True Medium of Exchange Barter Notes

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Written by Abdun Nur

Legal Tender

Cash is “money” in the physical form of currency, such as fiat banknotes and coins that can be physically accessed immediately and used without the need of Internet or telecommunications, allowing transactions to be made anywhere and without a third party being involved.

According to the Federal Reserve, there was $5.4 trillion in the MO (“monetary base”) supply 2022.  This accounts for 4% of all forms of money, existing physically in the form of cash (banknotes and coins). The USD accounts for $2.1 trillion (38.9%) of the cash and represents only 4.25% of the global population. The UK for example has £71 in physical cash in circulation for each of the 66 million in its population.

It’s claimed only eight million adults in the UK (17 per cent of the population) rely on cash to make payments every day, and only 14 percent of the nation always carry cash.

No physical money note has any intrinsic value in and of itself, fiat currency cannot be converted or redeemed. It is intrinsically valueless and used by government decree, for this reason cash can easily become worthless.

All fiats are always in danger of hyperinflation, an extreme example of this was Post-World War II Hungary which hold the record for the most extreme monthly inflation rate ever – 41.9 quadrillion percent (4.19 × 1016%; 41,900,000,000,000,000%) for July 1946, amounting to prices doubling every 15.3 hours.

Hyperinflation is most easily observed through the price of food, which is always the first most noticeable increase during hyperinflation. The effects of hyperinflation can be devastating. The prices of consumer goods rise too fast for wages to keep up, leaving consumers unable to pay for basic necessities, and savings that may have taken a life time of effort to earn are quickly devalued progressively.

Legal tender is a form of money that courts of law are required to recognise as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered in payment of a debt extinguishes the debt. This is why, for example, you cannot pay a debt with Canadian dollars in Germany, each fiefdom has imposed its own monopoly.

To use a foreign fiat to the jurisdiction of the fiefdom you’re within you need to exchange it into that fiefdoms fiat which cost, on average around 1% of the value.

Bills of exchange, bank drafts, postal orders, and cheques are examples of non-legal tender money. These types of money are usually accepted but legally there is no obligation to accept them, this contradicts the claim legal tender is anything that extinguishes a debt.

Federal Reserve notes and coins are recognised legal tender in the U.S. Laws ensure nothing other than official legal tender gains enough traction to be used as money in the economy. Notably, checks and credit cards aren’t legal tender.

The claimed logic is because currency and checking deposits are their owner’s assets, whereas a check or a credit/debit card is not a part of its owner’s assets. This is the reason the rich do not pay taxes, they hold their wealth as a debt, converting any monetary assets into non-monetary assets like property, plant, and equipment; and liabilities for rent collected in advance, that can be further leveraged for more debt, which can be invested in developing corporations to generate stocks to sell to leverage debt. This means when money devalues and you have savings in the bank they slowly devalue, halving in value, on average every decade, while if you are rich and hold debt, when money devalues you pay half as much in real value every decade to return that debt (on real assets which are non-inflationary), as for the interest on the debt, effectively because the rich get special interest rates, the interest is less than the inflationary gain.

The term ‘money’ refers to banknotes and coins as legal tender.

Planned Global Cryptocurrency Monopoly

Speculative cryptocurrencies are inherently dangerous, as they’re, just as the banking monopoly monetary system, an empty perceptual proposition, the difference between the cryptocurrency empty proposition and the fiat empty proposition is in who made the proposition. The idea of these cryptocurrencies is simple, they create a token, you buy it from them, and sell it forward at a future point, hoping the perceived value increases. The one/s holding the monopoly of coin creation gains wealth for nothing, and you as the buyer risk loss. Added to this risk is storage of the cryptocurrencies.

In 2022 FTX the third-largest cryptocurrency exchange and FTX.US crashed due to mismanagement fraud, the value of FTT plummeted, taking other coins down with it including Ethereum and Bitcoin, which reached a two-year low as of Nov. 9.

FTX, was valued at $32bn in 2021, and the fraudsters filed for bankruptcy protection on 11 November 2022. It has been estimated that $8bn of customer’s funds was missing.

In one week of the fall of FTX the New York Federal Reserve Bank announced testing of a digital dollar with major banks.

The great reset is planned around a global ‘Central Bank Digital Currency’ and they are planning to use the FTX scandal as an excuse to start regulating all digital currencies, ideally from their point of view banning them, to establish theirs as a monopoly. Link: New York Federal Reserve Bank Announces Test of Digital Dollar with Major Banks 

In October 2022 Nigeria, with a population of over 219 million and Africa’s largest economy, established, through a central bank digital currency (CBDC), the eNaira, quickly generating a financial crisis.

The CBN urged the public to deposit their old notes at the various banks throughout the country before Jan. 31, after which they would no longer be considered legal tender. Pandemonium erupted, with businesses rejecting the old notes to avoid having them in possession when they are eventually declared invalid.

People sued the government and the Supreme Court ordered that the deadline be suspended and the old notes allowed to remain as legal tender. Nonetheless, the Federal Government refused to obeyed the order of their court.

