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Author Topic: Liberty Dollar Bank or CU  (Read 15194 times)

jumonjii

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Re: Liberty Dollar Bank or CU
« Reply #45 on: July 19, 2006, 11:23:22 am »

...
It would work like a bank, but there would be no checks, debit cards, or atms. These things are just more ways the banks have devised to keep us in debt.
...

I just want to pick at that for a second, because it makes no sense to me. One can argue that credit cards encourage unrestrained spending and debt, but checks/debit/atms?

Debit cards/ATMs allow people to withdraw money whenever they want. They allow overspendings at most, if not all banks....overdrafts. It discourages savings because the money is available 24/7. And it increases impulse spending because the card is fast and easy to use.
Checks are like writing your own money, there is no restriction in place except when it comes to cashing it.

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Minsk

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Re: Liberty Dollar Bank or CU
« Reply #46 on: July 19, 2006, 11:37:31 am »

Debit cards/ATMs allow people to withdraw money whenever they want. They allow overspendings at most, if not all banks....overdrafts. It discourages savings because the money is available 24/7. And it increases impulse spending because the card is fast and easy to use.
Checks are like writing your own money, there is no restriction in place except when it comes to cashing it.

Was afraid of that, the "convenience breeds overuse" argument. I have honestly heard that line of discussion from people claiming that banks should be banned from offering overdraft or being open outside 9-5 Mon-Fri. But let's leave that argument for another time; I'm off-topic in enough threads already.

I like the idea of a little ATM that would support resource-backed currencies. Unfortunately I do not know enough about the bank-ATM networks to have any idea about the feasibility of such a scheme.
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jumonjii

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Re: Liberty Dollar Bank or CU
« Reply #47 on: July 19, 2006, 12:00:17 pm »

Agreed.

The ATM network is tied into the banking system. To create Liberty ATMs...or Liberty Supported ATMs seems more complicated.

Baby steps. :)

Maybe a ALD coin changer would work better.
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Minsk

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Re: Liberty Dollar Bank or CU
« Reply #48 on: July 19, 2006, 12:41:50 pm »

The ATM network is tied into the banking system. To create Liberty ATMs...or Liberty Supported ATMs seems more complicated.

It might be worthwhile for someone to look into the US standards for banking interchange, as they do not look all that painful. The Canadian network (Interac) cooperates with NYCE <http://www.nyce.net/> down there, though I did not find any useful information about NYCE's system when I was wasting time over lunch.

Maybe a ALD coin changer would work better.

Money recognition and deposits open up all kinds of fraud issues, so I actually suspect a withdrawl-only ATM would be easier.
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jumonjii

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Re: Liberty Dollar Bank or CU
« Reply #49 on: July 19, 2006, 12:50:33 pm »

Like a coin changer at an arcade :)

That's a withdraw only ATM so to speak.

They have some pretty advanced ones that accept credit cards, but I'd think a standard one would work that would accept 10 or 20 FRNs.
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