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1. Embed this notice
   feld (feld@bikeshed.party)'s status on Thursday, 04-May-2023 01:31:29 JST feld
   > Florida governor vows to outlaw CBDC if the US authorizes one
   
   Is that even possible? States can't create their own currencies so if the Federal government decided to completely eliminate cash Florida citizens would have very limited access to their dollars.
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Thursday, 04-May-2023 01:33:48 JST feld

     in reply to
     another scenario:
     
     > $20 with Harriet Tubman on it finally goes into production
     
     > Florida Governor vows to outlaw woke $20 bills
     
     
     ???????
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Thursday, 04-May-2023 01:44:20 JST feld

     in reply to

     • :apa: スプリットショックウイルス †
     > your dollars are already digital.
     
     digital != internet native
     
     What protocol can I use to send dollars to you without any intermediaries?
   • Embed this notice
     :apa: スプリットショックウイルス † (splitshockvirus@mstdn.starnix.network)'s status on Thursday, 04-May-2023 01:44:21 JST :apa: スプリットショックウイルス †

     in reply to

     • かき@GNUsocialJP

     @feld

     I hope he does outlaw CBDC, because it's a complete nothing burger your dollars are already digital. The fed is just making up dream projects for problems that they can't fix.

     decided to completely eliminate cash

     That's rich

   • Embed this notice
     :apa: スプリットショックウイルス † (splitshockvirus@mstdn.starnix.network)'s status on Thursday, 04-May-2023 01:48:23 JST :apa: スプリットショックウイルス †

     in reply to

     • かき@GNUsocialJP

     @feld

     ACH transfers

   • Embed this notice
     feld (feld@bikeshed.party)'s status on Thursday, 04-May-2023 01:48:23 JST feld

     in reply to

     • :apa: スプリットショックウイルス †
     You just added banks as intermediaries. And lots of banks in the USA will not allow ACH for non-business accounts. I just went through that hell in 2021
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Thursday, 04-May-2023 01:48:40 JST feld

     in reply to

     • samuraikid
     what do you mean?
   • Embed this notice
     samuraikid (samuraikid@probablyfreespeech.com)'s status on Thursday, 04-May-2023 01:48:41 JST samuraikid

     in reply to
     @feld It's possible, with community banks
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Thursday, 04-May-2023 01:59:32 JST feld

     in reply to

     • samuraikid
     Are you saying community banks can create their own currencies?
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Thursday, 04-May-2023 02:02:27 JST feld

     in reply to

     • samuraikid
     Ok, sure, but that won't work. That "currency" will be subject to capital gains taxes. Nobody will use it for day to day transactions.
   • Embed this notice
     samuraikid (samuraikid@probablyfreespeech.com)'s status on Thursday, 04-May-2023 02:02:29 JST samuraikid

     in reply to
     @feld cooperation banks sorry for induce error, too much going on right now
   • Embed this notice
     :apa: スプリットショックウイルス † (splitshockvirus@mstdn.starnix.network)'s status on Thursday, 04-May-2023 02:07:46 JST :apa: スプリットショックウイルス †

     in reply to

     • かき@GNUsocialJP

     @feld

     I don't know of a single cryptocurrency or blockchain that doesn't also have intermediaries. Your transactions are still being verified by nodes on the network, and those nodes need to get paid with gas prices from your transaction outwise they just don't exist. Let's say the fed made their own node network assuming they aren't incompetent to not have some type of vulnerability in their protocol (they're not), and they make the usage free for citizens, they still have to pay for hardware, energy, administration, development, etc. If that transaction isn't levied by gas prices, it's just going to be a tax somewhere else. At which point it's still acting like a bank or clearing house in regards to fees and overhead.

