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More phones, few banks, instability are transforming Somalia to cashless society

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Re: More phones, few banks, instability are transforming Somalia to cashless society

#11

Post by frik »

Symbiote wrote: post #10
frik wrote: post #4

Cash is freedom. No one spies on what you do with your cash money. Hopefully this electronic-only-money utopia won't get traction. We can see already with the encryption trojan programs that ask for Bitcoins/altcoins to decrypt your data - something like that wouldn't be reasonable and work on a large scale with cash.

“People are doing business without any fear of losing cash to militants or conmen,” Aden said. “The country’s telecommunications sector has undergone a rapid rise, fueled by intense competition amongst the numerous telecommunication firms that dominate the country.” Cash is freedom to be robbed, so I don't think that will convince anyone in Somalia. I checked my bank statement this morning. I withdrew DKK 300 ($45) o…

Are you reply to me? I was talking about cash in general, and for your information why I care: certain parties want to limit cash or forbid cash in US and Europe.

One can only robe you the cash you have with you, and no one has all his money with him, right? But if the same guy also robes you the credit card or debit card or smartphone with contact-less payment setup, they can take all your money, or multiple times more money (and the rest over a few days if you don't act very quickly and try to contact your electronic payment provider, if possible (see bitcoin/altcoin)).

The next question, how often do you get robbed in US or Europe? Beside certain hot spots in a few areas, I never heard that this is a real big problem.

Re: More phones, few banks, instability are transforming Somalia to cashless society

#12

Post by narrator »

The legal medical marijuana people in California have to do everything with cash because they can't get bank accounts[1]. This is a sly way for the federal government to drive industries out of business that they don't like, even if they are legal on the state level. They are doing this explicitly with Operation Chokepoint.[2]

1.http://www.theguardian.com/us-news/2016/feb/16/medical-marij...

2.https://en.wikipedia.org/wiki/Operation_Choke_Point

Re: More phones, few banks, instability are transforming Somalia to cashless society

#13

Post by PhasmaFelis »

Symbiote wrote: post #10
frik wrote: post #4

Cash is freedom. No one spies on what you do with your cash money. Hopefully this electronic-only-money utopia won't get traction. We can see already with the encryption trojan programs that ask for Bitcoins/altcoins to decrypt your data - something like that wouldn't be reasonable and work on a large scale with cash.

“People are doing business without any fear of losing cash to militants or conmen,” Aden said. “The country’s telecommunications sector has undergone a rapid rise, fueled by intense competition amongst the numerous telecommunication firms that dominate the country.” Cash is freedom to be robbed, so I don't think that will convince anyone in Somalia. I checked my bank statement this morning. I withdrew DKK 300 ($45) o…

Indeed. The problem with some hardcore libertarians, among others, is that they want "freedom" to be #1 on Maslow's hierarchy of needs, and become confused or angry when others disagree. If you want people to want freedom--and you should!--you need to start by guaranteeing their basic physical safety and survival. "Live Free or Die" makes for a catchy bumper sticker, but if what you offer is the "freedom" to watch your family starve, most people would actually prefer a bit of oppression, and I can't really fault them for that.

Re: More phones, few banks, instability are transforming Somalia to cashless society

#14

Post by superuser2 »

narrator wrote: post #12

The legal medical marijuana people in California have to do everything with cash because they can't get bank accounts[1]. This is a sly way for the federal government to drive industries out of business that they don't like, even if they are legal on the state level. They are doing this explicitly with Operation Chokepoint.[2] 1. http://www.theguardian.com/us-news/2016/feb/16/medical-marij... 2. https://en.wikipedia.…

>legal medical marijuana

There is no such thing as legal medical marijuana. The repealing of a state statute doesn't make something "legal" when it is still prohibited by federal statute, as marijuana is. It's simply a federal offense that this administration chooses not to prosecute vigorously.

Re: More phones, few banks, instability are transforming Somalia to cashless society

#15

Post by Symbiote »

frik wrote: post #11
Symbiote wrote: post #10

Earlier quoted context omitted.

