FedNow- Digital Dollar

[The_Duck_Master]

What are these physical limitations you speak of? That fact that is a actual physical object you can hold and verify versus an imaginary place holder in a ledger?
The benefits are too many to list but here are a few:
1)Historic track record. When fiat fails people have always gone back to precious metals, every time. Maybe this time is different?
2) 5000 years as a money.
3) intrinsic value used in industrial and jewelry applications.
4) does not require internet and computers but could still benefit from their use. Without silver there is no internet or computers.
5) cannot be created from other materials. There are thousands of crypto coins that compete with Bitcoin many are better.
6) not a derivative of the dollar but is what the dollar is a derivative of.
7) actually physic material not imaginary tokens on the ether webs
8) it can represent itself. When ever I see a image of a Bitcoin it is always a gold coin. Why is that?
9) many central banks are buying record amounts of gold. Only El Salvador is buying Bitcoin and they have huge losses from those purchases near the peak.
10) Russia and China are leading BRICS into a new currency scheme and both hoarding record amounts for gold. Bitcoin has been outlawed in China and Russia.
11) if made illegal Bitcoin would be hard to transact in, hide, and bury.
12) Peter Schiff was right
13) Fort Knox has not been audited by a third party recently.
Shall I go on?

Are you capable of determining on your own the purity and weight of gold and silver?

The fact that fort Knox hasn't been audited is a fundamental problem with gold and silver. You must trust others to hold it for you.

Russia and China are hoarding gold because they trust each other as much as they trust us.

Yes, crypto can be circumvented by government. That's the point of stopping them from doing so via the legislation DeSantis is proposing. Stopping a CBDC is the first step but digital currency is inevitable.

 

[Duckfiend]

Are you capable of determining on your own the purity and weight of gold and silver?

The fact that fort Knox hasn't been audited is a fundamental problem with gold and silver. You must trust others to hold it for you.

Russia and China are hoarding gold because they trust each other as much as they trust us.

Yes, crypto can be circumvented by government. That's the point of stopping them from doing so via the legislation DeSantis is proposing. Stopping a CBDC is the first step but digital currency is inevitable.

Yes, it is not that hard to detect counterfeit gold/silver coins. You can hold it yourself or have a trusted third party hold it like it has been done for thousands of years. Lack of trust in the government does not make gold or silver problematic in any way. Why doesn’t Russia and China hoard Bitcoin? I challenge the notion that a digital currency backed by nothing is inevitable. I would say a gold or silver backed monetary system is inevitable. Once this current system fails no lie will make it to the other side.

 

[Fogie]

Yes, it is not that hard to detect counterfeit gold/silver coins. You can hold it yourself or have a trusted third party hold it like it has been done for thousands of years. Lack of trust in the government does not make gold or silver problematic in any way. Why doesn’t Russia and China hoard Bitcoin? I challenge the notion that a digital currency backed by nothing is inevitable. I would say a gold or silver backed monetary system is inevitable. Once this current system fails no lie will make it to the other side.

..buy metal from a legitimate source and no worries. I have traded silver for many things though I won’t again hopefully and it was never in question. I collect metal in barter for work from folks and never question it, widows in particular have silver/gold and guns etc often but can be short of cash.

 

[pintail2222]

Are you capable of determining on your own the purity and weight of gold and silver?

I’ve had gold in the past - PAMP bars in assay cards. They were easy to sell because they were in the assay cards.

 

[The_Duck_Master]

Ya'll are talking about specific situations with people you know and you are educated about gold and silver. Do you really expect that to work for the masses in a modern world? Not practical. We're going to digital currency eventually, like it or not. The only real question is whether it's trustless or not.

 

[pintail2222]

Ya'll are talking about specific situations with people you know and you are educated about gold and silver. Do you really expect that to work for the masses in a modern world? Not practical. We're going to digital currency eventually, like it or not. The only real question is whether it's trustless or not.

No - I do not expect it to work for the masses in a modern world.

 

[Duckfiend]

Ya'll are talking about specific situations with people you know and you are educated about gold and silver. Do you really expect that to work for the masses in a modern world? Not practical. We're going to digital currency eventually, like it or not. The only real question is whether it's trustless or not.

It worked for thousands of years. Why would it not work in the modern world? You think the masses will understand and be able to use Bitcoin more than gold/silver coins? I don’t agree that we are going to a digital currency eventually. Anything is possible. Define trustless. If the digital currency is back by a known quantity of physical material it will have a better chance at adoption.

 

[Fogie]

digital dollars will never accrue value anymore than paper has, the opposite

 

[JP]

Digital currency is how they roll in the PRC. Get out of line with the government and they turn off your debit card and lock down your account.

I’m reminded of the tee shirt with Geronimo, Chief Joseph, Sitting Bull & Crazy Horse and the line, “turn in your guns, the government will take care of you.”

 

[The_Duck_Master]

It worked for thousands of years. Why would it not work in the modern world? You think the masses will understand and be able to use Bitcoin more than gold/silver coins? I don’t agree that we are going to a digital currency eventually. Anything is possible. Define trustless. If the digital currency is back by a known quantity of physical material it will have a better chance at adoption.

Trustless doesn't mean what it implies. It doesn't mean you can't trust the process, it means nobody has to be trusted for the transaction to take place. There is no central governing body that you have to trust and you don't have to trust either party in the transaction. It is how you remove the government /central bank from controlling the transaction. Yes, government can interfere but only if we don't stop it now.

ETA: DeSantis is taking the first necessary step to stop a CBDC. Bitcoin adoption is the next logical step.