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Should cash stay alive to enable "private" transactions?

For example: in Canada, the bank accounts of those who protested were literally frozen (for simply speaking out or being critical) and talks of potential CBDCs (aka. used to deduct funds from one's account as a fine) whilst considering on abolishing cash altogether.

The alternative (for now at least) may be Crypto (online) until they consider that "illegal" in the future penalizing those who are using it, framing that as money laundering or tax evasion, whilst pushing their propaganda of "tap & go is safe & convenient".

The answers are divided between:

  • "Cash is King" (it allows anonymous or "private" transactions between you and the merchant)
  • "Contactless" (convenient, but your purchases & transactions are monitored by the state)

Cash is apparently the last bastion of "anonymous" transactions where it doesn't appear on one's statement and one gets to keep their money without the state deducting it from their account since a nation's central bank has monopoly over CBDCs and one's funds.

That's not even the end of it: them trying to make BTC or equivalent illegal by making CBDCs the default replacing gold overnight, it would mean all those bills you have are worthless. At this point, the only payment method is CBDCs that are linked to one's digital ID.

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nostupidquestions·No Stupid QuestionsbyWar5oldier

Why do customs place a cap on 10,000 USD for undeclared cash?

Most countries have a cap at 10,000 USD (or foreign currency equivalent) for undeclared amounts of cash or other monetary assets, as amounts larger than that have to be declared upon travel. Crypto (like BTC or Monero) isn't counted since it's not considered as "valid currency" by the world bank.

The limit not only applies to cash since they count any assets worth of value (gold, checks, bonds, jewelery, artworks, luxury goods, high end electronics, etc). since those have been used and exploited for laundering money, I guess. So, even if he has 500 Rolexes fitted into suitcases worth over $100,000 will that still be taken?

It's like if some one has 800 Chanel Handbags & 200 Hermès watches and mens footwear combined totalling to $50,000 in value stuffed onto mutiple huge suitcases and attempts to travel with that since huge stacks of cash will be flagged, so accessories are used to bring in money.

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asklemmy·Ask LemmybyWar5oldier

Why is the US$100 bill the most counterfeited?

I mean, the 100 USD bill is NOT the highest valued bill in the world, that belongs to the former B$10000 bill (withdrawn) from Brunei (I'm serious, this exists) which is worth $7874 and yes it's a single bill, also converting to around £5803 & 6677€ respectively. Like why does this bill even exist when it's hard to encounter, given that Brunei is a petro-state, it comes as no surprise.

The second highest valued bill is Fr. 1000 ($1278) or £942 & 1084€ which isn't a surprise for Switzerland to have that due to how expensive it is over there. But, it's difficult to obtain even in Switzerland and has advanced security features making hard to counterfeit due to its high value (x12 times of $100) but they sell stuff that's over Fr. 1000 anyway so it makes sense for them to have that.

The reason why they are barely featured in crime movies or mentioned in real crimes relating to counterfeit money is because of their obscurity and the fact that they don't know both exist (but it does, although either really hard to get your hands on it or ceases to circulate) however still retains their face value. The Swiss Franc is deemed a "safe haven" currency while the US Dollar isn't.

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nostupidquestions·No Stupid QuestionsbyWar5oldier

Do taxes still incur on foreign lottery winnings? (Non-USD)

You've won 10,000,000 Rials from a lottery in Oman upon purchasing a lucky ticket by chance, but it's given to you all in cash (each stack is worth around 5000 Rials, given to you via 2 travel sized suitcases). It's a lot more money when you factor in currency exchange.

That amount is equal to ~$26,041,666 but are you allowed to import that much into the United States tax free? All you have at the airport is 2 suitcases, each one containing 5m Rials in hard cash. However, the stress is on CBP declaration of 10,000 USD or greater.

Even if you disclosed & declared that you possess the equivalent of 26m USD in face value worth of lottery winnings from another country, would they let you keep it or seize all that money? Is it still going to be subjected to taxation despite it NOT being in Dollars?

