Cash is Going Extinct, Unless You Pay to Protect It
And so the war on cash begins with its first casualties: Swiss pension funds and large depositors at banks worldwide are beginning to feel the impact of negative interest rates, which have the potential to unravel the global economy. Swiss pension funds are under attack by the very central bank that should be protecting the prosperity of its people, the Swiss National Bank (SNB). The SNB has cut rates so low that from a nominal level they have breached the zero lower band, resulting in an essentially negative rate. This has caused Swiss pension funds to begin to withdraw cash from the bank....
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The boss of MasterCard in the UK and Ireland believes cash will be practically extinct in the next five years across Britain and Ireland and will seem as antediluvian as carrying a pouch full of gold. Speaking to Business Insider during Money2020 Europe in Copenhagen last week, Mark Barnett CEO of MasterCard UK and Ireland claimed cash in 30 years will seem as old fashioned as the horse and cart. Barnett says: "We're quite ahead of the rest of the world, because if you take the world as a whole it's still 85% cash. I think in five years time there'll be practically none. There will be....
Andreas Antonopoulos explains the importance of cash in the economy and how Bitcoin take its place as electronic cash. Andreas Antonopoulos recently spoke about cash and Bitcoin at an event in France. Speaking at the Merkle Conference 2016, he explained that the days of cash is now counted and it is soon going to be extinct. Cash has been one of the most successful peer-to-peer payment options for thousands of years. The same can’t be said about electronic fiat payments as it is more of a “person-to-corporation-to-corporation and then person” transaction. The corporations being banks,....
As reported by Vox, global temperatures have already risen 1.3 degrees Celsius above pre-industrial levels, and a 2020 study found that 1 in 3 species could be extinct by 2070 due to climate change. We all need to do our part to help protect the environment, and that begins with the choices we make in how we spend our money. That’s why Next Earth, the virtual replica of Earth on the blockchain, donates a portion of all virtual land sales to environmental causes. Since a recent ITO, or Initial Tile Offering, on the platform sold over $1.3 million of virtual land, over $130,000 is going to....
The advocacy group alleged OFAC “exceeded their statutory authority” in sanctioning Tornado Cash because the mixer was a “privacy tool beyond the control of anyone.” United States-based crypto policy advocacy group Coin Center has followed through with its intention to take the Treasury Department’s Office of Foreign Asset Control, or OFAC, to court over sanctioning cryptocurrency mixer Tornado Cash.In an Oct. 12 filing in the U.S. District Court for the Northern District of Florida, lawyers for Coin Center as well as crypto investor David Hoffman, an anonymous human-rights advocate known....
Yesterday I wrote an op-ed to express my dislike for a "cashless society" where everyone is under constant surveillance 24/7, from the cradle to the grave. I concluded that we must continue using cash for as long as we can, until that make it illegal altogether, and in the meantime establish Bitcoin as the anonymous, untraceable e-cash that it was always meant to be. While rejoicing to see (regulated versions of) the Bitcoin economy going mainstream, we must protect the Bitcoin underground. The New York Times reports that the checking account of a restaurant owner was seized by the IRS....