Re: NEM Official Thread - Beta is almost here[Updates & Discussion]
If any of you ever wonder what we are working towards, it's this: to make the lives of ordinary people better.
I just had my credit card number stolen and had to call the card company to get the current card cancelled and to get a new number. Now I don't have a credit card for a week or two and I will probably get fined by the phone company when they have trouble billing me
If NEM were the default currency of the world, the scammers would have only had my public key. Every time you use a credit card, it is the same as sharing your private key with someone. It's an insane system.
Let's hope NEM can help create a new world economy that isn't based on madness.
I just had my credit card number stolen and had to call the card company to get the current card cancelled and to get a new number. Now I don't have a credit card for a week or two and I will probably get fined by the phone company when they have trouble billing me
If NEM were the default currency of the world, the scammers would have only had my public key. Every time you use a credit card, it is the same as sharing your private key with someone. It's an insane system.
Let's hope NEM can help create a new world economy that isn't based on madness.
Even if does not seem so using credit card == living on debt!
I have never used one and i hope i will never have to!
Use the plain old cash or NEM to pay the bills and you will be safe!
Yes, everytime you use a credit card, you make everyone poorer because you are creating money.
The problem is, you can't use cash online. That is why we need NEM so badly
Going into debt does not create money.
You are wrong. When you use your credit card you immediately increase the FIAT money supply.
It's a bit more nuanced than that; fractional-reserve banking is the culprit, not credit cards.
Either way, if using a credit expands the money supply, paying said credit card off shrinks it back to where it was.
If you keep credit card balances, sure you're living in debt. That sucks. Don't do that. But with just a bit of personal responsibility, they are very convenient for everyday use (identity theft and other risks notwithstanding).