The End Of Cash: How Will This Affect The Hobby?

[ICU 812]

And there it is: The end of hard cash currency.


https://www.msn.com/en-us/money/mark...ist/ar-AAPeZxI

[Grace Preston]

If you want to post opinion pieces-- post them in the damn political forum.

[ICU 812]

Nice legs Grace!

What will an all-electronic-transaction economy mean for you?

[Grace Preston]

Direct quote from the article posted:



"While the chances of adopting a digital currency within the near future are slim, digital payments have grown exponentially within the past few years, giving credence to the notion that the U.S. is moving towards a digital economy."


You'll pardon me if I don't chicken little over this... right?


Moreover-- what would be my personal impact? Zero. I pretty much never touch cash anymore unless I make a random trip to Dallas to see old friends. I have 2 clients in my area that both pay me online and the majority of my income is derived from my direct deposits from my real world job.

[ICU 812]

Grace: I am sincerely happy for you that things are going well. As far as I am concerned . . .we're good.

Lately, this subject ahs crawled under my tin-foil hat and gotten my attention. In conjunction with the reported possibility of banks being required to report relatively low amount transactions (in-flow and out-flow) to the IRS I find also troubling.

I have always sought to keep my Hobby activity paper-trail and electronic footprint free. These two parallel economic trends make that increasingly difficult.

[pmdelites]

there is a difference between govt sponsored payment accts ( USAPayPal, for example), cryptocurrencies and cash.

if, and that's a fucking BIG IF (and prolly not in my lifetime), cash disappears, then payments to adult sex providers will be digital.

in my opinion, from my read of the proposed reporting regulation (which i believe you've mis-characterized above), the providers would be more at risk than the clients.
unless the govt can prove beyond a reasonable doubt that the payer gave it for sex, so what? it's not illegal to give money to someone. it is illegal to not report it and pay any taxes due.

[Unique_Carpenter]

Grace is quite correct.
It's simply quite easy to move funds over to my barber's, house cleaners, auto detailers, pet sitters, window washers, lawn care, etc, etc, accounts.

And btw Grace, highly distracting ankles as well.

[JRLawrence]

Originally Posted by ICU 812

Grace: I am sincerely happy for you that things are going well. As far as I am concerned . . .we're good.

Lately, this subject ahs crawled under my tin-foil hat and gotten my attention. In conjunction with the reported possibility of banks being required to report relatively low amount transactions (in-flow and out-flow) to the IRS I find also troubling.

I have always sought to keep my Hobby activity paper-trail and electronic footprint free. These two parallel economic trends make that increasingly difficult.

As reported by the Wall Street Journal, the banks required will be required to report any account activity on accounts VALUED at over $600. That will cover most transactions, it is not $600 or more in transactions. Who has accounts that totals less than $600 in the account?

The way I took that: if you use a credit card on your account for a $200 visit to a lady friend, and your account has more than $600 in it, then your transactions may be monitored by the Feds.

It will be automatic. For example: Karen Klap is know to the police, and you have seen her 6 times in the last 6 months and you pay by credit card - that could be found in under a second because of the electronic tracing on who deposited the CC.

Wow! I think I will just draw out my own money and pay by cash.

I won't be seeing Karen Klap, just because she only accepts credit cards.

[JRLawrence]

Originally Posted by Grace Preston

Direct quote from the article posted:



"While the chances of adopting a digital currency within the near future are slim, digital payments have grown exponentially within the past few years, giving credence to the notion that the U.S. is moving towards a digital economy."

You'll pardon me if I don't chicken little over this... right?

......

You understand that this is just a NOTION. Good for you. we should pardon the guys that can't understand the joke.


Really guys, this is about how to build a case against specific people. Even if these type of records are available, would the not require a court order to enable them be used against you?

Just asking, because I am not a lawyer.

[Salty Again]

... No sense getting yer knickers in a twist.
It aint a cash-less society YET.

Bring yer coins. Put 'em in her slot.
Just like those olde coin machines.

"Milk, milk. And below - lemonade.
And around the corner - fudge is made!"

### Salty

[ICU 812]

Originally Posted by JRLawrence

Really guys, this is about how to build a case against specific people. Even if these type of records are available, would the not require a court order to enable them be used against you?

Just asking, because I am not a lawyer.

If I can think up something intrusive way to further abuse everyone, so can someone else. And just because I have OT figured out a way to be abusive/intrusive doesn't mean that someone with a sophisticated knowledge of this stuff won't.

For example: Ladies that travel will leave a trail of electronic footprints as they deposit donations, "proving" that they were in town. Same for the gents.

Remember the NSA scandal post Wiki revelations about data-mining the accumulated phone records of just about anyone? They are still doing that.

[Ripmany]

I pretty sure if cash ended a $5.00 eagle will get you a good time.

[ICU 812]

Originally Posted by Ripmany

I pretty sure if cash ended a $5.00 eagle will get you a good time.

So forget paper money and cripto-bits . . .

Back to the Gold Standard!

[Grace Preston]

Most of this is all about taxing the people that have been dodging taxes. Even when I was a full time heaux... I paid my taxes on my earnings. Hard to build a future, buy a house, have social security put back without paying taxes.



The IRS doesn't care what you do for a living-- they just want their damn cut. All of the alphabet soup boys couldn't do shit to Capone-- it took the IRS getting involved to put him down.

[Unique_Carpenter]

Originally Posted by Grace Preston

Most of this is all about taxing the people that have been dodging taxes. Even when I was a full time heaux... I paid my taxes on my earnings. Hard to build a future, buy a house, have social security put back without paying taxes.

The IRS doesn't care what you do for a living-- they just want their damn cut. All of the alphabet soup boys couldn't do shit to Capone-- it took the IRS getting involved to put him down.

Thread winning post right here^^^^