Raise your hand if you understand the impact of no more 500 Euro bills

[12clicks]

This is the next step in government control. Keep shrinking the denominations of money so that no one can have too much of it without the government knowing it. Won't be long until they start outlawing gold (again)

[DBS.US]

Won't be long until they start outlawing gold (again)

https://en.wikipedia.org/wiki/Executive_Order_6102

[mineistaken]

Maybe so, but who, besides illegally obtained money holders, would have a problem with that.
Meaning, who would need so much cash that 200 bills would not cover it in terms of being? Currency is "just paper", you have cash to last you few years or so. If you want to hold millions in cash you choose to have it in diamonds, gold or whatever. Having legally obtained millions in cash just sitting there is not a smart business.
I do not see genuine people impacted by this.

[mineistaken]

Ps:

"while many people know what it looks like, few have ever seen one." (theguardian)

[Paul&John]

Not sure why would you need a 500 eur bill anyway..

[mineistaken]

Not sure why would you need a 500 eur bill anyway..

Indeed. According to 2011 survey, 56% of EU citizens even had not used it for a single time ever...

[PR_Glen]

Maybe so, but who, besides illegally obtained money holders, would have a problem with that.
Meaning, who would need so much cash that 200 bills would not cover it in terms of being? Currency is "just paper", you have cash to last you few years or so. If you want to hold millions in cash you choose to have it in diamonds, gold or whatever. Having legally obtained millions in cash just sitting there is not a smart business.
I do not see genuine people impacted by this.

Wow, we finally found a subject you are more liberal on. hehe

That isn't the point though. What he is saying is that the government should not be making moves like this to prevent its people from holding it's own money. We can all rest easy with money in our bank accounts for the most part, more so than ever. HOWEVER, if anything were to go wrong, databases hacked, banks going bankrupt, war, even a mass power outage what are you holding on to at that point? Cash is a lot easier to spend than gold... or diamonds, those should be worthless anyway, but that is a different story ;)

[woj]

Wow, we finally found a subject you are more liberal on. hehe

That isn't the point though. What he is saying is that the government should not be making moves like this to prevent its people from holding it's own money. We can all rest easy with money in our bank accounts for the most part, more so than ever. HOWEVER, if anything were to go wrong, databases hacked, banks going bankrupt, war, even a mass power outage what are you holding on to at that point? Cash is a lot easier to spend than gold... or diamonds, those should be worthless anyway, but that is a different story ;)

so you are stocking up on 500EUR bills, and think you will trade with them when shit hits the fan?

[klinton]

well, we all know that governments want to control everything... cash = not possible to control.

yet I cant understand what difference does it make for villain or criminals if they store their money in 500 euro bills or 200 euro bills ?
its total bullshit. you would have to have bilions of it to make difference of it.

so the reason for that is different probably. that note wasnt used by virtually noone, as it would be strange to get your salary in few 500 euro bills...

[Shoplifter]

Not sure why would you need a 500 eur bill anyway..

I guess you haven't been to Ibiza...

[Vendot]

Not sure why would you need a 500 eur bill anyway..

Anyone so thick or so naive as to not realise that this is the first step in banning cash, should be immediately lobotomized.

It starts with the larger denominations and goes lower. In many parts of Europe already, its difficult to switch your lower denominations to larger denominations at the bank. There is a gradual process which you can equate to a frog in boiling water. If you raise the temperature very gradually, the frog gets boiled.

[CaptainHowdy]

I guess you haven't been to Ibiza...

[SBJ]

well, we all know that governments want to control everything... cash = not possible to control.

yet I cant understand what difference does it make for villain or criminals if they store their money in 500 euro bills or 200 euro bills ?
its total bullshit. you would have to have bilions of it to make difference of it.

so the reason for that is different probably. that note wasnt used by virtually noone, as it would be strange to get your salary in few 500 euro bills...

ya I can't imagine going into a grocery store and wanting them to break a 500 euro for 50 euro of food.

I love having a hundred or 2 on me but I'd much rather have a stack of 20's over too many 100's. Bigger bills are sometimes a pain to break unless you are spending more than that..

