CDZ A Rough Idea for Converting the US Dollar to an E Currency, the EDollar

[JimBowie1958]

Sorry I don't get it-

Yeah, I didnt see the value either for a while.

Nothing to feel bad about, for certain.

 

[Gdjjr]

Unless/until it is internationally recognized as a currency it's worth is not value or vice versa- even the "commodities" are priced in Federal Reserve note values- not that I favor Fed Reserve anything- but, it is what it is

 

[Gdjjr]

So, what is accepted for the acquisition of this currency? There in lies the problem- the starter wins- everyone else gambles.

 

[JimBowie1958]

So, what is accepted for the acquisition of this currency? There in lies the problem- the starter wins- everyone else gambles.

What I am talking about would be a Federal Reserve policy change with approval from the government; it would be a new federal policy.

I am not talking about a private effort.

Just tossing some ideas around.

 

[Gdjjr]

What I am talking about would be a Federal Reserve policy change with approval from the government; it would be a new federal policy.

I am not talking about a private effort.

Just tossing some ideas around.

Ok- so you are talking about simply swapping one Fiat currency for another- this one though has an electronic tracking capability stored in a cloud somewhere- meaning, at least, there are no private transactions. I've seen headlines on click bait articles about a cashless society- that is what you're talking about- I despise the Federal Reserve and it's acolytes in DC, but, I do understand the *need* for more currency- there is, in my limited knowledge, no other method of expanding wealth without expanding the amount of currency available- as for your initial prognosis about Oil and Saudi you may be right- but, the Countries with Gold Reserves will step in and try to replace Fed Reserve Notes with their own currency backed with gold- (interestingly enough, I saw a story a couple years ago where Iran traded some Oil for Wheat) - the trade was, IMS, with Shell Oil- that said, Fed Reserve Note world dominance is THE why we're in the ME and will be there for eternity- to FORCE fed reserve note dominance- the commodity backing it just happens to be oil at this time and there is a lot of oil in this world- at the current usage rate it's estimated to be enough (so I've read) for another 100 years just in US reserves-
I don't think, at least I hope, we aren't at the point of a cashless society- we're being electronically tracked way too much as it is- adding another means is just greasing the slippery slope we find ourselves on.
I'm not admonishing or chastising your imagination by any stretch- don't take it what way- but, gov't cannot be trusted (if it ever could and there is plenty of evidence it never has been) to determine value of anything- beginning with life extending to privacy- the constitution granted the authority to congress to coin money and set the value- they ceded that authority to the Fed Reserve- they could have made Pinto Beans currency- but they didn't they absolved themselves of their sworn to duty responsibility, which in hind sight may be the only thing DC ever did that was worth a tinkers damn-

 

[JimBowie1958]

Ok- so you are talking about simply swapping one Fiat currency for another-

Well, no, this wouldnt be a fiat currency, and even the USD is not a fiat currency as the OPEC purchasing requirement essentially back the USD with petroleum market demand.

What I am talking about here would be backed by a whole bunch of things that have perceived value, from precious metals, to crypto to equities, to bonds. there would likely be some fractional reserve policy being used to expand the supply of these edollars, but bankers do that everywhere they can, lol.

It would not be fiat at all and markets would determine the value after it comes off the peg to physical USD.

 

[Gdjjr]

It would not be fiat at all and markets would determine the value after it comes off the peg to physical USD.

We'll just have to agree to disagree- or not- that still doesn't address the tracking electronically ALL transactions = NO privacy whatsoever-

 

[JimBowie1958]

We'll just have to agree to disagree- or not- that still doesn't address the tracking electronically ALL transactions = NO privacy whatsoever-

Block chain code is encrypted and not traceable, which is why drug dealers love it.

 

[Gdjjr]

Block chain code is encrypted and not traceable, which is why drug dealers love it.

Nah- it is, anything electronically stored is or will be- it's just not helpful- and I'm not a drug dealer and I'll imagine you aren't either-

 

[JimBowie1958]

Block chain code is encrypted and not traceable, which is why drug dealers love it.

