to the same payee. In essence, there is no minimal amount too small to inspect.

If you do not even know what a camel's nose looks like, how would you know it is poking under your tent?

Nothing beats paying for something in cash.

I once bought something costing several hundred dollars atr Sack's Fifth Avenue (easy to do there). /the old-ish sales clerk asked me what credit csrd I would user. I replied that I was using the Dead-President credit card and pulled out a wad of Grants and Jacksons. She nearly soiled herself. It wa segreant fun.

However the pint of doing it that way was that the purchase was to be a gift for my wife and I didn't want that to show up on our Visa statement. To be sure, there are workarounds for that, but greenbacks are a simpler.

block chain controlled by gouberments of course

are we headed to a service economy where some stuff is mostly free and consumers don't own anything?


advances in machine & AI technology seems to suggest this.


are we that close to that vision.... "don't own anything and be happy"?

More like can’t afford to own anything and what’s the alternative?

Well other then executing the so called elite for crimes against humanity

are we headed to a service economy where some stuff is mostly free and consumers don't own anything?
advances in machine & AI technology seems to suggest this.
are we that close to that vision.... "don't own anything and be happy"? Originally Posted by dilbert firestorm

The more correct quote is You will own nothing and be happy - or else! We are well on the path. Think you own that software you purchased? Oh no, you are renting it now. Machine and AI requires massive investment in resources. But let us not forget that 'Big Data' is part of the algorithm.

You are here --> Welcome to the reality of: unlimited numbers of processors, skimming across unlimited amounts of storage, holding disparate data sets, using AI to merge, analyze and create neural network maps of it all -- in the blink of an eye.

Pop-quiz question:
Do you think that DNA test you took, under cover of PCR test for the Covid, is a private data set that is exempt from scrutiny?

The push toward a "cashless" society started in Europe some years back, and indeed in many countries it's getting difficult to use physical cash for transactions in stores and restaurants.

As you might well expect, this idea is being pushed hard by many in the "Davos crowd." You know, the elitist of the elite who meet in Europe for "climate crisis" confabs and the like. (And who each fly over there in their own G700, of course.)

Ken Rogoff wrote a book called "The Curse of Cash" about five years ago. His argument isn't so much that all currency should be eliminated; only large bills. (100s and 50s.)

His (and others') main argument is twofold:

First, large bills are widely used for illicit purposes and eliminating them would suppress criminal activity, at least to some extent.

Second, a cashless payments system would be needed in order to impose negative short-term interest rates on consumer accounts as central bank policy to "stimulate" the economy in case of a severe downturn. In other words, impose the outright seizure of a small portion of a working person's hard-earned savings in order to disincentivize saving and boost consumption.

My take: The first would be ideal for a draconian surveillance state (think China). Thankfully, I don't think the idea is coming here, at least not anytime soon. Our betters in the "Davos crowd" have lamented that such efforts would encounter quite a bit of pushback from the public. (Ya think!??)

The second (negative rates) is simply a terrible idea, for what should be obvious reasons.

Heh... Russia is back on the gold standard... The only people being fcuked by the US Government is the US citizens.

I'm going to buy some rubles... it at least has a value. Originally Posted by texassapper

No, it isn't. The Russian ruble is not on the "gold standard" -- or anything remotely resembling any researcher's idea of the classical gold standard, the Bretton Woods "gold-exchange" standard, or anything else along similar lines.

.

Heh... Russia is back on the gold standard... The only people being fcuked by the US Government is the US citizens.

I'm going to buy some rubles... it at least has a value. Originally Posted by texassapper

A huge current account surplus, high interest rates, large foreign reserves in diversified monetary assets (renminbi, euros, gold, etc) and it's cheap in terms of purchasing power. What could go wrong?

If you're really looking at buying Rubles, be aware that the black market rate is around 110 to 140 per dollar, instead of the 83 that's quoted. And if you're able to buy the forward contract through a bank, you can pick up a lot of yield. The 5 year forward contract is at 226, implying a 25% per year yield!

...We’re not as wise as they are. For example we’re very dependent on China for rare earth minerals. We should be encouraging development of rare earth resources here in North America. Originally Posted by Tiny

The key difference between the US and other countries, like Russia and China, is they just think in different time horizons.

In the US we think monthly, quarterly, yearly and election cycles, aka profits, whereas they think in decades or capturing the whole market, no matter how long it takes. Sort of a Tactical versus Strategic thinking. Maybe it's out blind side, so to speak.

Ironically, we used to think that way during our robber baron years with the Carnegie's and Rockefeller's etc.