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Jmayer20
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electronic currency Nov. 29th, 2012 @ 03:10 PM Reply

What do you think about the idea of us switching to electronic currency? What do you think the pros and cons would be? Are you for or against it? Please explain.

Feoric
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Response to electronic currency Nov. 29th, 2012 @ 04:06 PM Reply

At 11/29/12 03:10 PM, Jmayer20 wrote: What do you think about the idea of us switching to electronic currency? What do you think the pros and cons would be? Are you for or against it? Please explain.

Dollars are already electronic. Ever buy something off Amazon?

Jmayer20
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Response to electronic currency Nov. 29th, 2012 @ 04:29 PM Reply

At 11/29/12 04:06 PM, Feoric wrote:
At 11/29/12 03:10 PM, Jmayer20 wrote: What do you think about the idea of us switching to electronic currency? What do you think the pros and cons would be? Are you for or against it? Please explain.
Dollars are already electronic. Ever buy something off Amazon?

Is there anything else you would like to say? I was referring to the whole economy changing to a electronic currency system. What do you think the pros and cons of that would be?

Feoric
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Response to electronic currency Nov. 29th, 2012 @ 04:52 PM Reply

At 11/29/12 04:29 PM, Jmayer20 wrote: Is there anything else you would like to say? I was referring to the whole economy changing to a electronic currency system. What do you think the pros and cons of that would be?

What I'm saying is why would there have to be an online currency? Every online currency project in the past has been a spectacular failure, of course it's a terrible idea.

Dawnslayer
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Response to electronic currency Nov. 29th, 2012 @ 05:39 PM Reply

Let's try this one more time. If the United States government, or the government of any nation of your choice, passed legislation to discontinue the production of physical currency in favor of a federally run and regulated system of digital capital, what do you think the positive and negative effects on society could be?

--

Personally, I think it's a bad idea. One, even fiscally responsible people have trouble keeping track of their money when they're using a debit or credit card to spend it. There's something about having physical cash in hand that reminds us to be mindful of our limits; without that voice in our head, we run the risk of racking up personal debt, which contributes to inflation. Two, how would people keep and use their money outside of their bank accounts? For instance, instead of storing money in a coffee can, would we able to set aside digital currency in a USB drive, or does every cent have to stay inside of a closed system? And what's to stop the government, or anyone else for that matter, from tracking every transaction you make? Three, it's already hard enough to keep counterfeit physical currency out of circulation. Counterfeiting digital currency could be even easier, and destroy its value.

On the other hand, it could eliminate or massively reduce the cost of minting currency. Considering it costs more than a penny to make a penny, this would be a definite advantage.

qwertyfreak
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Response to electronic currency Dec. 13th, 2012 @ 08:29 AM Reply

At 11/29/12 05:39 PM, Dawnslayer wrote: Let's try this one more time. If the United States government, or the government of any nation of your choice, passed legislation to discontinue the production of physical currency in favor of a federally run and regulated system of digital capital, what do you think the positive and negative effects on society could be?

--

Personally, I think it's a bad idea.

I have to say that I definitely agree with you on that point. There's no way that a fully electronic currency can be a good idea, especially if it is implemented quickly. The first major problem would be the bugs, especially if it is run by the government. I've heard enough horror stories about the government trying to build these kinds of things, even missile guidance systems. One of my friends was a programmer for the DoD and said that they're all required to use Ada, the most useless language in the world, so they build a backdoor in C or C++ so that they can write useful code, then the code doesn't work well with the Ada front end, and it makes a complete mess. Imagine they try to build a banking system like that, and they take all kinds of shortcuts. Not only would it work poorly, but it would also be easy to counterfeit money and generally cause problems with the system.

Then, theres the issue of the poor and homeless. How would they have access to food and other necessities without an electronic "account" of sorts, which would be necessary to even buy food? Then there's the issue of government tracking. If they want to catch drug dealers and such - I assume that interpersonal transactions would work WITHOUT tax or fees, which presents its own problem - let them do so, but the problem arises when they start going through everything. For example, if I want to buy an old box of tools from my friend who doesn't need them anymore, are the police going to show up at my door with a warrant to look for drugs? Then there's just the general resellers dilemma. Should you even be allowed to resell things? Or does the company still have the sole rights to sell the product even after you bought it?

So overall, I think that an exclusively electronic economy is definitely not a good idea.


From the freak on your keyboard.

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morefngdbs
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Response to electronic currency Dec. 13th, 2012 @ 08:34 AM Reply

At 11/29/12 05:39 PM, Dawnslayer wrote: Let's try this one more time. If the United States government, or the government of any nation of your choice, passed legislation to discontinue the production of physical currency in favor of a federally run and regulated system of digital capital, what do you think the positive and negative effects on society could be?

;;;;
I want to shop at a community sale .
OOOPS NO WAY TO PAY FOR ANYTHING !

I want to buy something off a seller on Kijiji

OOOOPS NO WAY FO RUS TO EXCHANGE CURRENCY FOR GOODS

Shall I continue with all the hundreds if not thousands of other problems ?


Those who have only the religious opinions of others in their head & worship them. Have no room for their own thoughts & no room to contemplate anyone elses ideas either-More

Earfetish
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Response to electronic currency Dec. 13th, 2012 @ 08:36 AM Reply

it'll all be electronic contactless payments in the future, paper money will likely be an anachronism in as little as a decade and mobile phones will be able to transfer and receive money. Y'all are Luddites.

Ericho
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Response to electronic currency Dec. 16th, 2012 @ 11:18 AM Reply

You need to elaborate. How exactly would you make this electronic currency? Are you talking about monetary value you would gain from something that only exists in cyberspace? That sounds like it would be pretty bad for the economy, as it would be possible for poor people without computers to do this. It's still easier for them to have paper money. Of course, most values in banks are electronic nowadays anyway.


You know the world's gone crazy when the best rapper's a white guy and the best golfer's a black guy - Chris Rock