Nah- it is, anything electronically stored is or will be- it's just not helpful- and I'm not a drug dealer and I'll imagine you aren't either-

LEOs can trace block-chain transactions, but the participants are encrypted and thus anonymous.

That is what I meant when I said it cant be traced....it cant be traced to a specific person without their wallet accessable.

 

[JimBowie1958]

The current negative price of West Texas Crude is startling when you consider that the US dollar is backed by the demands of the petroleum markets.

In a world petrol glut, how does this affect the value of the US dollar?

It seems to me to be a warning signal that we need to get the US dollar off OPEC dependency for good and very soon, ASAP in fact.

 

[Late2TheParty]

Eventually we will part ways with the Saudis and if we are not prepared to shift the USD to being backed by something other than petroleum, we are truly going to get reamed with hyper inflation over night. Global demand for petroleum is 99% why the USD has not gone into hyperinflation, IMO, but regardless, the USD should be updated to a more high tech medium anyway.

Not saying this is a bad idea, but I've been a programmer for a long time and I DO NOT TRUST ANYTHING DIGITAL. When an irl key is hacked, robbers still have to go to every house, try the lock, risk themselve bodily. When an online program in some stack is hacked, they can strike any computer from anywhere, little to no risk. With quantum computers on the horizon, encryption based on many things (like prime numbers) will be weak again.

On top of that, my parents are as dumb as donkey balls when it comes to tech. Lots of people like that. They can barely operate a browser on a cellphone.

I know electronic currency is the norm in institutions to a degree, but end users I think coins and paper money will rule for a long while yet.

 

[JimBowie1958]

Not saying this is a bad idea, but I've been a programmer for a long time and I DO NOT TRUST ANYTHING DIGITAL. When an irl key is hacked, robbers still have to go to every house, try the lock, risk themselve bodily. When an online program in some stack is hacked, they can strike any computer from anywhere, little to no risk. With quantum computers on the horizon, encryption based on many things (like prime numbers) will be weak again.
On top of that, my parents are as dumb as donkey balls when it comes to tech. Lots of people like that. They can barely operate a browser on a cellphone.
I know electronic currency is the norm in institutions to a degree, but end users I think coins and paper money will rule for a long while yet.

Yeah, there are several different facets to crypto security.

One is that the ongoing main stream block chain cannot be hijacked as there are simply too many miners, etc, running it, literally hundreds of millions of people.

The second 'weak link' is wallet security. If you make a decent password, unlike what old Dimocrats are known for, and secure it well, then you should have no problem keeping control of your wallet. Dont store the password on your PC anywhere though.

The strength of what I am 'proposing' for discussion is a cryptocurrency that would be issued by the billions, based on a basket ofother cryptos, commodity ETFs, securities, bonds, etc, and if redeemed can be paid out in any combination of the underlying basket elements. So if I go to redeem $50k, the Federal Reserve bank can give me any combination of Gold ETFs, bonds, securities, etc, at the issuers discretion. There cannot be a run on a commodity using this form of currency as the redemption can shift to whatever they prefer to pay out.

 

[22lcidw]

What I am talking about would be a Federal Reserve policy change with approval from the government; it would be a new federal policy.

I am not talking about a private effort.

Just tossing some ideas around.

