Nowhere to Hide: IMF Advocates a Cashless World

[Taki]

A monopoly over currency exchange.

There is no any monopoly over currency exchange. You can go in a bank and exchange your money by bank's prices or can go in a street exchanger and exchange there. The world is too far from the bank's monopoly, baddy 

[deisik]

When you have no cash (or some other asset as liquid as cash-might be gold or bitcoin), you will stay vulnerable to a financial crisis. They don't want you to stay liquid. They want to bury you down with Real Estate investments, Iphones, Car loans... When the shit hits the fan, you won't be able to lift a finger and banks will you rip you off one more time.

Remember when Donald Trump complained corporate taxes in the united states?

He said none of america's wealthy nor american corporations were able to bring their money into the united states to help its economy due to tax rates being too high?

I wonder sometimes, if those high tax rates aren't deliberately implemented to keep their billions in offshore bank accounts.

So that when the world economies begin to crash, banks can steal from the wealthy and big corporations whose money they're holding.

Donald Trump is a billionaire, but the majority of his money is probably held in accounts of foreign banks. The same can likely be said for google, apple, microsoft--many big corporations and wealthy elites

If that corporate tax rate is reduced, as Trump has planned, things are going to get very interesting if big corporations and wealthy elites are able to extract their money out of the foreign banks where they're held, almost as a form of ransom

You make a few false assumptions in your post

First, banks and large international corporations are essentially the same. Some corporations even set up their own banks (though the connection may be not open, of course), so they can't possibly steal their own money. Further, you erroneously assume that the wealth of both big and small corporations consists in money they keep in banks. This is obviously not so. Even the largest corporations may have a very small amount of money in their bank accounts, just enough for current operational expenses. And if these expenses are small it doesn't make sense to keep plenty of money in the bank account

[Qartada]

In the current pseudo fractional reserve banking system, a cashless world is completely impractical.  The global banking system has already suffered a couple of big wobbles - in 1929 and 2008 - and who knows what will have happened a couple of hundred years from now considering that the banking system is solely based on debt and represents no value.  Existing money is only based on previous fake money and it goes on and on until exponential growth stops, which it inevitably will.

More trust in banks is completely stupid since you'd have to trust a private company to have the money for you.

A person needs to control their own money, and a "cashless world" as they would want it doesn't give anyone control but governments and banks.

[cellard]

“The European Central Bank (ECB) does not want that depositors to keep their money under the pillow. If any bank in Europe goes bankrupt, then depositors have a guaranteed right that the state will return them the amount of up to 100,000 euros. But not more,” the economist told Sputnik Germany.

https://www.lewrockwell.com/2017/04/no_author/totalitararian-dream/

The banks and the IMF should have no say whatsoever how any of us decide to hold our money.

This is exactly when we, bitcoin holders, get wealthier than we could ever imagine. As the government removes cash, people has no way out but to be forced to learn what bitcoin is and get involved. The government will eventually demand that all gold gets deposited on their banks too just like it happened back in the day. Remember that a single law can rule gold out as a safe haven.

The last we would have is then bitcoin living in the outside of the system, with nodes spread all over the world (which is why the government funds big block agendas, so they can stop this from happening).

Stay strong, run your Core node and hold, the moon awaits. We will win.

[TheCoinGrabber]

Fits their agenda of completely ruling our lives. All our money in plain sight, the mere hint of dissent enough to cause our accounts frozen. Makes political harassment easier.

“The European Central Bank (ECB) does not want that depositors to keep their money under the pillow. If any bank in Europe goes bankrupt, then depositors have a guaranteed right that the state will return them the amount of up to 100,000 euros. But not more,” the economist told Sputnik Germany.

https://www.lewrockwell.com/2017/04/no_author/totalitararian-dream/

The banks and the IMF should have no say whatsoever how any of us decide to hold our money.

This is exactly when we, bitcoin holders, get wealthier than we could ever imagine. As the government removes cash, people has no way out but to be forced to learn what bitcoin is and get involved. The government will eventually demand that all gold gets deposited on their banks too just like it happened back in the day. Remember that a single law can rule gold out as a safe haven.

The last we would have is then bitcoin living in the outside of the system, with nodes spread all over the world (which is why the government funds big block agendas, so they can stop this from happening).

Stay strong, run your Core node and hold, the moon awaits. We will win.

