This thread is about "Digital Dollars".
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Re: a large amount of money stored at home...
In my youth I was a security consultant to a large bank recommending alarm systems etc. There was a rule of thumb that went ...
Make it more expensive to break in than what could be stolen.
Ben
In my youth I was a security consultant to a large bank recommending alarm systems etc. There was a rule of thumb that went ...
Make it more expensive to break in than what could be stolen.
Ben
You mean like that roll of 20's I used to keep in a waterproof container in the toilet tank?
Yes.......exactly the digital currency, that is coming, but not yet created. Was it in a "Waterproof Digital Container".......???
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Was the container weighted down to conserve on water.
I suppose you serviced your own toilet to avoid over tipping the plumber.
Hiding and securing valuables are two methods of protecting valuables.
Ben
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The digital dollar will be a type of crypto currency that will be secure except from the government.
Precious metals, gems, and art work seem to be the only options to escape the digital dollar.
Ben
They have had that for years and I am plenty guilty of using it too.
They already have known about the movement of every dollar you have in checking, IRA, 401K, CC, and savings accounts. Those are all 'digital dollars'.
Even if you buy PM's, you will use those to buy it with. We already live with digital 'cash'.
If you watch the crafty people, like when Jay Leno sinks a ton of his money into a rare car, which value is undefined and changes every year, and see him laugh when the govt wonders where thahell it is now!
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Not quite what concerns me.They have had that for years and I am plenty guilty of using it too.
They already have known about the movement of every dollar you have in checking, IRA, 401K, CC, and savings accounts. Those are all 'digital dollars'.
Even if you buy PM's, you will use those to buy it with. We already live with digital 'cash'.
If you watch the crafty people, like when Jay Leno sinks a ton of his money into a rare car, which value is undefined and changes every year, and see him laugh when the govt wonders where thahell it is now!
See here
A crypto currency that can be programed. Want to buy a gun ? Not allowed. Want to support a politician? Not allowed? Want to save your wealth? Sure but a negative interest rate will take it from you.
Ben
Not really. Not currently.
Doctor reports you are FAT.......you can only purchase certain approved foods. Doctor says you drink to much booze, or smoke, none of that for you. You attempt to purchase fuel...NOTICE: You have exceeded your quota. The HOA has file an approved claim, and we have transferred $1,455.00 from your account to their account. Remember all those child support payments you missed 32 years ago.....?? We have drained your account and will keep all future Social Security deposits. Please be advised you are going to starve to death, or you can report to the Soylent Green Headquarters for free processing.
Looks like I missed something here? Nope. It was in a PVC stash pipe zip tied to the flowmaster.Was the container weighted down to conserve on water.
I suppose you serviced your own toilet to avoid over tipping the plumber.
Hiding and securing valuables are two methods of protecting valuables.
Ben
Who is this plumber of which ye speak? If I can't fix it I yell at the landlord.
I dunno guys, I'm probably an idiot, but a bunch of ones and zeroes in a computer's imagination isn't currency. come to think of it, paper isn't either.
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Let’s talk OP: “Digital Cash”.
Bitcoin. I have, I think 2 ‘bitcoins’ out there… somewhere. Years ago when it first came about I setup my old tower computer to ‘mine’ them. As I understood it my CPU was used by other computers and I got fractions of bitcoin for doing so. No idea how I would ever find and recover them, so never gave it any thoughts. That computer and email account are long gone.
Big question for me on crypto is how do I access it? It is actually less viable than fiat as I hold nothing in my hand. I would need some sort of access to a digital network to access or spend it. And… As we all should know anything connected to the internet that you have access to, anyone else has access to it also. Folks can say it is safe and secure, but… How many high security networks have been hacked? If it is connected, someone can find a way in.
So how do I ‘spend’ or ‘trade’ it for goods or services? Two parties would need access to a network to ‘exchange’ the currency. From what I have seen it also has a fluctuating value. If I pay on something over time, what value is used, current or at the time of the transaction?
As I understand the likes of Bitcoin, its value is in that it is a limited quantity. But, it is digital so couldn’t anyone just make up as much as they wanted? How would anyone know? Who is ‘in charge’ of keeping track of how much anyone has? As with my 2 lost bitcoin, how would I ever go about claiming them? It isn’t like I can walk into a brick and mortar building, like a bank. Show ID with my picture on it and some snail mail or something to prove who I am.
Fiat has its drawbacks, but it is something I can hold in my hand to exchange. Same with precious metals, goods and my labor. Digital, not so much.
Bitcoin. I have, I think 2 ‘bitcoins’ out there… somewhere. Years ago when it first came about I setup my old tower computer to ‘mine’ them. As I understood it my CPU was used by other computers and I got fractions of bitcoin for doing so. No idea how I would ever find and recover them, so never gave it any thoughts. That computer and email account are long gone.
Big question for me on crypto is how do I access it? It is actually less viable than fiat as I hold nothing in my hand. I would need some sort of access to a digital network to access or spend it. And… As we all should know anything connected to the internet that you have access to, anyone else has access to it also. Folks can say it is safe and secure, but… How many high security networks have been hacked? If it is connected, someone can find a way in.
So how do I ‘spend’ or ‘trade’ it for goods or services? Two parties would need access to a network to ‘exchange’ the currency. From what I have seen it also has a fluctuating value. If I pay on something over time, what value is used, current or at the time of the transaction?
As I understand the likes of Bitcoin, its value is in that it is a limited quantity. But, it is digital so couldn’t anyone just make up as much as they wanted? How would anyone know? Who is ‘in charge’ of keeping track of how much anyone has? As with my 2 lost bitcoin, how would I ever go about claiming them? It isn’t like I can walk into a brick and mortar building, like a bank. Show ID with my picture on it and some snail mail or something to prove who I am.
