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Why we should fear a cashless world

theguardian.com

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Re: Why we should fear a cashless world

#21

Post by PythonicAlpha »

I'd love to have only electronic money. It would have so many advantages.

BUT:

The risks of it and the potential for misuse are so many, that all advantages of electronic money are not worth to go in this direction. We are in a situation today, where privacy is one of the greatest assets we have and should preserve. When we loose it, we very likely loose our freedom and essential democracy. Instead we might get a "democracy" that is controlled by opinion-formers and big corporations that make money with our privacy.

Re: Why we should fear a cashless world

#22

Post by realusername »

scholia wrote: post #15
mikegioia wrote: post #10

I'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…

On the plus side, using a card gives you a good list so you can see what you've spent. This makes accounting simpler than using a cash book and accumulating receipts. On the minus side, I use contactless ("wave to pay") all the time now, and find I rarely look to see how much I'm spending on small transactions. Even with larger transactions, it doesn't feel like "real money".

I think it's the opposite for me, using cash makes it way easier to get an idea of how much I spend. I use the ATM three times per month with 100 pounds each so 300 pound/month in normal expenses. With card I would need to to an addition of everything per month.

Re: Why we should fear a cashless world

#23

Post by brightball »

mikegioia wrote: post #10

I'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…

Or even better on the frivolous spending, the "I don't have enough on me right now" situation. If it's really important, you'll come back. If you need to trim your purchase from the grocery store to match what's in your wallet, the stuff you didn't really need factors in.

It makes you MUCH more conscious of how much things cost because you don't want to get to the checkout and be short.

Re: Why we should fear a cashless world

#25

Post by blowski »

Olscore wrote: post #24

A good conversation of "why we should fear a cashless world" should at least mention the Book of Revelation and the Book of Daniel in The Bible. It would be negligent to omit them from discussion like this.

I assume that you're referring to Revelation 13:17:

> And [the Beast] causes all, the small and the great, and the rich and the poor, and the free men and the slaves, to be given a mark on their right hand or on their forehead, and he provides that no one will be able to buy or to sell, except the one who has the mark, either the name of the beast or the number of his name.

Like most of Revelations, I think this needs to be interpreted in the context that it was written. Jews during the time of Nero saw Nero as the "the Beast". From what I understand, these "marks on the hand" were a plan by the Romans to control Jewish citizens in much the same way that modern governments try to control slum populations. I doubt the author foresaw contactless credit cards and Apple pay, though I admit that the authors of both the article and of Revelations were worried about similar consequences.

Re: Why we should fear a cashless world

#26

Post by mindslight »

joefarish wrote: post #4

Cash, 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."

> 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."

They're probably more immediately concerned with getting by, by they're more affected by surveillance than someone with more resources. The primary use of commercial surveillance is to enable better price discrimination, and being poor means they're easier trapped in local maxima designed to extract any surplus they do have.

Re: Why we should fear a cashless world

#27

Post by jontayesp »

Olscore wrote: post #24

A good conversation of "why we should fear a cashless world" should at least mention the Book of Revelation and the Book of Daniel in The Bible. It would be negligent to omit them from discussion like this.

As a Christian, I hold a mostly preterist view on those prophecies (they already took place): "Truly, I say to you, this generation will not pass away until all these things take place." - Jesus

Re: Why we should fear a cashless world

#28

Post by narrator »

yAnonymous wrote: post #9

The 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.

The funny thing about negative interest rates is it is one of the few good reasons to buy physical gold, especially with the elimination of large denomination euro notes.

Re: Why we should fear a cashless world

#30

Post by kardos »

nibs wrote: post #29

Proposal: remove cash, add constitutional amendment defending the right to transact.

Any proposal on how to ensure that it doesn't end up like the right to a speedy trial [1,2]?

[1] http://fusion.net/story/5419/right-to-a-speedy-trial-this-in...

[2] http://www.theatlantic.com/national/archive/2013/04/do-louis...

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