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Bank of England bit coin
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If there was no paper money and everything had to be digital, then I can see gold and silver being used for barter, if someone really didn't want transactions tracked.Nothing has been fixed since 2008, it was just pushed into the future0
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If there was no paper money and everything had to be digital, then I can see gold and silver being used for barter, if someone really didn't want transactions tracked.
Art already is for the important black market transactions. Obtaining large amounts of cash is hard without a paper trail.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
Art already is for the important black market transactions. Obtaining large amounts of cash is hard without a paper trail.
Not really.
If you are trading in the black market, it's your customers that supply you with said cash, so it's not hard ar all. The Medellin cartel, for example, used to have so much cash flowing into the business, that they couldn't launder it fast enough, and lost 10% because the rats would eat it.
P.S. Which, interestingly enough, meant that the cartel was effectively paying ytax on its business.0 -
Rest assured that the British Government isn't about to give up its right to seigniorage. If the BoE adopts emoney as a currency you will not be mining it, bitcoin style.
That will never, ever happen. It's the single greatest power that the British Government has and it will never let it go. It's one of the reasons Bitcoin is doomed to failure.
The other, of course, is that seignorage means that any mass adoption of 'crypto-currencies' means that profits from seignorage must always drop to zero meaning the value of 'mining' a crypto-currency will drop to zero meaning the value of crypto-currencies will drop to zero. Governments make a lot of money and achieve some of their ends by seignorage being a lot greater than zero.
Simple game theory can illustrate that the gains to us all are by currencies having a value > 0 but the greatest return to each of us is to 'mine' as much crypto-currency as possible so the value of the currency approaches zero. That puts us squarely into a Prisoners' Dilemma game where the Nash Equilibrium is the worst outcome for all.0 -
Precisely wrong.
Both Sweden and Switzerland already have negative interest rates. Neither country has abolished cash.
Take up the arguement with the Bank of England dear boy if you think they're talking nonsense.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
Not really.
If you are trading in the black market, it's your customers that supply you with said cash, so it's not hard ar all. The Medellin cartel, for example, used to have so much cash flowing into the business, that they couldn't launder it fast enough, and lost 10% because the rats would eat it.
P.S. Which, interestingly enough, meant that the cartel was effectively paying ytax on its business.
... And there lays a paper trail. The cash would have been withdrawn somewhere. Some paintings on the other hand have never had a vat number assigned to them ever. The perfect currency of criminality.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
Take up the arguement with the Bank of England dear boy if you think they're talking nonsense.
Both patronising and wrong.
Read the actual text of the speech
http://www.bankofengland.co.uk/publications/Pages/speeches/2015/840.aspx
The proposal is to "set an explicit exchange rate between paper currency and electronic (or bank) money. Having paper currency steadily depreciate relative to digital money effectively generates a negative interest rate on currency".0 -
... And there lays a paper trail. The cash would have been withdrawn somewhere.....
If someone withdraws cash from their bank, the bank will naturally record that transaction. But the bank will have no idea what the customer spent the money on.
If Joe Bloggs withdraws a £100 from his bank and spends it on smack, there will be no third party record of that transaction. Ask Joe Bloggs where the money went, and he may well say he spent it in Tesco, and you have no way of proving otherwise....Some paintings on the other hand have never had a vat number assigned to them ever. The perfect currency of criminality.
Paintings have VAT numbers? Who knew.:)0
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