Coin shortage

redbeard

Hummingbird
Moderator
The last time I looked into using bitcoin, I wanted to make a purchase of about $60. There was going to be a transaction fee of something like $8 to process the payment, which I was told went to the miners who were being compensated for running the algorithm on their machine that allowed the transaction to go through. It was also going to take hours for the money to clear. Bitcoin struck me as completely not feasible for a payment system, and I ended up taking another route. Does bitcoin still have these types of onerous fees for transferring money?
I'm not sure when or how you were trying to send BTC, but $8 for a $60 transaction is wild. Yes, transaction fees do fluctuate and yes, they can get high when there's lots of activity, but your example is an exception.

Right now the average transaction fee is $1.29. That might seem like a lot, but when you consider that the average transaction size is $24,000 (source), it really isn't. That's less than 0.01% as a transaction fee, which is much less than PayPal, wire, etc.

Bitcoin isn't perfect but the "muh fees" line is moot.

Settlement time is another thing. Yes, it does take a few hours for transactions to clear. However that's just the nature of digital transactions. Unless you're physically exchanging cash, there's going to be some delay in your transaction. Bitcoin has this delay because transactions are completely irreversible, and once it's sent, the system is just verifying that the transaction was kosher.

You might say "well, PayPal is instant!" Yes, PayPal transfers from one PayPal account to the other. They aren't physically moving or wiring cash. Bitcoin has custodial services like this as well, that facilitate transactions without sending on-chain.
 

Attachments

Troller

Woodpecker
People will end up using other types of cash. A cashless society is another stupid elite communist central planning lunacy. Either gold or shelves will be used. Maybe for employees it will be hard getting salary in a different currency. With a cashless society people will feel every drop of central policy incompetence until they rebel. Besides privacy concerns etc. Central policies have been tried so many times. Always failed but communists fanatism keeps on giving. Like smashing a car against a wall continuously.
 

Foolsgo1d

Peacock
The "melt value" of a quarter is about 4 cents. That's a pretty poor investment to spend 25 cents to get 4 cents of metal.

Also the Fed doesn't "print" coins. Coins are produced by the US Mint, not the Fed, in Denver and Philadelphia (for circulating coins).
You know what I meant. I know its the US Mint that issues coins/notes but who is in charge of the currency? The private bank of the Federal Reserve.

And it doesn't matter if you spend 25 cents to get 4 cents in a currency collapse. That is still something more than the paper you would wipe your arse with.
 

Easy_C

Crow
People will end up using other types of cash. A cashless society is another stupid elite communist central planning lunacy. Either gold or shelves will be used. Maybe for employees it will be hard getting salary in a different currency. With a cashless society people will feel every drop of central policy incompetence until they rebel. Besides privacy concerns etc. Central policies have been tried so many times. Always failed but communists fanatism keeps on giving. Like smashing a car against a wall continuously.
They tried it India and it was a disaster. You can already see in some areas where they're trying to do a test run of UBI and it's failing miserably because states like New Jersey have so badly ignored their infrastructure that they don't have the operational capacity to pull things like that off.
 

Foolsgo1d

Peacock
I'd rather spend 25 cents for 25 cents worth of gold, then 25 cents for 4 cents worth of some other metal.
Yeah sure go ahead and be known as a gold trader in a dollar collapse scenario. Are you going to trade toilet paper, tinned goods for gold/silver or use other metals?
 
I knew something fishy was going on. I collect copper pennies on my free time and every time I get any change I look at it to see the year. With my luck, I would find a copper penny every once in a while.
But I noticed that my change always seemed to be new coins (circa 2017-2020). Even quarters, dimes and nickles were new as well. This all started after the whole COVID-19 outbreak began. It has me very curious about the country's monetary system.
 

username

Ostrich
Gold Member
TheSurveryor have you thought about getting a copper penny sorter? I've been thinking about it again recently. As of right now, a 1 cent copper penny is worth 1.889 cents. Given that the dollar will continue to be devalued this is a great hedge against that. I would be happy to get around $5,000 face value copper pennies. If for some reason it doesn't work out I could always take my $5,000 worth of pennies to the bank and be out nothing except a little time.
 
TheSurveryor have you thought about getting a copper penny sorter? I've been thinking about it again recently. As of right now, a 1 cent copper penny is worth 1.889 cents. Given that the dollar will continue to be devalued this is a great hedge against that. I would be happy to get around $5,000 face value copper pennies. If for some reason it doesn't work out I could always take my $5,000 worth of pennies to the bank and be out nothing except a little time.
Not sure, I have a hard time justifying buying something like that. The only reason I can think of for buying something like that is that if you have a bunch of 1982 pennies on you , or you get lucky and find a rare one.

My policy would be just checking your pennies every time you get some change and keep your eyes for dates and unique designs. Much more fun that way.

Secondly, I personally would not advise anyone to have $5k in copper pennies. That is 500,000 pennies which weighs about 3 thousand pounds. Do you have means of transporting or storing that much coin?

You're far better of buying 1 ounce of gold, 100 ounce bar of silver with that money.
 
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NoMoreTO

Pelican
So what might social distancing from paper money look like? During the debate over the Cares Act, a proposal from Sen. Sherrod Brown called for the creation of “digital dollars” for American citizens and residents. This new paperless money would reside in free digital wallets accessible through banks or post offices. In the short term, the digital dollars could be used to speed covid-19 relief funds to the unbanked or underbanked. But if accepted, it would also radically change the complexion of the nation’s money supply, making our transactions less risky to our health, while addressing concerns that eliminating cash entirely would leave many individuals behind.
Washington Post - Will Covid end Paper Money

Bill Requiring digital currency for covid relief
 

Hypno

Crow
If you are interested in copper cents, checkout the forum at realcent.com and get yourself a ryedale sorter.

If you sort pennies with a machine, you'll find plenty of wheat cents and the occassional indian head.
 
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