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Thread: Electric currency?

  1. #1 Electric currency? 
    Forum Bachelors Degree 15uliane's Avatar
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    Just need some opinions on the pros and cons of an electronic monetary system.


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  3. #2  
    Veracity Vigilante inow's Avatar
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    PRO: Convenience
    CON: Hackers

    PRO: Consistency
    CON: Intangible

    PRO: Seems like a cool idea
    CON: I'm not 100% sure what you mean 8)


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  4. #3  
    Forum Bachelors Degree 15uliane's Avatar
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    well, you would have a credit acount and you could spend credits with some card or chip. All transactions would be online. The stock market, banks, etc. are fully put online (etrade, here we come).
    Hackers would be a huge concern. We would need to develop very strong cpu defense. Other pros and cons
    pro easy conversion, world currency?
    con hard to control value

    pro no theft (without hacker)
    on hard to stop counterfeiters
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  5. #4  
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    information on the value on people's accounts would need to be stored on a computer or database. said database could easily become the target of a terrorist organization. blow up the database, screw the world economy.
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  6. #5  
    Forum Bachelors Degree 15uliane's Avatar
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    That would be a huge problem.
    Con: You would need hundreds of backups
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  7. #6  
    Veracity Vigilante inow's Avatar
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    PRO: Those hundreds of back-ups would encourage growth in industries and help provide jobs, so those people doing work would also add more money to the system (due to their work supporting it)
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  8. #7  
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    Most of us are already there. Less than 1% of the liquid money I make or use ever becomes anything other than electronic money.
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  9. #8  
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    One of the disadvantages of electronic money is that you need a special device to make transactions.Paper money you could just give bare hands to bare hands what makes them covinient.Electronic money is for stationary applications (banks,shops)only.Not too convinient.
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  10. #9  
    Veracity Vigilante inow's Avatar
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    Quote Originally Posted by Lynx_Fox
    Most of us are already there. Less than 1% of the liquid money I make or use ever becomes anything other than electronic money.
    What a brilliant point. I'm pretty much in the exact same position.
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  11. #10  
    Forum Cosmic Wizard icewendigo's Avatar
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    WHO issues the money and who gets the issued money (and why?)?


    Do you keep the Fractional Reserve Banking system?


    One of the bigest problems with our current monetary system is not what its made of but who controls it, and who gets to leech off its cartel.

    Money is issued, we need it, does everyone get a certain amount, or do local governements get to start off the process with interest free expenses? No, governments borrow at interest money that banks get to create out of thin air throu fractional reserve banking and pay interest on it. For a house you may pay as much as the entire house's cost in interests, but governements end up paying many many times over what it actually costs to build a bridge or an hospital.

    During the GD the local government of Worgl issued its own money to pay directly for infrastructure and needed services without paying interest to banksters



    There's also the idea of a Basic Income, which could be interesting to look into and for which adapting the way in which money is issued could play a part.
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  12. #11  
    Forum Bachelors Degree 15uliane's Avatar
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    In this system there is not even money sitting in bank vaults.
    icewendig I would have the government to loan out interest free money to anyone that wants it, or maybe taxing a tiny amount, not based on percents. Is this just a national bank?
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  13. #12  
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    i'm not sure what you name it, but it doesn't work. if you loan out money to anyone who wants it and don't charge interest you end up loosing money because by the time they pay you back inflation devalues their money. if they pay adjusted for inflation you still end up loosing money because some people don't pay you back. the whole money system is screwy if you look too closely, i've always preferred alternative forms of distributing wealth, but that's just my super-liberal self.
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  14. #13  
    Forum Bachelors Degree 15uliane's Avatar
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    This would just devalue the currency? But it is just doing the same things as the banks, only it is eliminating the money loss to the consumers and the government. They could possibly resort to the same tactics as banks when the money is not payed back.
    I also kind of want to hear you super liberal ideas. If it comes to nothing it will be food for thought.
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  15. #14  
    Forum Bachelors Degree 15uliane's Avatar
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    You wouldn't have to attach any personal information to the method of transfer, you could just go to a bank and slide it in the ATM and receive a cash-loaded card. I guess it could work double as a credit/debit card too.
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  16. #15  
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    Quote Originally Posted by inow
    PRO: Those hundreds of back-ups would encourage growth in industries and help provide jobs, so those people doing work would also add more money to the system (due to their work supporting it)
    Other advantage of hundreds of backups is that it becomes hacker proof because the copies can be routinely compared with each other. A hacker would have to locate and make changes to every copy, or at least a lot of copies. Either that, or they would have to hack the part of the system that adds and takes away funds, and make it do the adding/removing.
    Some clocks are only right twice a day, but they are still right when they are right.
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  17. #16  
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    I'm curious how exactly we are NOT already there. For all intents and purposes we already have that system in place with credit and debit cards, plus online banking and shopping. Many of he people I know don't carry much if any cash other then for emergencies, and only use plastic for day to day transactions.

