Britcoin

[Newbie to this]

I see Rishi Sunak is considering an new government approved digital currency, with the rather familiar sounding name Britcoin.

https://www.reuters.com/business/finance/uk-launches-taskforce-potential-bank-england-digital-currency-sunak-2021-04-19/

[treetree]

I'm sure governments would love their own centralised digital currency and to do away with cash.

Just imagine this new cashless world where your every purchase or payment you make or receive can be tracked.

[ph5172]

26 minutes ago, treetree said:

I'm sure governments would love their own centralised digital currency and to do away with cash.

Just imagine this new cashless world where your every purchase or payment you make or receive can be tracked.

Thing is it’s not far from that now unless you use cash without scanning any form of loyalty card and avoiding any form of CCTV at the cash point or shop 

[Mungler]

This announcement is incredibly significant and I doubt that most ministers understand the tech / concept or where this is heading.

Notwithstanding that the government will know everyone’s spending habits the government of the future will be able to specify / limit / inhibit individual spending.

The sky really is the limit.

You see your GP and your GP determines you are fat. You then have your sole means of purchasing (your britcoin) disabled in Greggs and Pizza Hut.

You want to emigrate because you’ve had enough and so the Government restricts (yours, and others) ability to buy an airplane tickets.

The government approves certain shops and businesses, say Sainsbury’s (or it could be anything - bank, car dealership, chain of builders merchants). If you are in receipt of state assistance, you can now only spend that money in a sainsburys.

It’s the slippiest of the slippery roads.

 

 

[Old farrier]

2 minutes ago, Mungler said:

This announcement is incredibly significant and I doubt that most ministers understand the tech / concept or where this is heading.

Notwithstanding that the government will know everyone’s spending habits the government of the future will be able to specify / limit / inhibit individual spending.

The sky really is the limit.

You see your GP and your GP determines you are fat. You then have your sole means of purchasing (your britcoin) disabled in Greggs and Pizza Hut.

You want to emigrate because you’ve had enough and so the Government restricts (yours, and others) ability to buy an airplane tickets.

The government approves certain shops and businesses, say Sainsbury’s (or it could be anything - bank, car dealership, chain of builders merchants). If you are in receipt of state assistance, you can now only spend that money in a sainsburys.

It’s the slippiest of the slippery roads.

 

 

Not to mention the massive amount of energy and computer power required to mine it 🤔

 

[London Best]

What a great idea for the work shy on benefits!

I love it.

[Old farrier]

10 minutes ago, London Best said:

What a great idea for the work shy on benefits!

I love it.

They could also say you have spent to much money on shooting and put a block on it 

 

[ditchman]

then we will use the barter route...........Hmmmmm...i could swap 2 flint axes for that nice bit of meat.........deal..........

[London Best]

10 minutes ago, Old farrier said:

They could also say you have spent to much money on shooting and put a block on it 

 

Everybody already knows I have spent too much money on shooting.

[ditchman]

10 minutes ago, London Best said:

Everybody already knows I have spent too much money on shooting.

you me and everyone else........................'cept the women in our life............nearly mans best kept secret..........nearly

[London Best]

4 minutes ago, ditchman said:

you me and everyone else........................'cept the women in our life............nearly mans best kept secret..........nearly

Not in my case, Ditchy.  My other half is very supportive of my shooting lifestyle. She encourages me to take more driven days. She always likes to accompany me on driven days (I think it’s the attraction of the sloe gin and pork pie). She encouraged me to buy the (very) expensive gun I had wanted for forty years. When she wanted to go to Africa for a safari I got brochures from the travel agents and she took one look and said, “this is not what I meant. You don’t want to go to Africa without your rifle, do you?” 
Once a friend’s wife, listening to us talking about shooting, said that I was worse than her husband and asked my wife why she put up with it. She was told, “he was shooting before he met me and I know he will be shooting after I’ve gone if necessary.”

[Newbie to this]

10 minutes ago, London Best said:

Not in my case, Ditchy.  My other half is very supportive of my shooting lifestyle. She encourages me to take more driven days. She always likes to accompany me on driven days (I think it’s the attraction of the sloe gin and pork pie). She encouraged me to buy the (very) expensive gun I had wanted for forty years. When she wanted to go to Africa for a safari I got brochures from the travel agents and she took one look and said, “this is not what I meant. You don’t want to go to Africa without your rifle, do you?” 
Once a friend’s wife, listening to us talking about shooting, said that I was worse than her husband and asked my wife why she put up with it. She was told, “he was shooting before he met me and I know he will be shooting after I’ve gone if necessary.”

She sounds like a keeper,  a very rare find.

[Vince Green]

15 hours ago, Newbie to this said:

I see Rishi Sunak is considering an new government approved digital currency, with the rather familiar sounding name Britcoin.

https://www.reuters.com/business/finance/uk-launches-taskforce-potential-bank-england-digital-currency-sunak-2021-04-19/

Nearly every country in the world is looking into this. It does have its merits, It would kill stone dead the cash in hand economy, illegal immigration, benefit fraud and internet scammers for example

[ditchman]

53 minutes ago, London Best said:

Not in my case, Ditchy.  My other half is very supportive of my shooting lifestyle. She encourages me to take more driven days. She always likes to accompany me on driven days (I think it’s the attraction of the sloe gin and pork pie). She encouraged me to buy the (very) expensive gun I had wanted for forty years. When she wanted to go to Africa for a safari I got brochures from the travel agents and she took one look and said, “this is not what I meant. You don’t want to go to Africa without your rifle, do you?” 
Once a friend’s wife, listening to us talking about shooting, said that I was worse than her husband and asked my wife why she put up with it. She was told, “he was shooting before he met me and I know he will be shooting after I’ve gone if necessary.”

totally opposite to me.............when she found out i was paying £500 for a driven day...she used to go to london and spend a £1000 on clothes and Jimmy choo shoes....

it was like an arms race 'cept i was on the loosing side.............

