How cash would be described in the press if invented today
cryptocurrency·@markopaasila·
0.000 HBDHow cash would be described in the press if invented today
Read [this article](http://ledracapital.com/blog/2014/2/17/bitcoin-series-19-bizarre-shadowy-paper-based-payment-system-being-rolled-out-worldwide) (parody) written by Antonis Polemitis in 2014 and published on Ledracapital. It will make you laugh. Here are a few extracts: >World governments announced a plan today to allow citizens to anonymously carry parts of their wealth on their person and exchange it with others using small pieces of colorful paper printed with nationalistic and Masonic imagery along with numbers that purportedly represent the amount of wealth each piece of paper represents (if the paper is not a counterfeit). These pieces of paper are formally a "note" from each nation's central bank, but they are also called "cash" by many - this is a technical matter that is too complex to cover in our basic primer; Suffice it to say, that it is representative of the complexity and user-unfriendliness of this new system. and >In what will come as a surprise to generations who have grown up with calculators and computers, ‘bills’ only come in fixed denominations, requiring users to maintain a large number of these pieces of paper that must be aggregated to execute a transaction and then re-aggregated to ‘make change,’ a complex process of returning to the payee the excess of the payment using yet other bills. (Don’t worry if this sounds complex, we had trouble understanding it ourselves at first and it is certainly not ready for the average consumer in its current form.) and >In what might be most unusual limitation on cash, it only works for payments within 36 inches or less (or the so-called “arm’s length transaction” as hackers in the community have colorfully titled it) as it has to be handed from one (human) party to another to execute the transaction. >This requirement is widely thought to be a fatal flaw of cash by traditionalists. Make sure to read the whole article, as it will point out the paradoxical suspicion towards cryptocurrencies by those who prefer old money, and in an entertaining way.
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