Some notes were allowed to exist within the new digital cryptocurrency system, and were redesign to circulate as a transitional cushion to the complete adoption of digital banking, the central bank released only 500 billion naira into circulation as paper notes, as opposed to the required 3 trillion nara needed for the economy to function.

The central bank restricted cash withdrawal to a weekly limit of 100,000 naira (around $270) for individuals and 500,000 naira for corporate organisations. This limited the amount of new notes has led to a disturbing scarcity and a subsequent cash crunch.

The software running the nations cryptocurrency has struggled to cope with digital commerce, resulting in widespread failed transactions, in addition the shift towards digital payments has put a strain on mobile banking apps repeatedly and consistently crashing the networks.

So outraged by the banking fraud of cryptocurrency some have resorted to destroying banking facilities.

New Zealand Disaster

In February 2023 New Zealanders were left unable to pay for vital goods, such as food and water, for days after cash machines and payment systems were knocked out by Cyclone Gabrielle.

“What it is showing is the importance of physical cash still in society today,” Reserve Bank Assistant Governor Karen Silk said.

Many towns in New Zealand are now without bank branches, which have been replaced with cash machines that rely on electricity and the Internet to operate. Link: Cyclone-hit New Zealand exposes the risks of a cashless society

“True Medium of Exchange Barter Notes” – with Full true Intrinsic Value that are Not Legal Tender

If you consider the rest of the global population, excluding the FED cash bubble, then presently 3.3 trillion in USD equivalent value exists in circulation, then each individual could hold $423 in cash equivalent.

On average each individual carries between $100 to $300 in cash, to create an alternative note system would be simple, a small scannable electrical device holding information is embedded in paper like plastic, using NFC (Near Field Communication) that enables two electronic devices to communicate when they are within close proximity, typically a few centimetres.

It’s claimed Nigeria need $1,350,000,000 in cash to function with a population of 219 million = $6.17 in cash per individual. It’s likely people in reality function on quite low levels of physical cash.

The making of a physical note that contains full intrinsic value, that anyone could manufacture locally (through the creation of a need bond, once the platforms are coded), by using their own, or a groups resources. Notes created locally would remain local in circulation, as if you remove the five forms of usury, there is no cash drain of corporation.

The bond creates a cash machine locally, this is filled with blank notes, if they are stolen they have no value attached, because they are not encoded with any value. Each note carries a unique unreadable printed code and the same code is on the NFC, the code is a printed scrambled mathematical hash pattern which can be scanned and the pattern compared to the one held by the NFC. The hash contains information related to the note, the date of manufacture, the location of the bond, the cooperative bond it was made by, the number position in the number of notes made and the denomination of the note. This allows stolen notes to be recognised if they re-enter the system, even if they’re not encoded with value. This code would only be needed to be read by the machine when deposited back into storage, not to check if the note held encoded value.

When someone wants cash they enter the amount they wish to withdraw from their account and the system takes blank notes and encodes each note with a unique suspended trade hash from the account of the bondsman making the withdrawal.

Each note holds full intrinsic value, it needs no proposition of perceived value to be accepted, it’s not valued through speculation, it cannot be traded for fiat, because that would not be trade, trade means a reciprocal exchange, fiat has no intrinsic value so cannot be exchanged as an equivalent trade directly. The rules of using the system would be agreed to in advance of joining the bond and stated clearly on the note.

Each note has an identifiable colour for each denomination applied universally, with text and possibly a holographic image applied to the plastic note, with an NFC encapsulated within the thin flexible transparent plastic note.

Once the code of the suspended trade is placed on the physical note, it has been removed from the account of the withdrawer, and this note can be used by anyone that holds the note anywhere or by anyone willing to take it in trade.

When a NFC note is used at any bond cooperative anywhere on earth, the note is scanned and the value on the note is validated, later this can be deposited into a cash machine and then the value transferred from the note into the depositors account. The deposited note is cleared of the code and is ready to used by someone else.

The note chip has a twenty year warranty on data retention, a storage temperature of -40 ℃ — +150 ℃

 

Each chip would cost around 10c – 15c. To protect the data on the chip an anti metal interference material is used, the absorbing material works to decrease the amount of interference caused by metal or other objects with a conductive surface.

If the note holding value is stolen, the system can be notified and that note is stripped of value reimbursing it back to the original withdrawal account, if a stolen note is scanned the system will show it has no value, even though it still holds the encoding of value, as the unique code is no longer valid on any note, so even if attempted to be used it would be declined. If someone claims a note is stolen fraudulently, in order to deposit a note and recover the value, it exposes the fraudster who would be banned from the bond and would no longer be able to use the note system, this could be appealed and if evidence showed the one claiming the note stolen was the fraudster they would be banned from, the bond..

