I don't understand how it's legal for vendors to actually refuse cash. I get it that there's multiple reasons they wouldn't want to and they can say it's their policy, etc but it's on the paper money itself "LEGAL tender for ALL debts public and PRIVATE". It's like when you hear the stories about people paying debts with buckets of coins. Obviously a huge PitA but technically allowed.
It's not a debt until the produce is sold. Any vendor can refuse to sell, which means there's no debt.
I have refused to shop at numerous stores because they make a point of not accepting cash. Cash is incredibly important for modern society due to actually being untraceable and allowing for private transactions. Plus, a society without cash is one where you are forced to use central banking. Blockchain is just trying to imitate cash digitally, which as it turns out is really hard to do. So it just ends up that people…
I don't understand how it's legal for vendors to actually refuse cash. I get it that there's multiple reasons they wouldn't want to and they can say it's their policy, etc but it's on the paper money itself "LEGAL tender for ALL debts public and PRIVATE". It's like when you hear the stories about people paying debts with buckets of coins. Obviously a huge PitA but technically allowed.
Other people have pointed out that there's no federal mandate to accept cash. However, several states do require this: New Jersey, Rhode Island, Connecticut, and Massachusetts. This also appears to be true in New York (city), San Francisco, and Philadelphia.
I have refused to shop at numerous stores because they make a point of not accepting cash. Cash is incredibly important for modern society due to actually being untraceable and allowing for private transactions. Plus, a society without cash is one where you are forced to use central banking. Blockchain is just trying to imitate cash digitally, which as it turns out is really hard to do. So it just ends up that people…
I have not found a shop that refuses cash, but if I did I would also refuse to shop there.
It shouldn't even be legal for a shop to refuse cash. I understand the grey area of some asshat coming in with $300 of pennies, but outside of those edge cases, it should be illegal to operate a physical store without accepting cash, and without putting in limits to convince people not to use cash.
Why is blockchain needed for that and not any other immutable ledger?
Because a blockchain can operate in the presence of even large and powerful malicious actors. The issue here is a social/regulatory/legal one. The current international shipping game is a cartel business, and the cartel doesn't want competition - so they can use government, brand recognition, etc to maintain their moat. It's not that the blockchain version isn't clearly better, it's that the getting there part is a v…
Who is incentivized to mine a produce blockchain? How are tokens immutably assigned to units of commodities in a way that can’t be compromised?
> Unfortunately, this aspect of his brilliant design was one of the first things to be undermined by subsequent blockchain operators. Many cryptocurrencies that have been created since are unlimited in supply, including some of the most heavily speculated ones like Solana, Dogecoin and Shiba Inu. > This is worse than what the central banks have done. No, it's not. Even a coin that is emitted one per second forever is…
Even if a single crypto coin is limited in supply, there's an infinite number of (potential) suppliers of coin.
Indeed, there are tens of thousands of various coins created, but 74% of wealth stays in just two of them - Bitcoin and ETH (if we exclude centralized tokens USDT, USDC, XRP, BNB etc). It's something like geometric series.
For clarity: 1. Bitcoin addresses are 100% traceable from the first to the last transaction that's ever taken place. 2. Tracing a Bitcoin address to an individual depends on the individual's OpSec. For example: bank account to exchange to Bitcoin is traceable with the help of the exchange's KYC records, assuming they have them. From there, any further Bitcoin transactions can be traced to an individual. Buying Bitcoi…
They have bitcoin atms now, just wear a surgical mask when you go into the headshop that has them and you are anonymous.
“No shit”. Wait, you mean something that literally tracks any and all actions in a literal chain of history that is immutable is easy to track?!? You mean that pattern recognition can be applied to even “randomized” in both size, time, and destination of transactions can be done to track like how they can track burner phones? I’m shocked! Shocked I say!
I think the real answer is “then why are you so bad at tracking money?”.
I don't understand that response.
Paper money was never designed to be tracked, and IMO that's a good thing.
You're saying you'd like to see better tracking of paper money?
My understanding is that it can't be refused to settle a debt, for instance your restaurant/bar/hotel tab or for paying your car note, mortgage, taxes etc. However, a store owner can choose to only accept bottle caps or conch shells in exchange for their goods if that's what they want to do. If you go up to the register and you tell them you want the widget, you have to pay whatever they're asking in exchange. Doesn'…
I wonder if this means I can use treasury bonds as payment at a restaurant (of course practically they would refuse, and I don't suggest trying this, but an interesting thought)
Hadn't thought of that, but I don't believe Treasury Bonds are considered legal tender nor do they instruct the bearer on it that they have to be accepted "for all debts, public and private".
As an aside, our currency used to say that they could be exchanged for the denomination in Gold (or silver, depending on the note) on demand at the US treasury.