Yup. They'd probably just drop their metals and switch to bitcoin, further increasing demand and by extension, prices. They'd probably just have to shutdown mines if they really want to hurt it but hopefully at that point it is already "too large to fail" like the banking industry.

[deisik]

“The European Central Bank (ECB) does not want that depositors to keep their money under the pillow. If any bank in Europe goes bankrupt, then depositors have a guaranteed right that the state will return them the amount of up to 100,000 euros. But not more,” the economist told Sputnik Germany.

https://www.lewrockwell.com/2017/04/no_author/totalitararian-dream/

The banks and the IMF should have no say whatsoever how any of us decide to hold our money.

This is exactly when we, bitcoin holders, get wealthier than we could ever imagine. As the government removes cash, people has no way out but to be forced to learn what bitcoin is and get involved. The government will eventually demand that all gold gets deposited on their banks too just like it happened back in the day. Remember that a single law can rule gold out as a safe haven

I guess that it won't work out these days

Gold is accepted universally across the borders and countries. It is even more universal than the US dollar. Even if the US bans gold and starts enforcing this ban, in today's world that will likely mean the end of the US government itself, surely not gold as a safe haven. These days are certainly not those days. Remember, the possession of gold is pretty well correlated with the possession of guns. In other words, come and take it

[cellard]

“The European Central Bank (ECB) does not want that depositors to keep their money under the pillow. If any bank in Europe goes bankrupt, then depositors have a guaranteed right that the state will return them the amount of up to 100,000 euros. But not more,” the economist told Sputnik Germany.

https://www.lewrockwell.com/2017/04/no_author/totalitararian-dream/

The banks and the IMF should have no say whatsoever how any of us decide to hold our money.

This is exactly when we, bitcoin holders, get wealthier than we could ever imagine. As the government removes cash, people has no way out but to be forced to learn what bitcoin is and get involved. The government will eventually demand that all gold gets deposited on their banks too just like it happened back in the day. Remember that a single law can rule gold out as a safe haven

I guess that it won't work out these days

Gold is accepted universally across the borders and countries. It is even more universal than the US dollar. Even if the US bans gold and starts enforcing this ban, in today's world that will likely mean the end of the US government itself, surely not gold as a safe haven. These days are certainly not those days. Remember, the possession of gold is pretty well correlated with the possession of guns. In other words, come and take it

You'll see the limitations of gold once people trying to leave the country with their wealth in form of gold, get confiscated in the airports of all their gold, just like that, really easy.

Meanwhile, people that did their homework and admitted bitcoin's superiority, will have their wealth all in on bitcoin a long time ago, and they will be able to cross any borders seamlessly carrying unlimited amounts of money without being detected by anyone.

Your choice.

[deisik]

“The European Central Bank (ECB) does not want that depositors to keep their money under the pillow. If any bank in Europe goes bankrupt, then depositors have a guaranteed right that the state will return them the amount of up to 100,000 euros. But not more,” the economist told Sputnik Germany.

https://www.lewrockwell.com/2017/04/no_author/totalitararian-dream/

The banks and the IMF should have no say whatsoever how any of us decide to hold our money.

This is exactly when we, bitcoin holders, get wealthier than we could ever imagine. As the government removes cash, people has no way out but to be forced to learn what bitcoin is and get involved. The government will eventually demand that all gold gets deposited on their banks too just like it happened back in the day. Remember that a single law can rule gold out as a safe haven

I guess that it won't work out these days

Gold is accepted universally across the borders and countries. It is even more universal than the US dollar. Even if the US bans gold and starts enforcing this ban, in today's world that will likely mean the end of the US government itself, surely not gold as a safe haven. These days are certainly not those days. Remember, the possession of gold is pretty well correlated with the possession of guns. In other words, come and take it

You'll see the limitations of gold once people trying to leave the country with their wealth in form of gold, get confiscated in the airports of all their gold, just like that, really easy

This is wishful thinking on your part

In the first place, governments don't need to ban gold because they control its price. Yes, you may indeed claim that they may lose this control, but if it ever comes to that, you can safely forget about gold being confiscated at the airports when people will be trying to leave the country. The catch is that when the government can't control its gold, it will be less likely to be able to control its population. In other words, the days of this government will be numbered. Though this still won't prevent your gold from being "confiscated", now by street gangs

[andrei56]

The problem is when you look at India or Greece where withdrawals are limited, certain notes are no longer accepted etc, this creates a huge problem for the citizens of that country. What are you supposed to do if you have a lot of those bills? Deposit them and take out smaller bills? What about in the future when those bills are now gone? This is where cryptocurrency needs to be used so they never have to worry about what you're doing with your money ever again. It's yours, keep it where you want.

