Peter Bofinger A Cashless Germany Bitcoin replacing Fiat in germany soon ?

[srgkrgkj]

http://themerkle.com/news/peter-bofinger-a-cashless-germany-a-good-topic-for-g7-summit/4715/

It has come as mysterious but positive news as well known German economist, Peter Bofinger, voiced his opinions on a cashless economy and its benefits on the economy in terms of social benefits that a economy of this scale could provide. Whilst Germany is one of the biggest economies on the plane, providing much of the international industrial power alongside China, is likely to become one of Bitcoins next pastures as the country thrusts itself to modernize its aging but vast economy.

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[Cluster2k]

http://themerkle.com/news/peter-bofinger-a-cashless-germany-a-good-topic-for-g7-summit/4715/

It has come as mysterious but positive news as well known German economist, Peter Bofinger, voiced his opinions on a cashless economy and its benefits on the economy in terms of social benefits that a economy of this scale could provide. Whilst Germany is one of the biggest economies on the plane, providing much of the international industrial power alongside China, is likely to become one of Bitcoins next pastures as the country thrusts itself to modernize its aging but vast economy.

I invoke Betteridge's law of headlines.   "Any headline that ends in a question mark can be answered by the word no."

This applies to forum postings too.

[Chef Ramsay]

I don't know much about what's going on in Germany other than they're pretty smart people in general and they have one of the more responsible governments in Europe. Go figure on how things can change over the decades and for the worse in the US. Things would radically have to change for the US to ever consider bitcoin as the cashless currency, the entitlements and military posture aren't sustainable. Not to mention, the job market is so increasingly weak.

[oblivi]

The trend is obvious, they want to get rid of cash, AND they'll probably not want to use Bitcoin, so they'll try to pass us some sort of centralized, fiat electronic scam. It depends on the people using the official crap, or the real thing (Bitcoin).

[Denker]

Germany is one of the developed countries where cash is way more used than credit or debit cards.Americans and some of our european neighbours are always suprised of how much we pay in cash if they visit the country. As this announcement from Bofinger was published today by spiegel magazine people in the comment section went crazy.

[Q7]

The first thing that would thrust people's mindset into accepting change and finally adopting bitcoin and its cashless concept is mostly, I would say being driven by the instability in the euro. I imagine if there is another collapse, people would finally realize the true potential of having a decentralized currency and decide which one is really the true money.

[Ektra]

The quote in the article:
"If these away, the markets for undeclared work and drugs could be dried out. In addition, it would have the central banks easier to enforce its monetary policy.The teaching in Würzburg economics professor called on the federal government to promote at the international level for the abolition of cash. “That would certainly be a good topic for the agenda of the G-7 summit in Elmau,” he said."

'central banks easier to enforce its monetary policy' is pretty much the opposite of suggesting Bitcoin as a replacement for cash. He just wants to make fiat currency even more baseless and vaporous, not limited and scarce like Bitcoin.

[Denker]

The quote in the article:
"If these away, the markets for undeclared work and drugs could be dried out. In addition, it would have the central banks easier to enforce its monetary policy.The teaching in Würzburg economics professor called on the federal government to promote at the international level for the abolition of cash. “That would certainly be a good topic for the agenda of the G-7 summit in Elmau,” he said."

'central banks easier to enforce its monetary policy' is pretty much the opposite of suggesting Bitcoin as a replacement for cash. He just wants to make fiat currency even more baseless and vaporous, not limited and scarce like Bitcoin.

Right! He wants a digitized Euro with it's actual features controlled by central banks. And that is what people pisses off because they know this means total control.

[afbitcoins]

Germany will definately not adopt bitcoin, neither will any other large western nation. That is guaranteed.

The war on cash is real however. Bankers want to start forcing negative interest rates on us, to force consumers to spend instead of save, ie to borrow even more debt and become even more enslaved. This means your money will shrink if left in your account. If people have the option of avoiding negative interest rates by withdrawing cash and sticking it under the mattress that wont work. Even worse for the bank that would cause a run on the bank. So cash is there as a barrier to bankers forcing even more debt on us by these negative interest rates. This is why they want to remove cash.

