Why we should fear a cashless world
theguardian.com
Why we should fear a cashless world
1–10 of 257 posts
Re: Why we should fear a cashless world
#2Genuine question - What about a "cashless" currency based on blockchain? (a la bitcoin). Wouldn't it be and not be under any single entity's control at the same time?
Re: Why we should fear a cashless world
#3Genuine question - What about a "cashless" currency based on blockchain? (a la bitcoin). Wouldn't it be and not be under any single entity's control at the same time?
In theory, yes. But currently, there exist enough structural problems, as much I know, that Bitcoin or similar schemes can not replace cash.
Further, even with a total secure system, there will always be the pressure of the governments to control it.
Re: Why we should fear a cashless world
#4Cash, on the other hand, empowers its users.
And convenient electronic payments doesn't in anyway empower users?
Also, if people are unbanked and below the poverty line I would expect they would be more concerned with getting by than "Orwellian levels of surveillance."
Re: Why we should fear a cashless world
#5Not only is the surveillance problem, but when all the peoples money is in the banks, banks have more control to charge people for "handling" their money, so not just negative interest rates are the problem.
Also when all the money is in the banks, governments have much more freedom to apply higher tax levels or just take the money.
Re: Why we should fear a cashless world
#6Genuine question - What about a "cashless" currency based on blockchain? (a la bitcoin). Wouldn't it be and not be under any single entity's control at the same time?
One lesser point, bitcoin is pseudo-anonymous: you can always follow the money even if you can't identify all the people who handle it. It might be argued then that any entity who knows what you're spending and where has plenty of control over you. There are anonymous coins that don't have this property.
Re: Why we should fear a cashless world
#7Genuine question - What about a "cashless" currency based on blockchain? (a la bitcoin). Wouldn't it be and not be under any single entity's control at the same time?
Cash and current forms of electronic payment have the nice feature that the seller gets their money almost immediately. As I understand it, bitcoin transactions take a while to confirm. I wouldn't want to stick around in the shop until some miner got around to my transaction.
Re: Why we should fear a cashless world
#8Cash, on the other hand, empowers its users. And convenient electronic payments doesn't in anyway empower users? Also, if people are unbanked and below the poverty line I would expect they would be more concerned with getting by than "Orwellian levels of surveillance."
> And convenient electronic payments
> doesn't in anyway empower users?
Maybe you did not understand the article? It did not argue about convenience but about peoples control over their wealth.
> Also, if people are unbanked and below the poverty > line I would expect they would be more concerned with > getting by than "Orwellian levels of surveillance."
In many cases this is a big problem as it allows the Orwellian government to have larger control over people.
Re: Why we should fear a cashless world
#9The push for a cashless society and negative interest rates doesn't paint a good picture about the future of our financial system. It's nearing its well deserved end.
The bubble is about to burst and they're trying to release pressure to make it last a bit longer.
Re: Why we should fear a cashless world
#10I've been "cash only" for 8 months now and I love it. Of course I need a credit card if I buy something on Amazon or a one-off web store, but the point is to move as many transactions offline as possible.
There are so many privacy benefits to using cash, but one that really resonates with me is the physical nature of it. When you pay for something with cash, you can feel the transaction of money exchanging hands and it can have a psychological effect to prevent frivolous spending. Or at the very least, further reinforce that YES we are spending money!
Also, store clerks, cab drivers, any anyone who accepts tips always love getting cash.