[astronaut x]

Maybe so, but who, besides illegally obtained money holders, would have a problem with that.
Meaning, who would need so much cash that 200 bills would not cover it in terms of being? Currency is "just paper", you have cash to last you few years or so. If you want to hold millions in cash you choose to have it in diamonds, gold or whatever. Having legally obtained millions in cash just sitting there is not a smart business.
I do not see genuine people impacted by this.

This is what I was thinking. This thread is hilarious.

[Relentless]

A friend of mine is working for a VC funded company that is building a method of tracking ALL digital transactions using blockchains. The goal is to make the money completely traceable throughout its entire history... so when you get a wire transfer, check, credit card payment or whatever else the amount will be traceable in ways that allow someone to see the entire life of each penny. The two most interested customers for their product are the US government and the banking industry.

"Cash" will not exist within a decade or two...

[Robbie]

They already did that shit to us in the U.S.
Discontinuing the $500 bill and $1000 bill

Meanwhile our money is worth even LESS!

I think it's definitely designed to make it difficult for citizens to carry large amounts of cash with them. The $5,000 bill and $10,000 bill were also discontinued.

These days the largest bill in the U.S. is a freakin' $100 bill!
Which is worth $13.06 in value back in 1964 (the year they cut us down to only $100 bills as the largest)

[Barry-xlovecam]

We are going toward a cashless society.

What's the problem with electronic banking and plastic currency -- governments can account for and tax all your income?

EBT cards are electronic now. Government payments are ACH direct debit.

People not evading taxes are not inconvenienced. The government would start an armed rebellion if they confiscated citizens' stored currency. We would have 100 million armed lunatics in the USA

10% to 20% of all the transactions in the US are in cash and 'under-the-table.'
This taxation capture in theory should lower overall taxes but it probably will not.

I carry less than $100 in cash normally for incidental purchases -- and a lot in plastic.

[MiamiBoyz]

Hookers never seem to have change for them.

[Barry-xlovecam]

@robbie

Since Nixon ended the Bretton Woods Agreements and allowed private ownership of gold the US Dollar has lost 80% of its value. But it is probably a red hearing argument -- just like yours of the largest currency allowed to be held.

The dollar is worth less because of inflation for reasons too numerous to mention.

[DBS.US]

[Robbie]

@robbie

Since Nixon ended the Bretton Woods Agreements and allowed private ownership of gold the US Dollar has lost 80% of its value. But it is probably a red hearing argument -- just like yours of the largest currency allowed to be held.

The dollar is worth less because of inflation for reasons too numerous to mention.

I wasn't making the argument that smaller denominations led to the devaluation.

I was simply pointing out that it would make MORE sense to have bigger denominations since our money is almost worthless compared to the past.

And the reasoning for that is so the govt. can keep citizens from having large amounts of cash. Gives them even more control over us. They don't want us to use cash...harder for them to steal...er, I mean tax us.

Think about it...you could have had 10 ten thousand dollar bills in your pocket OR today you would need 1,000 one hundred dollar bills in a big suitcase.

I'm sure they justified it with (as usual) the "War On Drugs". But it just makes it easier for them to keep track of us and not let us get away without paying tax on everything.

[Barry-xlovecam]

I wouldn't know about that -- I haven't carried or horded much cash in over 5 years now.

Cash is uninsured for loss, everything I receive is by check, wire or ACH these days.

Where do you get all of your cash? Take it out of the bank and hide it in the house or bury it in a tin can? If you horde gold in you house it is uninsured unless you buy a rider on your property insurance -- same for jewelry. You are more likely to have a break-in than have a bank holiday. The government taxes your cash assets with inflation anyway. Most of the time cash is a lousy investment.

IDK about debit card vending machine security. The premise is fine but it looks like an easy opportunity to place a card skimmer. I carry a RFID secure wallet as magstripe credit cards are not that secure. I have a prepaid card but the $3/mo service fee is expensive for the little I keep on that -- good for a vending machine or some other untrustworthy location or use Porn test buys can only get carded for the $40 or $60 on that card.

[Robbie]

You're not taking into account the huge cash only industry in this country.
Bartenders and waitresses prefer cash tips instead of putting it on the card.

