>>22671327
>On the negative side this could also be a pretext to introduce negative interest rates, finally kill cash, launch timed UBI (i.e. you must spend your neetbux within thirty days), etc.
Negative rates are not inherently going to fuck things up though. There are a few places that have had them for years (Sweden, the eurozone). Not great for savers but frankly one of our last remaining tools to try to stimulate growth, given our government debt is so ridiculous (actually, there are other options - e.g. gutting military spending for a few years, stopping free trade, stopping immigration, but no one is actually going to do that).
Likewise, killing cash is not inherently bad. The vast majority of people have bank cards to pay with (I hate having to carry cash around in fact). The UBI could be done right now through bank transfers (I think it’s called direct deposit in the US?) or by issuing new UBI cards where the bank/visa/MasterCard clear the balance after 30 days.
I’m not trying to knock you here by the way - I appreciate the conversation - it’s just that I don’t quite agree that any of that stuff is (necessarily) bad.
I’d also note that as far as the mechanics - that’s been an available option for years (since card payments have taken over). They could have used that system pre-crypto to switch USD for Euros if they wanted to. It’s not really anything that unusual.