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(CNBC)   Should the U.S. dollar become a digital currency? Because the Chinese yuan is going digital. Also -- and I hate to break it to you -- bitcoin isn't FDIC insured   (cnbc.com) divider line
    More: Awkward, Federal Reserve System, China marches, digital yuan, global digital currency race, Central bank, New York Times event, Chinese officials, congressional testimony  
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329 clicks; posted to STEM » on 01 Mar 2021 at 3:40 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



43 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-03-01 12:37:27 AM  
Narrator: It already is.
 
2021-03-01 2:28:44 AM  
The banks made it a digital currency a long time ago
 
2021-03-01 3:45:41 AM  
The US dollar is a digital currency, you half witted buffoon.  When's the last time you paid your rent, or mortgage, or power bill, or internet bill, etc. with cash or a physical check?
 
2021-03-01 4:45:21 AM  
Not to be confused with Chinese Juan, inventor of the Sichuan burrito and the menudo soup dumpling.
 
2021-03-01 5:12:54 AM  

recombobulator: The US dollar is a digital currency, you half witted buffoon.  When's the last time you paid your rent, or mortgage, or power bill, or internet bill, etc. with cash or a physical check?


You couldn't be more wrong if you tried.

Federal law still mandates one physical dollar for each digital one... which means it is NOT a digital currency.

Keeping it physical is a benefit, not a handicap. You know exactly how much is in circulation - and digital currency is famous for duplication, which is NOT counterfeiting, under International Law. Soo... pass.
 
2021-03-01 5:27:56 AM  

Jedekai: Federal law still mandates one physical dollar for each digital one


i'd love to see a citation for that.
 
2021-03-01 5:41:18 AM  
I'm assuming by digital currency they mean that mean that every dollar in existence has a unique identifier and unique owner that is kept track of by a centralised database. Currently only the first part is true, of course.

Imagine if govt could keep track of who is in possession of every dollar in existence.
Pros: no longer possible for people to rob you or commit fraud (at least, they could be traced), can't really 'lose' your money when you drop.your wallet outside. Government can automatically calculate taxes owing based on a database history of your dollar transactions. If all of us paid what we really owed on taxes, government debt would fall. Also, would be very difficult for criminal organizations to move money without leaving a trail

Cons: a bad government can do arsehole things with your money. Some people will barter in other goods instead.
 
2021-03-01 5:45:25 AM  
you can't trust the Reds as far as you can throw them. tell them to take their Monopoly money and beat feet.
 
2021-03-01 6:22:23 AM  
How many Rai stones per dollar?
These folks welcome our digital overlords.

Fark user imageView Full Size
 
2021-03-01 6:22:57 AM  
Isn't the FDIC a giant con?
 
2021-03-01 6:27:35 AM  

Moosedick Gladys Greengroin: How many Rai stones per dollar?
These folks welcome our digital overlords.

[Fark user image image 285x190]


Still notas inconvenient as the Ningi - a triangular rubber coin 6000 miles on a side.
 
2021-03-01 6:42:53 AM  

recombobulator: The US dollar is a digital currency, you half witted buffoon.  When's the last time you paid your rent, or mortgage, or power bill, or internet bill, etc. with cash or a physical check?


I pay my rent every month with a check because my landlord refuses to modernize. So every month, I'm mailing a check to Valrico, FL
Luckily, I'm closing on a house March 31st, and I doubt the bank will want me mailing a check every month.
 
2021-03-01 6:51:35 AM  

moku9: Isn't the FDIC a giant con?


Yes, but he's not president anymore
 
2021-03-01 7:10:25 AM  
It kind of is digital already. We just use paper tokens instead of digital numbers on a phone or wallet or whatever.

What we need now is digital wallets for everyone. That will help the underbanked significantly. If the currency supports ethereum-style smart contacts or some kind of token system we can solve a ton of other problems with just our currency. We could do consumer-level carbon trading, publicly financed elections, automatic tax incentives that are difficult to cheat, low-loss food stamp programs. There's so much we could do.

