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My major concerns are about surveillance and control. The USA is mow requiring banks to report all transactions over $600 to the federal government; the credit
by efitz 4y ago
My major concerns are about surveillance and control.
The USA is mow requiring banks to report all transactions over $600 to the federal government; the credit card companies are adding category based tracking to transactions at businesses in unfavored industries like gun stores, and banks and credit card companies are denying service to specific individuals due to online speech that had nothing to do with the financial institutions themselves. Canada is “de-banking” protesters. At a macro scale the US government and others are using the SWIFT system to interdict transactions by unfavored individuals, and are electronically “seizing” accounts of such people, usually without a warrant.
We need cash to prevent totalitarianism.
- artificialLimbs 4y agoI upvoted this because I agree with most of it. It is not all transactions that need to be reported, however. Only transactions through 'third party' payment systems like Venmo, Cash App, Paypal, etc... Additionally, they have delayed this rule until next year.
- opportune 4y agoThe problem with cash is that a lot of commerce occurs over the Internet these days. And cash can be controlled or abused by the government. Even if cash is never technically banned, banks can limit withdrawals to low amounts, any limits can be kept and functionally eroded over time due to inflation, and with enough effort it can be tracked just as well as digital payments. Personally I see this as the (probably only) actual-use-case for crypto: permissionless payments
- starkd 4y agoI'd settle for something that preserves 3rd party anonymous transactions. Maybe a stable coin could fill the need.
- deleted 4y ago[deleted]