    The servers are already there, owned and operated by the banks. The hackers seem to not have much in the way of luck right now, why would it be different?
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  18. #17  
    Forum Bachelors Degree 15uliane's Avatar
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    We are not there yet in my opinion because both the physical and economic infrastructure can't really support digital cash. How many card-loading ATMs are there? How many digital mints? How many thousands of backups for currency? None, so no one is willing to take the leap.
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  19. #18  
    Forum Radioactive Isotope Paleoichneum's Avatar
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    Quote Originally Posted by 15uliane
    We are not there yet in my opinion because both the physical and economic infrastructure can't really support digital cash. How many card-loading ATMs are there? How many digital mints? How many thousands of backups for currency? None, so no one is willing to take the leap.
    Every bank has its own server, so they are already there.

    "Digital mint"? The transfer of money from My place of employments accounts to my account each time I get payed with an automatic deposit involves only the transfer of data that does not need a digitally minted currency.

    Every business in the very small town I live in In Eastern Washington supports the use of debit and credit cards, making the need for ATMs small.
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  20. #19  
    Forum Cosmic Wizard i_feel_tiredsleepy's Avatar
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    Quote Originally Posted by Paleoichneum
    Every bank has its own server, so they are already there.

    "Digital mint"? The transfer of money from My place of employments accounts to my account each time I get payed with an automatic deposit involves only the transfer of data that does not need a digitally minted currency.

    Every business in the very small town I live in In Eastern Washington supports the use of debit and credit cards, making the need for ATMs small.
    Ya, but behind those transactions is an actual physical guarantee of exchange of currency between banks. Ultimately, what better backup could there be than physical currency?

    I'm not sure the shift to a credit based economy has done much good for us either. We used to have low interest credit for those who could afford it, now banks give everyone credit at high interest rates. Most people have individual debt in the tens of thousands, it's ridiculous. I make sure my credit cards are payed off every month, but most people don't live that way and they're getting gouged by the credit companies. They should be forced to keep interest rates at a reasonable level, this will cause them to withdraw credit from those who can't afford it, but in the long run that will benefit more people, even with a short-term personal credit-crunch.
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  21. #20  
    Veracity Vigilante inow's Avatar
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    Agreed. The only time I know of when cash is necessary (i.e. no electric currency option) is at yard/garage sales, and the occasional flea market or farmer's market... and even then most have a centralized electronic option. Maybe strippers or prostitutes, but even they are moving toward electronic currency with online offerings, etc.
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  22. #21  
    Forum Bachelors Degree 15uliane's Avatar
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    Every business in the very small town I live in In Eastern Washington supports the use of debit and credit cards, making the need for ATMs small.
    There is a key obstacle to the sweeping use of electronic money in the new economy: people's keen desire for privacy. Privacy is one of the crucial unwritten rights in the Constitution. We have a natural concern about either big government or big business knowing too much about us as individuals. That concern is underappreciated as a constraint on the evolution of smart cards, E-cash on the Internet, and similar technologies. Cash is anonymous.
    I thought we already agreed there is a need for cash in society? Or do you disagree?
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  23. #22  
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    Prince proposes international currency of kilowatt-hour, standard unit of value with currencies pegged to same at fixed rates of exchange.

    Why not? 8)
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  24. #23  
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    Quote Originally Posted by inow
    Agreed. The only time I know of when cash is necessary (i.e. no electric currency option) is at yard/garage sales, and the occasional flea market or farmer's market... and even then most have a centralized electronic option. Maybe strippers or prostitutes, but even they are moving toward electronic currency with online offerings, etc.
    Drugs, drugs, drugs, is why we still are having cash. And money laundering.

    Art treasures can be substituting for cash, but is cumbersome by comparison and leaves more of a trail of possession.
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  25. #24  
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    Quote Originally Posted by inow
    Maybe strippers ---, but even they are moving toward electronic currency with online offerings, etc.
    Panty scanners for those holding credit cards in their teeth?
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  26. #25  
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    Quote Originally Posted by Lynx_Fox
    Quote Originally Posted by inow
    Maybe strippers ---, but even they are moving toward electronic currency with online offerings, etc.
    Panty scanners for those holding credit cards in their teeth?
    Unlikely somehow, but stranger things have happened.
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  27. #26  
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    Quote Originally Posted by Lynx_Fox
    Panty scanners...
    Sounds like the title of a low budget porn featuring some sort of specialized kink with robot costumes.
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