×

Welcome to the Slashdot Beta site -- learn more here. Use the link in the footer or click here to return to the Classic version of Slashdot.

Thank you!

Before you choose to head back to the Classic look of the site, we'd appreciate it if you share your thoughts on the Beta; your feedback is what drives our ongoing development.

Beta is different and we value you taking the time to try it out. Please take a look at the changes we've made in Beta and  learn more about it. Thanks for reading, and for making the site better!

North Korea's High-Tech Counterfeit $100 Bills

Soulskill posted more than 2 years ago | from the will-purchase-goods-and-sing-the-glories-of-the-leader dept.

Crime 528

ESRB writes "North Korea is apparently able to produce high-quality counterfeits of U.S. dollars — specifically $100 and $50 bills. It's suspected that they possess similar printing technologies as the U.S. and buy ink from the same Swedish firm. 'Since the superdollars were first detected about a decade ago, the regime has been pocketing an estimated $15 to $25 million a year from them. (Other estimates are much higher — up to several hundred million dollars' worth.)' The article also advocates a move to all-digital payment/transfers by pointing out both forms are only representations of value and noting it would cripple criminal operations such as drug cartels, human traffickers, and so forth."

cancel ×
This is a preview of your comment

No Comment Title Entered

Anonymous Coward 1 minute ago

No Comment Entered

528 comments

First Copy (0)

Anonymous Coward | more than 2 years ago | (#39151695)

Don't you copy it Kim.

Re:First Copy (4, Funny)

Anonymous Coward | more than 2 years ago | (#39151799)

Don't cropy that froppy.

OOH! SCARY STORY! (5, Insightful)

Jeremiah Cornelius (137) | more than 2 years ago | (#39151905)

We better move you all to traceable, trackable, revokable electronic money.

You thought your privacy hit the fan before? Wait til your every pfennig is nothing but a shifting index in the Federal Reserve database.

Re:OOH! SCARY STORY! (5, Insightful)

fifedrum (611338) | more than 2 years ago | (#39152037)

Absolutely right. They want us to compare the costs too. OK. The loss to NK, what, a few million a year? That's nothing compared to the cost of overhead, that is, the cost per transaction for these electronic records. Hell, look how much Visa sucks out of the economy every year.

Why don't we just reciprocate and counterfeit NK money? (I kid, I kid)

Re:OOH! SCARY STORY! (4, Informative)

Isaac-1 (233099) | more than 2 years ago | (#39152139)

Let us say this right, They want to remove paper money from the hands of U.S. citizens, going electronic will do nothing to stop large cash transactions around the world, they will just switch to British Pounds, or even Hondoran Limpira

Re:OOH! SCARY STORY! (1)

Anonymous Coward | more than 2 years ago | (#39152245)

Plus many of them use fronts to launder money. How would electronic records stop them from using fronts to get US E-Dollars. All you would have to open a store and take money for goods that aren't really the "goods" your selling.

BitCoin (5, Funny)

scorp1us (235526) | more than 2 years ago | (#39151723)

It's the only way to prevent counterfeit money.
 

Re:BitCoin (4, Funny)

tripleevenfall (1990004) | more than 2 years ago | (#39151795)

4 more years and the dollar is going to resemble Zimbabwean currency anyway... why invest time and effort into this.

We'll be counterfeiting the DPRK's won, and then burning it to keep warm like they do.

Re:BitCoin (0)

rgbrenner (317308) | more than 2 years ago | (#39152115)

Can't tell if you're joking or serious... so on the off chance that you're serious:

The money the fed has issued to the banks is not actually in the system. When the Fed started issuing the money, they also started paying interest on deposits. So the the Fed "prints" money by electronically transferring it to the banks. The banks then deposits that money with the Fed and earn 1/4% (or so) interest.

It's basically a subsidy program for the banks, and has zero chance of creating hyperinflation.

Re:BitCoin (3, Funny)

g0bshiTe (596213) | more than 2 years ago | (#39152171)

Sweet in 4 more years I can be a Zimbabwean prince asking your for to help with me transfer small amount funds and offer you large percetege for asists me in transferang due to ecomonic insatiability.

Re:BitCoin (2)

brit74 (831798) | more than 2 years ago | (#39151867)

Bitcoin: the best way for hackers to steal your money over the internet.

