Wise Words from Bryan Gould...

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Re: Wise Words from Bryan Gould...

Postby Screw » Tue Feb 10, 2015 7:27 am

Jeepers Jiminy Jimmy, here's a little trick you can try. Put a $10 note away for ten years then get it out and take it to a bank and see if they will accept it, you're in for a surprise! Back in Victorian England people would put a spare 10 bob note into the mattress and when they were too old to work they used that to live on. The Bank of England put a stop to that by changing the notes every few years so that people had to put the money through a bank. Each time they did the bank nipped a bit off it!

Local currencies were very common throughout Europe during the 1300's and they apparently worked very well. It stopped people hoarding money, they had to re-invest it in the community or they lost it. The Plague epidemic (around 1350) seemed to be the end of it. We discussed it in the Economics/History of Europe classes when I was at high school. They also had a Jubilee every 50 years where all debts were forgiven (written off). That allowed people to start again.

As others have said, you CAN have your own "Money" but the problem with it is convincing businesses to accept it. Bitcoin is an international currency and is in competition with the Yankbuck. The Yanx can allow that as their Dollar is used as the international currency, especially in the oil trade. Countries need to have a store of them to buy oil etc. That is the only thing that is keeping the value of it up.
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Re: Wise Words from Bryan Gould...

Postby aardvark_admin » Tue Feb 10, 2015 7:43 am

Yes, but you engage in business and accept payment only by Bitcoin.

When the taxman comes a knocking... he won't accept your bitcoin as payment for his share of your wealth. He will demand good old government-issued currency. That's the problem with private currencies -- even though everyone else might accept them, the government won't and thus their value is limited -- unless you want to be pinged for tax evasion.
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Re: Wise Words from Bryan Gould...

Postby goosemoose » Tue Feb 10, 2015 8:39 am

Screw wrote:Jeepers Jiminy Jimmy, here's a little trick you can try. Put a $10 note away for ten years then get it out and take it to a bank and see if they will accept it, you're in for a surprise!

aardvark_admin wrote:That's the problem with private currencies -- even though everyone else might accept them

Ah well, might as well throw out my stack of 10 year old plus Splash Club dollars I got from that strip joint in Welly then. It was only legal tender for a couple of hours anyway.
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Re: Wise Words from Bryan Gould...

Postby Screw » Tue Feb 10, 2015 12:06 pm

I don't know what you mean Goosey. ;)

Exchange you Gidgets for Gold and then use that to pay the IRD Bruce. Gold and silver are still legal tender here. Anything legal to annoy the IRD is fair game. :D
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