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Politics and Religion

CBDC
Rachelxoxoxo See my TER Reviews 858 reads
posted
1 / 15
CBDC

Apologize if this has been addressed...New to posting....Thoughts on currency that'll be used in our industry when CBDC goes into effect?  Thanks.

mrfisher 115 Reviews 39 reads
posted
2 / 15
Central Bank Digital Currency, in case you were wondering as I was...

At least according to the UD.

 
Not exactly sure how that works, but the transition to a cashless society is undeniably underway, and obviously that is going to have a lot of ramifications for us vis a vis being secure and incognito, money-wise.

 
Crypto-currencies are one option, though not one a relish given the situation they are in these days.

 
Gifts cards are another.

 
There are gals who nevertheless are already accepting money transfers from outfits like Zelle, etc.  This will work for some of us, but hardly a way to avoid a paper (or more accurately electronic) trail.

 
Barter is another means of making payments, but certainly pretty awkward.

Hpygolky 234 Reviews 43 reads
posted
3 / 15
Cash is and will always be king....eom


END OF MESSAGE

followme 47 reads
posted
4 / 15
Re: Cash is and will always be king....and

The queen usually ends up with most if not all of it.

 
2022 = 28

inicky46 61 Reviews 37 reads
posted
5 / 15
I guess he missed what happened to cryptocurrencies last week.

Bitcoin took a huge haircut and dropped to under $20K, from a high of $67K last October. So if you took said haircut you'd be paying with some VERY expensive money. Crypto isn't currency. It's a highly speculative investment.

phlatsy 6 Reviews 44 reads
posted
6 / 15
Cash will be here for several more decades

The Federal Reserve Board is currently researching the feasibility of a U.S. Central Bank Digital Currency but has no intention of a quick adaptation.  The Fed recently asked for public opinion on this topic and results will be taken into consideration.  The Fed currently has two forms of  central bank money as a liability, 1) physical currency ($2.2 Trillion) and 2) digital account balances ($4.2 trillion).  The later is used frequently in payment processing systems to enable commercial banks maintain reserves while making payments via ACH in a timely and stable manner.

But the ACH (Automated Clearing House) does not apply to overseas payment systems nor does it cover all non-cash transaction in our nation.  The Fed is building a new interbank settlement service called FedNow to allow instant payments between commercial banks to help speed transactions.  But there are other problems slowing processing involving non-bank transactions that a Fed back CBDC could help solve.

This topic is quit involved, but in short, even if a US CBDC is adopted, it will be in addition to the other two forms of our central bank's money leaving cash as king for many years to come.  Further reading in can be found online here and a pdf of great deal can be downloaded.
Related Link: https://www.federalreserve.gov/publications/money-and-payments-discussion-paper.htm

CurlyW-NatsFan 39 reads
posted
7 / 15
Re: I guess he missed what happened to cryptocurrencies last week.

Furthermore,  in the eyes of IRS, Cryptocurrency is treated like any other property.  You pay long term, short term gains depending on how long you've held the "currency" at the appropriate tax bracket based on your marital status and income.  It's no different than owning any other stock.  

 
I am glad to say, I have never owned any of that. Way too speculative for me.. I don't need a heart attack at 41. LOL.

-- Modified on 6/20/2022 10:42:52 AM

Valida 17 Reviews 52 reads
posted
8 / 15
Central Bank !

A Central Bank Digital Currency would be Fiat Money by definition.   Dollars, in a third manifestation.  

Not a cryptocurrency at all, even if cryptography would be involved under the woodwork.  
There would not be a need for "mining", nor any form of "concensus" since it would all be under the control of the issuer, i.e. The Treasury of the United States.  There are already digital (not "Crypto-") currencies that are centrally issued and controlled -- look up "permissioned" for the story.  

So imagining that the evils (and benefits) of CBDC would be those of cryptocurrencies is wildly wrong.

We can only hope that those evils are not far worse, but that's out of our (The People's) control now.

636sd 45 reads
posted
9 / 15
Re: Central Bank !

Screw that, I'd rather put all my wealth into dogecoin, rather than have a digital fiat currency. Imagine next pandemic the gov says "if you don't get vaxxed by xx date your money will expire"

Valida 17 Reviews 45 reads
posted
10 / 15
Re: Central Bank !

A fine example of the sort of evil that could result, yes.

coeur-de-lion 400 Reviews 41 reads
posted
11 / 15
I have tried the barter system . . . .

with a few providers by proposing "you suck my dick and I'll eat your pussy so we don't need to exchange any money" and once they stop laughing, they have all said, "no thanks," except one, but she was a civvie woman and not a provider.

636sd 41 reads
posted
12 / 15
Re: I have tried the barter system . . . .

Damn we knew you were old but didn't realize you were pre-money old

CurlyW-NatsFan 45 reads
posted
13 / 15
Re: I have tried the barter system . . . .

OK.. That really made me laugh.. Good one.. Witty man.

coeur-de-lion 400 Reviews 51 reads
posted
14 / 15
I'm 63, but the ladies tell me . . . .

that I don't look a day over 62.   Actually, barter was quite popular about 30-40 years ago, and some examples I remember way before that.  When I was a kid, I remember the neighbor kid's mom traded a blowjob for a washing machine repair and then pocketed the money her husband gave her for the repairman.  

636sd 38 reads
posted
15 / 15
Re: I'm 63, but the ladies tell me . . . .

I guess that makes sense. When I was married I used to barter blowjobs for massage vouchers....but she always forgot to read the fine print

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