The U.S. Penny dead at 232

[TastySuckToy]

The "value" of a penny rests in how many times it is used in transactions, not in how much it cost to mint it.

The value of any currency in the US drops to zero after ten transactions, and that's at the lowest income tax bracket of 10%. In the higher tax brackets, less than three transactions have completely wiped out it's value.

In other words, if a ten dollar bill changes hands as a income source just ten times, the income tax has eaten up 100% of that ten dollar bill's value. Beyond that, the income tax begins creating debt, and very rapidly.

 

[Lathanar1]

There's no tax involved. Every time that ten dollar bill is used, it's worth ten dollars in that transaction. The only time it is valueless is when it is not used. Not sure what jacked up economic theory you got going on there, but it would lead to the total collapse of the monetary system in a week.

 

[BrightShinyGirl]

The value of any currency in the US drops to zero after ten transactions, and that's at the lowest income tax bracket of 10%. In the higher tax brackets, less than three transactions have completely wiped out it's value.

In other words, if a ten dollar bill changes hands as an income source just ten times, the income tax has eaten up 100% of that ten dollar bill's value. Beyond that, the income tax begins creating debt, and very rapidly.

Cryptocurrency loses value with each transaction. Fiat money doesn’t.

 

[TastySuckToy]

There's no tax involved. Every time that ten dollar bill is used, it's worth ten dollars in that transaction. The only time it is valueless is when it is not used. Not sure what jacked up economic theory you got going on there, but it would lead to the total collapse of the monetary system in a week.

Ya, unless the government did something called 'printing money'.

In which case the collapse of the monetary system could be put off for decades, though there would be this omnious thing called 'the national debt' building up over time, until it ballooned to a level like, oh I dunno, let's say $153.9 trillion dollars of unfunded liabilities.

 

[TastySuckToy]

Cryptocurrency loses value with each transaction. Fiat money doesn’t.

I suggest you go educate yourself on how the value of the US dollar has plummeted. Here, I'll even be nice and get you started:

https://buybitcoinworldwide.com/dol...The dollar has lost over,4 cents back in 1913.

• The dollar has lost over 96% of its value.
• $1 in 1800 is equivalent in purchasing power to around $22.13 today
• Today’s dollar would be worth less than 4 cents back in 1913.
• 1913 is when the Federal Reserve took over the US banking system.

 

[Lathanar1]

Ya, unless the government did something called 'printing money'.

In which case the collapse of the monetary system could be put off for decades, though there would be this omnious thing called 'the national debt' building up over time, until it ballooned to a level like, oh I dunno, let's say $153.9 trillion dollars of unfunded liabilities.

National debt is caused by over-spending, that's it. Not by the value of the currency, how many times a ten dollar bill is used, or how much a penny costs to mint. This is economics 101. You are conflating too many things.

 

[TastySuckToy]

National debt is caused by over-spending

Yes, by spending money that doesn't exist, is taxed from the populance, and then printed out of thin air by the Fed.

 

[eric_erosfan]

The only time I have to use cash or coins is buying lottery tickets.

Cash is relegated to vice purchases now.

 

[BrightShinyGirl]

I suggest you go educate yourself on how the value of the US dollar has plummeted. Here, I'll even be nice and get you started:

https://buybitcoinworldwide.com/dollar-devaluation/#:~:text=The dollar has lost over,4 cents back in 1913.

You’re ignoring the fact that every crypto transaction has an associated fee tacked on. Using cash has no transaction fee.

 

[PaxNurgle]

I'm not opposed to the idea but let's be honest- they are still making half dollars. WHY? How often do people even see these metal-clad frisbees, let alone spend them? I'd argue for getting rid of the half dollar to save money, more than the penny.

 

[Politruk]

Yes, by spending money that doesn't exist, is taxed from the populance, and then printed out of thin air by the Fed.

No money exists until printed out of thin air.

It's a long, long time since there was any relationship between a coin's purchasing power and its metallic content.

 

[Wylie3]

We lost the 1, 2 & 5 cents long ago yet specials always end in a 9 what's the point. If Banks had there way there would be no cash then they could track everywhere you spend your money it's all big brother by stealth bring on 1984.

Homeless are screwed and charities are missing out, used to always unload the coins to charities.