Basically it was used successfully to keep a local economy going during the great depression. The problem is that historically the limit of this state control was technology itself. How did we get from the BofE issuing a currency that people can use to everyone being forced to use it? I may be misreading it horribly but as far as I can tell the BoE is proposing to be an anonymous transaction layer. I have never spent money on Reddit, despite being a registered user for 12+ years. The lords coins aren t decreasing. There is also no model relating entropy to overnight collateralised borrowing rates. Money given by the state is an entirely different thing. This way, the many benefits cited by the central planners like the Blank of England as done here, can be applied within days of this idea being made public. Money that is programmed to be returned to the bank unless it is spent by X time. The problem is that particular law, every single word of it. Thanks for the reminder to buy (in person) and secure dice against physical tampering! Regardless, I disagree with the line of reasoning that because it can be repealed it's okay to pass it in the first place.
Humans will always divide into the ones that hoard power and those who don't with former living off the latter. "Hey, I'm gonna buy 500 bits now and donate 50 per stream" as opposed to needing to pull out the credit card on streamlabs or paypal 5 times a week. Bank investors get spooked if that goes over about. Once again that doesn't justify actively making things worse. Being able to do something in a targeted manner and being able to do that same thing to the entire population at once with ease are not at all the same. Governments re-issue all the money quite often. 1] [2] And any future authoritarian regime will of course not play by today's rules, and put the opposition under financial scrutiny within a day, and simply starve the people it doesn't like. Are all claims on financial institutions (banks, payment providers etc. The lord's coins aren't decreasing novel. Though I'm afraid human psychology is not compatible with the idea of "safeguards". Why can't I use them to purchase dollars or yen? Government controlled digital money might just be the least worst option we have at this point. When I watch streams, I see some people donate with bits, but it seems like a way to save the user from making multiple purchases in a row, rather than a new paradigm of wealth transfer. To have it all in one account, and therefore queryable from one single API, is an absolute step function in the direction of surveillance. To copy a character, click on the Copy Character button across from their name.
There is no central registry of who has accounts where and what they're doing. The PIPs have your user details and GUID. Complete a Warzone match. A bank with $100 of assets and $100 of liabilities can made a $50 loan and wind up with $150 of assets and $150 of liabilities. If you're not a Subscriber you won't be able to log into the PTS.
Banks can be subject to many different regulators, and they all have a variety of balance sheet rules (and those rules encompass many other things like risk processes and other operations) but always banks must keep more assets on the books than liabilities. The US food stamp system does this. I still don't much like them. Good luck with that. This implies nonconvertibility? More importantly, this wouldn't be a tax on wealth, it would be a tax on savings, meaning it would disproportionately affect the less-wealthy and the less-credit-worthy, who tend to not own significant assets or have the borrowing power to buy them. If they could, why even bother with deposits at all? The lord s coins aren t decreasing novel. Mherling emphasizes the historical development of central banking but I don't think the Money View is describing an outdated system.
Crypto demonstrated that digital cash has value - even when that is backed by various grifts. The central bank reserve requirement is much more lenient than that and always has been. Loan to deposit ratios are a part of some regulations about bank size, but only as benchmarks. Some businesses will absolutely not take your money without extensive KYC already. This is important because depositors have senior claims in the case a bank goes belly up. So we have the situation that the Bank of England published a memo reiterating how that deposit money is created through lending about 8 years ago now, but there are still papers being published with the incorrect understanding as a basis. Who is going to implement this, as in code up? Cashu: Fedminit: In Cashu, a mint is a single custodian, while Fedimint is designed around a multiple federated mints in a multisig.
You can find some that approach 6 to 1 or even sometimes higher but those are typically distressed banks. The easiest path is to simply tell this relatively small kingdom of 67 million to trade only in euros, and this in turn would further devalue the pound sterling. Both issue e-tokens signed with blind signatures. The State could thoroughly control everything you could do with money (e. carbon allowances, money that expires etc. Universal credit/benefits being issued as CBDC instead of fiat currency, creating a two-tier society where only the rich get access to fiat. Also, cigarette prohibitions and social credit scoring are hot button issues for people who believe in the sanctity of individual rights but they're not at all related in the context of this discussion. This could even include things like tips for servers. I then have $100 in assets and $100 in liabilities. Right now you need to go through someone like Barclays, HSBC, etc, to get your money. The diagram specifically states that they will not have any personal information associated with the wallet. In fact, the only thing that "exists" are the entries in the ledger. Also, may I humbly suggest the wikipedia article on Gresham's Law, if you're not familiar with it:). Naturally you might be asking, so what do I propose to solve this. As noted below, defensive violence against illegitimate initiators of violence [<- edit].
That's not great, because its a tyranny of the majority situation, but at least in theory the general populace has to weigh the loss of their ability to camp in downtown against the pros of not having homeless camps in downtown. Practical privacy: could probably be saved. Many countries apply controls when converting to or from foreign currency. The PTS is only available to subscribers. The US government is only authorized to coin money. This is inherent to leverage. The US police seizure system already is a serious rule-of-law problem due to lack of accountability. The government can already blockade roads if they want to so it makes no difference if checkpoints are allowed to be constructed. Families actually spending it on food would have more money then because you could cut the overhead costs and pay it out to everyone. Yes, let's shrink the private economy and make people deal directly with the government for the most basic unit of commerce, money.
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