A bankster in the UK wants to ban big bills - page 2.

gentlemand

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Quote from: NorrisK on September 27, 2015, 12:23:11 PM

How can you trust the pounds nowadays with 1 in 3,333 being fake?

I think it's way, way higher than that figure for pound coins, something ridiculous like 1 in 40 or more. I certainly handle coins that feel dodgy on a near weekly basis.

As for forged notes I've never been caught out by one.

A mate of mine used to be paid exclusively in forged £20s. He said they were the best he'd ever seen. I thought they were total dogshit and if you didn't know just by looking, you definitely knew by touching them.

Every single cashier he handed them over to instantly knew they were crap but most don't care so they shoved it in the cash register anyway.

OROBTC

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Quote from: bryant.coleman on September 27, 2015, 12:54:32 PM

The most valuable single banknotes in the world are the S$10,000 note from Singapore (worth around $8,000) and the B$10,000 note from Brunei. Counterfeiting is very very rare in these countries, as the punishments for doing it are extremely harsh. And the S$10,000 note is very frequently used by the Singaporeans, in day to day life.

That was interesting, thanks for posting.

$10,000 Singaporean dollars on one little piece of paper. THAT is efficient wealth density!

I need to get me one...

deisik

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Quote from: NorrisK on September 27, 2015, 02:05:10 PM

Quote from: deisik on September 27, 2015, 01:39:16 PM

Quote from: RealBitcoin on September 27, 2015, 01:07:05 PM

Quote from: deisik on September 27, 2015, 12:11:10 PM

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to ... get themselves busy with strengthening the anti-counterfeiting measures .... of the Pound...

Hahaha they are the ones that are counterfeiting it by printing bunch of them Cheesy

It's like asking your local bicycle thief to install the locks on your bicycle.

If we calculate the "pound-for-pound" ratio of currency counterfeiting (pardon the pun) in terms of purchasing power, we will get that the British pound is about 45 (sic) times more likely to be counterfeited than the Euro "pound"...

You mean that because 50 pounds is the largest denomination, there needs to be more notes counterfeited to counterfeit the same value?

That makes sense

Yeah, since the largest denominations are the ones to be counterfeited most often, we can safely ignore the possible discrepancy in the ratio of lower denominations counterfeiting attempts (which could potentially make the result somewhat less dramatic and traumatic for the British pound, lol)...

NorrisK

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Quote from: deisik on September 27, 2015, 01:39:16 PM

Quote from: RealBitcoin on September 27, 2015, 01:07:05 PM

Quote from: deisik on September 27, 2015, 12:11:10 PM

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to ... get themselves busy with strengthening the anti-counterfeiting measures .... of the Pound...

Hahaha they are the ones that are counterfeiting it by printing bunch of them Cheesy

It's like asking your local bicycle thief to install the locks on your bicycle.

If we calculate the "pound-for-pound" ratio of currency counterfeiting (pardon the pun) in terms of purchasing power, we will get that the British pound is about 45 (sic) times more likely to be counterfeited than the Euro "pound"...

You mean that because 50 pounds is the largest denomination, there needs to be more notes counterfeited to counterfeit the same value?

That makes sense

deisik

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Quote from: RealBitcoin on September 27, 2015, 01:07:05 PM

Quote from: deisik on September 27, 2015, 12:11:10 PM

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to ... get themselves busy with strengthening the anti-counterfeiting measures .... of the Pound...

Hahaha they are the ones that are counterfeiting it by printing bunch of them Cheesy

It's like asking your local bicycle thief to install the locks on your bicycle.

If we calculate the "pound-for-pound" ratio of currency counterfeiting (pardon the pun) in terms of purchasing power, we will get that the British pound is about 45 (sic) times more likely to be counterfeited than the Euro "pound"...

jbrnt

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Quote from: gentlemand on September 27, 2015, 08:21:16 AM

The biggest note in the UK is the £50 note. In my entire life I have handled one three times. Each time not a single business would accept them and I had to go to a bank to deposit it instead. Looks like it's a voluntary ban to me.

I admit it's difficult to spend £50 note, but it's not that bad. Supermarkets and restaurants accepts them all the time, as long as you are not using it to settle a £5 bill.

Quote from: NorrisK on September 27, 2015, 12:23:11 PM

How can you trust the pounds nowadays with 1 in 3,333 being fake?

It's not often you run into a fake. I withdraw money from cash machines and usually change are in coins. Shops can be hit pretty bad with fakes though.

bryant.coleman

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Quote from: pedrog on September 27, 2015, 06:12:02 AM

500 euro note are mainly used in black markets, money laundering and other illegal activities that require huge amounts of cash to be moved anonymously.

In the majority of countries that's what they are used for, I never had even one of those notes, I've seen a few.

The minimum wage in my country is 505 euros, so there's not much use for such notes and I always assumed they were created to facilitate high profitable illegal markets, considering 1 million euros in 500 euro notes weights only 1.6 kg.

