Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

In Sweden, a Cash-Free Future Nears

nytimes.com

Post reply on HN
Print view View original

31–40 of 53 posts

Re: In Sweden, a Cash-Free Future Nears

#31

Post by biafra »

gravypod wrote: post #24
maaku wrote: post #19

Earlier quoted context omitted.

Bitcoin?

The problem with bitcoin is very similar to credit. It is extremely difficult for a small business to liquidate. There is also the added problem of protection. With credit and banking, you are ensured and regulated. Without, you are left to your own ability. But those aren't the biggest problems. The problem is how do you pay taxes with bitcoin? Their market value at acquisition? Does the market fluctuation between c…

You could accept Bitcoin via Bitpay (or any other payment processor supporting immediate conversion to fiat) and receive fiat currency. The good thing is: No chargeback possible.

Re: In Sweden, a Cash-Free Future Nears

#32

Post by ersii »

Scoundreller wrote: post #5
jamesblonde wrote: post #3

Here in Sweden most people don't carry any cash and would buy a stick of gum with their card. If you want to give someone money, you "swish" it to them. Swish is a massive smartphone app for people to people payments supported by all banks.

Is there any fee/commission for Swish? If there is not, was that a voluntary choice by the banks, or a regulator's requirement?

For person to person / peer to peer - it's currently free. For person to business/organization it will cost the business 2.5 SEK per transaction as well as a monthly fee and/or an activation fee.

Prices may vary depending on at which bank the business/organisation opens an account and activates Swish to.

Re: In Sweden, a Cash-Free Future Nears

#33

Post by cdcarter »

ersii wrote: post #27
mschuster91 wrote: post #13

Earlier quoted context omitted.

By KYC laws prepaid CCs have to be registered with your name and address.

What jurisdiction are you talking about? There are prepaid Internet enabled Visa/Mastercards available at 7-Eleven/Pressbyrån in Sweden from the supplier "Spendon" (www.spendon.se). No questions asked when purchasing them. It's sold as a "gift card" though.

At least in the US, to enable them for internet use, you have to register the card online.

Re: In Sweden, a Cash-Free Future Nears

#34

Post by biafra »

Numberwang wrote: post #2

This seems to pop up in different forms on HN every now and then and then the same arguments all take place in the comments so allow me to start. As a Swede I would not want to have it any other way, and any time I'm abroad I miss the simplicity. There are privacy issues and cost issues sure, but this is a general problem in lots of ways for most nations.

I think anonymous payment via cash money should be a human right. In Germany, AFAIK every merchant has to accept cash. And I prefer it that way. Sure, it is fine if every merchant also accepts any cards, or BItcoin, or whatever. But cash is important.

Re: In Sweden, a Cash-Free Future Nears

#35

Post by yourapostasy »

maaku wrote: post #21
Numberwang wrote: post #2

This seems to pop up in different forms on HN every now and then and then the same arguments all take place in the comments so allow me to start. As a Swede I would not want to have it any other way, and any time I'm abroad I miss the simplicity. There are privacy issues and cost issues sure, but this is a general problem in lots of ways for most nations.

Do you trust your government?

We should teach children to ask from an early age: "Do you trust unsupervised human nature in others to always act beneficially towards your interests?"

Sadly, primary and even secondary schools no longer commonly read the old classical works to cast a jaundiced eye towards unchecked human nature, to drive home the point to children that regardless of the era, form of government, technology, etc., unchecked human nature is never to be trusted for the foreseeable future (backed by copious data points over the entirety of recorded human history).

Re: In Sweden, a Cash-Free Future Nears

#37

Post by netcan »

fauigerzigerk wrote: post #7
mschuster91 wrote: post #6

Yeah, and allow government, secret services, police and the NSA to track your entire life. Fuck that, I'm sticking with cash.

That seems like a solvable problem though. For instance, prepaid cards or apps based on a similar principle should fix this.

Look at the present. Cash remains the one widely used, untracked money.

Re: In Sweden, a Cash-Free Future Nears

#38

Post by mahyarm »

fauigerzigerk wrote: post #7
mschuster91 wrote: post #6

Yeah, and allow government, secret services, police and the NSA to track your entire life. Fuck that, I'm sticking with cash.

That seems like a solvable problem though. For instance, prepaid cards or apps based on a similar principle should fix this.

That is one law away from automatic registration & association of prepaid card purchases.

Re: In Sweden, a Cash-Free Future Nears

#39

Post by scrollaway »

maaku wrote: post #21
Numberwang wrote: post #2

This seems to pop up in different forms on HN every now and then and then the same arguments all take place in the comments so allow me to start. As a Swede I would not want to have it any other way, and any time I'm abroad I miss the simplicity. There are privacy issues and cost issues sure, but this is a general problem in lots of ways for most nations.

Do you trust your government?

The question is not "Do you trust your government?", it's "Do you trust your next government?"

Re: In Sweden, a Cash-Free Future Nears

#40

Post by barney54 »

rayherrick wrote: post #14

Biggest benefit of cash-free economy not mentioned in the article: escape from the Zero Bound in conducting monetary policy ( https://en.wikipedia.org/wiki/Zero_lower_bound ). It can't be that central bankers in Sweden aren't realizing this; Sweden's central bankers have always been a notch above performance-wise.

But this also assumes that the zero bound is a problem for monetary policy. Personally, I believe it is a feature not a bug to have a zero lower bound.
Post reply on HN