The thing I find the strangest is the fact that people don't want to be in control of their own wealth. It's so strange to think that you'd trust someone else with all of your money and not yourself. How stupid of a society do we have to be to keep the majority of our possessions in a bank?! Oh they have insurance, great. SO if they go bankrupt you get up to 100,000 back. Ok but anyone with 100,000 should just have their own money safely in their own arms. Having to rely on some company is completely ridiculous.

People don’t want to have responsibility of their actions, they want to be relieved from it, that is why they don’t want to hold their own money they want someone other than themselves to make their decisions, it seems dumb, and it is, but that is the way a lot of people think.

[Hydrogen]

You make a few false assumptions in your post

First, banks and large international corporations are essentially the same. Some corporations even set up their own banks (though the connection may be not open, of course), so they can't possibly steal their own money. Further, you erroneously assume that the wealth of both big and small corporations consists in money they keep in banks. This is obviously not so. Even the largest corporations may have a very small amount of money in their bank accounts, just enough for current operational expenses. And if these expenses are small it doesn't make sense to keep plenty of money in the bank account

#1 No one said banks and corporations are the same.
#2 Corporations do not set up banks.
#3 Corporations do keep their money in banks. Specifically banks which function as tax havens.
#4 Many large corporations have $20-$50 billion usd stockpiled. That money has to be stored somewhere & banks is where they store it.

[andrei56]

In the current pseudo fractional reserve banking system, a cashless world is completely impractical.  The global banking system has already suffered a couple of big wobbles - in 1929 and 2008 - and who knows what will have happened a couple of hundred years from now considering that the banking system is solely based on debt and represents no value.  Existing money is only based on previous fake money and it goes on and on until exponential growth stops, which it inevitably will.

More trust in banks is completely stupid since you'd have to trust a private company to have the money for you.

A person needs to control their own money, and a "cashless world" as they would want it doesn't give anyone control but governments and banks.

Governments control cash too, the only difference is that a completely cashless society will make them even more powerful since they could have the possibility of freezing all your money and you will be unable to buy anything, but if a cashless society happens thanks to bitcoin or something similar then that could be a good thing since no one will have the power to freeze your bitcoins.

[deisik]

You make a few false assumptions in your post

First, banks and large international corporations are essentially the same. Some corporations even set up their own banks (though the connection may be not open, of course), so they can't possibly steal their own money. Further, you erroneously assume that the wealth of both big and small corporations consists in money they keep in banks. This is obviously not so. Even the largest corporations may have a very small amount of money in their bank accounts, just enough for current operational expenses. And if these expenses are small it doesn't make sense to keep plenty of money in the bank account

#1 No one said banks and corporations are the same.
#2 Corporations do not set up banks.
#3 Corporations do keep their money in banks. Specifically banks which function as tax havens.
#4 Many large corporations have $20-$50 billion usd stockpiled. That money has to be stored somewhere & banks is where they store it.

1) I don't know about anyone else, but I said exactly that. I can repeat it again (in case it didn't get through somehow), big banks are international corporations on their own (but you may choose to disagree, of course)
2) You may want to learn more. For example, you may start right from here
3) Indeed, they keep their money in the banks. The question is about the amounts kept there
4) You may want to provide strong evidence

And as an aside, do a few checks first as well as who said what before submitting your posts (I don't mean just this post)

[Faiyz]

You make a few false assumptions in your post

First, banks and large international corporations are essentially the same. Some corporations even set up their own banks (though the connection may be not open, of course), so they can't possibly steal their own money. Further, you erroneously assume that the wealth of both big and small corporations consists in money they keep in banks. This is obviously not so. Even the largest corporations may have a very small amount of money in their bank accounts, just enough for current operational expenses. And if these expenses are small it doesn't make sense to keep plenty of money in the bank account

#1 No one said banks and corporations are the same.
#2 Corporations do not set up banks.
#3 Corporations do keep their money in banks. Specifically banks which function as tax havens.
#4 Many large corporations have $20-$50 billion usd stockpiled. That money has to be stored somewhere & banks is where they store it.

