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Never thought of that?! China's Digital Yuan Comes With An Expiration Date

 
SwinglineModerator
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04/12/2021 12:23 AM

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Never thought of that?! China's Digital Yuan Comes With An Expiration Date
The money itself is programmable. Beijing has tested expiration dates to encourage users to spend it quickly, for times when the economy needs a jump start.

[link to www.zerohedge.com (secure)]
“I’m the wall that progress ran into"
Fiestyfiddle

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04/12/2021 12:26 AM

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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Just when you think China couldn't get any more 1984...
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04/12/2021 12:30 AM

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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Just when you think China couldn't get any more 1984...
 Quoting: Fiestyfiddle


It's crazy to think to put an expire date on money so you spend it quicker. What the hell do you do to save for things or your retirement?

I bet they are planning "END OF LIFE" centers you have to go to when you reach 60 years old...
“I’m the wall that progress ran into"
Anonymous Coward
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04/12/2021 01:00 AM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Just when you think China couldn't get any more 1984...
 Quoting: Fiestyfiddle


It's crazy to think to put an expire date on money so you spend it quicker. What the hell do you do to save for things or your retirement?

I bet they are planning "END OF LIFE" centers you have to go to when you reach 60 years old...
 Quoting: Swingline


Slavery
Anonymous Coward
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04/12/2021 01:20 AM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
guaranteed Canada does something like that.

Freeland has already said that she wants to liberate money from Canadian's savings accounts to "boost" the economy, and that she's looking for incentive plans to "encourage" Canadians to spend even when they don't want to.
SwinglineModerator  (OP)
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04/12/2021 09:50 AM

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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
guaranteed Canada does something like that.

Freeland has already said that she wants to liberate money from Canadian's savings accounts to "boost" the economy, and that she's looking for incentive plans to "encourage" Canadians to spend even when they don't want to.
 Quoting: Anonymous Coward 8856824


This will truly make us cows in the slaughter yard.

Last Edited by John Dutton on 04/12/2021 09:50 AM
“I’m the wall that progress ran into"
Anonymous Coward
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04/12/2021 09:52 AM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
The money itself is programmable. Beijing has tested expiration dates to encourage users to spend it quickly, for times when the economy needs a jump start.

[link to www.zerohedge.com (secure)]
 Quoting: Swingline


China will never lead the nations as a world power.
Anonymous Coward
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04/12/2021 09:59 AM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Bitcoin is a 64-character username/password combo. It's harder to guess than a credit card number, exp date, 3-digit code on back of card, zip code + name on card and address on file, but it's not currency.
Anonymous Coward
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04/12/2021 10:04 AM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Bitcoin is a 64-character username/password combo. It's harder to guess than a credit card number, exp date, 3-digit code on back of card, zip code + name on card and address on file, but it's not currency.
 Quoting: Anonymous Coward 79336278


Bitcoin is a scam, naff all on main street is purchased using these digits and it's just a digital gambling chip that's worth as much as hens teeth

$55 per transaction fees two years ago showed the world it's a scam so i got out with profit and will never return.
Big Duke6

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04/12/2021 10:29 AM

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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
guaranteed Canada does something like that.

Freeland has already said that she wants to liberate money from Canadian's savings accounts to "boost" the economy, and that she's looking for incentive plans to "encourage" Canadians to spend even when they don't want to.
 Quoting: Anonymous Coward 8856824


Everytime I see Freeland on the news, I'm wondering where the witch hat and broomstick is?
Anonymous Coward
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04/12/2021 10:48 AM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
So your money evaporates into thin air after you've earned it, looks a lot like slavery and you can bet they will limit what you can buy with that money as well

What about the elites money, will theirs evaporate into thin air as well, will there be restriction on their opulant living, I think not.
Anonymous Coward
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04/12/2021 10:50 AM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Just when you think China couldn't get any more 1984...
 Quoting: Fiestyfiddle


It's crazy to think to put an expire date on money so you spend it quicker. What the hell do you do to save for things or your retirement?

I bet they are planning "END OF LIFE" centers you have to go to when you reach 60 years old...
 Quoting: Swingline


Buy gold.
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04/12/2021 12:03 PM

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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
The money itself is programmable. Beijing has tested expiration dates to encourage users to spend it quickly, for times when the economy needs a jump start.

[link to www.zerohedge.com (secure)]
 Quoting: Swingline


China will never lead the nations as a world power.
 Quoting: Anonymous Coward 80134441


Compare them to the U.S. and I would say yes they will be. We are caught up in petty stuff while they redevelop their country.
“I’m the wall that progress ran into"
Anonymous Coward
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04/12/2021 12:08 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
It shows again, that with every innovation, new forms of manipulating it will be found by humans.

I doubt many thought up, that digital currency would have spend by dates.

Its shows why elites would want such things.
Anonymous Gembouncer
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04/12/2021 12:20 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
[goverrnments thread]
[tally sticks]
[debt versus work]
Anonymous Powder House
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04/12/2021 12:22 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
See when you chase off good anons like levi philos, you chase off the great threads they started and or ran. So, it's like drowing the members of the site, anons though a wide spectrum lot, bring the highest order of truth.
Anonymous Paychecch
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04/12/2021 12:24 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
However, on the rails he has set in that fine thread, I would say that all marxist bonehead nations like china and russia and cuba, etc, all try to understand money, but all fail. Only [dude] really understood how to make your people into a money of themselves, but, he was doctored to death and crushed by the world.

"Make me, a hinge" - Some actor in some movie asking some worker to make some thing, fast enough to not get his brains blown out.
Anonymous Coward
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04/12/2021 12:26 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
guaranteed Canada does something like that.

