Cyprus-Forum.com

[Londonrake]

Another small step on what appears a relentless road: destination - making fiat currency redundant?

https://cyprus-mail.com/2023/05/03/busi ... 4000-fine/

.

[Kikapu]

Another small step on what appears a relentless road: destination - making fiat currency redundant?

https://cyprus-mail.com/2023/05/03/busi ... 4000-fine/

.

It is a good policy by the government on many fronts.

Stopping tax evasion and money laundering by the merchants being the main ones when paying with ATM/Bank cards. The other main one would be less sales tax for the government if the consumer does not have the money to pay cash for services. At least with a credit card payment, the consumer can pay the bill over time, with added cost, of course.

[Robin Hood]

Another small step on what appears a relentless road: destination - making fiat currency redundant?

https://cyprus-mail.com/2023/05/03/busi ... 4000-fine/

.

I think you mean that Fiat Currency in PAPER NOTES will become redundant?

[Londonrake]

Another small step on what appears a relentless road: destination - making fiat currency redundant?

https://cyprus-mail.com/2023/05/03/busi ... 4000-fine/

.

I think you mean that Fiat Currency in PAPER NOTES will become redundant?

Yes, absolutely.

There’s clearly been a move, for some time now, greatly helped by Covid it’s seemed, to wean people away from cash and into digital.

I’m sure, sooner or later, somebody or other will be pushing to go the whole hog.

At which point, I imagine having a phone nicked, or falling prey to a North Korean, zillion password stealing hacker, will see some of us up the proverbial creek, without.

[Lordo]

It's interesting that assholes keep talking about things they do not understand. Using card is digital and they not only can be stolen, they can also be cloned. But ordinary folks do not suffer the consequences. You inform the bank of the situation and they take the loss. Using your phone will be no different.

What a thing to worry about. I see plenty of old people using their cards with no problem. Some slower than others but never the less equally able to cope. The Swinebanks have made it easier to use stolen cards, you can buy below 40 pounds worth and you do not even need the pin. Go figure.

Of course you can always buy silver and gold or perhaps go even further back and buy salt. That'll make you feel better I suppose.

What a thing to worry about. The swine have now imposed IDs for voting and about 2 million people now cannot vote. But don't worry about that after all your party is the beneficiary of it.

[Robin Hood]

LORDO

It's interesting that assholes keep talking about things they do not understand.

Sorry but it is you that is the ‘asshole’ on this occasion!

Your bank account has been digital since the day the high street banks discovered computers! Before that ....... for centuries it was a hand written account entry ...... again NOT ‘currency’. All you will have is an address in a computer with numbers in it ......... that it!

When you need ‘currency’ you ask the bank and at present they give you a bundle of paper IOU’s. With all paper currency gone ..... you won’t be able to draw ‘currency’ from the bank and hide it under the mattress.

The problem with doing away with the paper stuff is that you will have totally lost control of your wealth! In principal the idea is great ......... but look into the potential abuse by The Banks, The Government, The Police, The IRS. Insurance Companies etc etc and it becomes an absolute nightmare!

Think about this ‘conspiracy theory’! Once all you have is your Bank card to pay for anything, what do you do when the Bank decides it is going to charge you a 100 a month to use it unless you are ‘CHIPPED’ ...... purely for security bank reasons of course?
Seems like a good idea but the pitfalls with it are beyond comprehension.

BTW: 'Currency' and 'money' are not the same thing There is a subtle difference that most 'assholes' don't realise!

[repulsewarrior]

BTW: 'Currency' and 'money' are not the same thing There is a subtle difference that most 'assholes' don't realise!

...sort of like, Freedom and Liberty.

[Lordo]

LORDO

It's interesting that assholes keep talking about things they do not understand.

Sorry but it is you that is the ‘asshole’ on this occasion!

Your bank account has been digital since the day the high street banks discovered computers! Before that ....... for centuries it was a hand written account entry ...... again NOT ‘currency’. All you will have is an address in a computer with numbers in it ......... that it!

When you need ‘currency’ you ask the bank and at present they give you a bundle of paper IOU’s. With all paper currency gone ..... you won’t be able to draw ‘currency’ from the bank and hide it under the mattress.

The problem with doing away with the paper stuff is that you will have totally lost control of your wealth! In principal the idea is great ......... but look into the potential abuse by The Banks, The Government, The Police, The IRS. Insurance Companies etc etc and it becomes an absolute nightmare!

Think about this ‘conspiracy theory’! Once all you have is your Bank card to pay for anything, what do you do when the Bank decides it is going to charge you a 100 a month to use it unless you are ‘CHIPPED’ ...... purely for security bank reasons of course?
Seems like a good idea but the pitfalls with it are beyond comprehension.

BTW: 'Currency' and 'money' are not the same thing There is a subtle difference that most 'assholes' don't realise!

First of all let me clarify, I was not referring to you, I was referring to the asshole LR the thread is about

Secondly my main point was that it makes no difference whether you use mobile or card. In fact mobile is safer because you can make payment with a card without a pin (a thief's wet dream) where as with a card you can. I did not mention money and currency. What ruffled your feathers RH?

[Robin Hood]

BTW: 'Currency' and 'money' are not the same thing There is a subtle difference that most 'assholes' don't realise!

...sort of like, Freedom and Liberty.

Money has intrinsic value which changes little over time. It is a store of wealth. Currency is merely a way of transferring wealth ...... it has no value but the declared face value.

Currency is created out of nothing by private banks as a debt. When you think the bank lends you currency to buy a house ..... it doesn't ..... it creates an equivalent debt. You spend your agreed debt and the same amount of currency is created in another account. When you pay off the debt ..... the currency is destroyed!

But .......... an ounce of gold today ...... will still be an ounce of gold tomorrow but the currency you need to buy it will constantly change value.


The Bank of England do a very good explanation called 'Currency creation in the Modern Economy'.

[Robin Hood]

What ruffled your feathers RH?

I just think using those sort of expressions are not very nice and attract a like response ...... and quite honestly in this case it puts you almost at the same level of ignorance and stupidity as Paphitis.

Money and currency creation is a subject very few people are conversant with and does lead to the ill-informed making comments on '.... something they know nothing about'.

I am just trying to fill in the gaps for them.

It is like when people see a banks 'ASSETTS" in the billions ..... they think the bank is rich. It is actually the opposite ....... because THEIR ASSETTS are YOUR debt ....... YOUR deposits are THEIR LIABILITY! Hence the Cyprus bail in! By stealing the peoples currency .... the Banks reduced their liability.

The banking system is as bent as a corkscrew! Hence my apprehension over going 100% digital with it all done with plastic cards and/or mobile phones.