Does sound money have to be Private?

[Ryu_Ar1]

We won't be able to do that because for the basic concept of money that is currently in place they will still be centralized and we all know that so it will not be possible to force them to change the system as you expect because in the end it will not be possible and will not be in fiat.
Unless the discussion is bitcoin then indeed this is still very doable because the desire as you think it has happened in bitcoin because indeed they not only offer financial freedom but all forms of transactions we ourselves are free to do anything without any interference from others.

Therefore, from the beginning between fiat and bitcoin are contradictory but that does not mean they were created as enemies, it's just that this can be a comparison for us because both were created as a convenience for us.

[franky1]

Over 95% of the US dollar is digital and all of the digital dollars are in the custody of a Bank.  When you make a purchase or transfer your US dollars your transaction is tracked and approved by the bank and by extension, the US Government.

Can you consider a transaction that is monitored and approved sound?

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

What do you think?

money has never had the consideration to ever have been "private" by default
throughout history all "money" has been the patent and creation and legalisation of kings, priests and governments. to which they have even centuries ago needed auditing and taxation. yep throughout history people have needed to declare their finances and pay taxes.. that was the default of money

its only recently where people came up with the idea of currency outside of the government. and wanting that currency to be separate from government supervision. however people walking, talking and living within the land/jurisdiction of a government have to still obey government laws,

by which governments initially had no scope in regards to non government moneys(like crypto). and so temporarily these non government money were exempt from the scope of government law as there was no law dictating how people should use things governments had no previous knowledge/scope/jurisdiction of, as crypto was new to the world.. in that crypto was not against the law or illegal as there was no legislation.. instead it was a third category "not illegal" due to lack of legislation confirming or denying it..

but governments are now writing legislation on how people in its jurisdiction can interact with non-government patented currencies
and so now governments want surveilance over crypto..

[goldkingcoiner]

Over 95% of the US dollar is digital and all of the digital dollars are in the custody of a Bank.  When you make a purchase or transfer your US dollars your transaction is tracked and approved by the bank and by extension, the US Government.

Can you consider a transaction that is monitored and approved sound?

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

What do you think?

Tracked but private. Monitored but uncorruptible. That is Bitcoin, and it is a way better money than the strips of paper that are printed infinitely by the US government.

The dollar has been adopted worldwide, but as a money that is constantly tracked and connected to person data and has to be approved by a third party? Why would any mentally healthy person prefer that over a better alternative? The dollar is obviously redundant and has been replaced by something greater. Bitcoin.

[topbitcoin]

Over 95% of the US dollar is digital and all of the digital dollars are in the custody of a Bank.  When you make a purchase or transfer your US dollars your transaction is tracked and approved by the bank and by extension, the US Government.

Can you consider a transaction that is monitored and approved sound?

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

What do you think?

money has never had the consideration to ever have been "private" by default
throughout history all "money" has been the patent and creation and legalisation of kings, priests and governments. to which they have even centuries ago needed auditing and taxation. yep throughout history people have needed to declare their finances and pay taxes.. that was the default of money

its only recently where people came up with the idea of currency outside of the government. and wanting that currency to be separate from government supervision. however people walking, talking and living within the land/jurisdiction of a government have to still obey government laws,

by which governments initially had no scope in regards to non government moneys(like crypto). and so temporarily these non government money were exempt from the scope of government law as there was no law dictating how people should use things governments had no previous knowledge/scope/jurisdiction of, as crypto was new to the world.. in that crypto was not against the law or illegal as there was no legislation.. instead it was a third category "not illegal" due to lack of legislation confirming or denying it..

but governments are now writing legislation on how people in its jurisdiction can interact with non-government patented currencies
and so now governments want surveilance over crypto..

History shows that until now money has been an instrument tied to the government. With the regulations and controls that have been established by government authorities, this clearly shows the attachment of money to government authorities. and there is the idea of a currency that is outside the control of the government, such as crypto. Even though cryptocurrencies are not subject to any government regulations, because there are no laws or government regulations that regulate them, the government is currently trying to find common ground and regulate interactions between cryptocurrencies and currencies patented by the government. which shows a shift in dynamics in the way the government deals with financial innovation, with all efforts made by the government to monitor the existence and development of crypto as a broader financial system.

