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Thread: Euro Digital Currency - Coming in October

  1. #21
    Senior Member Colonel's Avatar
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    Quote Originally Posted by Smitty View Post
    Out of the top of my mind, I think the digital Yuan balance in your account has no expiration date. But when a transaction is made from your digital account, a demand is made on your digital consumption voucher which deducts the digital Yuan that is available in your account.
    As far as an expiration date, the authorities in charge of your digital account would give you a time limit (voucher) to spend your digital Yuan, or lose it if the digital Yuan voucher allocated in your digital account in not spent by a certain date.
    For example, I am allocated 5 weeks of vacation a year. I receive those entitled 5 weeks of vacation every year on my anniversary hire-on date. If I fail to use all 5 weeks of vacation by the next hire-on anniversary date, I will lose any remaining vacation weeks because of my failure to use them before the hire-on anniversary date.
    In this case someone would lose the money that the Chinese government handed to them in the first place, and only that. Since it's a handout, it doesn't technically amount to control, but it may be termed manipulation. Which is what every government does all the time anyway, they manipulate populations and voters according to long term policies. The Chinese government moreso, probably.

  2. #22
    So if the Son sets you free, you will be free indeed. John's Avatar
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    Well, the Bank of Canada wants an expiry date of their planned digital currency...

    Stated reason: In case you lose your digital currency, it can somehow be retrieved when it expires.

    Real reason: Who knows.

  3. #23
    Senior Member Colonel's Avatar
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    Quote Originally Posted by John View Post
    Well, the Bank of Canada wants an expiry date of their planned digital currency...

    Stated reason: In case you lose your digital currency, it can somehow be retrieved when it expires.

    Real reason: Who knows.
    If it can still be retrieved after expiration, then noone actually loses it then. Sounds strange, did they explain the exact mechanism involved ?

  4. #24
    So if the Son sets you free, you will be free indeed. John's Avatar
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    Quote Originally Posted by Colonel View Post
    If it can still be retrieved after expiration, then noone actually loses it then. Sounds strange, did they explain the exact mechanism involved ?
    You'd have to read through the pdf, I posted the link. It didn't make much sense to me.

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    Senior Member Smitty's Avatar
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    Quote Originally Posted by John View Post
    Well, the Bank of Canada wants an expiry date of their planned digital currency...

    Stated reason: In case you lose your digital currency, it can somehow be retrieved when it expires.

    Real reason: Who knows.
    This is an the oxymoron explanation of why Canadian banks want an expiry date.
    Digital currency is an electronic debit/deposit in your account.
    My company deposits my check directly into my account. It would be impossible for me to lose the check because I never handle a physical paper check.
    In the case of digital currency, it can't be handled because it is not hard currency that would pass through your hands. My point is digital funds or checks are impossible to make any physical contact with because they are deposited in your account out of thin air. How can I lose it if it never crosses my hands?
    Notice the bank says, if you lose your digital currency. This is an Oxymoron because how can I lose a physical object if I've never touched it or handled it in the first place. Only the Bank of Canada can lose your digital currency in your account because they control the computer system that enables them to process your all your transactions. This gives them total control of your digital currency (purchasing ability) to say it's been expired, lost, or compromised, and make up some lame-brain excuse that you were somehow liable for your banking account failure. Remember the Canadian Truckers that had their personal accounts shut down a couple of years ago by Candian dictator Trudeau? The banks of Canada were instructed to do so by Trudeau himself. I can see this happening to us here in the USA when cash is out-lawed, and a digital banking account will be mandatory to purchase food for your family. Reason: Population control and power to weed out those who refuse to bow down and do what their told to do by government authorities. The Gulag's are already built, but they are empty. We still have a little time left. How much? I don't know!
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    People have lost bitcoin to hackers and money deposited at banks when the bank went bankrupt, maybe it has something to do with that.

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    "To further simplify end-user experience, the expiry date could
    automatically be refreshed before the funds expire whenever users' devices connect to the network
    or are used to pay at a point-of-sale terminal with a network connection."

    Not sure what the point is, but it's quite clear that the Canadian idea doesn't involve the possibility that anyone will be unable to retrieve their digital currency, unlike when cash is involved - which can be lost or destroyed.

  8. #28
    Quote Originally Posted by John View Post
    Bank of Canada also exploring expiring digital currency.

    It's a PDF file ..

    https://www.bankofcanada.ca/wp-conte...swp2021-67.pdf


    The following paragraph is on the first page of the document.


    "Bank of Canada staff working papers provide a forum for staff to publish work-in-progress research independently from the Bank's Governing Council. This research may support or challenge prevailing policy orthodoxy. Therefore, the views expressed in this paper are solely those of the authors and may differ from official Bank of Canada views. No responsibility for them should be attributed to the Bank."
    Last edited by Barrie; 04-28-2023 at 07:44 AM. Reason: Changed to quote the post I was referring to.

  9. #29
    So if the Son sets you free, you will be free indeed. John's Avatar
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    No responsibility for them should be attributed to the Bank.
    No, of course not.

    I really enjoy the specious argument that digital currency will aid in fighting corruption and crime. Ah, hmmm, so the remedy to combat corruption is to give the control of the currency to the corrupt. I'm always amazed that people fall for this sort of stuff.

    I remember the same arguments being floated to enact the "Patriot Act", we have to take away your freedom in order to preserve freedom!

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  11. #30
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    Quote Originally Posted by John View Post
    No, of course not.

    I really enjoy the specious argument that digital currency will aid in fighting corruption and crime. Ah, hmmm, so the remedy to combat corruption is to give the control of the currency to the corrupt. I'm always amazed that people fall for this sort of stuff.

    I remember the same arguments being floated to enact the "Patriot Act", we have to take away your freedom in order to preserve freedom!
    Yep. All about the wrong people having more and more control.

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