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The writing is emphatically not on the wall for cash. Currencies are substantially more than just a mechanism for value exchange, they're deeply interwoven wit
by preseinger 5y ago
The writing is emphatically not on the wall for cash. Currencies are substantially
more than just a mechanism for value exchange, they're deeply interwoven with the power and sovereignty of government.
- jurassic 5y agoThis. Until I can pay my taxes in crypto, the United States dollar isn't going anywhere.
- zenlikethat 5y agoI'm not saying the dollar will go anywhere, or even down. I'm saying that governments will continue to clamp down on the free exchange of physical cash, partially because of its privacy preserving abilities. Similar to how they have made volleys at putting encryption backdoors into many places.
- zenlikethat 5y agoI'm not saying fiat's value will decrease any more than normal, if that's what you're thinking. I'm saying clampdowns on physical cash (such as https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis...) will continue, and maybe even ramp up. You don't think governments want to reduce and ultimately eliminate the use of physical cash with moves like this >$10K reporting threshold proposal, or India banning bills of large denominations, trying to implement a world corporate tax code, etc.?
- preseinger 5y agoAh, I misunderstood your intent. I understand where you're coming from and I agree that governments are incentivized to minimize cash transactions. Still, cash is fundamental to the notion of currency and I don't agree that it will ever go away completely.