the 10 on the nickel would mean it's still a money loser
Triage, no one can fix it.
If it costs a nickel to mint a dime, a half dime that is smaller than the dime would not be a money loser. Honestly the nickel should have been an aberration in order to stabilize the currency in the aftermath of the civil war. Nickel coinage should've ended after silver reappeared or during WWII.
Because there's an advantage in tiny coins????
The half dime made sense when there was silver coinage. There's really no need for it now.
Instead of going backwards, let's go digital.
Let's not. It won't be the leap forward you think it will.
I'm already 99% digital. I won't notice the difference.
It's actually 0% digital at the moment. The Fed is currently trial running our CBDC. There's a world of difference between physical money being represented digitally and actual digital currency. Each digital dollar will have a block-chain "serial number" and will be tracked each time that specific dollar is spent.
It will also come with "rules" for use, such as expiration dates, or limited purchases. Using too much water or electricity? You can't buy anymore this month. If you think it's not real, then research China's CBDC and their social credit system that's tied to it. People who haven't been paying attention or think it won't happen here are in for a rude awakening.
That is a worst case prediction. It is not the way it needs to work. For example, bibs if the social credits or expiration dates or limited purchases apply to crypto currencies. Digital currencies absolutely do NOT need to operate that way. Why not look at Bahamas or Jamaica rather than China?
You must have missed the past few years when they shut down businesses and fired people. I'm sure control of our bank accounts will be different though.
Apples and oranges.
Can you point to the catastrophic problems in the Bahamas and Jamaica? They seem to have it working.
The only thing they potentially have with digital currency is more data. Any pernicious act they could do digitally, they could also do with paper money.
It is also not even mandatory that the government control the blockchain. Cryptos operate privately.
Caution needs to be taken in developing such a currency, obviously, including appropriate guardrails. But there is no reason why it can't be made to work without all the abuses you envision. And it is inevitable, even if it won't be immediate.
It's government abuse in both cases, so it's apples to apples. Canada froze the bank accounts of everyone they could identify in the bridge protests. That's a better example than a small tourist island. Bottom line - I think government will abuse their power because they have in the past. If you think "this time it will be different", then that's up to you.
We're rather off topic. I'm an anarchist by nature, libertarians don't go far enough. But that is another matter. But the same people that are anti'digital are anti-crypto which is the ultimate anarchist currency. So I fail to see how their embrace of the FED is rooted in distrust of government.
I'm not anti crypto. It's decentralized. CBDC's are centralized crypto. I'm anti centralization.
Fair enough. I wasn't necessity referring to you, by the way.
the 10 on the nickel would mean it's still a money loser
Triage, no one can fix it.
If it costs a nickel to mint a dime, a half dime that is smaller than the dime would not be a money loser. Honestly the nickel should have been an aberration in order to stabilize the currency in the aftermath of the civil war. Nickel coinage should've ended after silver reappeared or during WWII.
Because there's an advantage in tiny coins????
The half dime made sense when there was silver coinage. There's really no need for it now.
Instead of going backwards, let's go digital.
Let's not. It won't be the leap forward you think it will.
I'm already 99% digital. I won't notice the difference.
It's actually 0% digital at the moment. The Fed is currently trial running our CBDC. There's a world of difference between physical money being represented digitally and actual digital currency. Each digital dollar will have a block-chain "serial number" and will be tracked each time that specific dollar is spent.
It will also come with "rules" for use, such as expiration dates, or limited purchases. Using too much water or electricity? You can't buy anymore this month. If you think it's not real, then research China's CBDC and their social credit system that's tied to it. People who haven't been paying attention or think it won't happen here are in for a rude awakening.
That is a worst case prediction. It is not the way it needs to work. For example, bibs if the social credits or expiration dates or limited purchases apply to crypto currencies. Digital currencies absolutely do NOT need to operate that way. Why not look at Bahamas or Jamaica rather than China?
You must have missed the past few years when they shut down businesses and fired people. I'm sure control of our bank accounts will be different though.
Apples and oranges.
Can you point to the catastrophic problems in the Bahamas and Jamaica? They seem to have it working.
The only thing they potentially have with digital currency is more data. Any pernicious act they could do digitally, they could also do with paper money.
It is also not even mandatory that the government control the blockchain. Cryptos operate privately.
Caution needs to be taken in developing such a currency, obviously, including appropriate guardrails. But there is no reason why it can't be made to work without all the abuses you envision. And it is inevitable, even if it won't be immediate.
It's government abuse in both cases, so it's apples to apples. Canada froze the bank accounts of everyone they could identify in the bridge protests. That's a better example than a small tourist island. Bottom line - I think government will abuse their power because they have in the past. If you think "this time it will be different", then that's up to you.
We're rather off topic. I'm an anarchist by nature, libertarians don't go far enough. But that is another matter. But the same people that are anti'digital are anti-crypto which is the ultimate anarchist currency. So I fail to see how their embrace of the FED is rooted in distrust of government.
I'm not anti crypto. It's decentralized. CBDC's are centralized crypto. I'm anti centralization.
Fair enough. I wasn't necessity referring to you, by the way.
Was it me??????
God bless all who believe in him. Do unto others what you expect to be done to you. Dubbed a "Committee Secret Agent" by @mr1931S on 7/23/24. Founding member of CU Anti-Troll League since 9/24/24.
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I produce new sweat each day. The mint prints money to pay for it.
Fair enough. I wasn't necessity referring to you, by the way.
Was it me??????
God bless all who believe in him. Do unto others what you expect to be done to you. Dubbed a "Committee Secret Agent" by @mr1931S on 7/23/24. Founding member of CU Anti-Troll League since 9/24/24.