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Transition to Digital Currency

TNAR

TNAR

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I have been doing a good amount of research into digital currencies recently and would like to know how people feel about the idea of moving to a cashless society? How willing would you be to give up physical cash? What sort of features/guarantees would digital currency need in order to enjoy your support?
 
I think I saw this identical thread a month or two ago. Lets see if I have any new inspirations.

The cashless society already exists and it has progressed as far as it ever will. My younger friends NEVER have cash on them. They use Credit and Debit cards and 99% of all businesses take them.

The Police State advocates would like to ban cash because it would uppress crime. Since many of us are criminals (to greater or lesser degrees), that would create a serious problem for us although I suppose we could find a workaround for it.

So, it is as far along as it will ever get.
 
I never see most of the cash I have, it's just a number on a computer, and I use a card to spend it. To quote Bon Jovi, "We're halfway there"
 
I didn't realize that this had already been discussed; I'll take a look through the annuls and see what I can dredge up.

So we're all on the same page, there is a fairly major distinction between "digital cash" and an "electronic transfer". Digital cash would be the computerized version of cash: anonymous, traceless, fungible, etc. An electronic transfer would encompass all forms of conducting trade without physical currencies, such as credit and debit cards, wire transfers, etc.

A large portion of the economy is certainly conducted via electronic transfer, but there are really very few options for digital cash at this point in time.
 
Yeah, OK, point taken. I believe they tried digital cash a few years ago and it was a huge failure.


TNAR said:
I didn't realize that this had already been discussed; I'll take a look through the annuls and see what I can dredge up.

So we're all on the same page, there is a fairly major distinction between "digital cash" and an "electronic transfer". Digital cash would be the computerized version of cash: anonymous, traceless, fungible, etc. An electronic transfer would encompass all forms of conducting trade without physical currencies, such as credit and debit cards, wire transfers, etc.

A large portion of the economy is certainly conducted via electronic transfer, but there are really very few options for digital cash at this point in time.
Click to expand...
 
My biggest objection is that anonymous transactions would then be almost impossible, unless you could purchase untracable 'gift' cards or some such thing. But how untracable could they be, if bought from your account? Do we really want a database to be able to show where all 'money' that you got came from and all that you spent went?
 
specklebang said:
Yeah, OK, point taken. I believe they tried digital cash a few years ago and it was a huge failure.
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Who is "they"? Bitcoin seems to be fairly successful so far.

ttwtt78640 said:
My biggest objection is that anonymous transactions would then be almost impossible... Do we really want a database to be able to show where all 'money' that you got came from and all that you spent went?
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I agree, but this is really only a concern with contemporary electronic transfers (which, coincidentally, are the ones encouraged and subsidized by the various governments). Digital cash would be completely anonymous. The biggest drawback I see is the subsequent requirement to be tethered to some sort of electrical device (such as a phone) in order to conduct trade.
 
TNAR said:
I have been doing a good amount of research into digital currencies recently and would like to know how people feel about the idea of moving to a cashless society? How willing would you be to give up physical cash? What sort of features/guarantees would digital currency need in order to enjoy your support?
Click to expand...

Have you by any chance run across Bitcoins in your research?

Edit: nvm just saw the post above mine lol
 
moving to an all digital monetary system will bring back bartering in an underground currency to enable the continuation of the black market. what the black market currency will be is a matter of speculation; that it will exist is not.

given this, my guess is that we will still move to all digital currency anyway.
 
My problem with going totally cashless, is that there is too much opportunity for manipulation and too much vulnerability from foreign enemies that would love to damage our currency.
 
Helix said:
moving to an all digital monetary system will bring back bartering in an underground currency to enable the continuation of the black market.
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What would prevent much of the black and gray markets from using digital cash?

American said:
...would love to damage our currency.
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This is assuming people would continue to predominantly use official state currencies. It seems to me that digital currencies will blur the lines of arbitrary political boundaries even more with the effect of having a worldwide competition for money. Certainly, many nations (including the U.S.) will make great attempts to keep competing currencies out of existence, but this will ultimately be akin to China's losing battle to stem the flow of information (or any other nation for that matter).
 
Who is "they"? Bitcoin seems to be fairly successful so far.
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Really? Are people using bitcoins to actually buy things? Or producing things to be sold for bitcoins? (the whole point of a currency)
 
Virtual money is OK.
Bankers issuing money is NOT OK.
People issuing (making) money is OK.

:)
 
Bankers are people ...
 
Once anyone starts issueing money, or lending money for profit, you become a banker, its a toutological contradiction.

What your basically saying is:

People doing plumbing is ok

Plumbers doing plumbing is not ok.

(ignoring that a plumber is a person doing plumbing ...)
 
RGacky3 said:
Once anyone starts issueing money, or lending money for profit, you become a banker, its a toutological contradiction.

What your basically saying is:

People doing plumbing is ok

Plumbers doing plumbing is not ok.

(ignoring that a plumber is a person doing plumbing ...)
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OK, I see your point. :)
Nevertheless, a monopoly over money from bankers is not positive.
 
Capitalism is not positive.
 
RGacky3 said:
Capitalism is not positive.
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I understand that a Socialist would say and believe such a thing.
Unfortunately, pretty much everything you enjoy today, as in creature comforts, has been brought about by Capitalism and it's existence.
Most of these things would not exist, had it not been for Capitalism.

So yeah, Capitalism is positive.
 
Oh sure, it was positive, but at this point in time the negative aspects outweigh the good aspects and we can do better now.
 
RGacky3 said:
Really? Are people using bitcoins to actually buy things? Or producing things to be sold for bitcoins? (the whole point of a currency)
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Yes. There are entire marketplaces which cater to Bitcoin users. But then you would already know this if you bothered to do any research.
 
From what I've heard the value of bitcoin has gone way up, so its become more of a speculative item, where people buy bitcoin to sell later and buy things in dollars. Anyway I havn't heard of any Bitcoin marketplaces, if you gotta do research to find them ....
 
TNAR said:
What would prevent much of the black and gray markets from using digital cash?
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it would make all transactions more transparent, leaving a paper trail. there would still be criminal activity using digital money, but the average individual isn't going to buy drugs or hire under the table / tax free services with monitored digital money. another underground currency would likely fill the void.
 
RGacky3 said:
From what I've heard the value of bitcoin has gone way up, so its become more of a speculative item...
Click to expand...

All goods (money included) are speculative.

Helix said:
it would make all transactions more transparent, leaving a paper trail. there would still be criminal activity using digital money, but the average individual isn't going to buy drugs or hire under the table / tax free services with monitored digital money. another underground currency would likely fill the void.
Click to expand...

Again, digital cash is simply one form of the larger panoply of digital money. There are many digital instruments which are and will continue to be easily tracked by banks and governments such as wire transfers, credit/debit card purchases, eChecks, and so forth. Think of digital cash as the electronic version of paper cash. If you go open up the cash register at your local Burger King, you will be unable to determine who spent which dollars. The same goes for digital cash; it is untraceable.

That said, I do see a continued demand for physical cash for the simple reason of avoiding the need for electronic equipment to make a purchase.
 
RGacky3 said:
Oh sure, it was positive, but at this point in time the negative aspects outweigh the good aspects and we can do better now.
Click to expand...
No they don't. Capitalism is just fine and still drives innovation.
Not socialism, not communism, but Capitalism.
 
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