Hello! Thanks for your post. I'll admit I prefer to read than to commit to watching a video, but that's just me...keep doing your thing please! In any case, I wanted to answer the question in your title simply: YES. A cashless society would be very bad for the people. We are already losing/have already lost our privacy. The bill of rights is being eroded and attacked constantly, whether we take notice or not. Almost the only thing we have left is some level of control over how we spend and the vehicle we use to do so. Limiting options that protect financial confidentiality is a step towards limiting freedom altogether. Caution to all. Thanks for being a thinker!
I haven't listened to part 1 or 2 but in this video you didn't address the issue of a Cashless Society, and yes a Cashless Society would be a very dangerous thing.
It would mean that people who don't have cryptos or silver or gold (the great majority)would completely loose control of their money.
It would mean the banks or other financial institutions would have full control of it, and with such control they could and almost certainly would do nefarious things that they can't currently do.
E.G. They could introduce negative interest rates so your wealth would continually decrease and there'd be nothing you could do about it. You couldn't take your money out(since there'd be no cash. So all you could do would be to transfer it to another bank. But if all the banks had negative interest rates what would you do then?
They could refuse to allow you to buy cryptos or precious metals. and that's just the tip of the iceberg.
They could freeze your account for any reason e.g. they consider you a dissident, a money launder, a racist or if they don't like you for any reason, you name it.
Don't forget if your account gets frozen you are completely penniless. You can't even buy a cup of coffee or a bottle of water not to mention pay your rent, put fuel in your car.etc. etc.
Others can't loan you money since the only way they could do that would be to deposit it in your account (which is frozen). You couldn't even beg or busk for the same reason.
In short you'd die of hunger, thirst and/or exposure.
A Cashless Society would have the very same effect as everybody being chipped, where they could turn off your chip at any time and your life is effectively over. This would give the Governments and banks complete control over every single thing you do so you would effectively be trapped and enslaved to them with no way to escape.
This would be by far the worst form of tyranny imaginable, and if you think they wouldn't do this, just look at what's already happening e.g. with Paypal etc. cutting off the accounts of websites etc they, or someone else doesn't like, mostly for political reasons.
I could go on but that's just a glimpse of the possibilities.
Yes..you are correct. Sorry I jumped the gun bit there.
So I've watched part 1 and 2 and yes they're very good and I've given you upvotes and will resteem part 1.
One (side issue) I'd like to address is your difficulty in properly understanding the fundamental basis for the valuation of Bitcoin and other cryptos .
Many gold bugs including Peter Schiff consider them to have no "intrinsic" value, unlike gold and silver.
I used to believe this too. i.e that a sound currency had to be based on something of intrinsic value, but after I read the Satoshi white paper I began to realise that this wasn't necessarily the case.
In fact the only reason for the requirement for backing by something of intrinsic value was so the issuers couldn't debase it by producing excessive or unlimited amounts of it.
Now with Bitcoin etc., because of the hard limit on it's issuance 21million this can't happen, so it will be intrinsically deflationary. This means it's value will tend to grow rather than diminish over time.
While the price is set by supply and demand it's real value is it's Utility. i.e. All the things you mentioned like no third party control or interference, It's ability to transact almost instantaneously to any part of the World and the fact that it can be used as a very secure store of wealth.
These properties are what drive the demand for it, and as long as demand outstrips supply the price will continue to rise, and as long as these properties remain attractive (and I can't see why they wouldn't) it will continue to rise.
As a gold and crypto holder I now believe that the value of gold is over rated. While it's value is also determined by supply and demand, currently the vast majority of it's demand is for use as a store of wealth/value. Cryptos could eventually replace that demand which would cause gold to revert to it's real intrinsic value i.e. for jewellery, ornamentation. and some electronics, and with a large supply the price could go very low.
While I don't expect this to happen any time soon I could see it happening in the not too distant future.
"How does one resteem an article or comment?"
You press the little grey square folded arrow which is on the left of the "Reply" under an article or comment.
Governments could conceivably issue a paper currency backed by a crypto like Bitcoin or a basket (average)of cryptos in the same way they used to back it by gold.
Physical U.S. Coinage shall be the Foundation upon which the U.S. Trade Dollar and the U.S. Crypto-Dollars and Decimal Cents shall be Built...
IN GOD WE "TRUST" THE PLAN...
Is this a fact or speculation? At this stage Physical U.S. Coinage is almost valueless since it's now made of mostly base metals like nickel and copper.
Doesn't sound like a great PLAN
The Day will Come when People will be Buying Pure Gold using Copper Coated Zinc Pennies... By the way... What's the Burn Value of Paper Debt Notes...???
