NateNate60 @ NateNate60 @lemmy.world

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19

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1,115

Joined

2 yr. ago

I will edit my original comment. There is no reason that they couldn't circulate in foreign exchange markets given the correct infrastructure. That infrastructure current doesn't exist and to my knowledge would be unprofitable to construct.

I want to add a third thing to this list:

3. Feeling left behind by mainstream political parties.

The parties in power surely pay lip service to the issues that concern the young but very rarely do they actually do anything about it.

These things don't need to make sense. They very much don't make sense. They are still real phenomena that need to be dealt with. You're expressing a sentiment that I find is very common on Lemmy—that if it doesn't make sense then it can be ignored.

If public sentiment is against a change that is perceived to be arbitrary and without benefit then you will encounter very real public opposition. There will be political repercussions to making this change. You will be slandered by pundits in the news and you personally will gain a reputation as a hard-ass who makes things hard for no reason (regardless of whether that's true or justified), which causes problems for your future job security as now politicians think they can score easy political points by firing you. It wouldn't be a consideration on Planet Vulkan, but on Earth, this effect is real and must be considered, whether you think it's logical or not.

Coins don't circulate in foreign exchange markets. They haven't circulated for over a century. There are, however, reasons for this. You've already correctly pointed out that one of them is because coins are heavier. The second reason is because ATMs don't dispense coins but they do dispense notes. When people go to the bank and withdraw money, they don't receive coins unless specially requested. And despite the need for small change in these foreign countries, the logistical challenges of providing coins to them over notes are still too high for coins to find their way into circulation. Coins enter circulation in the US when businesses order them from the bank, which in turn orders them from the Federal Reserve, which receives them from the Mint. Banks abroad don't bother with coins because they're far more difficult to transport and distribute than notes, making it an unprofitable service to offer account holders, and they can't just order them from the Federal Reserve—they need to go through a third party which increases costs. In addition to that, USD banknote-counting machines are prevalent worldwide. It's rare to encounter a USD coin-counting machine abroad. The logistical network to distribute USD cash globally is built for notes, not coins, and that's why trying to introduce coins in a foreign market is like trying to jam a square peg into a round hole. You're going to find that every single step is going to be ever so slightly more frustrating than distributing notes, which all adds up to the point of impracticality.

"Because that's the way it is" is very often a good reason not to do something new. That's because of the human aspect of introducing these reforms. There'd better be a very good reason to change or you will encounter a lot of public opposition just because people don't like change.

There is no reason that coins don't can't circulate in foreign markets but the fact remains that they don't (Edit: for lack of infrastructure to support the logistical challenges of distributing coins). You cannot explain that away. It is simply not possible to adapt in the situations I describe. Saying that "they'll adapt" is a very hand-wavey excuse that doesn't address the issues with retiring this denomination. Without a $1 note, people in the countries that need it will just not use the US dollar and will choose a currency that has the denominations they need. In Zimbabwe's case, people would be forced off the US dollar and onto a currency that is willing to provide them with the small change that they need. In that case, probably the South African rand.

That's one potential solution. It's also just un-decimalising the dollar in its cash form.

The quarter is the biggest problem with this plan. There's just too much stuff that runs on quarters and quarters themselves as a currency denomination have too much cultural staying power.

Unfortunately, there being a 25¢ coin rather than the more globally-common 0.20 piece means that it isn't practical to retire the nickel because it will still be possible to get non-multiples of 10¢.

$1 notes are important, not because of any reason in the US (dollar coins would work equally well in almost any application), but because the US dollar circulates widely in foreign countries that are suffering hyperinflation of their local currencies and have thus informally dollarised. There, US coinage is basically non-existent meaning the lowest denomination that can be transacted in USD cash is $1. See the situation in Zimbabwe where American banknotes circulate until they literally fall apart or the ink has all faded away off.

So the existence of a $1 note is paramount to keeping the economies of these countries going. It would be impossible to conduct business if the smallest denomination is $5 and your $4 an hour salary is paid in cash.

Remember, as unfortunate as it is, much of the US's monetary policy is driven by the fact that the US dollar isn't just America's currency. It's the entire world's currency.

Direct link to the YouTube video in your comment

Try to avoid Facebook links whenever possible because not only does Facebook not share any of its advertising revenue with content creators but it's also just a terrible user experience overall.

Well, at least you got a bit further than we did in the US with our most recent corrupt head of government.

I guess you can lead a horse to water but cannot force it to drink

Harris's plan: Gazans continue to suffer with constant bombardments and crumbling infrastructure. The US offers minor humanitarian aid and pays lip service to their plight.

Trump's plan: Extermination of all Gazans in a massive US-backed and Israeli-executed ethnic cleansing campaign in order to turn Gaza into a vacation spot for rich Israelis. Possible location for the next Trump hotel and casino.

Obviously it is. But not all insurrections are wrong.

Committing an insurrection because you lost an election is far less laudable than committing insurrection against an increasingly fascist dictatorship.

Cool post but how is this a shitpost

Tim Cotton admits that the sky is blue and one plus one is two

Flathub is almost the perfect distribution system for software on Linux. The only thing it's missing is a billing system. If it had that, it would probably attract more game developers to make their games available as Flatpaks.

My small credit union with nine branches offers TOTP 2FA

Usually for used stuff eBay is way cheaper. And for many things, it doesn't matter whether it is new or used.

The entire point of my comment was to indicate that this had seemingly little to no impact on the company's success. Even the best employees in the world can't save a company that is shipping no product and run by idiots.

Unlike what the title would suggest, the "moving to Texas" part was basically immaterial to the company's failure.

They never had any product to ship to begin with and were basically subsisting on loans and venture capital money to continue bullshitting with a theoretical product. Add in some dodgy regulatory practices resulting in fines from the Government and questionable business practices. When the funding dried up, they withered like a sponge in the California (or Texas) sun.

Someone will upload it to the Internet Archive.

Why not a community order?

This is such a strange punishment which is completely unconnected with the offence in question.