Digital currency - how close are we to implementation?

[Lennyjoe]

Been hearing about the .gov moving to an all digital currency push and am wondering how close it is to 100% implementation. 

Yea I know we do quite a bit of it already but will paper currency really go away?  Let’s discuss and maybe look at ways to protect yourself if full control is out of our hands.

[RoadKingLarry]

Barter will be king.

[JTHunter]

Lennyjoe - TOO close !!

Look at the way the American "Left" appears to idolize the ChiComs and the way they treat THEIR people.  Let that be your guide.

[RoadKingLarry]

We saw a sample of how 100% mandated digital currency WILL be used against people a little over a year ago in Canada.

[MechAg94]

There will be some sort of barter currency out there whether it is Govt backed or not.  It may be as simple as silver coins, but who knows.  I would rather do silver than Tide pods. 

[MechAg94]

I can imagine how digital currency would work when it comes to myself as my employer does direct deposit so I would be forced to do all transactions with credit cards, check, or debit.  I assume the Fed and banks would just stop distributing cash and that would dry up.  I don't even know if they would outlaw cash.  If I wanted to sell a gun, would I just have to use a Paypal app or some other service?

What gets tougher is all the people who don't have bank accounts.  The not so small number of people who take their paycheck to a check cashing place every week would have find some other way to spend the money.  Would they use an online app and just transfer money?  For the people who don't do tax returns, that gets complicated.

[RoadKingLarry]

The not so small number of people who take their paycheck to a check cashing place every week would have find some other way to spend the money.

Instead of cash they just get issued a prepaid debit card with the appropriate government approved/mandated fees withheld.

[MechAg94]

Instead of cash they just get issued a prepaid debit card with the appropriate government approved/mandated fees withheld.

That is certainly one way to do it.  I don't know if that is the best. 

[RoadKingLarry]

That is certainly one way to do it.  I don't know if that is the best.

Any government mandated/controlled cashless system would be the worst way to do it.

[tokugawa]

There is a lot of cash in the world being held by people who would be VERY unhappy to have their money eliminated or tracked.
The cartel's in particular. There are a host of problems with implementing this idea.  The lowest common denominator is someone without the new "currency" simply taking what they want.

[K Frame]

About as close as we are to the much ballyhooed "paperless office" that was the big target of the 1970s.

In otherwords... Not really that close.

[MechAg94]

There is a lot of cash in the world being held by people who would be VERY unhappy to have their money eliminated or tracked.
The cartel's in particular. There are a host of problems with implementing this idea.  The lowest common denominator is someone without the new "currency" simply taking what they want.

No one likes to talk about it, but people like that donate to politicians also (not to mention other potential govt connections). 

That is another reason I think there would be an alternative almost overnight that would be accepted in enough places to make it useful. 

[RocketMan]

No one likes to talk about it, but people like that donate to politicians also (not to mention other potential govt connections). 

That is another reason I think there would be an alternative almost overnight that would be accepted in enough places to make it useful.

It would be an alternative accessible and useful only to those in power or those with power over the rest of us.

[K Frame]

The idiots who run this country keep screaming about how expensive it is to keep the dollar bill in circulation and that we should use dollar coins.

They also keep introducing dollar coins to great fanfare.... and even greater failure.

If they can drum up the testicular fortitude to actually get rid of the dollar bill, do you think they every move to completely revoke the paper/metal currency system for something completely ephemeral?

If you do think so, please forward me some of what you're smoking, because it's really good *expletive deleted*it...

[MechAg94]

If they really wanted to encourage more electronic commerce, reduce fees/costs for credit cards on the businesses and customers.  It is still common for Gun Show sellers to charge 3% extra for credit card transactions. 

[RoadKingLarry]

If they really wanted to encourage more electronic commerce, reduce fees/costs for credit cards on the businesses and customers.  It is still common for Gun Show sellers to charge 3% extra for credit card transactions.

Which, if my understanding is correct, about what the merchant fee from the card/processing company is for the transaction.

[French G.]

Perhaps not disappear entirely but much like the EU banning transactions above 1k. I know it is not every day but I know people who would think nothing of showing up with 200k in cash to buy equipment and wouldn’t do it any other way. Not everyone needs to know your business. Doing my part, what little ag product I manage to sell I take cash or cash.

[Boomhauer]

Cash ain’t gonna be banned.

They want the criminals to use it so they can make major busts and seize it.

[MechAg94]

Cash ain’t gonna be banned.

They want the criminals to use it so they can make major busts and seize it.

I am kind of surprised they have tried to expand asset forfeiture and empty your bank account as well as your wallet.

[K Frame]

If they really wanted to encourage more electronic commerce, reduce fees/costs for credit cards on the businesses and customers.  It is still common for Gun Show sellers to charge 3% extra for credit card transactions. 

That whole interchange fee pass on is sketchy, at best. Most credit card companies say it is entirely against their rules, but there never seems to be any actions taken against those who do it.

[lee n. field]

That whole interchange fee pass on is sketchy, at best. Most credit card companies say it is entirely against their rules, but there never seems to be any actions taken against those who do it.

"3% Discount for paying with cash."

[K Frame]

I've seen that, as well, but I've also seen signs that specifically state 3% surcharge for credit.

That's what's sketchy according to company rules.

[MechAg94]

I usually don't see that at stores.  I doubt many bank employees who would enforce it go to gun shows.

[K Frame]

I usually don't see that at stores.  I doubt many bank employees who would enforce it go to gun shows.

It's definitely more often found at non brick and mortar locations, but I know of a couple of gun stores with brick and mortar locations that charge that pass on the fee when they're set up at a gun show.

I've also seen the fee notice at places like farmers markets.

[Ben]

I've seen that, as well, but I've also seen signs that specifically state 3% surcharge for credit.

That's what's sketchy according to company rules.

Interesting on the wording. I see the "discount" language at stores. I'm pretty sure that the only places I've seen the "surcharge" language is government offices, like the DMV and property tax offices.

When I give to charities online, I notice that they add a credit card fee that I need to opt out of if I don't want to pay it. For example, a $500 donation costs me $525.