Replacing money with a universal debit chip
Bear
Posts: 18,953 ✭✭✭
Let us look at some of the advantages and disadvantages.
The chip carried under the skin would be updated daily and would
have a mechanism for the individual to check on the balance any time
they wish.
Advantages
One advantage, but not necessarily to the individual, would be the Governments
ability to track spending habits, activities and location of every person in the nation.
The system would be electronic and would obviate the minting of coins as well as the
printing of bills and checks. Thus there could be a saving in the various avenues of commerce
You would never be without the access to your money 24/7
It would eliminate counterfeiting, however, I am sure that counterfeit chips could well be the new area
of criminal enterprise.
It would give the government a greater control over the criminal process of money laundering as well
as the transfer of large amounts of money between criminal enterprises or terrorist groups.
As I see it, the benefits would mainly be to the central government rather then to the individual.
Disadvanteges
In the case of a natural misfortune such as super hurricanes, mega volcanoes, giant earthquakes
Tsunami , mega fires, communication, cable, satellites, and other methods of electronic signals,
might be blacked out for extended periods. How then would people in the impacted areas pay for
the life sustaining supplies that they need.
Criminal , terrorist or even hostile Nations, could temporarily black out a nations electronic communication
networks thereby freezing up all commerce and financial transactions.
Although mentioned on the above paragraph, would be the loss of individual freedom as one could and would
be tracked 24/7.
What are your vies on this issue that is certainly related to coinage as well as currency?
The chip carried under the skin would be updated daily and would
have a mechanism for the individual to check on the balance any time
they wish.
Advantages
One advantage, but not necessarily to the individual, would be the Governments
ability to track spending habits, activities and location of every person in the nation.
The system would be electronic and would obviate the minting of coins as well as the
printing of bills and checks. Thus there could be a saving in the various avenues of commerce
You would never be without the access to your money 24/7
It would eliminate counterfeiting, however, I am sure that counterfeit chips could well be the new area
of criminal enterprise.
It would give the government a greater control over the criminal process of money laundering as well
as the transfer of large amounts of money between criminal enterprises or terrorist groups.
As I see it, the benefits would mainly be to the central government rather then to the individual.
Disadvanteges
In the case of a natural misfortune such as super hurricanes, mega volcanoes, giant earthquakes
Tsunami , mega fires, communication, cable, satellites, and other methods of electronic signals,
might be blacked out for extended periods. How then would people in the impacted areas pay for
the life sustaining supplies that they need.
Criminal , terrorist or even hostile Nations, could temporarily black out a nations electronic communication
networks thereby freezing up all commerce and financial transactions.
Although mentioned on the above paragraph, would be the loss of individual freedom as one could and would
be tracked 24/7.
What are your vies on this issue that is certainly related to coinage as well as currency?
There once was a place called
Camelot
Camelot
0
Comments
However to give you a rest, I will not post to
any more threads until next week.
Camelot
https://www.smallcopperguy.com
All bad Just all bad. No new coins to collect, Absolutely no privacy, You have as much money as they say you have not what you have in hand,
hacking those codes would be being done by 16 year olds within 1 year of implementing the system.Or less (Much like garage door openers and cell number captures are done today)
Just all bad
P.S. I love these threads that you start bear, makes one think.
Stew
ability to track spending habits, activities and location of every person in the nation.>>
That is not and advantage; that is a Orwellian nightmare! Big brother is already watching everything on the internet now. He can track your vechicle; what's next the thought police?
<< <i><<One advantage, but not necessarily to the individual, would be the Governments
ability to track spending habits, activities and location of every person in the nation.>>
That is not and advantage; that is a Orwellian nightmare! Big brother is already watching everything on the internet now. He can track your vechicle; what's next the thought police? >>
That is coming. There are already new games that interpret brain waves to control objects. The signals possibly one day could be used to actually read your mind. Scary!
https://www.smallcopperguy.com
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
as the transfer of large amounts of money between criminal enterprises or terrorist groups.
What the advantage of this?
Ron
<< <i>One advantage, but not necessarily to the individual, would be the Governments
ability to track spending habits, activities and location of every person in the nation. >>
You forgot a disadvantage... the ability of the government (or really any government) to track an individual person infected with such a device.
Oh, and what was that Arnold Swarzernagger movie... oh, yeah... Total Recall
And the nut jobs who think big brother is watching them... would be right.
And, the occasional hacker... playing games and taking all your money. I can just see the possibilities now... the hacker figures out how to walk up to an individual and electronically surreptitiously steals his/her information. An electronic pick pocket.
Steve
In memory of the USAF Security Forces lost: A1C Elizabeth N. Jacobson, 9/28/05; SSgt Brian McElroy, 1/22/06; TSgt Jason Norton, 1/22/06; A1C Lee Chavis, 10/14/06; SSgt John Self, 5/14/07; A1C Jason Nathan, 6/23/07; SSgt Travis Griffin, 4/3/08; 1Lt Joseph Helton, 9/8/09; SrA Nicholas J. Alden, 3/3/2011. God Bless them and all those who have lost loved ones in this war. I will never forget their loss.
I'm so scared for our future. I never thought I'd say it, but I'm glad I'm an old man.
<< <i>A few years ago, they came up with an idea for a plastic card that can fit in your pocket, and , get this, it can be ANY value you want it to be.......... Naaaaa, it will never work .
True, but not everybody has to have a credit card. I personally do not have one and will try my best to never own one. The chip would be mandatory if the idea was to be implemented.
...no more messy hands or paws.....no more sticky fingers or claws...!!......