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asklemmy·AsklemmybyWar5oldier

Is having dual citizenship a good or bad thing?

The answer is subjective, depends on the nations one has for each passport and their diplomatic ties. There are also complications on who takes jurisdiction during crisis (like disaster or war) since one country will argue on who should take control of repatriation. For example, when the Iranian conflict started: evacuation flights issued by let's say by Germany for German citizens, what happens if an British person also has a German passport (a dual citizen of a EU and a non-EU country), wouldn't the UK also say they're also a citizen.

This is what I mean, during certain situations or a crisis: who takes charge if the individual is from 2 nationalities which may cause a dispute between both sides? Like, if Britain said "This guy is British" (refering to being stranded in UAE during a drone attack) but Germany recants "He's also ours". Although the repatriation flights are intended to be for German nationals stuck there, despite the individual also having a British passport even though Germany considers this person a German citizen by their second passport.

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asklemmy·Ask LemmybyWar5oldier

Does Scottish Pound bare the same value as (British) Pound Sterling?

Despite Scotland being considered as part of the United Kingdom, they print their own currency which issued by the Bank of Scotland (but the confusing part is that there's no separate currency code for Scottish Pounds) and the fact it is "legal currency" but not officially legal tender (even in Scotland itself), it's weird.

I would say that using GBP is better than Scottish Pound to not confuse cashiers since it's up to their discretion whether they'll accept Scottish money in Britain & vice versa. I've heard most will refuse Scottish Pound due to unfamiliarity, even worse there are three banks printing their own version of Scottish Pounds.

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nostupidquestions·No Stupid QuestionsbyWar5oldier

Is Oman neutral from the war?

Whenever you hear news about the Iranian conflict, it concentrates a lot more on what's happening in the UAE, Bahrain, Kuwait, Saudi Arabia or Qatar but for some reason not much updates from Oman about that despite them being a GCC member state. Does that mean Oman is spared from the conflict despite being adjacent to Iran regarding their geography?

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australia·AustraliabyWar5oldier

Why are games expensive AF in Australia?

In both physical & digital copies of video games: when I've visited an store, upon looking at the price tag (they range at 90 AUD or more for a copy, seriously?!) I've also browsed through their Steam store front which isn't any better, 110-30 AUD for a digital license?! When you consider regional pricing, they end up costing more than USD (depends, like a +20% increase which is insane to me). To put it into perspective, games are cheaper in my country than they are in Australia.

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asklemmy·AsklemmybyWar5oldier

What happens to the shareholder's stocks when they're gone?

For instance: boyfriend invested a lot and managed to secure them (they never devalued as he kept them stable for a while) but one day he passed away, the thing is that he is the main shareholder who owns said corporate entity when he was still alive (so he's the only signatory noted on paper) so what happens then? Most of the legal framework and bureaucracy are all under his name.

It definitely won't his girlfriend who'll taking over as it's not even under her name nor was she delegated that responsibility prior as the title and experience of shareholding is under her boyfriend's name. I mean, shareholders are human beings (corporations are formed by people). In this case, he is the founder of the company that managed to take off financially that succeeded.

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nostupidquestions·No Stupid QuestionsbyWar5oldier

Do YOU consider Kanji difficult?

I mean, think of it this way: it comes down to how often you come across words in any language including English (even in ENG: you may forget how to spell words correctly if you don't use or encounter them often), kind of the same logic with Kanji: a Japanese person doesn't know all Kanji in the same way English speakers doesn't know every single word that exists in ENG.

There are over 5000 Kanji but only about half of that is used in Japanese or closer to 2136 while the remainder consist of ones only present within technical jargon (medicine, science, politics, etc.). or certain Kanji only has limited uses in some words (but mostly written in kana). That is also accounting for grammar being "straight forward" more than English or Euro languages.

