The Fed & Digital Currency?

[ma96782]

CNBC says that The FED is exploring "digital currency". Rrrright.......perhaps it's a move to keep up with the Chinese? Then again, I saw a YouTube video the other day about fake (counterfeit) US Dollars coming in from China.

The Chinese have joined the ranks of the North Koreans.

Aloha, Mark

PS......

MSN

Fair is fair. So....how about I NOT report my gains (less than $10k).....that I made from stocks?

Read More

 

[The Heretic]

The current methodology for currency transfers is slow and clunky for the consumer. It can take days for an ACH to go thru, when it should take less than a minute.

I should be able to send a secure valid authenticated and authorized payment from my from a phone/computer to anyone for anything, in less than a minute. I am not talking about Paypal/et. al. or using a credit/debit card or cashier's check, I am talking about something that is akin to "paper" currency, but even more secure (ideally it would be a LOT more difficult to have a "counterfeit" transfer than it is to make fake paper money).

I should be able to do this without knowing your financial details - i.e., without knowing your bank account or CC #. I should not be able to withdraw from your account - you should have to send it. Each transaction should be standalone - no further transactions should be possible without initializing a new transaction.

Ideally I should be able to do this without connecting to the internet (near field communication), although that would probably be hard for authorization/authentication and verification (account exists and balance resolution). With satellite comms (e.g., Starlink) this would maybe become less of an issue.

Ideally, the government would allow these transfers without keeping a record of who was involved in the transfers and how much was transferred - but I very much doubt that will ever be allowed, even for small amounts. Even without the "war on drugs" and other issues (guns, taxes, etc.), the gov just will never want to give up the kind of control that this kind of data gives them. Also, credit and especially debit card institutions would not want to give up their very lucrative cut of the pie.

I think what the Fed is looking at is mostly about transfers between financial institutions, not between non-financial entities.

 

[ma96782]

And, with the "HELP" of industry.......

Want to Pay Cash? That’ll Cost You Extra

From ballpark hot dogs to parking tickets, more cash payments are coming with a fee.

www.yahoo.com

Aloha, Mark

PS......exchanging that cash for plastic? "For your security".......Yeah.....there is probably a camera watching, to trace the transaction back to you.

 

[CamoDeafie]

And, with the "HELP" of industry.......

Want to Pay Cash? That’ll Cost You Extra

From ballpark hot dogs to parking tickets, more cash payments are coming with a fee.

www.yahoo.com

Aloha, Mark

Arco Gas has been doing the opposite; a set price for cash, and $0.10+ a gallon increase for credit/debit after the lawsuit about them tacking on hidden CC/Debit "processing fees" on fuel bills

 

[ma96782]

I've been enjoying the cheaper cash gas price vs CC for the longest time.

I thought that maybe.....it had something to do with all of the CC Fraud going on.

Aloha, Mark

 

[Foreverlost]

NOTE TO SELF:

there are no taxes on barter..............................

Foreverlost,

 

[Burt Gummer]

CBDC is the end of freedom and the financial enslavement of all of us. Sad that so many are not aware of that fact. That plus digital forced IDs. Every thing you buy or sell, everywhere you are at all times even MORE closely monitored.

More importantly if you criticize govt, don't get your shot, say something offensive, won't give up your firearms, you name it - you will be simply canceled financially within minutes. Won't matter if you have $100 or $100 million - poof.

Goodbye home, bank accounts, drivers and other license privileges, crypto, heat/ac/ power, car, fuel, food, ammo, travel. To stop barter, govt will just make it a felony and immediate imprisonment.

You are done. "Give us the names of five people you know that still own guns, silver or gold, and we will restore your accts."

Just dig a hole and hop in. But ...... as usual ...... no one cares at all until it is too late.

More control than what China or N. Korea has over their populace completed in days. Other than that, no big deal.

The propagandized masses will fall in line. Welcome to the new West. Your kids will love it.

 

[ma96782]

RE : Going cashless.
Expanding on the NY Stadium example.

I haven't seen it in American yet.

But, while in Thailand at some of the various Food Courts located within large Shopping Malls, Open Air Markets and even at the Suvarnabhumi Airport Food Court (downstairs) they only take "play money".

So anyway.....the venders at these "special places" won't accept your Thai Baht. Instead, they'll direct you to a ticket booth to buy their "play money".

You go to the ticket booth and exchange your Thai Baht for their printed "play money". You can then use the "play money" to make food purchases while at that venue. BTW, there is no extra cost to buy the "play money".

So WHY, does the venue want to do this "play money" thing? Surely, it's costing money to print up "play money". And, mind you that some of that "play money" looks beautiful and sometimes, it's just a denomination amount (looks like it was made on a xerox machine).

So then......I'd also imagine that at some point, the venders will want REAL Thai Baht for the "Play Money".

So anyway......my question(s) is/are/would be.....

Do the venders get charged a bit of an exchange fee, to change it back into Thai Baht?

Does the printer (of the play money), count on a certain percentage, never being redeemed? Rrrrright....regular people can change it back, at no cost. But, if you forget......you're SOL. Unless, you come back in time (note if there is an expiration date).

Maybe, the venue keeps track of the total sales that a vender makes. Rrrrrright......it's easier to negotiate a higher rental agreement if a business is making "Beaucoup Bucks".

So then......I guess in the future......it could also happen, with a "special plastic card". The future is coming.

Aloha, Mark

 

[Jay Walk]

Yep, feds new digital currency is the ultimate in control.
That's why you need to pay cash for most things, It hurts to part with REAL MONEY too, so the savings are way more than kickbacks on a CC.

Groceries
Dining
Monthly mad money allowance
Miscellaneous envelope

We still swipe for gas but could switch that too.

 

[The Heretic]

I've been enjoying the cheaper cash gas price vs CC for the longest time.

I buy at Costco, which usually has the lowest cost per gallon (or close to it) and only takes a credit card or debit card.

 

[gmerkt]

So anyway.....the venders at these "special places" won't accept your Thai Baht. Instead, they'll direct you to a ticket booth to buy their "play money".

You go to the ticket booth and exchange your Thai Baht for their printed "play money". You can then use the "play money" to make food purchases while at that venue. BTW, there is no extra cost to buy the "play money".

So WHY, does the venue want to do this "play money" thing? Surely, it's costing money to print up "play money". And, mind you that some of that "play money" looks beautiful and sometimes, it's just a denomination amount (looks like it was made on a xerox machine).

just guessing, maybe they do this for reasons of security. Meaning, the play money used by the merchants isn't any good away from the venue. All the real money is in one place, the exchange center. Which may have good, centralized security. That way the individual vendors don't have to be overly concerned with security within their own establishment. When I refer to security, I mean robbery but it may also work for internal security. Employees may be hesitant to steal if they know there is only one place they can change the play money.

 

[ma96782]

Generally, crime and punishment does NOT have a big "Disconnect"........like we have here in the West.

But, yeah.....OK, stuff could happen.

Aloha, Mark

 

[ma96782]

RE : Post #10
Low Cost Gas


I don't have a Costco membership.

Anyway, today (06-08-2024) I went to my favorite corner gas station. Reg. unleaded was $3.99 a gallon.

Yeah. You got that right......under $4. LOL......time for a celebration.

Or.....

In time for a the up coming election?

And next to drop......the FED's interest rate?

Aloha, Mark