When ranting about my blocked internet banking, I forgot to mention: In Soviet Spain, you cannot pay more than 1000 euros in cash. And the trend is lowering this threshold, both in nominal terms (it was 3000 euros a few years ago I think) and of course in real terms by printing money. And just last month, another innovation about real estate : rent has to be always paid "electronically", whatever that means. ("a través de medios electrónicos" is the literal expression used in the law in Spanish. Already ranted about this at https://stacker.news/items/189501 .) Yes, overlords were kind enough to grant an exception for those who don't have a bank account. But the trend seems clear: You will own nothing but IOUs and your will be happy.
So in the brave new cashless world, when your bank screws up and locks you out of your account, you are going to have serious problems. How do you pay for food, rent, utilities if the bank does not resolve the issue quickly? Will it even be legal if your friends pay for you, wouldn't that be almost money laundering? Maybe you are paying back those friends with bitcoin, and only a terrorist would do that. And I am now talking about a mere accident, honest mistake committed by the bank. If they really target you, you are really screwed.
And cash is sort of competitor to banks, keeps them in check. Eliminate competitor, and they have slightly less incentive to solve your problem.
In other words, even today banks commit mistakes. And yet some psychopaths want to restrict or eliminate cash and make us totally dependent on banks?
xmrk ₿ ⚡️ /
npub1zu…2qhzy
2023-06-20 20:11:16
Author Public Key
npub1zues2p7qdajk9hv7xn5ldntj3pufzl3jwzwa4dhlavxdkj27g92q62qhzyPublished at
2023-06-20 20:11:16Event JSON
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"pubkey": "17330507c06f6562dd9e34e9f6cd728878917e32709ddab6ffeb0cdb495e4154",
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"content": "When ranting about my blocked internet banking, I forgot to mention: In Soviet Spain, you cannot pay more than 1000 euros in cash. And the trend is lowering this threshold, both in nominal terms (it was 3000 euros a few years ago I think) and of course in real terms by printing money. And just last month, another innovation about real estate : rent has to be always paid \"electronically\", whatever that means. (\"a través de medios electrónicos\" is the literal expression used in the law in Spanish. Already ranted about this at https://stacker.news/items/189501 .) Yes, overlords were kind enough to grant an exception for those who don't have a bank account. But the trend seems clear: You will own nothing but IOUs and your will be happy. \n\nSo in the brave new cashless world, when your bank screws up and locks you out of your account, you are going to have serious problems. How do you pay for food, rent, utilities if the bank does not resolve the issue quickly? Will it even be legal if your friends pay for you, wouldn't that be almost money laundering? Maybe you are paying back those friends with bitcoin, and only a terrorist would do that. And I am now talking about a mere accident, honest mistake committed by the bank. If they really target you, you are really screwed.\n\nAnd cash is sort of competitor to banks, keeps them in check. Eliminate competitor, and they have slightly less incentive to solve your problem.\n\nIn other words, even today banks commit mistakes. And yet some psychopaths want to restrict or eliminate cash and make us totally dependent on banks? ",
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}