The "real" hard part is numerous readings (depending whether it's paired with kana or another kanji, reflected from kunyomi & onyomi plus nanori when applied in people's names). What I hate about most online translators is that it often gets lost in translation (like words used in the wrong context but on their own it's correct, however not right for the situation or topic at hand).

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askscience·Ask SciencebyWar5oldier

How many lifetimes would it take for the last gear to spin?

I've seen this video where GOOGOL gear is depicted (it takes 10^100^ years on reaching the final gear) but how many generations will it take? The 5th gear takes about 10 hours in real time, by the time the 10th one starts spinning (you're probably already dead).

The entire thing consists of 100 gears. However, even if you record or livestream a video of the entire thing: would you still be alive by the time the final gear starts spinning? The common life span of a human is around 72-73 median but some can reach 100+ up to 125.

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Who manages the correctional system in your country?

The reason why American prisons carry a shit reputation is due to the big issue regarding their prison industrial complex, meaning it's more akin to a private firm (some contractor manages the prison monetizing every aspect) than a state owned government insitution.

In most nations: the prisons are owned and operated by the judiciary or a justice department (which both are governmental entities). But NOT in America it seems, as there are cases of prisons profiting off inmates whilst treating them like a animal confined to a cage.

The corruption in that is ridiculous from:

  • Guards are overprotected (military gear) in prison
  • Guards being handed military grade weaponry (in jail!)
  • Guards accept bribes (cash) from some third party
  • Inmates fed slop (not made for human consumption)
  • No effort on rehabilitating the inmates at all
  • Monetize family visitations by the hour or minute
  • Officials are bribed by those contractors to stay silent

It plays a key reason as to why their recidivism rate is high: the inmates who served their time just commit crime again right after they are on the street, then return back to prison again (it's a cycle). There's zero effort on trying to make them readjust back to society.

There's a case were a guy was beaten to death in a holding cell by the GUARDS despite him begging for medical attention as he's peeing blood and vomiting due to his illness. His family sued the police as what they did to him is unforgivable.

It's bad for ex-cons: no jobs are willing to hire someone with a record, or openly display prejudice. Even for those who were in jail for minor offenses (for them, the thought of "being behind bars" makes them sick) rather than knowing their full circumstances.

Now, in terms of prisons in your (EU) country:

  • How well are they funded to maintain it's upkeep?
  • How does society view ex-cons in your country?
  • How are inmates treated at prisons in your country?
  • What is the overall recidivism rate in your country?
  • Who owns & operates the prisons in your country?
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askuk·Ask UKbyWar5oldier

Is jury duty mandatory towards British citizens?

I mean, have you ever received a summons from the courts that you've been assigned as a potential juror (as in you have to respond and appear when being called, usually you're given a number and asked a bunch of questions) however is the chance on being selected low as being part of the 12 jurors at a trial? Does the overall pay depend on the type of case whether it's low or high profile?

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Is cafeteria food served across European schools better than America?

I've heard that food served in American schools is bad because of the fact that it's either fast food corporations taking the spotlight or outsourcing the labor to third party contractors (the same ones who make food for inmates across prisons) but fed towards kids.

Yep, that's actually the case for them. As comments like: "the food kids are fed at school is exactly prison chow" are said. The company under contract makes the same "slop" inmates eat then ship that at schools for kids (seriously, what are they feeding them?)

In comparison:

  • How good is cafeteria food at school in your country?
  • Is the food quality actually good as if it's "home made"?
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Is the new 200€ bill that common?

I know that the 500€ bill ceases to exist on the new series of bank notes (as they capped it at 200€) but those who possess the older series with that denomination can still use it as legal tender, but is it that common for Europeans to have a 200€ bill in their wallet? I've heard as to why they ceased on printing 500€ is mainly relating to both criminal activity or money laundering as that denomation has been abused as such.

