What are your thoughts on the United States moving to a CBDC(Central Bank Digital Currency) (1 Viewer)

[bigdaddysaints]

Why do you place value in shiny rocks?

because people have believe what jewlers tell them..

 

[Tapxe]

Indeed. I rarely carry cash around as well. Its pointless when 99% of what I buy is paid with a credit card or debit card. I might write a check once or twice a year these days. Gifts I send via Venmo, PayPal or Zelle. Bills are all paid through auto pay or apps. Mortgage is auto pay. The only place that I can think of that requires a check would be a collection agency, but even those you can pay with a credit card or electronic check.

I wouldn't have a problem at all going cashless as long as I can deposit whatever cash I have laying around and convert it to digital currency.

About the only thing I can think of where cash is necessary is a MMJ dispensary.

 

[DaveXA]

About the only thing I can think of where cash is necessary is a MMJ dispensary.

Yeah, that would make sense.

 

[WhoDatPhan78]

The problem with an entirely digital currency is that it creates the possibility of preventing someone from spending money.

I know we'd never allow the government to just deny individuals the right to spend money today, but i could see people eventually wanting to ban pedophiles from spending money, and how could anyone oppose that, right? Then terrorists shouldn't be able to spend money either, right?

I think it just creates too much power, which would eventually be abused.

 

[Dago]

The problem with an entirely digital currency is that it creates the possibility of preventing someone from spending money.

I know we'd never allow the government to just deny individuals the right to spend money today, but i could see people eventually wanting to ban pedophiles from spending money, and how could anyone oppose that, right? Then terrorists shouldn't be able to spend money either, right?

I think it just creates too much power, which would eventually be abused.

Kind of ridiculous how people almost universally agree in the the corruption in our government and yet keep looking to give them more power over our lives

 

[brandon8283]

Gold and silver among other things can and are used as currency. You can take money out of circulation, but that doesn't mean people will stop trading and bartering outside of digital currency.

Why are they used as currency?

Because people believe they are of value.

That’s literally how currency works. There has to be a belief that the currency is equal to the value of an item with actual value (food, clothing, shelter, etc).

Currency makes transactions easier. That’s the whole reason currency exists. There is no reason why an ingot of gold is worth ten bear skins other than that is what the market dictates the ingot is with.

If currency’s only raison d’etre is to make transactions easier, then there is nothing to prevent the eventual replacement of a currency with something more convenient. It’s why the paper bill, and then checks, replaced coins/gold bars/etc. They were easier to use.

And digital currency will replace the paper bill because it’s easier to use. It’s just a matter of time.

 

[brandon8283]

The problem with an entirely digital currency is that it creates the possibility of preventing someone from spending money.

I know we'd never allow the government to just deny individuals the right to spend money today, but i could see people eventually wanting to ban pedophiles from spending money, and how could anyone oppose that, right? Then terrorists shouldn't be able to spend money either, right?

I think it just creates too much power, which would eventually be abused.

You know we freeze/seize the assets of criminals all the time already, right?

 

[WhoDatPhan78]

You know we freeze/seize the assets of criminals all the time already, right?

Yea, do you think that is the same as being able to push a button and disable someone from spending any money at all?

 

[brandon8283]

Yea, do you think that is the same as being able to push a button and disable someone from spending any money at all?

Yes.

With the exception of cash, which defeats the purpose of freezing the assets of criminals, so all the more reason for it to go away.

 

[Zztop]

I'd be happy if they just got rid of change. No more pennies, nickles, dimes etc. I'd also like to see items you purchase (like at the grocery store) show the total price + tax by the items, instead of finding out at the checkout counter (some countries do this already)

 

[DCSaints_Fan]

I'd be happy if they just got rid of change. No more pennies, nickles, dimes etc. I'd also like to see items you purchase (like at the grocery store) show the total price + tax by the items, instead of finding out at the checkout counter (some countries do this already)

They typically do that now by asking if you want to donate to charity by rounding up to the nearest dollar

For the price of items, in most other countires this is how they do it.

 

[Boy_of_wonder75]

As with all economic issues, I think the first question to answer is how it affects the poor and most vulnerable in our society. To that end, a no-cash system seems like it might adversely affect the poor, as they are the least likely to have cell phones or bank accounts. Keeping cash options available seems the most just way of allowing them to participate in the economy.

 

[Dago]

As with all economic issues, I think the gutsy question to answer is how it affects the poor and most vulnerable in our society. To that end, a no-cash system seems like it might adversely affect the poor, as they are the least likely to have cell phones or bank accounts. Keeping cash options available seems the most just way of allowing them to participate in the economy.

That is an excellent point

 

[bigdaddysaints]

As with all economic issues, I think the gutsy question to answer is how it affects the poor and most vulnerable in our society. To that end, a no-cash system seems like it might adversely affect the poor, as they are the least likely to have cell phones or bank accounts. Keeping cash options available seems the most just way of allowing them to participate in the economy.

i remember back in like 2002, the company i work for decided they were going to stickly direct deposit, no more hard checks. Man there were some ticked off people. You either had to have direct depoit, or not work there.
Most of the ones who were upset was because we worked a lot of overtime and their wives/girlfriends didn't know how much their checks really were each week, so they would put some momey aside and tell their old lady they only got xx amount and pocket the extra,.
But i was amazed how many people didn't have bank accounts.

 

[Zztop]

They typically do that now by asking if you want to donate to charity by rounding up to the nearest dollar

For the price of items, in most other countires this is how they do it.

I was thinking more along the lines of being rid of the physical currency, the mint discontinuing the production of pennies etc then a gradual phasing out of circulation.

also, google says:

"The mint produced 1.4 billion nickels in 2022, with a total face value of about $72 million. Manufacturing cost about $150 million, resulting in a net loss of about $78 million.

Making 5.5 billion pennies lost Uncle Sam another $92.7 million.

The dime and quarter are still moneymakers, offsetting the penny and nickel losses"