The 1,000 CHF banknote is very rarely used for money laundering, and it is much more valuable than the Euro 500 banknote. Approximately 60% of the entire value of all the Swiss banknotes in circulation are made up of CHF 1,000 notes. So the issue with the Euro 500 banknote is not its denomination, but lack of law enforcement.

altcoinUK

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Quote from: pedrog on September 27, 2015, 06:12:02 AM

500 euro note are mainly used in black markets, money laundering and other illegal activities that require huge amounts of cash to be moved anonymously.

In the majority of countries that's what they are used for, I never had even one of those notes, I've seen a few.

The minimum wage in my country is 505 euros, so there's not much use for such notes and I always assumed they were created to facilitate high profitable illegal markets, considering 1 million euros in 500 euro notes weights only 1.6 kg.

I think that's not the point how useful the 500 Euro note is. The point is that the governments - in very much in line with Marty Arsmtrong's projections - are moving to gain total control over the finances of citizens, and therefore trying to implement the electronic money system in which everything is traceable and consequently taxable. The issue is that they want to have full control in order to keep in place an unsustainable financial system.

Eventually, this matter and the electronic money is about freedom and how totalitarian governments try to take away our freedom by controlling the financial system. (Electronic money has nothing to do with crypto currency, just in case someone is confused by that).

RealBitcoin

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Quote from: deisik on September 27, 2015, 12:11:10 PM

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to ... get themselves busy with strengthening the anti-counterfeiting measures .... of the Pound...

Hahaha they are the ones that are counterfeiting it by printing bunch of them Cheesy

It's like asking your local bicycle thief to install the locks on your bicycle.

bryant.coleman

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The most valuable single banknotes in the world are the S$10,000 note from Singapore (worth around $8,000) and the B$10,000 note from Brunei. Counterfeiting is very very rare in these countries, as the punishments for doing it are extremely harsh. And the S$10,000 note is very frequently used by the Singaporeans, in day to day life.

deisik

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Quote from: NorrisK on September 27, 2015, 12:23:11 PM

Quote from: deisik on September 27, 2015, 12:11:10 PM

Quote from: OROBTC on September 27, 2015, 11:41:29 AM

The Swiss 1000 Franc note. These are hard to find now, at least in the part of the USA where I am from.

I once owned one. The bill is chock full of interesting anti-counterfeiting features.

From the Wikipedia article on the Swiss franc:

Quote

According to the central banks, the ratio of counterfeited bank notes is about 1 in 100,000 of real bank notes for the Swiss franc, of 1 in 20,000 for the Euro, of 1 in 10,000 for the United States dollar and of 1 in 3,333 for the Pound sterling

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to leave the Euro alone and finally get themselves busy with strengthening the anti-counterfeiting measures for the sake of the Pound...

Those numbers are quite scary... I thought it would be the 100 dollar bill that was the most counterfeited..

How can you trust the pounds nowadays with 1 in 3,333 being fake?

This pretty much speaks for itself

I mean the biggest denomination of the British pound is 50£, which is roughly 7 times less that the 500 Euro banknote in terms of purchasing power, but this doesn't in the least prevent it from being 6 times more prone to counterfeiting, lol...

NorrisK

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Quote from: deisik on September 27, 2015, 12:11:10 PM

Quote from: OROBTC on September 27, 2015, 11:41:29 AM

The Swiss 1000 Franc note. These are hard to find now, at least in the part of the USA where I am from.

I once owned one. The bill is chock full of interesting anti-counterfeiting features.

From the Wikipedia article on the Swiss franc:

Quote

According to the central banks, the ratio of counterfeited bank notes is about 1 in 100,000 of real bank notes for the Swiss franc, of 1 in 20,000 for the Euro, of 1 in 10,000 for the United States dollar and of 1 in 3,333 for the Pound sterling

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to leave the Euro alone and finally get themselves busy with strengthening the anti-counterfeiting measures for the sake of the Pound...

Those numbers are quite scary... I thought it would be the 100 dollar bill that was the most counterfeited..

How can you trust the pounds nowadays with 1 in 3,333 being fake?

deisik

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Quote from: OROBTC on September 27, 2015, 11:41:29 AM

The Swiss 1000 Franc note. These are hard to find now, at least in the part of the USA where I am from.

I once owned one. The bill is chock full of interesting anti-counterfeiting features.

From the Wikipedia article on the Swiss franc:

Quote

According to the central banks, the ratio of counterfeited bank notes is about 1 in 100,000 of real bank notes for the Swiss franc, of 1 in 20,000 for the Euro, of 1 in 10,000 for the United States dollar and of 1 in 3,333 for the Pound sterling

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to leave the Euro alone and finally get themselves busy with strengthening the anti-counterfeiting measures for the sake of the Pound...

OROBTC

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Quote from: Demille on September 27, 2015, 10:42:29 AM

Quote from: OROBTC on September 26, 2015, 12:01:05 AM

...