Re:BitCoin (0)

Anonymous Coward | more than 2 years ago | (#39152033)

at least there is public record when hackers steal your bitcoins (because that his how the technology works). with your bank account there is less of a paper trail, and the bank usually doesn't want to share it with you.

Re:BitCoin (3, Insightful)

Anonymous Coward | more than 2 years ago | (#39151951)

Well since my karma is already terrible I will offer this humble reply; Bitcoin?! Have you lost your fucking mind? What are you smoking?

Re:BitCoin (2)

mcgrew (92797) | more than 2 years ago | (#39152271)

The article also advocates a move to all-digital payment/transfers by pointing out both forms are only representations of value and noting it would cripple criminal operations such as drug cartels, human traffickers, and so forth

As well as bringing BIG bucks to the banks! Jesus, I imagine they're salivating over the extra fees they'd get. As it is, I have no credit nor debit cards, nor do I want any. When I'm at a bar I use quarters as counters, one per beer, which is both the bartender's tip and a way for me to keep track of how sober I am.

And if they think there will be no way around it, look at LINK cards. back when there were food stamps people would sell them at half price for drug money. Now they just trade the cards for drugs, or sell the cards.

You're never going to be able to get rid of barter. Instead of $20 for a bag of weed, you buy $20 worth of steak at the store and trade it to the dope dealer.

They shouldn't do away with cash. How about they make the goddamned ink in the US instead oif importing it?? That was where the failure was.

Because wire transfers are never falsified.... (1)

JoeMerchant (803320) | more than 2 years ago | (#39151729)

advocates a move to all-digital payment/transfers by pointing out both forms are only representations of value

Sure, we should plug the paper hole, but who here believes that wire transfers are never faked?

Re:Because wire transfers are never falsified.... (1)

JBMcB (73720) | more than 2 years ago | (#39151949)

It's exceedingly difficult to fake a wire transfer as they are double checked by multiple redundant systems. You'd have to hack into a dozen different systems and coordinate everything simultaneously.

The best you probably get away with is to fake a transfer for a short period of time. Kinda like writing a bad check, but it's caught much, much faster.

Re:Because wire transfers are never falsified.... (1)

tverbeek (457094) | more than 2 years ago | (#39152119)

The notion that "do it electronically" would solve counterfeiting is the sort of thing I wouldn't expect to see parroted on Slashdot.

It's ok (1)

Anonymous Coward | more than 2 years ago | (#39151735)

We all know US Dollars are effectively worthless anyway. :)

paying their due (0)

bigbangnet (1108411) | more than 2 years ago | (#39151739)

If only the U.S.A and other countries would pay their debt to them, I don't think they would need print those dollar bills lol.

Re:paying their due (1)

Anonymous Coward | more than 2 years ago | (#39151779)

Umm... how many Western countries do you think are in trade deficit with North Korea, or even trade with North Korea at all?

Re:paying their due (0)

bigbangnet (1108411) | more than 2 years ago | (#39152039)

Who knows(but I would like to know) ? I sure don't. All I know is that Korea has around 800 billions in debt. Is it all from the US. I don't think so but this amount is big.

Re:paying their due (4, Informative)

Daetrin (576516) | more than 2 years ago | (#39152235)

Uh, wrong, wrong and wrong?

North Korea has an estimated $20 billion debt. [wikipedia.org] That's debt, as in money _they_ owe to other people, mainly Russia. And that's after Russia forgave them for about another $8 billion. I don't think anybody owes North Korea any money, and even if they do it is far exceeded by the amount they owe everyone else.

Re:paying their due (0)

Anonymous Coward | more than 2 years ago | (#39152089)

Actually, a lot. For example, Fox news and movies actually make heavy use of North Korea. With Murdoch's approval. For example, the Simpsons has a lot of work done there. MS, GE and IBM have work being done in there. Nothing like what is going on China, but up there. There are many western operations that have moved some low-end labor to the business area. They all keep it quiet. Pretty disgusting.

However, we owe them nothing.

No world without anonymous currency, thanks. (4, Insightful)

Anonymous Coward | more than 2 years ago | (#39151741)

"The article also advocates a move to all-digital payment/transfers by pointing out both forms are only representations of value and noting it would cripple criminal operations such as drug cartels, human traffickers, and so forth."

I would rather live in a world where I can carry cash and buy things without some asshole profiteer figuring out how many companies they can sell me out to behind my back.

