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I assume that the TTL of the money would reset once it has changed hands
by oaththrowaway 3y ago
I assume that the TTL of the money would reset once it has changed hands
- kemotep 3y agoIf you are assuming how a hypothetical future currency will work then we could easily assume exactly the opposite and the money would be destroyed by a set date to maintain some stable rate of deflation. Do you have evidence that a time to live for a currency is being considered by the Federal Reserve and US government?
- oaththrowaway 3y agoNo, but I have plenty of evidence to suggest that the US government doesn't have our best interests at heart...
- kemotep 3y agoThat’s fair enough. Ostensibly the government of any country should be accountable to the people but history shows that cannot be counted on. As convenient as Apple Pay is, I would not vote for a cashless system. I am just confused that very specific ideas of how this hypothetical system is going to work and am not sure where these come from or why it has to work the way people say and not in a more accountable less abusive manner. Expiring money seems patently absurd so why a central bank would consider it seems so outlandish to me at least.
- el-salvador 3y ago> Expiring money seems patently absurd so why a central bank would consider it seems so outlandish to me at least. Some countries, like Costa Rica, do this with cash, but with a much longer timeframe. Every 10 years or so they launch new banknote designs, and the old ones are gradually removed from circulation, until can only be exchanged at the banks and eventually lose their value by becoming "demonetized".
- ellisv 3y agoI assume it would accelerate.
- imtringued 3y agoThe TTL would have to reset at awkward points. Like paying out salaries otherwise you could just wash trade the TTL away. I just don't see how this is realistic. It is basically impossible to enforce.