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January 29, 2011

Virtual Money

I think one day this country is going to get rid of material money altogether and I think that's a good thing.

Background info: Dollars are backed by silver. When the amount of silver and the amount of money is equal, a dollar = a dollar. When the amount of money is less than the amount of silver, a dollar = more than a dollar. When the amount of money is greater than the amount of silver, a dollar = less than a dollar. That's where we are right now, more money than silver. When the value of a dollar is higher than a dollar (less money than silver) prices go down. When the value of a dollar is less than a dollar (more money than silver) prices go up. That's where we are now; less valuable money, higher prices.

I believe in the future, we'll have chips implanted under our skin. When you get a "paycheck" it'll just be a scan of your chip and there's your money. Then you'll go to the bank and scan your chip to put your "money" in your accounts....or take your "money" out.

This would eliminate material money altogether. No more backing system. Consistent value of a dollar.

The downfall is that it'd be a lot easier to make counterfeit "money" and a lot harder to catch the people doing it.

But, overall, I think it'd be better. You'd never have to worry about fluctuating prices or your money not being equal to what it should be when you travel.

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