Re:No world without anonymous currency, thanks. (0)

umghhh (965931) | more than 2 years ago | (#39152023)

this and that any such move would not stop anybody from all the appalling activities just make the criminals making their business other ways. OTOH if US ever stops people from buying 'illegal' stuff by such technological measure what is that stops them from preventing you from doing some other evil activities. I mean delegalization of arbitrary things like drugs use, prostitution etc is just eeee arbitrary so why not prevent some other illegal activities like speaking French for instance. I think there is a noble notion of people not having to succumb to drug abuse for instance but if information is provided to them and they do not do direct damage to others or their property why delegalizing things in the first place? I wonder all these 'though on crime' bigots in US - do they have actually anything that they can think with or they use basic functions of spinal cord instead because there is nothing in their skulls but brown substance?

Math Pedantry (4, Informative)

eldavojohn (898314) | more than 2 years ago | (#39151747)

I didn't like this excerpt:

The 2009 attempt to raise funds by devaluing its already pathetic currency revealed not only the country's fiscal desperation, but also the abuse Dear Leader was willing to inflict on his people. The won was devalued by 100 percent, which meant 1,000 won suddenly had the purchasing power of 10 won.

It appears they got the 100 to 1 ratio [businessinsider.com] correct but I don't see how this is a "devaluation by 100 percent." Such ambiguous language would normally lead me to believe that a devaluation by 100 percent means everything is completely worthless (with zero percent value left). Wouldn't the correct devaluation percentage be 99 percent? I guess I would have preferred the fraction or ratio comparison instead if that is indeed how listing devaluation by percentage works in economics. Perhaps they could use better phrasing like "reduced purchasing power of all your money to one hundredth of its original worth overnight." Furthermore, how would you not riot over your government doing something like that to you?

Re:Math Pedantry (4, Insightful)

JobyOne (1578377) | more than 2 years ago | (#39151805)

I wouldn't call it pedantry. I'd call it legitimately calling out the author for both having no apparent grasp of basic arithmetic, and likely being a moron.

Re:Math Pedantry (0)

Anonymous Coward | more than 2 years ago | (#39152051)

Maybe the author left out "nearlly" as in 'The won was devalued by nearly 100 percent'. It would be more correct to say 99 percent.

Re:Math Pedantry (5, Funny)

K. S. Kyosuke (729550) | more than 2 years ago | (#39152257)

I wouldn't call it pedantry. I'd call it legitimately calling out the author for both having no apparent grasp of basic arithmetic, and likely being a moron.

I have it on good account that the article's author had been measured a Barbie Math Quotient of 73, as opposed to 100 for an average Barbie doll.

Re:Math Pedantry (1)

ZeroSumHappiness (1710320) | more than 2 years ago | (#39151877)

> Furthermore, how would you not riot over your government doing something like that to you?
Because the citizens are told (and some believe) that other countries are doing worse to their citizens.

Re:Math Pedantry (1)

Duhfus (960817) | more than 2 years ago | (#39151955)

Furthermore, how would you not riot over your government doing something like that to you?

That is a good question, and I think it really depends on how much you already have. If what you have is mostly worthless and you are on subsistence living, then such a devaluation makes no real impact. I suspect a large number of North Koreans might be in that situation. The only effect rioting will have might be getting you executed.

How? (5, Insightful)

SuperKendall (25149) | more than 2 years ago | (#39152057)

Furthermore, how would you not riot over your government doing something like that to you?

Man, you really don't know anything about NK, do you?

Anyone trying would be shot. There's no press. Very little outside observation, almost none allowed in or out.

On top of that many of the people are very literally brainwashed to adore the countries leadership and accept blindly anything they say or do.

Re:How? (0)

Anonymous Coward | more than 2 years ago | (#39152207)

Man, you really don't know anything about NK, do you?

Very little outside observation, almost none allowed in or out.

How could you expect otherwise then? How do you know what you're saying is true?

Illegal Immigration (0)

Anonymous Coward | more than 2 years ago | (#39151763)

It would also do wonders for illegal immigration as there would no longer be any money paid under the table.
MUST go into a bank. Hello paper trail.

The IRS would also love it as it would prove difficult to hide any income via cash payments.