   • Embed this notice
     feld (feld@bikeshed.party)'s status on Thursday, 04-May-2023 02:07:46 JST feld

     in reply to

     • :apa: スプリットショックウイルス †
     basically zero fees on Lightning and ZK rollup Ethereum L2s 🤷
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Thursday, 04-May-2023 02:08:40 JST feld

     in reply to

     • :apa: スプリットショックウイルス †
     you really have to think of these crypto nodes you're calling intermediaries as routers moving packets, because that's what they are. They're not institutions.
   • Embed this notice
     :apa: スプリットショックウイルス † (splitshockvirus@mstdn.starnix.network)'s status on Thursday, 04-May-2023 02:34:09 JST :apa: スプリットショックウイルス †

     in reply to

     • かき@GNUsocialJP

     @feld

     I don't see them as routers, I see them as verification for who is lying. And that's similar job to an ACH.

     But regardless if all routers are owned by that institution, in the case of the fed, it might as well be that institution.

     Keep in mind I'm not advocating against crypto, I'm advocating against whatever the fed wants to build, which I think is just going to be an ACH network which integrates into the already existing one.

   • Embed this notice
     feld (feld@bikeshed.party)'s status on Thursday, 04-May-2023 02:34:09 JST feld

     in reply to

     • :apa: スプリットショックウイルス †
     Anything that allows the government to potentially deny your ability to give cash equivalent to another person over digital rails should not be implemented.
     
     The government should have never been given control over currency, only the ability to choose which one they accept taxes in.
     
     The founders knew it, economists for hundreds of years have known it. Terrible no good bad idea that always ends poorly.
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Thursday, 04-May-2023 03:03:33 JST feld

     in reply to

     • :apa: スプリットショックウイルス †
     • SlicerDicer
     Nah it's 10k and the bank automatically sends a record of the transaction to the IRS database, essentially.
     
     @SlicerDicer used to move millions and never once heard from the IRS about it
   • Embed this notice
     :apa: スプリットショックウイルス † (splitshockvirus@mstdn.starnix.network)'s status on Thursday, 04-May-2023 03:03:34 JST :apa: スプリットショックウイルス †

     in reply to

     • かき@GNUsocialJP

     @feld

     I think we share the sentiment on that. I believe a lot of our current predicament is due to extrapolation of anti money laundering laws, being agumented with anti terrorism legislation.

     There's really no reason I shouldn't be able to send a million dollars to someone instantaneously, but the IRS will get really suspisious if I ever did, I think the limit is 10-12k before you need to fill out a form.

   • Embed this notice
     :apa: スプリットショックウイルス † (splitshockvirus@mstdn.starnix.network)'s status on Thursday, 04-May-2023 03:19:17 JST :apa: スプリットショックウイルス †

     in reply to

     • かき@GNUsocialJP
     • SlicerDicer

     @feld

     I'm thinking of form 114a FBAR it's if you move it off shore and it's over 10k.

     Say you leave the country you still have to report your taxes, even money you make in another nation. I think we are the only country that does that, it makes me sick.

     @SlicerDicer

   • Embed this notice
     SlicerDicer (slicerdicer@bikeshed.party)'s status on Friday, 12-May-2023 22:21:05 JST SlicerDicer

     in reply to
     @feld You know thinking about this? I know of gigantic transfers including 2.7 million. Didn’t even fucking file taxes. My now deceased boss had not filed since 84 no joke. Took me 8 years to sort the basis. At the end?
     
     No tax. That’s right, from 2001 to 2015 I’ve paid zero tax as adult and the irs validated that. Nor did anyone else pay taxes.
     
     So like? Uhh. lol
     
     Not that I’m saying that’s good by any means, once I found the tax problem I got on it. I had no idea, when you get promoted and get access to tax data. That’s what happened. The circumstances that lead to no tax? Double taxation laws very complicated.
     
     I’ll say this if you’re gonna fuck up? Be damn sure you make your money in a country with higher tax rate than USA. Then they can’t backdate that and fine you. There was no tax due.
     
     It was a shitshow. But yeah 1984 to 2011 taxes incorrectly filed. IRS didn’t notice. They are well good at their jobs.