But the level of democracy and fairness that would instantly confer upon the American people might ever so slightly reduce the amount of money our overlords are currently hoovering from the pockets of the middle class, so... never ever gonna happen in a million years.
 
2021-03-01 7:47:56 AM  

recombobulator: The US dollar is a digital currency, you half witted buffoon.  When's the last time you paid your rent, or mortgage, or power bill, or internet bill, etc. with cash or a physical check?


I still pay utilities by check every month.
 
2021-03-01 8:04:23 AM  

Bovine Diarrhea Virus: and I doubt the bank will want me mailing a check every month.


My lender, at least when I started the mortgage, didn't have any option for doing a direct deposit or anything like that, so I have my bank automatically write them a check every month. It's the dumbest thing.
 
2021-03-01 8:12:58 AM  

Jedekai: recombobulator: The US dollar is a digital currency, you half witted buffoon.  When's the last time you paid your rent, or mortgage, or power bill, or internet bill, etc. with cash or a physical check?

You couldn't be more wrong if you tried.

Federal law still mandates one physical dollar for each digital one... which means it is NOT a digital currency.

Keeping it physical is a benefit, not a handicap. You know exactly how much is in circulation - and digital currency is famous for duplication, which is NOT counterfeiting, under International Law. Soo... pass.


This is incorrect.  The vast majority of US dollars is all digital, and most of that isn't actually controlled directly by the government.

There's a good explanation of how it works in this article discussing where a Digital US currency would fit in.

FTA: In fact, the vast majority of money (>90% in many countries) is created when it is lent into existence bycommercial banks when they make new loans, such as home loans.

TL;DR:  The government issues the paper bills and coins, but they give banks the ability to 'create' money in the form of loans, and that money is not backed by anything except a promise.
 
2021-03-01 8:33:21 AM  
Betteridge's Law of Headlines strikes again.
 
2021-03-01 8:43:40 AM  
Fark user imageView Full Size
 
2021-03-01 9:27:54 AM  

moku9: Isn't the FDIC a giant con?


No
 
2021-03-01 10:07:45 AM  
CNBC thinks GameStop is over, so I wouldn't be listening to them for any financial guidance whatsoever.
 
2021-03-01 10:10:19 AM  

recombobulator: The US dollar is a digital currency, you half witted buffoon.  When's the last time you paid your rent, or mortgage, or power bill, or internet bill, etc. with cash or a physical check?


Every month
 
2021-03-01 10:18:58 AM  

moku9: Isn't the FDIC a giant con?


Bitcoin is insured too.

By a public ledger using open source decentralized peer to peer software used by a humongous community from all over the world.

I would rate that as pretty good insurance.

Unless the world ends of course.
 
2021-03-01 10:19:51 AM  

Muta: moku9: Isn't the FDIC a giant con?

No


Settle down uncle sam
 
2021-03-01 10:20:23 AM  

OdradekRex: [Fark user image image 300x168]


Annnnnnnnd......

Banks are gone!!
 
2021-03-01 10:21:55 AM  

Bovine Diarrhea Virus: recombobulator: The US dollar is a digital currency, you half witted buffoon.  When's the last time you paid your rent, or mortgage, or power bill, or internet bill, etc. with cash or a physical check?

I pay my rent every month with a check because my landlord refuses to modernize. So every month, I'm mailing a check to Valrico, FL
Luckily, I'm closing on a house March 31st, and I doubt the bank will want me mailing a check every month.


Your Landlord is like a Farker who thinks Bitcoin is going away.
 
2021-03-01 10:40:24 AM  
Only deposits are insured. The money in your pocket isn't
 
2021-03-01 11:07:17 AM  

Linux_Yes: Bovine Diarrhea Virus: recombobulator: The US dollar is a digital currency, you half witted buffoon.  When's the last time you paid your rent, or mortgage, or power bill, or internet bill, etc. with cash or a physical check?