1) I don't know about anyone else, but I said exactly that. I can repeat it again (in case it didn't get through somehow), big banks are international corporations on their own (but you may choose to disagree, of course)
2) You may want to learn more. For example, you may start right from here
3) Indeed, they keep their money in the banks. The question is about the amounts kept there
4) You may want to provide strong evidence

And as an aside, do a few checks first as well as who said what before submitting your posts (I don't mean just this post)

I think the main issue would be that if people in the near future can hold transactions without requiring a bank, then high chance there stock would drop because no one is really using banks to store money. Also is people knew how to manipulate btc, most of there investments would be in btc and again not in banks. Somehow this is also some effect of btc in the economy but as u guys stated, they can't tell us what and where our money goes.

[davis196]

Banks want full control over the transaction of money.

That's what a "cashless" world would give them.

A monopoly over currency exchange.

Monopolies restrict progress and innovation. They're centralized hierarchies which enable exploitation and abuse of power.

Monopolies have been bad for civilization and society from a historical perspective.

They're one of the primary reasons healthcare is unaffordable and expensive for many.

Tht`s right,but i still don`t know is bitcoin more centralized than before?Are the core devs acting like
the financial elite?Just asking.
We wan`t a world without banks,not a cashless world.

[pearlmen]

In the 21st century, cashless world is here whether we like it or not and the teeming population especially those who have the little ability of using the internet couple with affordable smart phones would continue to embrace it because it makes our life easier. Even the bitcoin we have today, majority of us don't have the physical coin rather the e-bitcoin so its not a bad thing but rather a development in the right direction for everyone to tap into.

[eternalgloom]

In the 21st century, cashless world is here whether we like it or not and the teeming population especially those who have the little ability of using the internet couple with affordable smart phones would continue to embrace it because it makes our life easier. Even the bitcoin we have today, majority of us don't have the physical coin rather the e-bitcoin so its not a bad thing but rather a development in the right direction for everyone to tap into.

A true cashless society would be one where people wouldn't even be allowed to use cash for anything, so it's still not here.
I really don't see how that could even work 100% of the time, cash is still needed for some people.

What do you mean by saying that people do not have 'the physical coin' (Bitcoin?)?

[TastyChillySauce00]

In the 21st century, cashless world is here whether we like it or not and the teeming population especially those who have the little ability of using the internet couple with affordable smart phones would continue to embrace it because it makes our life easier. Even the bitcoin we have today, majority of us don't have the physical coin rather the e-bitcoin so its not a bad thing but rather a development in the right direction for everyone to tap into.

A true cashless society would be one where people wouldn't even be allowed to use cash for anything, so it's still not here.
I really don't see how that could even work 100% of the time, cash is still needed for some people.

What do you mean by saying that people do not have 'the physical coin' (Bitcoin?)?

There's no official bitcoin physical but a forged coins made from silver, gold, and so on which contains an address filled with bitcoin inside it.
I'm actually not expecting a cashless world to be realised unless the internet has covered the whole planet, otherwise, the cashless world will seem to be a dream forever.  Maybe, in the future, there'll exist a technology that could allow the usage of digital currency everywhere without needing an internet connection but it's still uncertain, just hoping the best tho.

[surix]

“The European Central Bank (ECB) does not want that depositors to keep their money under the pillow. If any bank in Europe goes bankrupt, then depositors have a guaranteed right that the state will return them the amount of up to 100,000 euros. But not more,” the economist told Sputnik Germany.

https://www.lewrockwell.com/2017/04/no_author/totalitararian-dream/

The banks and the IMF should have no say whatsoever how any of us decide to hold our money.

The thing is, if bank will force us to use no cash, then welcome, bitcoin.

[deisik]

A true cashless society would be one where people wouldn't even be allowed to use cash for anything

I'm actually not expecting a cashless world to be realised unless the internet has covered the whole planet, otherwise, the cashless world will seem to be a dream forever

I disagree with both of you

I don't think we should consider as a cashless world or society where there is absolutely no place for cash (in the sense of "where people wouldn't even be allowed to use cash for anything"). Personally, I lean toward thinking that we don't need total cash elimination to consider a society as cashless on the whole. If we proceed from the assumption of complete cash removal, we may never in fact get there, so this premise wouldn't be very sensible or sane. On the other hand, if just the supermajority of transactions are made with digital fiat (say, over 90%), that, as to me, would cut it pretty well as a cashless world already

[RodeoX]

That's cool. I don't want their alt-coin anyway.