200€ is the second highest one, although the older 500€ bill is no longer in circulation. Do ATM's disperse either 500 & 200€ bills regarding cash withdrawals within that amount or do they just give that amount in smaller denominations equating to that much (like consisting of 20, 50 or 100€ bills)? If ATM's don't just give out a 200€ bill when withdrawing that much or more, does one have to visit a bank (branch) to get one?

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Do Americans trust their own currency?

Putting it into perspective: the Swiss Franc is backed by mutual trust which is something money can't buy (investors have confidence on economic stability during times of crisis) since it's not pegged to another currency or gold despite them having gold reserves. They even have a 1000 CHF bill ($1,269) so it's a strong currency in that sense, they barely circulate it outside.

Do YOU consider the US Dollar a safe haven currency? If it were: it would've received the same status as the Swiss Franc. The reason why CHF is strong is due their trust & confidence alongside a stable economical & political system, put it in comparison: how many Americans have confidence in their own currency? Does the USA have a "truly" stable political system?

The thing is: Switzerland is neutral, meaning they have no incentive whatsoever on becoming belligerents in foreign wars (something the USA can't stay away from since they spend a LOT of money on the military). Their national debt is lower than it is in USA (140m CHF / ~$179m) while in comparison: America's debt has ballooned to around $38,200,000,000,000 if I recall.

It's also tied to their monetary policy (which is highly trusted) hence why they managed to keep inflation relatively low but inflation in America is a joke (no need to say how bad it is). Their interest rate is 0% (can't be said for US Federal Reserve: 3.75%) as Switzerland's goal is to ensure price stability long term while the USA is more on promoting maximum employment.

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askuk·Ask UKbyWar5oldier

Why is the £50 note rare & barely used?

Like, what’s the point of its existence when that denomination is difficult to come by since ATMs don’t disperse them. I mean, will they still refuse a £50 note when paying for a £45 purchase? They go full counterfeit detection mode just because an individual has it despite that being the real one (not fake). Also, why does the Bank of England keep printing more of that when they know people barely use it anyway?

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asklemmy·Ask LemmybyWar5oldier

Is an individual's debt rescinded when they passed away?

The scenario is like this: boyfriend has unpaid debt (either from loansharks or the bank themselves) however he died from a terminal illness before debt collectors can get to him, but does his death automatically "erase" the unpaid debt he owes as he's gone?

The thing is, they can't pursue him as he's literally dead. The contract he signed prior to death only bares his name (meaning the debt can't be passed down to either his girlfriend or family) as he's the only signatory listed on paper (while his family are not signatories).

Debt collectors or loansharks show up to his residence only finding out from his girlfriend that he passed away (she has his death certificate to prove it), she reiterates that his debt can't be paid the "conventional" way as he's no longer alive to do that.

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nostupidquestions·No Stupid QuestionsbyWar5oldier

Will these currencies lose value due to the Iran War?

I mean, due to the war with Iran: will these currencies (mentioned below) lose value because the strait of Hormuz is under threat despite that route being vital for the transportation of crude oil worldwide?

I'm mainly talking about:

  • UAE Dirham
  • Kuwaiti Dinar
  • Bahraini Dinar
  • Qatari Riyal
  • Saudi Riyal
  • Omani Rial

The thing is that, these currencies are known for being stable due to the demand for crude oil (which ensures demand for their currency), strict monetary polcies from central banks & pegged to the USD.

To put into perspective: the Ukrainian Hryvnia has been devalued by 25% following Russia's invasion deeming it a weaker currency than it used to be. The thing is with let's say the Omani Rial, it's pegged to the USD (same with both QAR & AED) while KWD is pegged to an undisclosed currency basket. Oil is the key player as to why GCC currencies are strong.

With the strait of Hormuz under threat as Iran is attempting to obstruct vessels transporting crude oil, would that mean let’s say the Qatari Riyal will lose value? For instance: the Kuwaiti Dinar is a strong currency but with recent events (like fighter jet being shot down by an Iranian drone or Iran themselves attacking US bases situated in Kuwait) will that status change?

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