Digital dollar?

[fryarminer]

At dinner tonight someone told me they had heard that currency in the U.S. would be digital by October. Then I read this article:

http://moneywise411.com/government-attempts-to-ban-cash-whats-most-disturbing-is-why-theyre-doing-it/?ppc=378527

Anyone else heard about this?

[PenguinFire]

I haven't and don't see this happening; especially soon like you believe. That site isn't very informative.  Terrible article really.

[moni3z]

Louisiana tried the same law in 2011, Denmark is also actively trying to ban cash transactions, "experts" who conveniently work for banks are pushing for a cash ban too http://www.bloomberg.com/news/articles/2015-04-10/citi-economist-says-it-might-be-time-to-abolish-cash

It's unlikely to happen completely, bank software is just too shitty, fees too high, the simplest online transactions are made not simple to deter fraud, and infrastructure even in first world countries too poor to pull off.  

[LiteCoinGuy]

October, right!  Maybe in two weeks if everything works fine

[dothebeats]

That digital dollar though. Isn't most of the dollar already exists in the virtual world by means of bank accounts?

[fryarminer]

well, true of false as the rumor may be, a digital dollar would track how you breathe to such an extent that I wouldn't want to be in the country anymore.

[erikalui]

TFS 


Don't get why they want to ban "cash" transactions. Due to black money and so that they can track everyone's income? I cannot believe they have less American cash. This statement is just too insane " illegal to exchange cash dollars for gold or any precious metals."

[TYT]

Not gonna happen anytime soon especially by October. Article looks bs to me. I do wonder if this is something they will push for in the future.

[Finchy]

Louisiana tried the same law in 2011, Denmark is also actively trying to ban cash transactions, "experts" who conveniently work for banks are pushing for a cash ban too http://www.bloomberg.com/news/articles/2015-04-10/citi-economist-says-it-might-be-time-to-abolish-cash

It's unlikely to happen completely, bank software is just too shitty, fees too high, the simplest online transactions are made not simple to deter fraud, and infrastructure even in first world countries too poor to pull off. 

I don't think it would be convenient at all and banks would struggle if cash was abolished I think. I think banning cash is really authoritarian and just another way to keep track on everything we spend our money on. Getting rid of cash really would be spooky to me, but then again I think bitcoin is an attempt to do this but we have the freedom to remain pseudo anon with it.

[celebreze32]

Over twenty years ago someone told me they would only be using electronic money soon, and that cash would no longer be used. Here we are twenty years later and we are still using cash. That article sounds as reliable as my friends prediction all those years ago. I think that in another twenty years we will still be using cash, and they won't ban either cash or Bitcoin.

[jjacob]

Even without the government's active efforts, the use of hard cash has decreased, primarily due to the convenience factor.
It will take time, but the use of coins and notes will gradually decrease.
Even in the developing world, electronic money transfer systems account for a majority of bank transactions.

[Amph]

Not gonna happen anytime soon especially by October. Article looks bs to me. I do wonder if this is something they will push for in the future.

do we really care? when we are aiming to embrace bitcoin in the future, which should be the future payment system at least in theory... for what it's worth they can ban cash even today, i'm not using it anymore

and using a "digital dollar" will not be different than current electronic money

[God27]

Everyday it seems there's a new article about a new currency in October. Its just pure speculation based on annual meetings by the IMF. Also China and Russia are doing whatever they can to get away from having to convert to the dollar for things, its just not fair. They want their own swift system so they don't have to worry about the USA getting in the middle of everything.

One scam going on here is being told to buy the Yuan now after everyone else has already been in for a while because its value will increase when the IMF names the communist country a reserve currency.

[gentlemand]

At dinner tonight someone told me they had heard that currency in the U.S. would be digital by October. Then I read this article:

http://moneywise411.com/government-attempts-to-ban-cash-whats-most-disturbing-is-why-theyre-doing-it/?ppc=378527

Anyone else heard about this?

October? Slightly short notice to totally upend a country of millions, no?

TFS  

Don't get why they want to ban "cash" transactions. Due to black money and so that they can track everyone's income? I cannot believe they have less American cash. This statement is just too insane " illegal to exchange cash dollars for gold or any precious metals."

Cashless is an authoritarian's dream. In theory there's no possible tax evasion, all spending can be monitored, people can be completely frozen out of the financial system in an instant, things such as bank bail ins could not be avoided.

Cash is already being squeezed around the world.

http://www.zerohedge.com/news/2015-05-05/following-terrorist-fighting-ban-cash-france-passes-le-patriot-act

Maybe people are being sold on the concept of convenience. Once cash is gone they're going to wonder why on earth they sleepwalked into something so potentially damaging.

[AtheistAKASaneBrain]

At dinner tonight someone told me they had heard that currency in the U.S. would be digital by October. Then I read this article:

http://moneywise411.com/government-attempts-to-ban-cash-whats-most-disturbing-is-why-theyre-doing-it/?ppc=378527

Anyone else heard about this?

It will eventually happen. There's an agenda to get rid of all physical cash, which means they will release some sort of closed source crypto currency that's the equivalent of digital fiat... a total scam. I hope that makes Bitcoin even more used.