[London Best]

46 minutes ago, Newbie to this said:

She sounds like a keeper,  a very rare find.

Had her from a pup and trained her myself.

[treetree]

Now imagine a centralised, government controlled digital currency, alongside biometric ID cards (or vaccine passports as they are currently being called).

[Mungler]

4 hours ago, Vince Green said:

Nearly every country in the world is looking into this. It does have its merits, It would kill stone dead the cash in hand economy, illegal immigration, benefit fraud and internet scammers for example

Not a chance.

Remember how banning handguns was going to stop gun crime? The thing is, criminals are just that and pay little attention to law. Laws are only for the law abiding as they say.

What we will find is we will all get taxed through the nose and for everything, and the criminals will trade Rolex’s, gold coins and whatever crypto is in fashion. 

[mel b3]

9 hours ago, Mungler said:

This announcement is incredibly significant and I doubt that most ministers understand the tech / concept or where this is heading.

Notwithstanding that the government will know everyone’s spending habits the government of the future will be able to specify / limit / inhibit individual spending.

The sky really is the limit.

You see your GP and your GP determines you are fat. You then have your sole means of purchasing (your britcoin) disabled in Greggs and Pizza Hut.

You want to emigrate because you’ve had enough and so the Government restricts (yours, and others) ability to buy an airplane tickets.

The government approves certain shops and businesses, say Sainsbury’s (or it could be anything - bank, car dealership, chain of builders merchants). If you are in receipt of state assistance, you can now only spend that money in a sainsburys.

It’s the slippiest of the slippery roads.

 

 

I know and understand very little when it comes to crypto currencies , but the fact that the government are involved scares the xxxx out of me.

[zipdog]

The future of governmental fiat currency is digital there is no doubt about this. 

The future of cash is limited.

The future alternative to cash is Bitcoin. 

[Gordon R]

Quote

benefit fraud

Vince - i normally agree with you, but this made me laugh. 99% of the population haven't a clue as to the extent of this, with the same proportion who haven't a clue how to stop it, or lack the will to stop it.

[bostonmick]

A cashless system would be a marvellous gift for the revenue.i doubt there are many out there who have not done a deal for cash whereby saving on the cost and avoiding the lovely vat.

[discobob]

3 hours ago, bostonmick said:

A cashless system would be a marvellous gift for the revenue.i doubt there are many out there who have not done a deal for cash whereby saving on the cost and avoiding the lovely vat.

But would it??

I am about to pay for a car for my son, he will transfer me the money which is in his savings - in a cashless and highly regulated society this may flag all sorts of alerts with questions/investigations etc....And also, each transaction may be taxed by that same system even when none would be applicable on the legacy 'cash' system

[bostonmick]

9 hours ago, discobob said:

But would it??

I am about to pay for a car for my son, he will transfer me the money which is in his savings - in a cashless and highly regulated society this may flag all sorts of alerts with questions/investigations etc....And also, each transaction may be taxed by that same system even when none would be applicable on the legacy 'cash' system

I'm afraid it is to late even paying in cheques for what are relatively small amounts raises eyebrows in banks.i bought a truck from a friend and paid him 13k in a cheque and when he paid it in the clerk wanted to know how he got it as it was a large amount. My friend told him in no uncertain terms it was none of his business.its the aim of all governments to fleece every penny they can from the man on the street as they call us.while the super rich pay next to nothing

[discobob]

10 hours ago, bostonmick said:

I'm afraid it is to late even paying in cheques for what are relatively small amounts raises eyebrows in banks.i bought a truck from a friend and paid him 13k in a cheque and when he paid it in the clerk wanted to know how he got it as it was a large amount. My friend told him in no uncertain terms it was none of his business.its the aim of all governments to fleece every penny they can from the man on the street as they call us.while the super rich pay next to nothing

Anything above £10k is looked at for money laundering.....

Although you can now loose access to your accounts if a bank doesn't like the look of your transactions - has happened to a friend of mine twice now and it wasn't sorted in quick time - without being told why they froze him out..

[bostonmick]

On 28/07/2021 at 08:20, discobob said:

Anything above £10k is looked at for money laundering.....

Although you can now loose access to your accounts if a bank doesn't like the look of your transactions - has happened to a friend of mine twice now and it wasn't sorted in quick time - without being told why they froze him out..

My friend I was referring to runs a very successful business has 5 houses none of which are under 500k one is over 2 million.suffice to say he is absolutely loaded as they say.and as your account details pop up on his screen at the time of paying in the little upstart would have seen many many figures.but still had to make himself out to be a clown.i think if my friend had called the manager to threaten to close his àccounts the lad would have been in receipt of a severe rollicking.