Here in Vegas cash is king. You can't use a credit card to gamble.

People working flea markets prefer cash. Bands prefer cash.
And I shouldn't have to tell you about strip clubs and the girls making a lot of money...all in cash.

Escorts get cash.

I can think of a ton of things that people prefer to pay for with cash.

Guys don't want their wives to see that they blew a grand at the strip club for instance.

It was just recently here in Nevada that the cops got in trouble for pulling cars over on the highways going out of Las Vegas and TAKING people's money.

I'm talking hundreds of thousands of dollars in cash that people won at the tables.

The local news channels exposed it and people were given their money back and cops were fired over it. (and should be in jail for stealing).

[Google Expert]

buy these

[arock10]

You're not taking into account the huge cash only industry in this country.
Bartenders and waitresses prefer cash tips instead of putting it on the card.

Here in Vegas cash is king. You can't use a credit card to gamble.

People working flea markets prefer cash. Bands prefer cash.
And I shouldn't have to tell you about strip clubs and the girls making a lot of money...all in cash.

Escorts get cash.

I can think of a ton of things that people prefer to pay for with cash.

Guys don't want their wives to see that they blew a grand at the strip club for instance.

It was just recently here in Nevada that the cops got in trouble for pulling cars over on the highways going out of Las Vegas and TAKING people's money.

I'm talking hundreds of thousands of dollars in cash that people won at the tables.

The local news channels exposed it and people were given their money back and cops were fired over it. (and should be in jail for stealing).

So if they didn't have cash the cops couldn't have taken it?

[dyna mo]

Canned tuna will be the post armeggedon currency.

[Horatio Caine]

Oh my God, oh my God, what are we going to do now. Hopefully Trump can fix the problem, introduce Zimbabwean economic reforms and 1 million dollar bill.

[Robbie]

So if they didn't have cash the cops couldn't have taken it?

Guy wins a hundred grand or so at the tables in Vegas...drives out of town.

Why would you even think in any world that it's ok for the cops to steal people's money?

What is wrong with people these days?

[arock10]

Guy wins a hundred grand or so at the tables in Vegas...drives out of town.

Why would you even think in any world that it's ok for the cops to steal people's money?

What is wrong with people these days?

Has nothing to do with saying it's okay you were just giving an example and less cash seems like it would be better with that part of it

[MaDalton]

I am dealing with 1000 and 2000 bills on a daily basis

[Far-L]

Canned tuna will be the post armeggedon currency.

Yes, because you will be able to extract the heavy metals from it to make bullets for survival in the post apocalyptic wasteland...

[Atticus]

Since when did Republicans/Conservatives become such conspiracy nuts? Everything is a conspiracy, the man is coming to get ya. Don't believe anything ya read. Hide ur guns, stash ur cash. Paranoid lunatics.

[Nitzer Ebb]

Why would Americans care about 500 euro bill? Raise your hand if you understand!

[dyna mo]

Yes, because you will be able to extract the heavy metals from it to make bullets for survival in the post apocalyptic wasteland...

And that's just one of the many benefits of it!

[Paul&John]

I guess you haven't been to Ibiza...

I was two years ago, but people mostly paid with debit/credit cards. I guess only real gangstas use a 500 bill.

Anyone so thick or so naive as to not realise that this is the first step in banning cash, should be immediately lobotomized.

If that would be the case, then they wouldn't have introduced the bill ~15 years ago. That argument can work for a different bill with a lengthier history, but not for EUR.

[RFremont]

This is the next step in government control. Keep shrinking the denominations of money so that no one can have too much of it without the government knowing it. Won't be long until they start outlawing gold (again)

Do you have a link to that?

[k0nr4d]

I don't see this having much of an impact. I've never even seen a 500 euro bill and most stores won't take them for fear of the losses if it turns out to be fake and the fact that they would have to make change for it, and as mentioned most europeans haven't even see one of these. B2B transactions aren't done with cash in western europe as often as eastern europe so it's useless for that too.

[Manfap]

Indeed. According to 2011 survey, 56% of EU citizens even had not used it for a single time ever...

In Spain, the banks wont give them to you, and if they do, nowhere will cash it.

