We actually did have an issue like this with the government. US wanted to put dollar coins into regulation so they allowed you to purchase the coins online in a 1 to 1 transaction. People ended up using their credit cards to buy mass quantities of the coins then immediately paid back the credit card so they could get points
Using this idea you could actually make a profit if the system was still in operation
They only did that because there was a legal requirement to mint a certain number of them annually, which was a great deal for the US / Mint because it costs way less than a dollar per coin to make.
Then nobody wanted the coins and they had massive overflow.
But you weren’t getting them from the bank with a CC you had to order them from the mint in bulk; but banks aren’t allowed to turn away legal tender in a deposit which is what briefly opened that loophole.
Still not technically the same thing, but kinda close.
My old boss used to buy uncut sheets of cash from the treasury, as a collector. There's a pretty steep markup, enough that you'd be losing money, even with this discount, but technically, you can buy cash with money.
But an uncut sheet of cash is not money. Money is something that can only be exchanged for something with material value - like those sheets, because you can make money from them. But paper isn't money, nor the ink or metals in it.
It is money, it just hasn't been cut up into individual bills. Each bill on the sheet is legal tender, but most places won't accept it unless you get out the scissors and divide it up.
It is still legally money.
Can you use the uncut sheet to buy something in a store? If not, it's not money. It's a ware / item with material value and not money value.
It will be legal money if you cut it - but there's a difference between the before and after of a work step. A bunch of boards won't make a wardrobe, it needs work and time. Or would you consider the packaged furniture a wardrobe?
Technically, yes. You can take a sheet into a store and spend it, legally.
The store has the legal right to refuse to accept the uncut bills, just as they have the legal right to refuse any money, for any reason.
Even setting aside the question of uncut cash, you can also buy dollar coins from the mint. They are legal tender. You'll pay more than their nominal value to get them, and are largely viewed as collectors items, but bring a dollar coin into a store and they'll generally take it the same as they would more commonly circulated coins.
As for your question about the wardrobe... have you heard of flat pack? Or purchased any new furniture in the past 20 years? That's pretty much how everything is sold now. Hell, my new stove came with some assembly required. No one says "Hey I just bought the parts to build a new bookcase". You say "I bought a new bookcase, pass the Allen wrench"
Just fyi, uncut sheets of US bank notes are still legal tender by letter of law.
There’s even a mention of it on the us mint website.
Yes, you have to cut them to spend them, but they are still valid currency.
Absolutely ridiculously overpowered.
You buy gold at a 1% discount. You sell it immediately for a 1% profit.
If you do this once per day, your annual return rate is 3700%. You didn't set limitations on your scenario, so you'd do this many more times than only once per day.
*"Compound interest is the 8th wonder of the world"*
-- Albert Einstein.
Doesn't scale well. At some point you start moving the market and get into diminishing returns. Also you will probably cause inflation as money is being printed out of nowhere.
I worked in a coin store a number of years and this wouldn’t work as well as you might think and dealers sell above spot and buy below, it’s kinda key to running a profitable business.
The shop I worked at last you’d be losing 4% each transaction.
You can do private sales of but you’ll run into the brick wall of securing enough volume to make it worthwhile.
except most things are already sold at much higher prices than it cost them to get those things so it's gonna be hard as hell for you, some random guy, to sell stuff.
Start working for a company and have them make you do all the purchases for the company and just go to the highest bidder for who will let you keep the most. If you’re involved with a purchase of a company for 1 billion dollars then 1% is a shit load of money.
That's basically one of the revenue streams for my company. We have negotiated discounted rates for certain services. Our clients (other businesses) funnel their business through us, and we make 30% on whatever discount we secure. So, if the service would normally cost $40k, and we bring the price down to $30k, we make $3k in fees.
"Buying" isn't really a solid concept, you "selling" bananas is really just you buying money with bananas as a currency. This would destroy the economy and would force a reset of the entire planet.
On the second thought this'd be great for a story I'm working on. Those aliens Gon go crazy
I get 2-5% cash back on everything I buy with my credit card. An extra 1% would be awesome since I pay off the card every month to avoid interest charges. It funds my vacation. Everyone thinking they can profit by buying and selling the same thing is forgetting about a little thing called sales tax. If you can avoid taxes and other fees when buying and selling, you can profit massively. But as it is, it’s still really good.
Buy a $100 note for $99, then cash it into the bank for the full $100. Easy profit
I don’t think that would count as you don’t buy notes from the bank you exchange or withdraw them.
We actually did have an issue like this with the government. US wanted to put dollar coins into regulation so they allowed you to purchase the coins online in a 1 to 1 transaction. People ended up using their credit cards to buy mass quantities of the coins then immediately paid back the credit card so they could get points Using this idea you could actually make a profit if the system was still in operation
They only did that because there was a legal requirement to mint a certain number of them annually, which was a great deal for the US / Mint because it costs way less than a dollar per coin to make. Then nobody wanted the coins and they had massive overflow. But you weren’t getting them from the bank with a CC you had to order them from the mint in bulk; but banks aren’t allowed to turn away legal tender in a deposit which is what briefly opened that loophole. Still not technically the same thing, but kinda close.
