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Post by The Squeezed Middle on Jun 2, 2023 10:21:58 GMT
The problem with any digital system is when it goes down. Cyber attacks, someone drilling through a cable etc. etc. I had this recently while trying to make an online purchase - my bank's system was down and I couldn't verify the transaction. Fortunately, I have another bank account so I used that, but what if i didn't?
OTOH, digital currency would probably kill off a lot of tax evasion and criminal activity. It would kill off the black economy and probably discourage a lot of illegal immigration.
Pros and cons, I guess.
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Post by Hutchyns on Jun 2, 2023 11:58:24 GMT
colbops
What value is it adding ? Be sure the Government and the Bankers have identified value to themselves, otherwise they'd not be pushing for the change.
The wealth you have in your Bank at the moment, is wealth that you can withdraw from the banking system if you so wish. If digital it's locked into the banking system forever and can only be moved into someone else's bank account. All money in Banks would stay with the Banks ... the digital pounds might nominally be connected to you as regards the name of an account, but think back to the Canadian truckers protesting about Trudeau's lockdown restrictions ..... remember how quickly and efficiently the Canadian Government identified those involved in the strike and ordered the banks to freeze those people's bank accounts. They could be starved into submission and compliance.
Strengthening the position of those who rule over you, to the detriment of your own position and control over your affairs and assets, isn't something to do lightly.
Hold an unallowable opinion, expressed unapproved views on the war in Ukraine ..... claim that a male cannot become a woman ? ...... it becomes infinitely more easy for a State to stamp out such infringements if 'wrong think' results in no access to digital currency, and hence groceries, for a fortnight.
Just be conscious of the probable winners and losers before endorsing such a giant stride toward creating an all powerful State. It's not just putting some major building blocks in place to voluntarily create a dystopian present for yourselves, but a total surveillance State for future generations to be imprisoned by also.
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Post by colbops on Jun 2, 2023 13:07:07 GMT
colbops What value is it adding ? Be sure the Government and the Bankers have identified value to themselves, otherwise they'd not be pushing for the change. The wealth you have in your Bank at the moment, is wealth that you can withdraw from the banking system if you so wish. If digital it's locked into the banking system forever and can only be moved into someone else's bank account. All money in Banks would stay with the Banks ... the digital pounds might nominally be connected to you as regards the name of an account, but think back to the Canadian truckers protesting about Trudeau's lockdown restrictions ..... remember how quickly and efficiently the Canadian Government identified those involved in the strike and ordered the banks to freeze those people's bank accounts. They could be starved into submission and compliance. Strengthening the position of those who rule over you, to the detriment of your own position and control over your affairs and assets, isn't something to do lightly. Hold an unallowable opinion, expressed unapproved views on the war in Ukraine ..... claim that a male cannot become a woman ? ...... it becomes infinitely more easy for a State to stamp out such infringements if 'wrong think' results in no access to digital currency, and hence groceries, for a fortnight. Just be conscious of the probable winners and losers before endorsing such a giant stride toward creating an all powerful State. It's not just putting some major building blocks in place to voluntarily create a dystopian present for yourselves, but a total surveillance State for future generations to be imprisoned by also. Ok but again what value is it adding. How are the digits you see when you log onto internet banking not already digital pounds. If the BOE wants to phase out notes where is the need for a new 'digital pound' - it already exists. It could just phase out bank notes now or at any point in the future. There is no need for a distinct and seperate digital pound that sits alongside the existing pound since it already exists in digital form. It doesn't make any sense. Why would anyone make a conscious point of transferring their money from pounds into digital pounds to make a digital payment. Anyone can already make a digital payment with their prepaid, debit, or credit cards via the card itself or by adding those cards to one of a myriad of digital wallets. Even if it is really about tracking all financial transactions, or preventing undesirables from accessing money it still doesn't make sense. There is nothing stopping the BoE from withdrawing physical currency without introducing a digital pound and doing that now. |
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Post by Deleted on Jun 2, 2023 17:50:00 GMT
I don't really like viral emails, but a friend sent me this a few days back.
It does highlight lots of times when cash cannot easily be replaced.
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Post by colbops on Jun 2, 2023 18:46:23 GMT
I don't really like viral emails, but a friend sent me this a few days back. It does highlight lots of times when cash cannot easily be replaced. That isn't true though. Cash can easily be replaced and it will be if society went cashless. There would be a lot more bank transfers being made either directly or indirectly via phone apps most likely. Anonymous/ untraceable transactions would also definitely continue - lots of ways to do that Barter trades Bitcoin would become more prevalent Precious and semi precious metals Using a foreign currency that hasn't gone 100% virtual. I wouldn't even be surprised if some businesses started accepting alternate payment methods as a way to differentiate and capture more business from rivals. I can certainly see someone like Red absolutely refusing to pay for his porno's at his regular corner shop by using his debit card, and whould finally switch to the neighbouring one because they enterprisingly started accepting payments in silver nuggets. Would it be a little more hassle sure, but difficult, not really. would government be able to track everything, not on your life. Criminals would definitely use one or more of the methods above. I go back to my previous comment - complete waste of time. |
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Post by Deleted on Jun 2, 2023 20:21:42 GMT
If you say so Colbops. I'll give the beggar the bitcoin from my shopping trolley and I'll have great fun in the arcades with the kids rolling the semi precious metals down the chutes.
