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 Replies: 39 / Views: 5,872 |
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Valued Member
China
171 Posts |
Oh and for those who want a paper bitcoin, you can make your own. https://bitcoinpaperwallet.com/Lots of fun. You can make a real million dollar bill if you wanted. |
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Pillar of the Community
Canada
2845 Posts |
@ PacoMartin Your analysis is very interesting. Which reminded me of an old news article about Canada's outstanding One Thousand Dollar bills. Where did they go? In 2012 it was reported almost $1 billion were still outstanding, a favourite of the drug trade. http://news.nationalpost.com/news/c...minal-elitesI've snipped this from the Bank of Canada's 2015 Annual Report:  Just over $1 million, other denominations no longer issued. That suggests only about 1,000 of the $1,000 bills are now outstanding. From the perspective of Cdn banknote collectors, that's very few. Edited by wildflowerAB
06/23/2016 11:45 pm
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Valued Member
United States
411 Posts |
Canada lists the $1000, $1 and $2 banknotes as "other" in their annual report. But a more detailed breakdown is available. For 2014
CAD $1.2 billion is
$820 million in $1000 bills
$210 million in $2 bills
$150 million in $1 bills
That would suggest that there are about five $1 bills that are keepsakes for every man woman and child in Canada. Or, more likely there are far less, and many have been lost or destroyed.
A banknote is like an IOU for the national bank. Until they have officially destroyed it, it remains an IOU. Most European countries make old banknotes invalid after a set amount of time and wipe the figures from their books. USA and Canada keeps the money as legal tender forever and essentially lives with the minor debt.
As per the news article, the outstanding pinkies were 1.08 million in 2010 and 950 thousand in 2011. So at the time it was written, there was about a billion dollars circulating.
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Pillar of the Community
Canada
2845 Posts |
Thanks PacoMartin for your clarification. I get it, I was confusing millions with billions. So the Cdn banknote total o/s is $75 billion and of that, $1.2 billion are denominations no longer issued. Not a lot of change since 2014 when $820 million in $1000 banknotes were outstanding, with only slightly over $126 million recovered since about year 2012.
Presently still a lot of $1000 bills "out there", appx 800,000 of them.
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Valued Member
United States
411 Posts |
You will probably have hundreds of thousands of $1000 bills still in circulation in fifty years. They don't really wear out because they are not regularly passed around. Eventually they will become much more valuable as collector items and criminals won't use them any more.
The Canadian $1000 bill reached peak circulation of about 3.5 million, which is about the production number of the US$500 bill. Now that circulation of the US banknotes has been reduced to a few hundred thousand they are collectibles. A handful are turned in for destruction every year, but no one worries about them being used for criminal transactions. They are technically still "legal tender" but probably no one has tried to spend one in decades.
US high denomination banknotes produced
$500 3,943,708 of which 283,998 are still in circulation
$1000 2,675,016 of which 165,339 are still in circulation
Since Canada will never declare them invalid there is not a huge advantage to turning them in for destruction (in large quantities). They will recover a few thousand a year, but that number will drop as the years go by.
Edited by PacoMartin
07/01/2016 12:15 pm
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Pillar of the Community
Canada
1051 Posts |
Quote:
As you can imagine, many governments do not like bitcoin and find it a threat to their power. Same with banks. Many people don't even realize the financial root of many of the ills that plague society. Bitcoin places an unfettered means of exchange back in the hands of the people as it should be, and takes it away from those who sour entire economies to drive their own profits and achieve their own political ends. |
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Valued Member
United States
411 Posts |
The market capitalization of bitcoins world over is $10.5 to $11.0 billion USD. The value of Canadian banknotes and coins is CAD$81.210 billion at the end of 2015. USA circulates over a trillion dollars in $100 bills and has already produced $800 billion in the new color version.
Bitcoin gets a lot of attention, but it is still relatively chump change in world finance. If it grows to be more significant than governments will crack down. They will have to.
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Valued Member
Canada
276 Posts |
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Valued Member
China
171 Posts |
Right now is the time to buy some bitcoins. What's the old saying? Buy when there is blood in the water?
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Valued Member
Canada
276 Posts |
Quote:
What's the old saying? Buy when there is blood in the water? For stocks and mutual funds, I would agree. Back in the day, robbery would have involved firearms and a local bank, now you can do it with a computer/servers, and an IP spoofer, with safety from another country. Oh another point, ransomware attacks are also on the rise. |
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Valued Member
United States
411 Posts |
 It took a pretty big jump in the last 8 weeks. |
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Valued Member
Canada
276 Posts |
@PacoMartin and @TomSwift
To each their own.
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Pillar of the Community
Canada
2845 Posts |
I suppose anything is possible. Canada could become cashless and we wouldn't even realize it as apparently we're all busy looking for "one of Canada's most prized national treasures". Shirtless Trudeau strikes again: Spotting PM's bare chest becoming national summer pastime http://www.calgaryherald.com/news/n...7/story.html |
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Bedrock of the Community
Australia
21788 Posts |
I have NEVER had a credit card in my life.
I do not propose to get one any time soon.
I have never been in debt except when I had a mortgage.
Paid the mortgage off 26 years ago.
Always pay in cash including all utility bills, through the Post Office.
With cash only I have always forced myself to budget on a weekly basis. Must have saved thousands of dollars over a lifetime, by so doing.
If I run out of cash, I can't buy anything. THAT forces me to budget carefully.
I now eat very well, I am well clothed, I live in my own house, I have a high performance Mecedes car (bought with cash), and a coin collection worth many $thousands.
All achieved by working with integrity and honesty.
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Valued Member
United States
411 Posts |
Quote:
the_sifu Posted - 08/08/2016 : 1:11 pm
@PacoMartin and @TomSwift
To each their own. I have received payment in Bitcoin which I promptly spent, but I am not advocating their use. I just think the concern about how virtual currencies affect global finance is somewhat overblown. They are really very small in value in comparison to national currencies. |
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Posted 06/23/2016 11:44 pm