Re:Illegal Immigration (3, Insightful)

tibit (1762298) | more than 2 years ago | (#39151873)

The law of unintended consequences would strike, and there would be an under-the-table economy using the currency of another country, the latter only too willing to expand its economy on foreign soil. All the cash that anyone would be spending would go to that other country only to be converted into dollars. I'm sure there are some people already making bets on that happening, a bets they'd handsomely profit on. Nothing of substance would change: there would still be illegal immigration into the U.S., only that some extra part of it would be diverted from the local economy to the foreign soil. That is in addition to whatever immigrants, legal or not, are already sending back home (not that it's a bad thing, I merely acknowledge status quo).

Re:Illegal Immigration (1)

Rich0 (548339) | more than 2 years ago | (#39152277)

Mod parent up. You'd probably see everybody and their uncle carrying Euros around in the US if this happened...

Its a SWISS, not a Swedish firm (5, Insightful)

Anonymous Coward | more than 2 years ago | (#39151773)

The ink is made by a Swiss, not a Swedish company. What the hell is it with Americans that they confuse these all the time.

Re:Its a SWISS, not a Swedish firm (1)

Infiniti2000 (1720222) | more than 2 years ago | (#39152223)

How do you know ESRB is American? Also, as an aside, I know several people from Central and South American countries who get offended at people that think of Americans as only being from the USA. Did you intend to mean people from the USA when you said "Americans?"

Real reason to go all digital for money (2)

Attila Dimedici (1036002) | more than 2 years ago | (#39151781)

The real reason to go all digital for money is because it makes it much easier for the government to control what you can and cannot buy. It also makes it easier for the government to control who can and cannot go into business.

Re:Real reason to go all digital for money (1)

umghhh (965931) | more than 2 years ago | (#39152179)

even if it is not the intention it will happen eventually.

Don't steal (-1, Troll)

roman_mir (125474) | more than 2 years ago | (#39151783)

Don't steal. Government doesn't like the competition.

NK is not counterfeiting US dollars, because US dollars are already fake, you can't counterfeit the counterfeit.

Hey, dog, I heard you like to counterfeit? So we put a counterfeit in your counterfeit, so you can counterfeit while you counterfeit.

Re:Don't steal (1)

X0563511 (793323) | more than 2 years ago | (#39152233)

They used to counterfeit, then they took a dollar in the printer.

I mean, while we're at it with the shitty memes.

Great story except for the facts.. (0)

Anonymous Coward | more than 2 years ago | (#39151797)

Iran is the only country the USA has ever given a printing press.

That's nothing. (0, Troll)

Tastecicles (1153671) | more than 2 years ago | (#39151801)

The US Federal Reserve has been producing counterfeit bills since its inception.

Re:That's nothing. (1)

w_dragon (1802458) | more than 2 years ago | (#39152009)

Your score is currently '2, Troll'. I didn't know that was possible.

Re:That's nothing. (0)

Anonymous Coward | more than 2 years ago | (#39152177)

wait'll you see a +5 troll... it can be done. :) post with karma bonus, get 3 moderations troll, that brings score to -1. then get 2 each of insightful, informative, funny, interesting, and underrated. the net score will be +5, but it will show "troll" because that's the most frequent moderation....

electronic payments are not privacy compatible (4, Insightful)

Nadaka (224565) | more than 2 years ago | (#39151813)

Electronic payment records are already being recorded and data-mined by corporations for fun and profit. If every payment is electronic, every payment is traceable and every thing you ever pay for will be recorded, compiled and cross referenced. I really don't trust corporations or even my government that much.

it's OK! it's just copyright infringement. (5, Funny)

Anonymous Coward | more than 2 years ago | (#39151823)

Just like copying movies and music: NK haven't stolen anything. The US still has all the dollars it ever has. It isn't like stealing a car where that deprives the original owner of the car. It's more like *duplicating* the car while the original owner still has it.

So it's OK, according to Slashdot.

Re:it's OK! it's just copyright infringement. (0, Troll)

Anonymous Coward | more than 2 years ago | (#39152069)

I have no idea why anyone modded this insightful. I assumed the original poster here was joking. But to the mod who took this as if it was a serious insight:

Cash is basically an IOU slip. Whether it's old-timey gold-backed cash where it was an IOU for a lump of gold in Fort Knox, or whether it's a fiat currency where it's an IOU slip saying that the US government will continue to guarantee its value for public or private debt. Or, on a currency exchange, it's an IOU for the relative amounts of other tradeable currencies.