“People are doing business without any fear of losing cash to militants or conmen,” Aden said. “The country’s telecommunications sector has undergone a rapid rise, fueled by intense competition amongst the numerous telecommunication firms that dominate the country.” Cash is freedom to be robbed, so I don't think that will convince anyone in Somalia. I checked my bank statement this morning. I withdrew DKK 300 ($45) o…

Are you reply to me? I was talking about cash in general, and for your information why I care: certain parties want to limit cash or forbid cash in US and Europe. One can only robe you the cash you have with you, and no one has all his money with him, right? But if the same guy also robes you the credit card or debit card or smartphone with contact-less payment setup, they can take all your money, or multiple times m…

I now realise my words are ambiguous.

I don't fear being robbed in Denmark, whether carrying cash or not. After all, I carry a €500 smartphone everywhere.

The smartphone apps are protected by a PIN, and contactless cards are limited to low values which the bank will refund.

Re: More phones, few banks, instability are transforming Somalia to cashless society

#16

Post by persusta »

Symbiote wrote: post #10
frik wrote: post #4

Cash is freedom. No one spies on what you do with your cash money. Hopefully this electronic-only-money utopia won't get traction. We can see already with the encryption trojan programs that ask for Bitcoins/altcoins to decrypt your data - something like that wouldn't be reasonable and work on a large scale with cash.

“People are doing business without any fear of losing cash to militants or conmen,” Aden said. “The country’s telecommunications sector has undergone a rapid rise, fueled by intense competition amongst the numerous telecommunication firms that dominate the country.” Cash is freedom to be robbed, so I don't think that will convince anyone in Somalia. I checked my bank statement this morning. I withdrew DKK 300 ($45) o…

There's so much confusion in the comments again.

It's really simple. Governments want to abolish cash so that they can monitor all of your transactions. Hooray! No need for accountants anymore, when the government can calculate how much you "owe" them by themselves!

They're also doing it so that you can't escape their fucking insane negative interest rate 'stimulus' measures, or bail-ins etc.

Oh, and if you can't use cash and the government decides you're a naughty thought-criminal, they can just freeze your accounts and you're instantly reduced to begging on the streets..

Re: More phones, few banks, instability are transforming Somalia to cashless society

#17

Post by Osiris »

superuser2 wrote: post #14
narrator wrote: post #12

The legal medical marijuana people in California have to do everything with cash because they can't get bank accounts[1]. This is a sly way for the federal government to drive industries out of business that they don't like, even if they are legal on the state level. They are doing this explicitly with Operation Chokepoint.[2] 1. http://www.theguardian.com/us-news/2016/feb/16/medical-marij... 2. https://en.wikipedia.…

>legal medical marijuana There is no such thing as legal medical marijuana. The repealing of a state statute doesn't make something "legal" when it is still prohibited by federal statute, as marijuana is. It's simply a federal offense that this administration chooses not to prosecute vigorously.

Some states do have laws that explicitly allow and/or regular marijuana for medicinal or recreational use. For example, I live in Colorado where a constitutional amendment was passed that required law makers to pass laws to setup regulations for the production, wholesale, and retail sale of the drug.

The part about the federal law is still true but as far as I know, law enforcement in Colorado is not required nor can be forced to enforce federal law.

Re: More phones, few banks, instability are transforming Somalia to cashless society

#19

Post by pmontra »

The article is light on details. It looks like EVC is acting as a bank but how do you enter money in the system? Example: I'm going there tomorrow (not really) with a 100 USD bill, then what? It seems I have to buy one of these vouchers http://mogaguide.com/comp_catalog/index.php?ct=1&q=2&in=2&id... I wonder if there is a way to turn what will be left back to cash.

In any case, it's not like everybody is its own bank. There is one company doing the bank for everyone.

Re: More phones, few banks, instability are transforming Somalia to cashless society

#20

Post by Pamar »

frik wrote: post #4

Cash is freedom. No one spies on what you do with your cash money. Hopefully this electronic-only-money utopia won't get traction. We can see already with the encryption trojan programs that ask for Bitcoins/altcoins to decrypt your data - something like that wouldn't be reasonable and work on a large scale with cash.

This was the point of "New Yen" in William Gibson's Neuromancer, in fact. The only remaining real-cash currency, used mostly for illegal trade but still very much sought after because was not traceable by anyone (and had incredibly favourable exchange rates with electronic money)
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