Any individual could buy a RFID USB 125khz desktop smart data Reader which costs around $5 which links to the computer, however the bond could develop an independent version not connected to a computer, that could be carried around as a small device, one specifically designed to read the notes that connects to the radio network directly and validates or rejects the note instantly. The cost of such a device would be paid by the individual from the cooperative bond directly, and would be priced at the cost of manufacture and overheads free of any profit, this maybe around $100. The estimated cost of the ATM type machine for the notes would be approx. $10,000 per unit (assuming they are bought in a volume of several thousand units, from an existing manufacturer, alternatively a cooperative can be formed to develop and manufacture the ATMs at a similar or lower cost with low volume), additionally the bond collective would share the development costs and the cost of printing the notes. (2026 pricing)

The machine that issues the notes, hold a large number of notes of different denominations, but the notes have no value until withdrawn, so if the government mafia or some other criminals wanted to steal the value in any machine, they could not, the worst they could do would be to destroy the machine

The cost of buying the machine and printing the notes is an annual shared cost of the cooperative bond, those wishing to use this system would collectively and proportionately pay the low costs of the system.

Just like the platform that allows trading and other features of suspended trades, it would be connected via radio waves not through any service provider, to the independent and decentralised network using the built in ability of modern phones to connect via radio signals and Bluetooth infrastructure.

Any images on the notes should be generically none offensive (as the use of individuals, religious symbols, even certain animals, may cause some offence, for example, a demon skull image would not be suitable). For example, you could have a fractal pattern image, and two languages should be printed on the reverse. The most spoken language, with 1.5 billion people worldwide speaking it, is (UK) English, this is then the primary language, and any local language can be its companion.

Presently it costs about 14 cents USD to make the average fiat bank note, the cost of a plastic note encapsulating a small electronic NFC mechanism maybe slightly higher, adding of the holographic image, and the cost of encapsulating with plastic maybe greater than fiat note manufacture. If it costs 30c a note this cost would be collectively shared through the cooperative bond formed to allow this system to be used.

Change – Less than a Whole Note

Coins can be manufactured locally with elaborate enamel designs, the cost of enameling and shaping is around 10c – 20c each when bought in high volumes, in various denominations for example it could be:

• 100^th of a suspended trade comparable to 1c made from stainless steel $2.08 per kg – 20 mm in diameter and 2 mm in thickness – weight 4.963 grams – value in metal $0.0103c.
• 10^th suspended trade comparable to 10c made from copper $12.50 per kg – diameter of 26 mm and a thickness of 2 mm – weight 9.514 grams – value in metal $0.119c.
• 4^th of a suspended trade comparable to 25c made from Nickel $15.13 – diameter of 28 mm and a thickness of 2 mm – weight 10.97 grams – value in metal $0.166c.
• Half of a suspended trade comparable to 50c made from Titanium $46 per kg diameter of 23 mm and a thickness of 2 mm – weight 13.087 grams – value in metal $0.60c

These four coins would allow items of lower value than a whole suspended trade value to be traded. It’s possible these could be counterfeited, but the cost of manufacture and the gains from counterfeiting something of such low value would make it an unlikely effort, to counter this lower denomination coins would be simpler in manufacture, lower denominations would be smaller coins, and as the coins increased in value more elaborate elements would be added to increase cost of manufacture, copper is worth twice as much as stainless steel for example, so higher denomination coins would be made of pure copper. There is a risk of government mafia theft with coins and they would recover the value of the metal from such a theft.

There are approximately 16 billion metal coins in circulation in the UK, that’s around 240 coins per person. 4.5 billion 1p coins, 3.5 billion 2p coins, 1.5 billion 5p coins, 2.5 billion 10p coins, 2.5 billion 20p coins, 1.5 billion 50p coins.

If each bondsman joining the collective they could generated 100 new coin mints, 25 of each denomination, this would be able to provide change with any trade using a physical exchange.

Not Legal Tender

The NFC notes are not legal tender, they should not be traded for fiat directly, and a clear statement should be printed on the obverse side of every note. “Not Legal Tender”.

By accepting this NFC note you must agree that it:

“Cannot be trade for anything with no intrinsic value, only tradeable in an equivalent reciprocal trade. Cannot be used to extinguish a tax or fee extortion, interest, fine, charge, penalty, or gambling demand, and cannot be given to any constructed legal fiction of corporation.

Cannot be used to trade for any fiat, cryptocurrency or other propositional medium of exchange, as they possess no intrinsic value, so cannot be trade in reciprocation.”

Universality

The universality of the NFC mechanism notes means you are no longer robbed with exchange rates, or bank charges, and anyone can use it, as it has intrinsic value, so it needs no laws to make it acceptable, when a fiat hyper-inflates, the NFC notes are unaffected and it never expires, for example, when a new parasitical monarch is imposed in the UK, all the bank notes are recalled and new ones created with the picture of the new ass hole of the monarchy.

4% presently exists as fiat cash, but this is not a natural volume of cash actually needed to allow free circulation, likely less than 1% of the suspended trade values cryptocurrency on the system, to allow people to trade freely, it allows some to hoard physical value, it allows giving someone else the ability to go out and spend without you being involved, it allows others outside of the closed bond platforms to trade, in a limited way, without being a part of the advancing platform, and it removes the monopoly of the fiat banking fraud.

The Cost of Creating a Production System

The costs of setting up a production system, would be quite high if you wanted to manufacture the dispensing machines and create the notes directly, initially the cooperative could simply pay existing companies to manufacture the machines and print the notes.