Fiat has its drawbacks, but it is something I can hold in my hand to exchange. Same with precious metals, goods and my labor. Digital, not so much.
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Agree with that.
Re Bitcoin
The block chain is distributed across many nodes with each knowing how many in total but none knowing all. Transactions require multiple elements of the block chain agreeing.
Well that is what I understand.
Ben
It's still imaginary money.
I'm sorry guys, I'm a hillbilly. to me worth is something of value like gold, silver, a knife or a blanket. a handful of green silk paper or something in the imagination of a man or machine, just isn't money or even valuable. tell me a good story around a campfire, thats worth a beer or a shot of good whiskey. the idea that paper is a place holder for work is just not in my DNA.
If you don't have your wallet.dat file, you're pretty much out of luck. That file identifies who owns the coins in it. You can password-protect the file, which can help if someone else gets a copy of it, but many people don't bother with that. Anyone who has that file controls the coins in it.
No, you can't make up as many coins as you want. Every transaction - which includes the "mining" (creation) of bitcoins - is recorded in the block chain ledger that millions of people have a copy of. If you try to claim you have more than everyone knows you have, you won't be able to make any transactions. You can't fake crypto - that's the appealing part of it. It's reminiscent of having precious metals as your money: you can't print gold or silver.
In fact, there are brick-and-mortar stores where you can walk in with your wallet on your phone and make purchases. People do it every day. You can also buy online. For stores offering it, when you check out and choose crypto, it will let you send whatever fraction of a bitcoin (or whatever coin you're using) to them. The transaction typically takes less than ten minutes.
There's a lot more to it, which I won't go into. If you really did have a couple bitcoin, please be aware they were worth north of $67,000 per coin. That might be an incentive for you to try to find that old computer hard drive that might contain your wallet.dat file.
Hence my buddy paying off his college loan after a hundred $ investment.
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Yes, but it's also about what no cash might look like. I think most of us think that digital currency would be the next step, but there would be others too......just as there is today, as some barter their services for products and vice versa. Although that might be small potatoes compared to digital currency. If the .gov is in full control of it, you know it will be a crap show and people will seek an alternative b/c it's not going to end well with the .gov in control of YOUR money. Heck, they can't even manage the money now.
I recently went to Taco Bell and there were no cashiers. You had to use a kiosk and debit or credit card to order and eat indoors. I hardly ever go to TB b/c they are a woke company and I tend to avoid those. However, I wanted to get something for someone and that's where I needed to go. I couldn't even get a paper receipt as the kiosk would only text it to you or email it to you. They already got my CC number and there was no way I was giving out any more information to them. Grrrrr!!! Of coarse they used the 'no employees' excuse for going cashless. It's almost like the 'no change' excuse or the 'covid money germ' excuse.
There was only a handful of customers in the place, at just after 12, so it's definitely hitting their bottom line b/c that particular location is typically packed with people. Good! I know I won't be going there again.
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Was thinking about this and I know this thread is kinda dead. But my question is,
emp strikes. You cant get your d.c. Of any sorts
i was thinking of a small and i mean small piece of xrp or something similar. But if anything electronic goes down, there goes your money, correct?
emp strikes. You cant get your d.c. Of any sorts
i was thinking of a small and i mean small piece of xrp or something similar. But if anything electronic goes down, there goes your money, correct?
Pretty scary!! We would be at total mercy of the government!
Unless your data was stored on EMP proof drives somewhere, then yeah. all gone.
If things were that bad I don't know if it would matter, but we ALWAYS keep hard copies of all financial records. Tell the financial institutions you are very bad with computers, or don't have access to a computer, and want hard copies of the records. They will oblige.
For me any representation of wealth has to be recognized as wealth by the person I am trading it to for something they have.
Pre 64 silver coins, a nice Mylar bag of freeze dried steak, a tri fuel generator that runs and charges, sealed bottle of store bought booze.......now you're talking.
Pre 64 silver coins, a nice Mylar bag of freeze dried steak, a tri fuel generator that runs and charges, sealed bottle of store bought booze.......now you're talking.
I get EMP. Not sure what you mean by d.c. or xrp.
But the bottom line is this: in a digital world, your wealth is only as safe as the efforts of someone else to protect it.
So a prepper would do what to mitigate that problem?Pretty scary!! We would be at total mercy of the government!
Now, that's interesting. I figure I could easily barter with people for things I need, but if I'm beholden to some government to pay my property taxes with the currency of the land which I don't hold (digital), then I'd pretty much be screwed. So, I guess I'll need to play both sides and hold some digital currency. Or, do as you say, and live as a hermit. Neither option appeals to me at all.Go live in a national forrest because they will take our property when we don't have digital money to pay property taxes. Go from prepper to survivalist!;
The wife and I both get social security.....receive the digital credits and pay Caesars digital bills with it. Otherwise live a low profile life and grow a little garden.
EMP:
- Digital cash (including cryptocurrency)...all gone. Anything in the bank, or invested...I wouldn't ever count on getting any of it back. If you do get any of it back, count it as a windfall. All of my digital assets are preps for a non-EMP world.
- Paper cash...probably becomes worthless pretty quickly. Not sure how long people would have faith in paper cash, but I would spend it all as soon as possible on liquid-based supplies (water, juices, canned goods) and anything else I could think of after the EMP. Liquid supplies are my weakness.
- Gold & silver...probably holds some value for longer. It would likely remain a means of facilitating trade. Granted, as people die off towards the end of the first year after the EMP, it will lose value. [It will, of course, retain full value outside of your EMP'd country, in a non-EMP'd area, unlike the cash from an EMP'd country, which will be worthless worldwide.]
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