With all the ongoing changes, including dealing with the advent of digital currencies, it has become quite important to find the right balance between innovation, freedom and legal compliance.

[lixer]

Over 95% of the US dollar is digital and all of the digital dollars are in the custody of a Bank.  When you make a purchase or transfer your US dollars your transaction is tracked and approved by the bank and by extension, the US Government.

Can you consider a transaction that is monitored and approved sound?

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

What do you think?

Tracked but private. Monitored but uncorruptible. That is Bitcoin, and it is a way better money than the strips of paper that are printed infinitely by the US government.

The dollar has been adopted worldwide, but as a money that is constantly tracked and connected to person data and has to be approved by a third party? Why would any mentally healthy person prefer that over a better alternative? The dollar is obviously redundant and has been replaced by something greater. Bitcoin.

Yeah, I will support this until I am dead. Bitcoin is far superior "currency" than any other that we have seen so far. I say "currency" with quotations because people do think that it is not going to be all that complicated, and that should be the most important thing. We can't really make it change all that easily, and we need to remember that things can't really get any different or difficult.

We need to just consider how we can move forward with bitcoin as an asset but also remember it is a currency. I get that people like to invest into it and hold it and just not let go, but that's the asset version of it, in order to grow bitcoin even further, we need to consider it as a currency as well.

[Winterfrost]

Over 95% of the US dollar is digital and all of the digital dollars are in the custody of a Bank.  When you make a purchase or transfer your US dollars your transaction is tracked and approved by the bank and by extension, the US Government.

Can you consider a transaction that is monitored and approved sound?

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

What do you think?

your description of sound money will go a long way to putting more narrative to what you're saying. Fiat has never been void of third party  interruption from the onset and that doesn't in any way imply that it's not sound. Although government sometimes becomes over regulative of the way people go about spending their money, if thier isn't such checks and balance then thier will be an high increase in the rate at which criminal minded individuals will go on stealing and spending money any how. One of the reason why government dims it necessary to regulate and have an eye on the rate at which people spend their money is basically to ensure that people with no evident source of income aren't seen spending above thier means and that if such is found, checks can be made and possible interrogation done to that effect.

Decentralized finance preaches freedom from those regulations but in a sense, it has it limitations as it's easy for government officials to look funds and shift it through those means without being noticed but outside of criminal aspect of decentralized finance, it is the best, safest and most direct way of making transactions such that a third party doesn't necessarily have to get involved but don't forget that even Bitcoin transactions are on a public blockchain which means it's not as private as you're probably thinking.

[moneystery]

fiat is a product of the government and central banking, you cannot expect that when you transact using fiat it cannot be tracked by the government, because it is their product and it is their job to track where the money is used by citizens. so whether you like it or not, if you transact using fiat it will be monitored by the government.

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

and therefore bitcoin is here to offer a transaction system that is intervention-free, pseudonymous, secure and fast for users. if you want to transact privately with no third party in the transaction, then bitcoin is the right choice for you.

[Mame89]

fiat is a product of the government and central banking, you cannot expect that when you transact using fiat it cannot be tracked by the government, because it is their product and it is their job to track where the money is used by citizens. so whether you like it or not, if you transact using fiat it will be monitored by the government.

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

and therefore bitcoin is here to offer a transaction system that is intervention-free, pseudonymous, secure and fast for users. if you want to transact privately with no third party in the transaction, then bitcoin is the right choice for you.

Bitcoin was also created because we wanted to escape from the shadow of fiat which is always controlled by third parties, with the presence of bitcoin we can transact freely without any control and of course it is safer than fiat.

Other facts about bitcoin. Bitcoin was one of the first and safest assets created, now it has begun to be widely adopted by institutions and is even officially used as currency in countries such as El Salvador. Because they believe bitcoin is a digital asset that will continue to be used in the future because we have now entered the digital era. So the question is: Does sound money have to be private? Of course it's true, so you need to invest in bitcoin so that your finances are healthy in the future.