A bankster at the Bank of England (Charles Goodhart) wants to ban 500 Euro notes as well as 1000 Swiss Franc (that would be some $1050) notes as well. That will get tongues wagging in the USA to ban our $100...

I think having 1000 notes is a bix extreme and they must be a big target for counterfeiters but I can't imagine many places accept them. In my country most shops wont accept 50 notes because of the chance of them being counterfeit. In fact it is very rare to see them at all and I have only ever see a couple in my lifetime. Trying to ban them just because criminals use them is sill though but maybe we should ban banks too since they're the biggest criminals.

Above commentators

Hey, I LIKE cash! And large denominations are taken at banks, foreign exchange places, local coin shops (hint, hint). If the USA's $10,000 notes were there in the 1930s, those would be worth some $50,000 each now...

And it's NOBODY'S business how I keep and transport my own wealth.

The Swiss 1000 Franc note. These are hard to find now, at least in the part of the USA where I am from.

I once owned one. The bill is chock full of interesting anti-counterfeiting features.

Slark

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Quote from: markj113 on September 27, 2015, 07:39:26 AM

Quote from: NorrisK on September 27, 2015, 06:31:44 AM

I can't see I would mind them banning these bills. When do you ever use them nowadays? Any big purchase will be done through a bank transfer anyway.

I hardly carry cash with me anymore, just use the card.

Start with the big bills, then the medium, then all the others.

The banks will own your ass and you wont be able to fuck all about it.

I feel you are right. This is part of a bigger plan to eliminate 'analog' money from our lives and leave only digitalized currencies.
But don't be fooled it is one of the most dangeous things that could happen, there won't be freedom anymore. Banks/governments will know everything about you. It is Big Brother's dream.

cellard

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Quote from: pedrog on September 27, 2015, 06:12:02 AM

500 euro note are mainly used in black markets, money laundering and other illegal activities that require huge amounts of cash to be moved anonymously.

In the majority of countries that's what they are used for, I never had even one of those notes, I've seen a few.

The minimum wage in my country is 505 euros, so there's not much use for such notes and I always assumed they were created to facilitate high profitable illegal markets, considering 1 million euros in 500 euro notes weights only 1.6 kg.

Granted it allows for easier money laundering, but this is a doubled edged sword argument. It's like saying, oh okay let's ban Bitcoin because it allows for easier money laundering, ignoring the positives.
If you were healthy wealthy and you wanted to move money legally, you would save space if you had 500 euro notes available.

Anyway, the thing it's clear. Cash is going to disappear in the next couple of decades. I can't be the only one here that sees this as very obvious.

NorrisK

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Quote from: gentlemand on September 27, 2015, 08:21:16 AM

The biggest note in the UK is the £50 note. In my entire life I have handled one three times. Each time not a single business would accept them and I had to go to a bank to deposit it instead. Looks like it's a voluntary ban to me.

I agree, that may be a bit extreme.

In the Netherlands it is quite the same actually. 100 euro notes and up are mostly not accepted by shops, just because of the risk of running into counterfeit notes.

Demille

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Quote from: OROBTC on September 26, 2015, 12:01:05 AM

...

A bankster at the Bank of England (Charles Goodhart) wants to ban 500 Euro notes as well as 1000 Swiss Franc (that would be some $1050) notes as well. That will get tongues wagging in the USA to ban our $100...

I think having 1000 notes is a bix extreme and they must be a big target for counterfeiters but I can't imagine many places accept them. In my country most shops wont accept 50 notes because of the chance of them being counterfeit. In fact it is very rare to see them at all and I have only ever see a couple in my lifetime. Trying to ban them just because criminals use them is sill though but maybe we should ban banks too since they're the biggest criminals.

RealBitcoin

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Quote from: deisik on September 27, 2015, 09:42:36 AM

Quote from: RealBitcoin on September 27, 2015, 09:06:00 AM

Quote from: deisik on September 27, 2015, 05:55:43 AM

Bank of England? Last time I checked Great Britain was not part of the Euro zone (and they were going to leave the EU at that), nor was it one of the cantons... What did I miss?

Shouldn't they better ban the British pound first (some part of)?

Bank of England is a shareholder of the ECB and has 13.6743% share of the ECB

https://en.wikipedia.org/wiki/European_Central_Bank#Shareholders

What about Swiss frank? Do they have a hand in it too?

Quoting from wikipedia:

https://en.wikipedia.org/wiki/Swiss_National_Bank

Quote

As of 2015 the Nationalbank was privately owned,[8] with the majority of shares belonging to cantons and banks of cantons, and the smaller remainder in the possession of private individuals.[9][10] Shares of the SNB existed within SIX Swiss Exchange from 1907 onward

So probably all central banks have a share in eachother. They are all private.

moneyart

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It is simple. When the inflation is coming, and it will come in 3-5 years, we will see banknotes with increasing numbers. Sad

Topic: A bankster in the UK wants to ban big bills - page 2. (Read 3997 times)