To continue your dumb analogy; no one has a problem with the North Korean government photocopying US bills and framing them on their wall. It's not the duplication that's the problem. It's that they then represent it as legitimate currency for conducting further transactions. And it becomes a game of hot potato where the first person in the chain who notices it's counterfeit is left with something valueless. There's also devaluation risks if they print enough of the counterfeit, but in the context of the amount the article is talking about, the real risk is that the money is basically then laundered.

Re:it's OK! it's just copyright infringement. (2)

MightyYar (622222) | more than 2 years ago | (#39152085)

It's stealing from everyone who holds dollars, and I suspect you know that.

Re:it's OK! it's just copyright infringement. (0)

Anonymous Coward | more than 2 years ago | (#39152163)

Of course, just as distributing somebody's computer program or song digitally without their permission steals from them the chance to generate income from that creation.

Re:it's OK! it's just copyright infringement. (1)

capnchicken (664317) | more than 2 years ago | (#39152095)

Exactly, that's why I can walk into any convenience store and purchase a beer for the paltry price of five Sir Mix-a-Lot .mp3 singles, or five green Baby-Got-Backs.

Nice troll, but obvious 4/10

Re:it's OK! it's just copyright infringement. (1)

timeOday (582209) | more than 2 years ago | (#39152107)

Cute, except currency represents an IOU - an obligation on the part of somebody to do something. That's what it is. And what a song is not.

Re:it's OK! it's just copyright infringement. (0)

Anonymous Coward | more than 2 years ago | (#39152135)

There is a difference between copying movies and music--which have no intrinsic value in and of themselves as digital 1's and 0's, and people only ascribe monetary value to them if they like them--and copying money, which is a legal tender for all goods and services.

Re:it's OK! it's just copyright infringement. (1)

BasilBrush (643681) | more than 2 years ago | (#39152261)

Just like copying movies and music: NK haven't stolen anything. The US still has all the dollars it ever has. It isn't like stealing a car where that deprives the original owner of the car. It's more like *duplicating* the car while the original owner still has it.

Brilliant! Best Slashdot post of the year.

(I may have to change my sig.)

Repeat after me: "Cash Clears at Par" (5, Insightful)

nweaver (113078) | more than 2 years ago | (#39151835)

Why does cash still exist in widespread usage? It clears at par.

If someone wants to pay you $10, and they give you cash or a check, you get $10. If they want to pay with anything else, be it Paypal, Square, some other mechanism, etc, the payment processor changes some ridiculous fee that will range from $.10 to $.50 or who knows what higher.

"Clearing at par" is why cash and checks still exist, and until electronic transactions are not only convenient and easy, but ALSO clear at par, there will still be a huge role for cash and checks.

Re:Repeat after me: "Cash Clears at Par" (1)

sribe (304414) | more than 2 years ago | (#39151985)

"Clearing at par" is why cash and checks still exist, and until electronic transactions are not only convenient and easy, but ALSO clear at par, there will still be a huge role for cash and checks.

Some banks are actively working on fixing that flaw of checks ;-)

Re:Repeat after me: "Cash Clears at Par" (0)

Anonymous Coward | more than 2 years ago | (#39151991)

Not to mention, electronic payments can, and will, be tracked. Cash is as close to anonymous as you can get when you pay for something.

Another reason why the politicians would love to get rid of it. Can't have people buying groceries with cash. How would they be able to build up a profile of you from your spending habits?

Re:Repeat after me: "Cash Clears at Par" (1)

bigbangnet (1108411) | more than 2 years ago | (#39152137)

Electronic payment is not 100% safe. it's easily crackable and easily hackable. Banks aren't doing enough to make it safe...yet. They could but people would be too idiot to follow anyway. I'm a computer tech and trust me, I've seen my fair share of stupid people when it comes to easy "security" situations. I can't believe people still use their names or some very well public known word to them for their password. I've also seen people not securing their routers and other personal "electronic" gadgets and it is PRIMORDIAL to do so.

In other words, electronic is not the safest and best way cause people are too idiot or lazy to use more security. So I'm not convinced with what you said.

all-digital money (0)

Anonymous Coward | more than 2 years ago | (#39151851)

what a wonderful thing an all-digital money would be,the government could make you unable to buy anything or be paid for work oh a whim. Our DHS already does something almost as evil when it freezes good people's bank accounts for any "unusual" activity such as paying a few thousand to credit card company.