If you notice there is a campaign in the media to make cash seem like it is old fashioned and not needed because it is inconvinient, or expensive to handle. These are lies, real reasons are as outlined above.

This will all be positive for stores of value like gold, silver and bitcoin, unless these are somehow outlawed. (won't suprise me if they try)


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Edit: By cash I mean physical notes and coins. Electronic fiat will become the only money. (That is nothing similar to crypto)

[600watt]

to angela merkel the internet is virgin soil (Neuland)

germany is lagging behind when it comes to crypto. not much vc, not many start-ups, completely ignorant government, not much academic research

sorry folks, but do not expect anything big from germany when it comes to bitcoin.

[Erdogan]

Will not be practical, will not curb the blue market, will not happen. It's a trial ballon, it is a deception. Focus on the governments stealing, and the (hopefully soon diminishing) trust in the debt.

[afbitcoins]

Sharing this article from JS Kim, although he's more into gold, speaks a lot of sense about bankers..


What's the End Game for the Bankers' Cashless Society?

by JS Kim

In these newsletters, we've been informing you of the extremely aggressive global banker push to enforce a cashless society upon us. In fact, the Denmark Central Bankers have already stated that they will stop printing new coins and new paper money in 2016 and that, starting in 2016, all vendors in Denmark can legally refuse to accept all coins and paper money for their goods and services! A top Citibank banker, Willem Buiter, has been urging the US government and Fed Reserve bankers to ban all cash transactions in the US as has Harvard professor Ken Rogoff, and most recently German economist Peter Bofinger has joined the bandwagon in calling for the Bundesbank to ban all cash in Germany. Is there anyone that is not calling for a ban in the use of cash in this world? And why are bankers so adamant about banning cash after hundreds of years of allowing cash as money but making all other forms of competitive money such as gold and silver illegal? What is happening in globa l currency markets right now that have they become so adamant about banning cash now? For answers to these questions, watch our video below.


Any logical person would conclude that this vocal and aggressive banker-sponsored movement points to enormous frailties and stresses in the current global banking system to which most are still blissfully unaware. And why have these frailties arisen? The answer clearly is because bankers have engaged in so much fraud with their ZIRP, QE policies and  currency wars that the entire existence of the global fractional reserve banking system is now being threatened with terminal failure

https://www.youtube.com/watch?v=_OKyzcvy-P8

[leopard2]

The trend is obvious, they want to get rid of cash, AND they'll probably not want to use Bitcoin, so they'll try to pass us some sort of centralized, fiat electronic scam. It depends on the people using the official crap, or the real thing (Bitcoin).

THIS ^

Of course, of course. Politicians want society to become cashless in order to control people - and make deeply negative interest rates possible. Also bank runs won't be possible anymore, therefore fractional banking would become limitless.

Cashless society is a bad and thoroughly evil thing.

Replacing fiat cash with bitcoin beats the purpose. 

[Erdogan]

There is in fact nothing new in the messages from Denmark. The requirement to use the so called legal tender is just for paying where the method is not otherwise specified, for taxes and for payments decided by a court ruling. And the no more printing money rectangles part, that was only outsourcing.

For any voluntary trade, the method of payment can be specified in the agreement, and it can be anything, including any kind of money. So a business can say that we offer this and this, for payment with a debit card. This is in fact common for services like power, internet and mobile phone. And it is possible for any shop, bar and restaurant, the seller must only promptly declare that in this place, we take only card payments.

The market decides if this is possible. For internet service it is, for restaurants and stores it is not, currently.

Why this is a thing in the media now, it could be a diversion, it could be way to teach people that what we now have, a money system that is bad for saving, is in fact for the common good, or good for you, or whatever. It could be to confuse people to accept a rule change that in reality contains something else. Could it be just honest information from a journalist to it's readers? No, if that were the case, the information should be correct, which it isn't.