Australia plan to ban cash purchases over $10,000 looks like it may soon become law

Discussion in 'Australia, NZ, Pacific' started by kazenatsu, Mar 1, 2020.

  1. FatBack

    FatBack Well-Known Member

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    It's part of the globalist agenda, cashless society. Mark of the beast, coming soon. This virus crap plays right into it...."dirty cash" all those grubby hands on it.
     
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  2. Monash

    Monash Well-Known Member

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    And on cue back into 'La La Land' we go. Please either take your meds or stick to the conspiracy theory sub-forum with all the other 'special' members of the forum.
     
  3. FatBack

    FatBack Well-Known Member

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    Just keep your head in the sand and come up with more juvenile insults, one of few things you excel at.
     
  4. Monash

    Monash Well-Known Member

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    So... you know me so well (apparently).

    Well here's the thing, provide some concrete proof of a 'globalist agenda' supported by the 'mark of the beast' and I'll retract.

    Fact is, if you kept track of my posts you'd realize I'm pretty much a centrist. Fact driven yes but not an atheist and certainly not 'left wing'. Point is if someone wants to make broad sweeping statements about things like a 'globalist' agenda or whatever they have to back it up with facts. Otherwise I can claim the world is run by invisible giant 'space kittens' and get away unscathed.
     
    Last edited: Jul 15, 2020
  5. cristiansoldier

    cristiansoldier Well-Known Member

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    Is this a generation issue? How old are you guys and how many times have you made cash purchases over 10K in your lifetime? I have never in my life paid 10K cash for anything and I have made quite a few purchases over 10K. Cars, artwork, collectibles, tour packages, investments etc... I always want to have a traceable payment method just for my own safety? As a matter of fact I find I rarely use cash anymore. I take out $100 from the ATM and it will last me months. Every purchase from morning coffee and bagel, to train tickets, lunch, dinner, groceries, gas is all paid for by credit cards. Larger amounts paid to contractors for home renovation and such that we use to pay for with check we now use e-transfers. We have apps like Apple pay and Google pay for purchases if you do not want to use a credit card. I thought the only people that still used cash we criminals or people trying to avoid taxes.
     
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  6. Monash

    Monash Well-Known Member

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    In part yes, it is a generational issue and yes I doubt anyone on this forum has withdrawn 10K in cash in recent memory. I would note however that cash on your pocket can be a great way of intrinsically budgeting (consumables) on a fortnightly basis. If like most people you are really busy 'tapping and going' can get away from you budget wise. Burn the physical $200 of cash you withdrew from an ATM however and you have a physical count of how much you've spent on small mid week purchases.

    Works for some is all I'm saying.
     
    Last edited: Jul 15, 2020
  7. cristiansoldier

    cristiansoldier Well-Known Member

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    Yeah, that would be a reasonable reason for using cash. If it helps someone budget their spending then they should definitely do it. I used the old school budgeting method of the angry wife. ;-)
     
  8. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    The issue is being able to buy something large without the government knowing about, which some see as a civil liberties issue. (i.e. Some see this sort of thing as reminiscent of totalitarian countries like Nazi Germany or the Soviet Union)
    The situation in society hypothetically could change in the future, and then that law would still be there.

    The other issue is one of a slippery slope. They might set the limit at 10K, but over time that will keep going down due to the effect of inflation, or they might pass another law reducing the limit to 5K, and then 2K, and then 1K. Until big cash purchases are practically banned.
    Get people used to not being able to pay for anything in large amounts of cash.

    Then the fear of many conservatives is that people will not even be able to have the option of storing their wealth in the form of cash. When you force all purchases to go through a bank, it is pretty much tantamount to making cash illegal. (And there would be very little resistance at that point when cash was taken away, because everyone would have become so accustomed to it) At that point, everyone would be required to have all their money in banks, and it would be relatively easy for the government to institute "negative interest rates" at that point, which is basically a tax on having your money in the bank. This is something many policy experts on the Left have advocated in favor of. The claim is that lower interest rates can be used to stimulate the economy (because you're more likely to spend your money if you are going to be penalized for saving), but with rates already so far down close to zero, it doesn't give the Central Bank a lot of additional options. So they want to be able to drive interest rates even lower, into negative territory, in the belief (or with the claim) that it can stimulate the economy. (obviously you can't have negative interest rates when people would just pull their money out of the bank and sit on the cash)

    Even though the current proposed law would not exactly do that, it would be one step closer to that being able to happen, and would also set a precedent that would make it easier to happen in the future. (When there are limits on how you can spend your own money, it raises the question of whether that money is really truly yours. You wouldn't be legally allowed to buy a 10k car with your cash, you would require the services of a bank to make the purchase)
     
    Last edited: Jul 15, 2020
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  9. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Bitcoin people, they can ban our cash but they can't take our crypto
     
  10. Bowerbird

    Bowerbird Well-Known Member

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    Ummmm

    You DO realise don’t you that “Liberal” in Australia does not mean democrat. Here Liberals are the right wing Conservative party
     
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  11. liberalminority

    liberalminority Well-Known Member

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    they can hack bitcoin
     
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  12. liberalminority

    liberalminority Well-Known Member

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    it is easier for criminals to steal electronic money with hacking, and avoid taxes with bitcoin.

    cash is legal tender, they cannot willy nilly end it because they do not like freedom.
     