[_Richard_]

bad news for travelers and small town folk

[NewNick]

What a stupid thread.

This is old news. UK Bureau's stopped accepting 500 euro notes in 2010 to make it harder for criminals to move their ill gotten gains.

BBC News - Organised crime fears cause ban on 500 euro note sales

However if you all want to get worked up about the man taking your freedoms then go ahead.

[femdomdestiny]

This is the next step in government control. Keep shrinking the denominations of money so that no one can have too much of it without the government knowing it. Won't be long until they start outlawing gold (again)

I've exchanged 500 bill few times, without problem. Actually, bigger problem is to use dollars. Not sure why they are looking at dollars with suspicion. I've heard dollars is easier to falsify.

Anyway, much bigger problem for Eu is that now Turks and Kosovo Albanians are free to enter .

[Paul Markham]

Not sure why would you need a 500 eur bill anyway..

Anything over 500 CZ Krown, ($25) I pay for with a card.

[Paul Markham]

Maybe so, but who, besides illegally obtained money holders, would have a problem with that.

Roofers who want to be paid in cash to avoid paying taxes. Ask the OP.

This is only of concern to criminals. From those who want to be paid in cash to avoid taxes to drug dealers.

[pimpmaster9000]

30% of the euros in circulation are 500 bills...

it has nothing at all to do with fighting crime or terror, denominations of bills do not influence crime or terrorism in any way because most criminals use hawala and bank accounts to move money...terrorism does not cost a lot of money anyway...

I can have almost any amount of money in almost any neighboring country delivered in 5 minutes...nothing crosses the border...just a phone call...remember how the rotschilds got rich? well people copied the model...

[Barry-xlovecam]

Legitimate winnings paid by a casino have taxes withheld

Reportable Gambling Winnings

Report gambling winnings on Form W-2G if:

The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine,

The winnings (reduced by the wager) are $1,500 or more from a keno game,

The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,

The winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are:

$600 or more, and

At least 300 times the amount of the wager, or

The winnings are subject to federal income tax withholding (either regular gambling withholding or backup withholding).

https://www.irs.gov/instructions/iw2g/ar02.html

You can prove the cash you were carrying was from casino winnings with a fuckin' slip of paper. You can get a casino check and that is as good as a certified check from a bank to transport the money.

Who carries thousands of dollars in a suitcase? Idiots, drug dealers or other shady characters.

I don't give a fuck if a bartender, waitresses or cab drivers prefer cash and I know why -- cash income leaves no records. You can collect welfare benefits, collect SSI disability or fraudulently of evade income tax if you are paid in cash. I pay income taxes why should the 'cash economy' get a free ride at taxpayer expense.

What are you going to buy 'on the spot' with a 500Є banknote? or a $500 or $1,000 banknote?

[LetterTwenty7]

More bills in a wallet?

[nico-t]

Tried to pay sometimes with a 200 bill. Nobody accepts it. Supermarkets, stores, not even the big gas stations at highways accept it here. A legal form of payment is getting denied literally everywhere.

You often hear the 'counterfeit' argument, but they don't counterfeit 200 or 500 bills because that stands out too much. €20 and €50 bills are most counterfeited.

[mineistaken]

Roofers who want to be paid in cash to avoid paying taxes. Ask the OP.

This is only of concern to criminals. From those who want to be paid in cash to avoid taxes to drug dealers.

Must be some great roofing (or any other legitimate, but avoiding tax) business that it would be a problem to carry 200 bills

[klinton]

yeah, if you buy fuel for 6 euros no wonder that no gas station will accept 200 euro bill
its mostly because they dont have enough change. if everybody would be paying in 200 euros, they would have no change to give.

Tried to pay sometimes with a 200 bill. Nobody accepts it. Supermarkets, stores, not even the big gas stations at highways accept it here. A legal form of payment is getting denied literally everywhere.

You often hear the 'counterfeit' argument, but they don't counterfeit 200 or 500 bills because that stands out too much. ?20 and ?50 bills are most counterfeited.

[Sednub997]

the main plan is the the hole Eu zone gonna be poor so wont use 500E bill