Freeland has already said that she wants to liberate money from Canadian's savings accounts to "boost" the economy, and that she's looking for incentive plans to "encourage" Canadians to spend even when they don't want to.
 Quoting: Anonymous Coward 8856824


Buy gold and silver.

Convert 60% of your savings right now and liberate your own money before they take it from you.
Mr_Stiv

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04/12/2021 12:32 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Just when you think China couldn't get any more 1984...
 Quoting: Fiestyfiddle


It's crazy to think to put an expire date on money so you spend it quicker. What the hell do you do to save for things or your retirement?

I bet they are planning "END OF LIFE" centers you have to go to when you reach 60 years old...
 Quoting: Swingline




This isn't a new idea. An Italian money crank named Silvio Giselle came up with the idea of issuing money that would devalue month by month (or something along those lines) and eventually be worth nothing if you waited long enough.

It makes perfect sense for disciples of John Maynard Keynes, who despised the concepts of thrift and saving, primarily because when administered properly, those are the basis of an honest banking system.

Some GLPers may remember back in the early 1960s when the U.S. was still somewhat on a gold standard (a la Bretton Woods); back then, banks paid something like 5% interest on savings accounts, because that was the basis for their lending facilities (yes, it was leveraged thru fractional reserve banking but I don't want to get into all that right now). It worked very well--plus banks gave out all kinds of nice gifts if you opened an account, like china sets or newfangled appliances...
Copperhead

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04/12/2021 12:45 PM

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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
A state controlled digital currency will also enable them to go negative on interest rates, which they can't do with cash folding money.
Green Eggs & Ham

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04/12/2021 12:48 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
holy fucking shit, do they really think people are stupid enough to accept that as currency?????
We're being pecked to death by a duck.
Green Eggs & Ham

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04/12/2021 12:49 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
holy fucking shit, do they really think people are stupid enough to accept that as currency?????
 Quoting: Green Eggs & Ham


Oh, wait, we accept fiat that deflates in value...
We're being pecked to death by a duck.
Anonymous Coward
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Chile
04/12/2021 01:22 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
holy fucking shit, do they really think people are stupid enough to accept that as currency?????
 Quoting: Green Eggs & Ham


Oh, wait, we accept fiat that deflates in value...
 Quoting: Green Eggs & Ham


The US wants to do the same thing. It will be marketed as portable, seamless, more secure and efficient, etc.

The only problem is that it is not yours. As in the case with China, if it has an expiration date, digital money can also be "turned off".

So, if you do or say something the government does not like... caveat emptor.
Cardiak

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04/12/2021 01:35 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Blockchain pure proof of stake will be what digital currency is built on. You can also set inflation to inflate real ID wallets holding less then X amount of money with X% inflation while the larger the wallet the smaller the inflation % making poor people receive the benefits of inflation which goes to the currency holders and rich people receive less making rich people more likely to invest or spend that money in the economy.

This is what you call staking rewards but in pure proof of stake concepts the staking is instant and if a stable coin such as a fed coin or the like is built on this type of network it can do the same without having the Spector of a coin that could lose its value each day.

It’s not if, it’s just when it’s coming. Right now it looks like Algorand is the blockchain the federal reserve is building their prototype to introduce to Congress
Saskafrass

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04/12/2021 02:01 PM

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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Just when you think China couldn't get any more 1984...
 Quoting: Fiestyfiddle


It's crazy to think to put an expire date on money so you spend it quicker. What the hell do you do to save for things or your retirement?

I bet they are planning "END OF LIFE" centers you have to go to when you reach 60 years old...
 Quoting: Swingline


Be glad you don't have a rare blood type in China, I am sure their organ donor system is on the up and up.
Just ask the Uighers.
Nothing quite like a system of government that sees and treats it citizens no different than parts in a large machine.
Expendable and ultimately recyclable.
Anonymous Coward
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04/12/2021 02:06 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Programmable money with a shelf life for the Chinese peasants

While the Chinese ruling 300 Elites have amassed tons and tons of gold bullion
Anonymous Coward
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04/12/2021 02:07 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
This is a fucking disaster.
T-Man
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04/12/2021 02:09 PM

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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
sounds terrible from a users perspective. great from a government perspective i guess.

imagine them bringing the expiration date up so youll just have to spend your money whether you want to or not?
i guess youd just buy gold/silver or cryptos. but then what good would that be?! haha
Seething

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04/12/2021 02:11 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Someone will figure out how to exchange it for regular money for a fee and make millions.
Anonymous Coward
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04/12/2021 02:14 PM
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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Just when you think China couldn't get any more 1984...
 Quoting: Fiestyfiddle


It's crazy to think to put an expire date on money so you spend it quicker. What the hell do you do to save for things or your retirement?

I bet they are planning "END OF LIFE" centers you have to go to when you reach 60 years old...
 Quoting: Swingline




This isn't a new idea. An Italian money crank named Silvio Giselle came up with the idea of issuing money that would devalue month by month (or something along those lines) and eventually be worth nothing if you waited long enough.

It makes perfect sense for disciples of John Maynard Keynes, who despised the concepts of thrift and saving, primarily because when administered properly, those are the basis of an honest banking system.

Some GLPers may remember back in the early 1960s when the U.S. was still somewhat on a gold standard (a la Bretton Woods); back then, banks paid something like 5% interest on savings accounts, because that was the basis for their lending facilities (yes, it was leveraged thru fractional reserve banking but I don't want to get into all that right now). It worked very well--plus banks gave out all kinds of nice gifts if you opened an account, like china sets or newfangled appliances...
 Quoting: Mr_Stiv


Toasters and kitchen appliances
T-Man
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04/12/2021 02:14 PM

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Re: Never thought of that?! China's Digital Yuan Comes With An Expiration Date
Someone will figure out how to exchange it for regular money for a fee and make millions.
 Quoting: Seething


yea, the chinese government





GLP