Re-read The Handmaid's Tale (2)

localroger (258128) | more than 2 years ago | (#39151853)

...then get back to me on what a good idea all-electronic currency is. At least the state can't just make your Benjamins disappear when you become an unperson.

Re:Re-read The Handmaid's Tale (2)

MimeticLie (1866406) | more than 2 years ago | (#39151963)

How much cash do you have on hand at any given time, though? We already have a largely electronic system; we just switch to hard currency to do transactions.

19th Century Bills (4, Insightful)

Kenshin (43036) | more than 2 years ago | (#39151865)

American currency is stuck in the 19th century. All around the world, countries with currencies that Americans scoff at as "worthless" have invested time and money in redesigning their currency to 21st century levels that make it harder to counterfeit. But, whenever anyone in power even breathes a word of redesigning US currency, the populace flies into a rage, foaming at the mouth about anyone daring to pervert their sacred greenbacks. All efforts to bring the bills up to date have resulted in hideous, half-assed results.

I've actually heard stories first hand from a currency expert, who used to print banknotes in Europe, who was invited by the US to offer ideas on bringing the currency up to date, and the officials there rejecting each and every idea he put forward because they were "too different".

It's kind of sad. Everyone wants to counterfeit your money, and they're good at it, but you're too sentimentally attached to its archaic design that you're completely unwilling to change it.

Re:19th Century Bills (0)

Anonymous Coward | more than 2 years ago | (#39152007)

What is usually relayed back to the American masses is the "new and improved" security designs by other countries don't meet the US survivability tests. The only design change I have heard of being consistently rejected is to use different dimensions for different currency values.

The easy solution (0)

Anonymous Coward | more than 2 years ago | (#39151883)

Drop a MOAB on the facility where the presses are located.

Done, and done.

Paper Money w/ Digital signatures (1, Interesting)

John.P.Jones (601028) | more than 2 years ago | (#39151895)

We don't have to abandon paper money just because it is not possible to keep forgeries from being manufactured. The government just needs a private key and digitally sign each paper bill it produces (similar to the current serial numbers but with PKI powers) and then when you accept paper money for payment you will need a computer to read and verify the digital signature is valid. This would solve the problem (with the added expense of verifying bills) but the government won't propose such a simple solution because they would rather force people off paper currency to track them better.

Bad examples (0)

Anonymous Coward | more than 2 years ago | (#39151931)

You can't cripple organized crime by removing official currency and trying to force everyone to conduct transactions above board. Organized crime is organized. Per definition they have the central authority necessary to issue a gang/cartel sanctioned currency.

p.s. A simpler way to cripple drug cartels: Legalize all drugs, and make them available OTC at every bar and pharmacy in the country. (Disclaimer: I have never used drugs or alcohol, and I still wouldn't use drugs if they became legal.)

Criminal et al use props up the dollar (1)

ynotds (318243) | more than 2 years ago | (#39151941)

I've long argued that the main thing propping up the artificially way too high US Dollar is its preferencing by extralegal entities since the normalisation of white collar "work" drove most of the American economy out of inherently tradeable production into devices which must be propped up by legal fictions to acquire monetary value.

none of this is true... (0)

Anonymous Coward | more than 2 years ago | (#39151943)

North Korea has not and cannot produce these bills.
This is simply an attempt to cow people into not using cash any more.
Soon, people wanting to pay cash for anything will be labeled terrorists.
This is very sad; naturally all of this is IMHO...

Act of War (1)

geoffrobinson (109879) | more than 2 years ago | (#39152017)

In a more normal time, when the Fed and others weren't openly wishing for the reduction of the dollar's value, this would be considered an act of war.

Makes sense (3, Funny)

K. S. Kyosuke (729550) | more than 2 years ago | (#39152025)

The local Ambassador of North Korea in my country told journalists in 2010 that by 2012, the North Korea economy will be booming and that it will surpass the economy of the US, or something like this. I guess they are simply trying in the best way they can. ;]

I once heard NK (0)

Anonymous Coward | more than 2 years ago | (#39152031)

I heard somewhere the most fitting description of NK. It is like the sopranos running a country.

Why the US Dollar, why not Chinese Currency? (1)

na1led (1030470) | more than 2 years ago | (#39152049)

The U.S. doesn't make anything, so why not counterfeit those countries that make all the goods.

