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Author Topic: Bloomberg on cash vs bitcoin  (Read 1343 times)
Biodom
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November 20, 2015, 03:45:28 PM
 #1

http://www.bloombergview.com/articles/2015-11-20/bitcoin-is-better-than-cash-for-keeping-track-of-terrorists

interesting statistics-cash is used in 85% transactions worldwide and 55% in US.
I think that abolishing cash is misguided.
What they are going to do-issue bank cards to 3 bil who don't have banking?
Lose 85% of transactions worldwide?
At least the author advises to leave bitcoin alone as no stupid t-ist uses it-they use cash and they always used cash or gold.
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November 21, 2015, 06:18:28 AM
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I agree with you and with the author although some of the feedback's on there, were against him ... Also to add up, the t-ist do use some buy and sell of guns in order to earn money for their plans and it seems that the media and governments found this as an opportunity to drag bitcoin or any virtual currency down as making it the excuse of the main funding on this matter which is pure BS and the author explained that in great details so in short, they (t-ists) would never risk their funds for being less traceable wherein they could lose in a day, a large value of what they have in hand.... What I liked about this article was that, on some countries there are limits on using cash which is a smart thing to do in this case

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November 21, 2015, 08:34:30 AM
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My God, finally someone has pointed to this fact i'm talking about everytime they claim bitcoin is only for illicit stuff.
Just make ID verifications on exchanges a must, and there's no better way to track where money goes from and where it goes.

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November 21, 2015, 08:43:27 AM
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http://www.bloombergview.com/articles/2015-11-20/bitcoin-is-better-than-cash-for-keeping-track-of-terrorists

interesting statistics-cash is used in 85% transactions worldwide and 55% in US.
I think that abolishing cash is misguided.
What they are going to do-issue bank cards to 3 bil who don't have banking?
Lose 85% of transactions worldwide?
At least the author advises to leave bitcoin alone as no stupid t-ist uses it-they use cash and they always used cash or gold.

I'm glad some of the media outlets still show some darn honesty and integrity, the author was accurate that cash is the main use of the illegal market and Bitcoin is still small even summing up all transactions it's good to see some views that are more comprehensive than the ones the EU mentioned.

As for the comments on that page ban cash logic lol.
---
Juth Judson cited estimates of about 50 percent of all U.S. cash in circulation in 2011. If applied  to current data, that suggests $670 billion in U.S. banknotes is being used outside of the U.S. This dwarfs Islamic State's estimated $2 billion asset base.

It's also at least 15 times the amount of money moved every year in all kinds of so-called hidden digital payments -- through digital wallets, mobile money and virtual currencies.

If Islamic State moved all its transactions, hundreds of millions of dollars a year, into the bitcoin universe, the virtual currency's rate would spike wildly. Today, only 14.8 million bitcoins have been "mined," for a total of $4.7 billion at the current exchange rate.
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November 21, 2015, 09:47:09 AM
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The title is very promising: that's it. We're talking about a pseudoanonymous mean. In which it is very difficult to move large sum of money without being noticed. And suspected addresses can be constantly monitored from when they're created till they die
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November 21, 2015, 10:00:31 AM
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My God, finally someone has pointed to this fact i'm talking about everytime they claim bitcoin is only for illicit stuff.
Just make ID verifications on exchanges a must, and there's no better way to track where money goes from and where it goes.



Got me wondering, I wonder of silver,gold and bitcoin are just other schemes for the war on cash.
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November 21, 2015, 10:24:28 AM
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Attack bitcoins, because you can't attack cash.
Governments are aware that cash poses the greatest risk, yet they continue to villify Bitcoin.

PS - This is a bloombergview article. It doesn't necessary reflect the view of Bloomberg.  Smiley
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November 23, 2015, 11:34:52 AM
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Bitcoin is quite different from cash. It is traceable. So the authority will know the flow of bitcoin transaction.
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November 23, 2015, 12:27:29 PM
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Bitcoin is quite different from cash. It is traceable. So the authority will know the flow of bitcoin transaction.

the movements are traceable not the owner, cash is also traceable if you take it from atm, so unless you counterfeit it i can't see how cash is not traceable nowadays
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November 23, 2015, 10:49:31 PM
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Of course cash is still a king and it will be for years to come, of course if this financial system doesn't fall apart completely, which I don't think it will happen after all.

But the world is going towards the cashless operations, more and more. Especially the Western countries. And I think this trend will continue and even speed up in the near future!
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November 24, 2015, 11:45:37 AM
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Bitcoin is quite different from cash. It is traceable. So the authority will know the flow of bitcoin transaction.

the movements are traceable not the owner, cash is also traceable if you take it from atm, so unless you counterfeit it i can't see how cash is not traceable nowadays

If you buy something with cash from an ATM the change you get is untraceable. If you wanted to launder money from an ATM you could buy a small value thing with each bill separately until you had none of your original bills remaining. The change in smaller value blls would be untraceable.
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November 24, 2015, 12:32:28 PM
 #12

Bitcoin is quite different from cash. It is traceable. So the authority will know the flow of bitcoin transaction.

the movements are traceable not the owner, cash is also traceable if you take it from atm, so unless you counterfeit it i can't see how cash is not traceable nowadays

If you buy something with cash from an ATM the change you get is untraceable. If you wanted to launder money from an ATM you could buy a small value thing with each bill separately until you had none of your original bills remaining. The change in smaller value blls would be untraceable.

how atm is untraceable, if they travel on visa or mastercard circuit? everything that travel there is traceable, if government really want to investigate, after all it's their money
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November 24, 2015, 12:38:59 PM
 #13

Bitcoin is quite different from cash. It is traceable. So the authority will know the flow of bitcoin transaction.

the movements are traceable not the owner, cash is also traceable if you take it from atm, so unless you counterfeit it i can't see how cash is not traceable nowadays

If you buy something with cash from an ATM the change you get is untraceable. If you wanted to launder money from an ATM you could buy a small value thing with each bill separately until you had none of your original bills remaining. The change in smaller value blls would be untraceable.

how atm is untraceable, if they travel on visa or mastercard circuit? everything that travel there is traceable, if government really want to investigate, after all it's their money

Yes, ATMs are very traceable. Only untraceable system is cash in hand if we assume that no-one has marked the bills or written down serial number bills, which is very hard and cumbersome process for following and tracing someone!
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November 24, 2015, 01:58:24 PM
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As much as they try to phase it out, cash will always have a place. I think we are getting close to the critical mass of cards. I use cash for a lot of things because I just prefer to. So do my parents and a lot of my friends. When I call my bank to see if my rent check went through I don't want to hear 20 $5-$10 transactions before I get to it. All the little stuff is paid in cash. Its better for the merchants too.
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