[Arenga pinnata]

Fiat was designed that way. That is, it is in a centralized system. But we can get money without being tracked by the centralized system. Namely with offline transactions such as farming and selling agricultural products to traders in the market. And we never save our money in the bank. So our ownership will not be traced. But that still doesn't mean we can completely maintain privacy. Because everyone who transacts with us will definitely know us. It's just that physical fiat can indeed hide its existence. This may be one of the advantages of physical fiat. but unfortunately fiat is not suitable for saving because its value can continue to decrease due to inflation.

[Hamza2424]

Over 95% of the US dollar is digital and all of the digital dollars are in the custody of a Bank.  When you make a purchase or transfer your US dollars your transaction is tracked and approved by the bank and by extension, the US Government.

Can you consider a transaction that is monitored and approved sound?

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

What do you think?

Although it is the fact that the majority feels good about hiding their money from the Public and government eyes so that no one can know how much money this person is holding but buddy it is the world needs that need to be tracked to make the environment friendly so your transaction can be check in the form of records in the future sometimes we need the transaction statement of our account for the documentation work and for that it is necessary to make maintain our transactions record good so that our documentation makes good image for presentation.

Well if you are the one who do not want to make his single penny transaction on record so how will you cover this thing? Just a question as we know that most places do not accept crypto payments so we have to follow systems rules for now. What do you think??

[Miles2006]

Over 95% of the US dollar is digital and all of the digital dollars are in the custody of a Bank.  When you make a purchase or transfer your US dollars your transaction is tracked and approved by the bank and by extension, the US Government.

Can you consider a transaction that is monitored and approved sound?

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

What do you think?

You have no option but rather you make use of the fiat currency, when raising issues like this if I may ask, what do you use? Cause every fiat currency doesn't support privacy and are controlled by third party. It's obvious most people value privacy more and from my definition of sound money, it can't be controlled by a third party, value should also be listed,  a sound money should have a good feature. For example bitcoin, if you're looking for freedom in terms of sound money I think you should go for bitcoin but it can be difficult sometimes depends cause not all country leader can be friendly with bitcoin.

[goaldigger]

As long as we are dealing with fiat money, we can’t escape to that and we’ve been living for this kind of system since then not until Bitcoin came to make us realize the importance of decentralization and also the importance of being anonymous. Let’s just hope that crypto will remain true to its purpose and will remain free from any government manipulation and regulation. We have to protect crypto more at all cost because it giving us the freedom.

[stomachgrowls]

As long as we are dealing with fiat money, we can’t escape to that and we’ve been living for this kind of system since then not until Bitcoin came to make us realize the importance of decentralization and also the importance of being anonymous. Let’s just hope that crypto will remain true to its purpose and will remain free from any government manipulation and regulation. We have to protect crypto more at all cost because it giving us the freedom.

As long there's demand and recognition then it would really be that impossible that it would really cease out to exist. As long there's demand then there's no way that it would really be able to be gone no matter what
government would really be trying out to suppress crypto but still it would really be existing as long they would really be that people who are really that supporting it. Although Fiat is really that centralized but doesnt
deny the fact that it is really that still relevant for us to make use of it on day to day living. It is really just that crypto or Bitcoin did really get that much attention on the time that people do able to obtain that
truly decentralized transactions without government intervention just like on what they are really that experiencing on fiat. This is why it did really make out such demand because of this main factor.
Although we cant really be able to deny that Fiat would really be still that cant be replaced when it comes on day to day transactions on which we know that this is really that pretty basic.

[wxa7115]

Fiat was designed that way. That is, it is in a centralized system. But we can get money without being tracked by the centralized system. Namely with offline transactions such as farming and selling agricultural products to traders in the market. And we never save our money in the bank. So our ownership will not be traced. But that still doesn't mean we can completely maintain privacy. Because everyone who transacts with us will definitely know us. It's just that physical fiat can indeed hide its existence. This may be one of the advantages of physical fiat. but unfortunately fiat is not suitable for saving because its value can continue to decrease due to inflation.

Governments are doing everything they can to severely limit what you can do with cash these days with the excuse of fighting criminals, and while it could be said they have a point, as criminals use cash for the majority of their transactions, at the same time they limit the freedoms of all of their citizens with those laws.

