Agree, but I do think you will see the day where our currency, whether paper or coins, will be a hell of a lot more valuable than it is now.
When the push for “digital” currency (Fed controlled, of course) gets implemented, you’ll see the value of physical currrency go through the roof.
That "push" has been going on for quite a number of years, with the foundation being set decades ago.
There are laws in place in which banks are required to report certain transactions by amount and frequency. They can even stop additional transactions by law.
For example, I ran afoul of one in which I could not transfer funds from my savings account to other accounts (notibly my checking account". This is "Regulation D", in case you've never run across it, which limits you from making more than six withcrawals or transfers a month from a savings account ot money market account. The states purpose is to "help banks maintain reserve requirements". It didn't present me with any real problems, though, because a simple call to NFCU resolved it and a lady did the transaction over the phone for me.
That tax requirement for making $600 or more per year for internet sales? Yeah, that's ONLY possible because these things are all tracked electronically.
Crypto currency? Crypto currency might be "secure"? Well, maybe in the sense of "nobody else can get it because you hold the encryption keys to it" but not in the sense of traceability which is where the government can get you. It can be created, moved, and stored outside of government view...but the moment you actually conduct a transaction with it, you create a trail. And the government doesn't care that you can keep them from getting it...they only need to know you bought it, spent it, or received it as payment for something. That's data they can trace. If data exists that you received $10,000 dollars in payment value from any form of crypto-currency, then you can bet Uncle Sam will be digging into your pockets for it.
Bitcoin themselves has this to say on their webpage:
Bitcoin is often perceived as an anonymous payment network. But in reality, Bitcoin is probably the most transparent payment network in the world. At the same time, Bitcoin can provide acceptable levels of privacy when used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your privacy.
Bitcoin works with an unprecedented level of transparency that most people are not used to dealing with. All Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network. Bitcoin addresses are the only information used to define where bitcoins are allocated and where they are sent. These addresses are created privately by each user's wallets. However, once addresses are used, they become tainted by the history of all transactions they are involved with. Anyone can see the balance and all transactions of any address. Since users usually have to reveal their identity in order to receive services or goods, Bitcoin addresses cannot remain fully anonymous. As the block chain is permanent, it's important to note that something not traceable currently may become trivial to trace in the future. For these reasons, Bitcoin addresses should only be used once and users must be careful not to disclose their addresses.
Government assistance programs? They've been electronic for quite a while.
Government pay in the form of direct deposit? What's that, over three decades now?
The government will definitely get to the point where they will start openly changing the laws towards migration to all digital currencies and transactions. It most assuredly tips the scales in their favor and, of course, the people MOST hurt by this will be those on the lower income level. This will even get to the point of eliminating hard currency so people will have no other choice. Working for tips and doing side jobs for money (lawn work, gardening, snow shoveling, and any other job out there) will ALL be tracked and taxed, which hurts those on the lower income level far more than anybody else.
Because, you know...paying taxes is a civic duty, don't you know, which is why, of course, the government makes it more difficult to move up with one's income by punishing you with progressively increasing the tax rates.
If anybody thinks it won't be done, remember that the government outlawed the owning of gold by citizens with the Gold Reserve Act of 1934 (only jewelry and collector's coins were allowed). And yes, they did prosecute people for this. Frederick Barber Campbell was convicted under the GRA's predecessor, Executive Order 6102 of hoarding when he tried to withdraw 5,000 troy ounces of gold he had at Chase National Bank. A diamond an jewelry merchant arrested (with others) and for illegally selling $20 gold coins without a license. Foreign companies had gold confiscated, including a Swiss banking company which had $1.25 million in gold coins which were being held in the United States.
www.usfunds.com