I pay my rent every month with a check because my landlord refuses to modernize. So every month, I'm mailing a check to Valrico, FL
Luckily, I'm closing on a house March 31st, and I doubt the bank will want me mailing a check every month.

Your Landlord is like a Farker who thinks Bitcoin is going away.


Bitcoin is never going to replace actual money, and there will never be a year of the Linux desktop.
 
2021-03-01 11:15:23 AM  

Malenfant: Linux_Yes: Bovine Diarrhea Virus: recombobulator: The US dollar is a digital currency, you half witted buffoon.  When's the last time you paid your rent, or mortgage, or power bill, or internet bill, etc. with cash or a physical check?

I pay my rent every month with a check because my landlord refuses to modernize. So every month, I'm mailing a check to Valrico, FL
Luckily, I'm closing on a house March 31st, and I doubt the bank will want me mailing a check every month.

Your Landlord is like a Farker who thinks Bitcoin is going away.

Bitcoin is never going to replace actual money, and there will never be a year of the Linux desktop.


And no one will ever use more than 640KB of ram.........


And this internet thing is a fad........
 
2021-03-01 11:15:35 AM  

Linux_Yes: Bovine Diarrhea Virus: recombobulator: The US dollar is a digital currency, you half witted buffoon.  When's the last time you paid your rent, or mortgage, or power bill, or internet bill, etc. with cash or a physical check?

I pay my rent every month with a check because my landlord refuses to modernize. So every month, I'm mailing a check to Valrico, FL
Luckily, I'm closing on a house March 31st, and I doubt the bank will want me mailing a check every month.

Your Landlord is like a Farker who thinks Bitcoin is going away.


Fark's olds are just afraid of anything new. Let them eat their Campbell's tomato soup and grilled cheese with Kraft singles in peace.
 
2021-03-01 11:16:37 AM  

OldJames: Only deposits are insured. The money in your pocket isn't


The money in your pocket is sure to go into someone elses pocket.
 
2021-03-01 11:34:13 AM  

Jedekai: recombobulator: The US dollar is a digital currency, you half witted buffoon.  When's the last time you paid your rent, or mortgage, or power bill, or internet bill, etc. with cash or a physical check?

You couldn't be more wrong if you tried.

Federal law still mandates one physical dollar for each digital one... which means it is NOT a digital currency.

Keeping it physical is a benefit, not a handicap. You know exactly how much is in circulation - and digital currency is famous for duplication, which is NOT counterfeiting, under International Law. Soo... pass.


Bless your heart, you think there's north of $28 trillion in physical money floating around?
 
2021-03-01 11:42:19 AM  

Linux_Yes: moku9: Isn't the FDIC a giant con?

Bitcoin is insured too.

By a public ledger using open source decentralized peer to peer software used by a humongous community from all over the world.

I would rate that as pretty good insurance.

Unless the world ends of course.


Or China decides to exert its power. Whomever controls 50%+1 of the compute power verifying the ledger controls the ledger. And ~65% of the computing power comes out of China.
 
2021-03-01 12:30:49 PM  

Linux_Yes: moku9: Isn't the FDIC a giant con?

Bitcoin is insured too.

By a public ledger using open source decentralized peer to peer software used by a humongous community from all over the world.

I would rate that as pretty good insurance.

Unless the world ends of course.


Remember back in '08 when a bunch of banks went belly up?

And depositors didn't have to worry about their money?

The FDIC is why.
 
2021-03-01 12:39:22 PM  

dsmith42: Linux_Yes: moku9: Isn't the FDIC a giant con?

Bitcoin is insured too.

By a public ledger using open source decentralized peer to peer software used by a humongous community from all over the world.

I would rate that as pretty good insurance.

Unless the world ends of course.

Or China decides to exert its power. Whomever controls 50%+1 of the compute power verifying the ledger controls the ledger. And ~65% of the computing power comes out of China.


The entire point/design of open source decentralized peer to peer blockchain is so someone cant control it from one source or nation.