    Last edited: Jul 16, 2020
  13. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    You do realize this law would automatically, by default, ban trade/purchases made in crypto over 10k ?
    The law of course doesn't explicitly say that, but that is no doubt how it would be interpreted.
    The founder of Silk Road, Ross Ulbrict, after he was arrested, tried to make the argument in US courts that crypto was not "money" for the purpose of definition under the law. The courts disagreed with him, and he was convicted anyway.
     
    Last edited: Jul 16, 2020
  14. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Bitcoin is Free market money, you can transfer it out of the exchange and keep it off line.
     
  15. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    Was that statement supposed to somehow negate what I just stated? because I don't see how it does so

    maybe one of us isn't understanding

    All single purchases equivalent to over 10k are going to be made illegal, whether that's in paper cash, gold coin, any type of trade, or Bitcoin. It will have to go through a bank, most typically on a credit card.
     
    Last edited: Jul 16, 2020
  16. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Bitcoin is not Fiat currency, it is controlled by the market not by the Government, how will the government regulate payments of limited amounts of Bitcoin to someone else? They can check how much you purchased via the exchange, but once you've moved it out it's gone.

    I gave you an EXCELLENT source for understanding Bitcoin, if you question this then perhaps you need to learn a bit more to understand Bitcoin, it takes time and effort.
     
    Last edited: Jul 16, 2020
  17. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Look, Central Bankers are pushing us towards a reset, they are stuffing their portfolios with Gold and after the collapse they likely plan to shove Nancy Pelosi's digital dollar down our throats. The $10,000 cash ban is simply part of Government trying to prevent "terrorist transfers" but it does impede on our right as citizens to trade, that that we have for that what we need... which is what happens in a free market.

    Bitcoin is the only Free market money (except for Gold) out there, it is likened to the invention of the number zero. I firmly believe and share this belief with the sources I posted, that people will avoid anything the bankers & governments touch like the plague. I know I will.
     
  18. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    You want to talk about Bitcoin? The current going market price of one Bitcoin is 13,000 Australian dollars. That means, with the new law, the purchase or transfer of an actual Bitcoin will be required to go through a government certified and regulated financial institution, and a record will be kept of the sale available to the Australian government. Meaning, it will be illegal for you to spend a Bitcoin on your own to buy something.

    Now, please tell me that you understand this.
     
    Last edited: Jul 16, 2020
  19. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Sure... as soon as you understand this

    https://www.forbes.com/sites/crypto...pal-prepping-for-crypto-trading/#3aa913de12a0
     
  20. billy the kid

    billy the kid Well-Known Member

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    Last edited: Jul 16, 2020
  21. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    :rolleyes:
    How is discussing anonymous cash, having utmost faith....

    Here's what utmost faith do... they keep their money in fiat currency that is going to hyper-inflate or they buy gold that can be confiscated
     
    Last edited: Jul 16, 2020
  22. billy the kid

    billy the kid Well-Known Member

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    Your contempt is noted...:deadhorse:
     
  23. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Billy... owning crypto is the ultimate in NO FAITH IN Government or the central banking system that have been raping us for over 100 years
     
  24. billy the kid

    billy the kid Well-Known Member

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    My point was simply to emphasize the possibility of our government at any stage interpreting
    the provisions of the Bill and, in an attempt to tie up any loose ends, amending the Bill to include
    crypto beyond any doubt....that's all....
     
  25. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Ok likely they will try, as they did with the printing press, fearing what will happen if the masses started reading.... or the car, a threat to the horse and cart. The problem is there are already tools like Wasabi Wallet out there that "wash" your Bitcoin making it difficult if not impossible to trace.

    Imo, Bitcoin is humanity's opportunity to escape the shackles of the banking system that have been sucking us dry since its inception in 1913. It is the first time ever humanity have money that cannot be increased, therefore it is a fixed measure of value. Trying to stop Bitcoin would be like an attempt to chain us to a system of slavery, it will cause a lot of anger especially since the corruption of the central banking system is widely known and spreading like wildfire in the current environment.
     
    Last edited: Jul 17, 2020

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