Hello! Thanks for your post. I'll admit I prefer to read than to commit to watching a video, but that's just me...keep doing your thing please! In any case, I wanted to answer the question in your title simply: YES. A cashless society would be very bad for the people. We are already losing/have already lost our privacy. The bill of rights is being eroded and attacked constantly, whether we take notice or not. Almost the only thing we have left is some level of control over how we spend and the vehicle we use to do so. Limiting options that protect financial confidentiality is a step towards limiting freedom altogether. Caution to all. Thanks for being a thinker!
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try this https://smaulgld.com/the-dark-side-of-cashless-society/
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I haven't listened to part 1 or 2 but in this video you didn't address the issue of a Cashless Society, and yes a Cashless Society would be a very dangerous thing.
It would mean that people who don't have cryptos or silver or gold (the great majority)would completely loose control of their money.
It would mean the banks or other financial institutions would have full control of it, and with such control they could and almost certainly would do nefarious things that they can't currently do.
E.G. They could introduce negative interest rates so your wealth would continually decrease and there'd be nothing you could do about it. You couldn't take your money out(since there'd be no cash. So all you could do would be to transfer it to another bank. But if all the banks had negative interest rates what would you do then?
They could refuse to allow you to buy cryptos or precious metals. and that's just the tip of the iceberg.
They could freeze your account for any reason e.g. they consider you a dissident, a money launder, a racist or if they don't like you for any reason, you name it.
Don't forget if your account gets frozen you are completely penniless. You can't even buy a cup of coffee or a bottle of water not to mention pay your rent, put fuel in your car.etc. etc.
Others can't loan you money since the only way they could do that would be to deposit it in your account (which is frozen). You couldn't even beg or busk for the same reason.
In short you'd die of hunger, thirst and/or exposure.
A Cashless Society would have the very same effect as everybody being chipped, where they could turn off your chip at any time and your life is effectively over. This would give the Governments and banks complete control over every single thing you do so you would effectively be trapped and enslaved to them with no way to escape.
This would be by far the worst form of tyranny imaginable, and if you think they wouldn't do this, just look at what's already happening e.g. with Paypal etc. cutting off the accounts of websites etc they, or someone else doesn't like, mostly for political reasons.
I could go on but that's just a glimpse of the possibilities.
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Yes those topics were covered in parts 1 and 2- extensively in part 2
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Yes..you are correct. Sorry I jumped the gun bit there.
So I've watched part 1 and 2 and yes they're very good and I've given you upvotes and will resteem part 1.
One (side issue) I'd like to address is your difficulty in properly understanding the fundamental basis for the valuation of Bitcoin and other cryptos .
Many gold bugs including Peter Schiff consider them to have no "intrinsic" value, unlike gold and silver.
I used to believe this too. i.e that a sound currency had to be based on something of intrinsic value, but after I read the Satoshi white paper I began to realise that this wasn't necessarily the case.
In fact the only reason for the requirement for backing by something of intrinsic value was so the issuers couldn't debase it by producing excessive or unlimited amounts of it.
Now with Bitcoin etc., because of the hard limit on it's issuance 21million this can't happen, so it will be intrinsically deflationary. This means it's value will tend to grow rather than diminish over time.
While the price is set by supply and demand it's real value is it's Utility. i.e. All the things you mentioned like no third party control or interference, It's ability to transact almost instantaneously to any part of the World and the fact that it can be used as a very secure store of wealth.
These properties are what drive the demand for it, and as long as demand outstrips supply the price will continue to rise, and as long as these properties remain attractive (and I can't see why they wouldn't) it will continue to rise.
As a gold and crypto holder I now believe that the value of gold is over rated. While it's value is also determined by supply and demand, currently the vast majority of it's demand is for use as a store of wealth/value. Cryptos could eventually replace that demand which would cause gold to revert to it's real intrinsic value i.e. for jewellery, ornamentation. and some electronics, and with a large supply the price could go very low.
While I don't expect this to happen any time soon I could see it happening in the not too distant future.
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I too have move on from the intrinsic value complaint. Thanks for the upvotes. How does one resteem an article or comment?
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"How does one resteem an article or comment?"
You press the little grey square folded arrow which is on the left of the "Reply" under an article or comment.
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Thank you for your continued support of SteemSilverGold
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As long as we have the Power to Coin Money and regulated it's Value, there will always be Physical...
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as there should be...
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Governments could conceivably issue a paper currency backed by a crypto like Bitcoin or a basket (average)of cryptos in the same way they used to back it by gold.
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Physical U.S. Coinage shall be the Foundation upon which the U.S. Trade Dollar and the U.S. Crypto-Dollars and Decimal Cents shall be Built...
IN GOD WE "TRUST" THE PLAN...
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Is this a fact or speculation? At this stage Physical U.S. Coinage is almost valueless since it's now made of mostly base metals like nickel and copper.
Doesn't sound like a great PLAN
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The Day will Come when People will be Buying Pure Gold using Copper Coated Zinc Pennies... By the way... What's the Burn Value of Paper Debt Notes...???
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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