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Post by sheepy on Jun 4, 2023 15:29:53 GMT
I don't really like viral emails, but a friend sent me this a few days back. It does highlight lots of times when cash cannot easily be replaced. That isn't true though. Cash can easily be replaced and it will be if society went cashless. There would be a lot more bank transfers being made either directly or indirectly via phone apps most likely. Anonymous/ untraceable transactions would also definitely continue - lots of ways to do that Barter trades Bitcoin would become more prevalent Precious and semi precious metals Using a foreign currency that hasn't gone 100% virtual. I wouldn't even be surprised if some businesses started accepting alternate payment methods as a way to differentiate and capture more business from rivals. I can certainly see someone like Red absolutely refusing to pay for his porno's at his regular corner shop by using his debit card, and whould finally switch to the neighbouring one because they enterprisingly started accepting payments in silver nuggets. Would it be a little more hassle sure, but difficult, not really. would government be able to track everything, not on your life. Criminals would definitely use one or more of the methods above. I go back to my previous comment - complete waste of time. It will all be controlled by your inboard microchip, it will be all fine. |
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Post by sheepy on Jun 4, 2023 15:35:07 GMT
If you say so Colbops. I'll give the beggar the bitcoin from my shopping trolley and I'll have great fun in the arcades with the kids rolling the semi precious metals down the chutes. Cannot see what the fuss is about, we went all through this with Covid, if ever there were proof that they mean to restrict the freedoms of the plebs while they do everything via AI, let that be it. How many of us fought against the tide? |
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Post by patman post on Jun 4, 2023 16:09:59 GMT
The Bank of England statement in the original link actually says: If we introduced it, it would not replace cash. We know being able to use cash is important for many people. That’s why we will continue to issue it for as long as people want to keep using it.
Seems fair enough. Letters have been kept alongside the development and introduction of the phone, fax and email...
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Post by colbops on Jun 4, 2023 16:18:38 GMT
The Bank of England statement in the original link actually says: If we introduced it, it would not replace cash. We know being able to use cash is important for many people. That’s why we will continue to issue it for as long as people want to keep using it.
Seems fair enough. Letters have been kept alongside the development and introduction of the phone, fax and email...
Sure, but still what is the point. What will I be able to do with this 'digital pound' that I can't do with my current pounds when they are in digital form. What does anyone get out of it that suggests they aren't just spunking money up the wall. |
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Post by patman post on Jun 4, 2023 16:51:41 GMT
The Bank of England statement in the original link actually says: If we introduced it, it would not replace cash. We know being able to use cash is important for many people. That’s why we will continue to issue it for as long as people want to keep using it.
Seems fair enough. Letters have been kept alongside the development and introduction of the phone, fax and email...
Sure, but still what is the point. What will I be able to do with this 'digital pound' that I can't do with my current pounds when they are in digital form. What does anyone get out of it that suggests they aren't just spunking money up the wall. For me, the main argument is the point that all the new forms of money (looks like 200+) are held and managed offshore with no official body controlling its safety and accessibility and ensuring each individual's holdings are safe.
2018 saw the largest total of annual casualties in the crypto market, with 751 dead crypto coins. More than half of them were abandoned by investors, but 237 coins were revealed as scams or embroiled in other controversies, such as BitConnect which turned out to be a Ponzi scheme.
People appear to want to use digital currencies, why I don't know — some maybe for scams and other criminal purposes. So having a digital money scheme held in the UK and guaranteed by the BoE, seems safer for us all. It might also save us the costs of money transfer overseas. If this also means bank costs and charges are down, it seems a winner...
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Post by Fairsociety on Jun 4, 2023 16:58:57 GMT
So let's look at the facts, we're heading if not in a recession, and the answer is hammering the mortgage payers, then rewarding the savers, and that will make everything better....... is it just me, or does anyone else think mortgage payers are propping up the UK economy, for no other reason than they are 'sitting ducks'.
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Post by sheepy on Jun 4, 2023 18:23:46 GMT
So let's look at the facts, we're heading if not in a recession, and the answer is hammering the mortgage payers, then rewarding the savers, and that will make everything better....... is it just me, or does anyone else think mortgage payers are propping up the UK economy, for no other reason than they are 'sitting ducks'. Somebody will cotton on in a minute, everything they do restricts freedoms at every turn. Including wokeism. |
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Post by bancroft on Jun 4, 2023 18:37:58 GMT
They will allow cash they say, yet I would ask for how long. I think it is a ploy to get rid of it without too much fuss. Like colbops said with the electronic banking you can already do via the internet or Smart phone why do we need a digital currency. Something does not add up. |
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Post by bancroft on Jun 4, 2023 18:54:46 GMT
I recommend looking at the Questions and Answer section.
THey say this is just a consideration I am still at a loss why would you want a non-interest bearing account held by BOE if you already have a private bank account.
Are they expecting private banks to go under, not sure.
Still not clear and they say no decisions have yet been made.
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