In China, coins and banknotes have all but disappeared
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This is a bad thing unless the digital currency is also privacy preserving.
WeChat or Alipay
A bad thing, then.
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I haven't used cash in years. It is happening here too and I don't see it as a bad thing.
I hate all the fees involved
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Right. They’ve registered 99 disappearing units, which are called nerbals, and have one remaining. So all 99 nerbals have been triggered, BUT the one that’s left.
I deduce that the one nerbal has now become a priceless commodity since the last person using currency now has cornered the nerbal market.
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I hate all the fees involved
It's free in Brazil.
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How do people pay for illegal things like drugs, prostitution and so on?
With chickens.
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It’s just WeChat. It’s basically like Venmo. It’s been that way for awhile. Even rural farmer’s markets and street vendors and stuff took WeChat last time I went and that was 7 or so years ago. It’s not a digital currency.
It should be noted that WeChat is very much more expansive in China than in the West where it’s just a chat app. An American friend lived there for awhile for work reasons so I’d go visit her. My WeChat was just a chat app and hers was the “everything app” Elon Musk dreams of making X into. (Which I seriously doubt will work in America because we have different apps that do all that. China didn’t and WeChat filled the void.)
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In Brazil, people use pix (online governmental instant payment) to pay for drugs, so i guess in China people use wechat and alipay too. It is not like the government watches every transaction made.
Edit: Also, the volume is HUGE, in Brazil we have at least 2k payments per second made with pix, in China it should be even bigger, so if there isn't an investigation, i think the government won't look at specific payments, like a guy paying for prostitution.
I think it also comes down to the fact most people aren't going to label the transaction "illegal drugs". But it does make it easier to track payments and build cases against people (or oppress people depending on the government/police).
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I think it also comes down to the fact most people aren't going to label the transaction "illegal drugs". But it does make it easier to track payments and build cases against people (or oppress people depending on the government/police).
I agree, in an investigation with evidence, with authorization from the police force money laundering/financial crimes department and a judge saying that the bank should give the data, it would give more concrete evidence for a case.
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I deduce that the one nerbal has now become a priceless commodity since the last person using currency now has cornered the nerbal market.
Y’all, I found the capitalist! Over here! Get ‘em!!
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I haven't used cash in years. It is happening here too and I don't see it as a bad thing.
I don't see it as a bad thing
That's a bold statement to make when so called "free" and "democratic" nations are taking the left lane towards authoritarianism, doing a mass grab of medical data and are attacking encrypted communication on a weekly basis.
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A Chinese guy is here. Last Friday, I was buying snacks at a convenience store near my office. When I was checking out, a lady in front of me paid with cash, and the cashier helplessly told her that she couldn't provide change, showing her the empty cash drawer. The lady couldn't make her purchase and left disappointed.
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I mean, yeah, it’s a fucking totalitarian dystopia.
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how do you pay people off-books and off-contracts? how do you pay prostitues or buy drugs? no way homeless prostitues all use monero uniswap and kyc exchanges to load up their wechat. how if not cash?