Re:Why the US Dollar, why not Chinese Currency? (0)

Anonymous Coward | more than 2 years ago | (#39152191)

Because the US dollar is easier to counterfeit, and China is the closest ally that NK has, while they're in a cold war with the US...

$cnote=physical token digital currency certificate (1)

peter303 (12292) | more than 2 years ago | (#39152059)

Sort of like bitcoins. instead of serial numbers each note would contain a multi-hundred digit unique RSA code. The bill would be its physical token. US Treasury websites could validate the bill. The same site could invalidate a fake or copied certificate. Or privacy people could avoid validation at all.

Current $100 bill are not entirely private. Its trivial to read and record the current serial numbers. And some banks may be doing that for large bills to look for crime payouts.

Much of bitcoins problems, if you believe the Wired articles, are not due to the certificates, but the minter's disks being compromised and the coin info erased or stolen.

Inflation, Bitcoin, Shire Silver (2)

J'raxis (248192) | more than 2 years ago | (#39152063)

Of course, this is exactly what the U.S. Government itself does: Print new money that doesn't actually represent any extant wealth and then "pocket" the full face value of the new currency. But then once these new bills makes their way into the market, the rest of us get to suffer inflation as a result.

The article also advocates a move to all-digital payment/transfers by pointing out both forms are only representations of value and noting it would cripple criminal operations such as drug cartels, human traffickers, and so forth.

It would do no such thing. More and more people are switching to simple barter mechanisms, precious metals as an intermediate, things like Bitcoin, and "alternative" currencies (example [shiresilver.com]). If the government ever eliminates cash, this will only make such things thrive.

But the fact that North Korea is making a few million a year off of counterfeiting serves as a wonderful pretext for forcing everyone into privacy-less currency, doesn't it?

The real problem with going digital... (0)

Anonymous Coward | more than 2 years ago | (#39152097)

"The article also advocates a move to all-digital payment/transfers by pointing out both forms are only representations of value and noting it would cripple criminal operations such as drug cartels, human traffickers, and so forth." ...is that you would then have the WHOLE criminal underworld funding hacking and writing dodgy code, instead of just a sub-set. Have we really got to the stage where ALL our code, including browsers and routers, is as secure as someone's wallet?

Math is Hard (1)

PurpleCarrot (892888) | more than 2 years ago | (#39152101)

"The won was devalued by 100 percent, which meant 1,000 won suddenly had the purchasing power of 10 won."

This was the first thing in the article that I saw or read.

YRO (1)

purplie (610402) | more than 2 years ago | (#39152141)

The article also advocates a move to all-digital payment/transfers ... it would cripple criminal operations such as drug cartels, human traffickers, and so forth.

Yeah, and other dubious operations like speaking freely or engaging in outside-social-norm behavior.

Tek War Plas Cards? (0)

Anonymous Coward | more than 2 years ago | (#39152155)

So will "The Shat's" vision of plas cards come true soon? It has been too long since I read the book or watched the movies and series to remember how transactions were kept private.

Waiting for the Paullowers to Post... (1)

damn_registrars (1103043) | more than 2 years ago | (#39152247)

Clearly, dropping everything we currently think of as money and switching to the gold standard would solve this, right?

I was wondering what the next 'pretext' would be (1)

erroneus (253617) | more than 2 years ago | (#39152253)

And now we have it. The pretext is N.Korea counterfeiting Federal Reserve Bank notes. Now we have a pretext to getting rid of paper currency and letting the US Federal reserve control all of the US money on the planet... that is the monetary unit of trade the whole planet uses for oil and a variety of other important things. And, as a bonus, of we wanted to go back into N.Korea, we can do that too!

Load More Comments
Slashdot Account

Need an Account?

Forgot your password?

Don't worry, we never post anything without your permission.

Submission Text Formatting Tips

We support a small subset of HTML, namely these tags:

  • b
  • i
  • p
  • br
  • a
  • ol
  • ul
  • li
  • dl
  • dt
  • dd
  • em
  • strong
  • tt
  • blockquote
  • div
  • quote
  • ecode

"ecode" can be used for code snippets, for example:

<ecode>    while(1) { do_something(); } </ecode>
Sign up for Slashdot Newsletters
Create a Slashdot Account

Loading...