Anyone Ready for the New Fed Coin?

You just proved my point as that statement is absolutely false. You are not obligated in anyway to have to accept something and are free to state the methods of payments you will take. Legal tender at the base of it just means its a legitimate offer

 

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Completely false.

Paragraph below cited here:
https://www.treasury.gov/resource-center/faqs/currency/pages/legal-tender.aspx

"This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy."

There's also
https://www.law.cornell.edu/wex/legal_tender

Then also cited below
https://www.federalreserve.gov/faqs/currency_12772.htm

"There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise."



I mean I guess if you think you know better than the laws sure, shrug

 

FED CON

Catchy name no?

 

I will pass..LOL

 

Um, Wikipedia over actual legitimate sources? You can't possibly be serious with that

That's false

Did you even read the real information that are legitimate federal sources? Theres even a law school one in the middle.

 

You mean, like they do right now with physical cash, via inflation?

 

From the links you posted above...

"Additionally, legal tender can only be used in regard to paying off debts. The purpose and function of legal tender is for courts to determine whether it is a satisfactory payment for monetary debt. Each jurisdiction can define its specific limits of what is legal tender but generally it is anything when offered (tendered) and accepted in order to pay off the debt. Although the original creditor who is owed money is not necessarily obligated to accept the tendered payment, the specific act of tendering the payment absolves the debt."

https://www.law.cornell.edu/wex/legal_tender


"This statute means that all U.S. money as identified above is a valid and legal offer of payment for debts when tendered to a creditor."

https://www.federalreserve.gov/faqs/currency_12772.htm

Keep in mind that checks, credit cards, etc are NOT legal tender. They represent a "promise" of legal tender, but are not, in themselves, legal tender. Limits on legal tender are things like not allowing debts greater than $5 to be paid with pennies.

 

So sad, just so sad. My fault should have known better good luck and if people want to say things that get people arrested thats on their conscious

 

I personally own the Fed Dollar. The technical name is Federal Reserve Note.

 

In regards to the cash/legal tender discussion, Massachusetts law requires businesses to accept cash. In some (most?) other states, businesses can state that they do not accept cash.

 

My understanding is that businesses can refuse cash payment as a precondition to a transaction. However, once a transaction is initiated without precondition, they must accept legal tender (within established limits) as payment. If legal tender payment is offered and refused, the debt is considered "legally satisfied".

 

Cryptocurrencies issued by governmental agencies are way more insidious that you could imagine. With cryptocurrency, the issuer has the power to determine (allow / disallow) purchases they deem "inconsistent" with the general good.

Say, you are overweight and your health is creating a "drain" on the healthcare system. You want to go out and buy a fat and sugar laden mocha grande. Well sir, that is not consistent with the general good of the nation, you'll be denied, but you can take your coffee black . . . . .

Think Revelation, the anti-christ, the beast, the ability to control what you buy or sell. Apostle John saw it all and wrote it down over 2,000 years ago.

Z

 

Haven't you heard? ...the Bible is a conspiracy theory.

 

Just reporting what I have read. That report has been out there for longer than I've been around . . . . .

Z

 

Without the subterfuge!

 

Smooth one! I also have some!

 

My suspicion is that we'll see this fed electronic dollar used to replace Automated Clearing House (ACH) transfers for business-to-business and bank-to-bank transactions. ACH is slow and clunky taking days to process, fed e-dollars (if implemented like some of the more modern blockchains) would take just minutes or less to complete. And likely with less cost, to boot.

It'll probably be years or decades before the average citizen or small business uses it (and even then only as much as we use ACH today).

Maybe replacing wire transfers as well. Or at least making them obsolete if an ACH can occur as quickly.

My $.02