Forking is another protection.
 
2021-03-01 12:42:00 PM  

Sasquach: Linux_Yes: moku9: Isn't the FDIC a giant con?

Bitcoin is insured too.

By a public ledger using open source decentralized peer to peer software used by a humongous community from all over the world.

I would rate that as pretty good insurance.

Unless the world ends of course.

Remember back in '08 when a bunch of banks went belly up?

And depositors didn't have to worry about their money?

The FDIC is why.


Socialist wall street knew public money would bail them out.

They should have been allowed to fail.

The free market saw how usless they are and created cryptocurrency.
 
2021-03-01 12:45:46 PM  

cman: The banks made it a digital currency a long time ago


Then they immediately stuck their thumbs up everyones asses.
 
2021-03-01 1:17:15 PM  

log_jammin: Jedekai: Federal law still mandates one physical dollar for each digital one

i'd love to see a citation for that.


Fark user imageView Full Size

It has been a long time since money was tied to anything physical. It's just numbers in a database now. Need more? Change the numbers.
 
2021-03-01 1:22:46 PM  

Linux_Yes: Sasquach: Linux_Yes: moku9: Isn't the FDIC a giant con?

Bitcoin is insured too.

By a public ledger using open source decentralized peer to peer software used by a humongous community from all over the world.

I would rate that as pretty good insurance.

Unless the world ends of course.

Remember back in '08 when a bunch of banks went belly up?

And depositors didn't have to worry about their money?

The FDIC is why.

Socialist wall street knew public money would bail them out.

They should have been allowed to fail.

The free market saw how usless they are and created cryptocurrency.


We tried that. It didn't go well.
 
2021-03-01 1:36:08 PM  

moku9: Isn't the FDIC a giant con?


If it was, 2008 would have been a much worse year.  Particularly for WaMu customers.
 
2021-03-01 5:37:13 PM  

Sasquach: Linux_Yes: moku9: Isn't the FDIC a giant con?

Bitcoin is insured too.

By a public ledger using open source decentralized peer to peer software used by a humongous community from all over the world.

I would rate that as pretty good insurance.

Unless the world ends of course.

Remember back in '08 when a bunch of banks went belly up?

And depositors didn't have to worry about their money?

The FDIC is why.


Well, depositors with balances under $100,000, it wasn't raised to $250,000 until October.
 
2021-03-01 8:01:59 PM  

Linux_Yes: moku9: Isn't the FDIC a giant con?

Bitcoin is insured too.
By a public ledger using open source decentralized peer to peer software used by a humongous community from all over the world.
I would rate that as pretty good insurance.
Unless the world ends of course.


I've been around crypto since the days the term referred to "cryptography", and, ... no.
Somehow the business plan of almost every significant cryptocurrency exchange includes "Oh, noes, haxxors somehow absconded with all the coins stored in our exchange, sorry folks!"

(There are other exchanges that mainly focus on trash coins, and the usual ICOs for scamcoins and sillycoins, and it's pretty interesting right now to look at the Tether-based exchanges which seem to be buying huge quantities of Bitcoin with Tether, in what has been alleged to be a way for them to monetize printing large quantities of not-actually-backed Tether stablecoins.)

And Bitcoin simply can't handle the transaction volume needed to run any significant fraction of a real economy, leading to weaker sidebar systems like Lightning and all the different DAG projects, most of which work by kiting the actual settlement in one way or another.

Also, we don't know where Satoshi's original stash went, whether or not Satoshi was really the late great Hal or not (who everybody I know who knows him thinks was a great guy, and F--- ALS disease.)
 
2021-03-01 10:49:52 PM  
idk lots of interesting things you can do with digital, you can add features that can't happen in paper money, like if it as not been used in a taxable transaction in say 4 months it gets taxed at 5%, or if it as not been used in a transaction involving physical production or exchange of a physical product in 1 year it gets taxed at 7-10% etc etc etc.  (could adjust the numbers lower too still would make the circulation of money go way faster)
 
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