Ok- so you are talking about simply swapping one Fiat currency for another- this one though has an electronic tracking capability stored in a cloud somewhere- meaning, at least, there are no private transactions. I've seen headlines on click bait articles about a cashless society- that is what you're talking about- I despise the Federal Reserve and it's acolytes in DC, but, I do understand the *need* for more currency- there is, in my limited knowledge, no other method of expanding wealth without expanding the amount of currency available- as for your initial prognosis about Oil and Saudi you may be right- but, the Countries with Gold Reserves will step in and try to replace Fed Reserve Notes with their own currency backed with gold- (interestingly enough, I saw a story a couple years ago where Iran traded some Oil for Wheat) - the trade was, IMS, with Shell Oil- that said, Fed Reserve Note world dominance is THE why we're in the ME and will be there for eternity- to FORCE fed reserve note dominance- the commodity backing it just happens to be oil at this time and there is a lot of oil in this world- at the current usage rate it's estimated to be enough (so I've read) for another 100 years just in US reserves-
I don't think, at least I hope, we aren't at the point of a cashless society- we're being electronically tracked way too much as it is- adding another means is just greasing the slippery slope we find ourselves on.
I'm not admonishing or chastising your imagination by any stretch- don't take it what way- but, gov't cannot be trusted (if it ever could and there is plenty of evidence it never has been) to determine value of anything- beginning with life extending to privacy- the constitution granted the authority to congress to coin money and set the value- they ceded that authority to the Fed Reserve- they could have made Pinto Beans currency- but they didn't they absolved themselves of their sworn to duty responsibility, which in hind sight may be the only thing DC ever did that was worth a tinkers damn-

The Federal Reserve Note is the middleman for trade, correct? There is a premium price paid for that usage?

 

[Picaro]

I see the Clueless still don't get that these so-called 'crypto-currencies' are just fronts for government intelligence agencies, which is why they have such excellent 'cryptography' in the first place. Anyone who thinks these currencies make their transactions anonymous needs to buy my bags of magic beans while I still have plenty in stock. When they do away with cash is when you can no longer buy anything without first getting permission from your government to do so. There are no other 'facets' to crypto-currencies or E currencies. They aren't backed by anything but bullshit and fantasy. Bit Coin is run by the CIA; other countries intelligence agencies are starting up their own now. They invented them to cover their own international transactions, and merely extended them to criminal and terrorists organizations as a way to track them and eventually wipe them out.

Don't forget about my magic beans for sale, though; they can also be used as a currency!

 

[Picaro]

or storing some intrinsic value due to demand for the secure doc

Who sets the value of the document? What's in the document that would make it valuable to anyone other than the holder- say, a baker?

The market demand sets the value, and there is nothing in the document that makes it valuable other than the fact it is secure, and only a limited number of the crypto will be published. That coming rarety makes them in demand.

Yes, just like those tulips in that bubble of the 1600's ... same thing; just because 'it's electronic n stuff' doesn't make it sound or even genuine.

 

[fncceo]

We already use e-currency for 95% of all our transactions.

 

[Picaro]

We already use e-currency for 95% of all our transactions.

View attachment 334217

U.S. transactions for most consumers are still denominated in dollars, so no, it's not 'e currencies', it's still dollars.

 

[there4eyeM]

I don't like the E-currency idea...but backing the dollar with a basket of commodities is a great idea!

Back the US dollar with gold, silver, platinum, palladium, uranium, coal, oil, nat-gas, even wire grade copper.

"Backing" the dollar with such thing only begs the greater question; What is value and from where does it emerge?
All those commodities are no different from what the money itself consists of, be it paper, cloth, metal or anything else. Anything only has value when someone assigns value to it. How much value could not be more purely relative.

 

[Deleted member 73486]

It is much more realistic to back our national currency with the gold standard. Gold is the ultimate stable currency because you can't just print more when you run into trouble.

Nixon did many things right (yes, I'm a liberal and I acknowledge that much -- remember the EPA was founded under Nixon after all), but taking us off the gold standard was not one of them.

The good news with gold is that the U.S. has more reserves than any other country, by far! We have more than the next three countries combined!!! So if we switch to a gold standard, we will be in the fabled cat-bird seat (to quote Raising Arizona).

Of course, the Fed will be hampered by this, but I see that as a very good thing (I am fiscally conservative, despite my liberal leanings). Make them use interest rates appropriately to control inflation/deflation. Reset everything to gold including all currencies, reset the interest rates to a reasonable amount, and then watch classic economics take over...no more helicopter money to those companies that don't deserve it in the first place!