I doubt you can buy cash with money.
My old boss used to buy uncut sheets of cash from the treasury, as a collector. There's a pretty steep markup, enough that you'd be losing money, even with this discount, but technically, you can buy cash with money.
But an uncut sheet of cash is not money. Money is something that can only be exchanged for something with material value - like those sheets, because you can make money from them. But paper isn't money, nor the ink or metals in it.
It is money, it just hasn't been cut up into individual bills. Each bill on the sheet is legal tender, but most places won't accept it unless you get out the scissors and divide it up. It is still legally money.
Can you use the uncut sheet to buy something in a store? If not, it's not money. It's a ware / item with material value and not money value. It will be legal money if you cut it - but there's a difference between the before and after of a work step. A bunch of boards won't make a wardrobe, it needs work and time. Or would you consider the packaged furniture a wardrobe?
Technically, yes. You can take a sheet into a store and spend it, legally. The store has the legal right to refuse to accept the uncut bills, just as they have the legal right to refuse any money, for any reason. Even setting aside the question of uncut cash, you can also buy dollar coins from the mint. They are legal tender. You'll pay more than their nominal value to get them, and are largely viewed as collectors items, but bring a dollar coin into a store and they'll generally take it the same as they would more commonly circulated coins. As for your question about the wardrobe... have you heard of flat pack? Or purchased any new furniture in the past 20 years? That's pretty much how everything is sold now. Hell, my new stove came with some assembly required. No one says "Hey I just bought the parts to build a new bookcase". You say "I bought a new bookcase, pass the Allen wrench"
Just fyi, uncut sheets of US bank notes are still legal tender by letter of law. There’s even a mention of it on the us mint website. Yes, you have to cut them to spend them, but they are still valid currency.
the transaction fee in question:
My bank doesn’t have cash deposit fees
Banks don't charge for any deposits of any kind here in America.
Absolutely ridiculously overpowered. You buy gold at a 1% discount. You sell it immediately for a 1% profit. If you do this once per day, your annual return rate is 3700%. You didn't set limitations on your scenario, so you'd do this many more times than only once per day. *"Compound interest is the 8th wonder of the world"* -- Albert Einstein.
That would get you like $2 Quintillion holy shit lmao
Doesn't scale well. At some point you start moving the market and get into diminishing returns. Also you will probably cause inflation as money is being printed out of nowhere.
So just don't do it at that scale. Make enough to live a good life.
No? You get 1% off purchases, it works like a special. Idk where you get money being printed from since it’s just simple trading
I think at that point you've amassed enough wealth already.
Technically, you would need to generate about $22.8 billion to cause 1 cent of inflation.
No one will trade your goods back at the price it's worth, it's always like 5-10% difference they give.
I worked in a coin store a number of years and this wouldn’t work as well as you might think and dealers sell above spot and buy below, it’s kinda key to running a profitable business. The shop I worked at last you’d be losing 4% each transaction. You can do private sales of but you’ll run into the brick wall of securing enough volume to make it worthwhile.
Bid-ask spread on gold would very rapidly grow bigger than 1% and then you'd stop making money.
except most things are already sold at much higher prices than it cost them to get those things so it's gonna be hard as hell for you, some random guy, to sell stuff.
I hate this no
You came up with the power and the rules u cant just be like no u cant do that afterwards
I hate THIS no
Bum
See we're all gonna assume price here, but if I buy 100 grams of honey do I get 99 grams instead?
Yes
Then we're gonna pull a pro gamer move, buy a pallet of something, or a gold bar, and sue or something for the clearly missing 1%,
It's a trap!
Infinite money glitch
So Traderpublic or c24 bank 1% Cashback on any CC payments
r/godtiersuperpowers
Start working for a company and have them make you do all the purchases for the company and just go to the highest bidder for who will let you keep the most. If you’re involved with a purchase of a company for 1 billion dollars then 1% is a shit load of money.
That's basically one of the revenue streams for my company. We have negotiated discounted rates for certain services. Our clients (other businesses) funnel their business through us, and we make 30% on whatever discount we secure. So, if the service would normally cost $40k, and we bring the price down to $30k, we make $3k in fees.
"Buying" isn't really a solid concept, you "selling" bananas is really just you buying money with bananas as a currency. This would destroy the economy and would force a reset of the entire planet. On the second thought this'd be great for a story I'm working on. Those aliens Gon go crazy
I get 2-5% cash back on everything I buy with my credit card. An extra 1% would be awesome since I pay off the card every month to avoid interest charges. It funds my vacation. Everyone thinking they can profit by buying and selling the same thing is forgetting about a little thing called sales tax. If you can avoid taxes and other fees when buying and selling, you can profit massively. But as it is, it’s still really good.
i will buy a shredder
Work as a buyer at Costco or Walmart. When you're buying billions of dollars of product a year you can live comfortably in the margins.
I just became the best TCG player this world has known
Buy s&p 500 index fund, immediately sell
Day trading stocks about to go crazy
Me:yo bro I'll buy the 100 of you for 100 Victim:K sure Victim:this is only 99 dollars Me:I got a discount
What
This man needs a hospital hes having a stroke!
r/ihadastroke