What do you think of Ecash?


**Does the End of Cash Mean the End of Privacy?**
**by Peter Coy, The New York Times, March 30, 2022**

**On Monday, Representative Stephen Lynch introduced a bill directing the Department of the Treasury, rather than the Federal Reserve, to develop and experiment with issuing digital dollar technologies “that replicate the privacy-respecting features of physical cash.” The bill is called the Electronic Currency and Secure Hardware Act, or Ecash....**

**Lynch’s idea is for the Treasury to issue cards that have funds stored on them, as with the electronic benefits transfer cards the government issues for the Supplemental Nutrition Assistance Program and other benefits. The difference is that transactions on those benefit cards are processed through the banking system. Transactions on the proposed new Treasury cards would be strictly peer to peer, like cash. Funds could also be uploaded onto phones or other hardware....Presumably, chips on the cards or phones would communicate with chips on other cards or phones or on point-of-sale devices to deliver or receive funds between them. The cards or phones could receive money from one another or be reloaded from bank accounts or with cash....** [end quote]

Notice that Ecash would be issued by the Treasury Department, not by the Federal Reserve. The Constitution give Treasury the task of issuing hard currency, but when the Constitution was written all currency was hard metals. There was no Federal Reserve until December 23, 1913. There was paper currency but it was issued by banks, not by the government, and was only as reliable as the bank where it could be exchanged for hard currency.

Allowing Treasury to create Ecash would give us two uncontrollable sources of fiat currency. I don’t know if the convenience of Ecash would make it easier for the government to shower helicopter money into consumer hands than checks, tax rebates, etc. Unlike the Federal Reserve, which has a legal mandate to control the money supply to prevent runaway inflation, the Treasury (which of course only follows laws passed by Congress) has no such mandate.



The only people who will believe the money is NOT being followed are the extremely naive.

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When there is no cash people invent new forms of cash, like cigarettes in war and jails. Maybe that’s why we have crypto…

The Captain


Not a fan. I’m a flea market, yard sale, used stuff aficionado. I’ve bought and sold everything from surfboards to tomato starts all my adult life. It’s one of the ways I’ve made ends meet and met some great people. Not to mention the anonymity is a big plus.

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Not a fan.

Go down the conspiracy rabbit hole, create a “currency” that at a minimum requires electricity and/or some kind of internet connection to do a transaction, NSA/Big Brother can watch every move, and if you do something the government doesn’t like they can turn off your money.

In reality, I’m in the middle of no where Iowa sitting in a corn field watching a baseball game I just want to hand $5 to the vendor for my beer and popcorn.