This is why bitcoin is such a powerful idea, as not only it is money that is not created by any government out there, but its decentralized nature allows you to at least have a little bit more privacy than what you can achieve with fiat.

[ChiBitCTy]

I think it would be nice if "sound money" was private and that it could remain that way, but unfortunately due to governments and government control, or the need for, there's just no way and money could be purely private the would become a currency that everyone adopts.  This is why I've always said that Monero has no chance to be able to become wide spread.

[Bushdark]

Over 95% of the US dollar is digital and all of the digital dollars are in the custody of a Bank.  When you make a purchase or transfer your US dollars your transaction is tracked and approved by the bank and by extension, the US Government.

Can you consider a transaction that is monitored and approved sound?

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

What do you think?

This opinion is based on your understanding. The government have to regulate everything so that people would not create a backdoor where they will be transacting business without the notice if the bank which is differently regulated by the government.
Money is meant to be private because the government would have to track everything that is going on so that they can know where and how things are being handled. The digital currency has make us to see the light and that is why I keep seeing people that think they don't need fait currency anymore.

[harapan]

I think the creators of Bitcoin were trying to say that you can't have sound money if it is not Private. That is why they made it as private as they could make a public ledger.

I don't think the creator of Bitcoin was trying to define what sound money is. Satoshi was trying to solve the problem of third parties mediating and controlling transactions. Bitcoin bypassed that trust system which the banking system is built on and created a verification system.

There was no allusion to what sound money is or what it should be.

Exactly, bitcoin is the definition of freedom when it comes to financial because we know how bitcoin is secured and trusted no one could access to our transaction or know your identity in the crypto space, but as bitcoin technology is advanced and secured it can also be used for doing hidden transaction or transactions that is made because of someone doing a crime, that's is also why government are very hesistant in bitcoin because they can't track the identity of someone who is using bitcoin but if we will look to the brigther side, bitcoin really is something that is powerful and very useful for us, especially in terms of finance, you can surely earn in bitcoin as long as you know how to, and you can rest assured that your money will not have any tax or deduction so thats the greater in crypto currency, so bitcoin provides the most secured, safe and privacy.

I think you're right,and in addition to to that,with reference to research the ability of bitcoin to retain it value all these years,serve as a consistent medium of exchange and payment worldwide,and the rendered stability in the crypto space is relatively undeniable.The features that bitcoin embodies is effortlessly leading and ensuring Monetary stability in FINTECH.

[Zanab247]

Decentralized currency is not control by the government, and government officials don't have the power to control it like the way they use to control centralized currency to give value to centralized currency which is under the government control, and it require third party before your transaction can be successful.

If you what your money to be sound in the future by accumulating to make you wealthy, try to invest the money on decentralized currency because they have some seasons you can use to sell your coins to make a good profits.

If you have use BTC before to make any payment, you will know that decentralized currency is the best currency you can hodl privately, your friends or family members will not know that you have such huge amount of money.

[Adbitco]

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

What do you think?

Do you know when you talk about privacy illegality comes into their mind.
Yes, most times we would want to question ourselves that when we talks of privacy what more, to restricts others from knowing how much you own, operate and transact or knowing where we are storing funds, Is that all?
Then good if so, you can stop keeping your money in the bank but you can't deal without them why because you must need fiat for your final expenditures and even as that you needs it locally to be able to pay out bills and mores, hence you still bounces back to approval right?

[Mpamaegbu]

I think for a money to be sound you must be able to transact privately with no third party in the transactions.

What do you think?

If that's your definition of sound money, then we would be looking at something clandestine. That makes it look illegal and full of criminality. I don't think we want to look at Bitcoin in that light. Yes, Bitcoin tends eliminate third party interference but that aspect of transacting privately isn't what we should categorize Bitcoin with as no transaction is hidden on the Blockchain. Everyone who's interested in following up on transactions sees what's on it.

~snipped~

This is exactly why I am using crypto as well, there isn't any type of changes made by some person who wants to make a change. That's literally the situation at fiat, some dude goes and says he wants this, and he gets it, that's it.

We really never can rule out that possibility of change in years to come, seeing that we now have memes on the Bitcoin chain which wasn't the case until this circle. So, we can't say of a certitude that change won't be possible in future.