In the UK, I basically never use cash, it's annoying, having random coins/notes in my pockets, with no pin code to stop them being used, and having to get change.
In praise of cash
321–330 of 369 posts
Re: In praise of cash
#322Earlier quoted context omitted.
Oh but I have heard people claiming the contrary: that banks are actually using a number for transaction and it has 666 embedded into it.
okay, if you believe stuff like that, it's hard to take you seriously. 666, the devil, he's there in your transaction? I remember when conservatives didn't like that unix has daemons. That was not particuarly a useful concern.
I guess this is a sarcastic reference to the "barcodes contain 666" conspiracy theory.
Re: In praise of cash
#323Earlier quoted context omitted.
it's a basic right to spend money without being tracked. No it's not. I very much want there to be a way to spend money anonymously, but I can't frame that as a 'basic right'.
If you consider money to be a form of speech (I don't but it's been successfully argued in US case law) then I'd argue it is a right as I'd argue availability of anonymity is a prerequisite of free speech.
Whenever one makes a purchase, the price structure of the good that was purchased changes, and in the case of goods/assets that have a yield, it also changes its interest rate structure. This is information being propagated from the consumer to the merchant, via the price system, using money. So while the act of exchanging money for goods is not information in and of itself, as speech is, this act results in the propagation of relevant information from consumers to merchants to producers.
Re: In praise of cash
#324Earlier quoted context omitted.
I get roughly 2% back on every credit card transaction. For me, worth the hassle of occasional identity theft I'm not liable for.
The 2% is a good point but for me the savings of not wanting to part with my Washingtons has been more than 2%. You're not liable, but that doesn't mean it doesn't cost you anything to get it straightened out (time).
Also, it's difficult to determine if you end up spending 2% more on purchases than you normally would because of the "convenience" of the card. If you are a person who is diligent about budgeting then I'm sure it's possible but most people I know will just pull out the card at Starbucks if they don't have cash in the wallet to pay. Without the discipline that 2% can evaporate very quickly.
Re: In praise of cash
#325Earlier quoted context omitted.
Bingo, I think you nailed it. The cashless society – which more accurately should be called the bank-payments society... is a utopia where money cannot leave – or even exist – outside the banking system, but can only be transferred from bank to bank. Such a system replaces a relationship between two parties with relationships between those parties and the bank. If either party falls out of favour with the bank, they…
The introduction of the revelatory "mark of the beast". No one will be able to [legally] buy or sell without it. I suspect anyone that tries to barter or trade outside of the system will be considered and labeled a criminal for operating in black markets or tax evasion.
Multiple European countries already forbid cash payments over a few thousands euros. In my country the law is just being proposed: anything over 3000€ must be done using electronic systems (read: banks) or you risk getting a fine equivalent to 25% of the amount over the limit.
Re: In praise of cash
#326Earlier quoted context omitted.
How do you ask for a cash discount?
Technically charging less for cash violates merchant credit card ToSs, so big companies don't do it and small companies don't advertise it. If you're making a big purchase you can just ask.
I think that TOS clause was overturned by a class action lawsuit: https://consumerist.com/2012/07/13/visa-mastercard-agree-to-...
It seems some states still ban it by law, though.
Re: In praise of cash
#327Earlier quoted context omitted.
The introduction of the revelatory "mark of the beast". No one will be able to [legally] buy or sell without it. I suspect anyone that tries to barter or trade outside of the system will be considered and labeled a criminal for operating in black markets or tax evasion.
Fun fact: The SF innovation center of Visa has t-shirts which literally say "The Mark" on them. Though supposedly in reference to [this guy]( https://usa.visa.com/visa-everywhere/innovation-centers/san-... ).
[deleted]
Re: In praise of cash
#328Earlier quoted context omitted.
This is why I always have two bank accounts (with two different banks and two different ATM cards) and always have two credit cards, in case one bank account or one credit card gets shut down or skimmed it wouldn't be a big inconvenience. Especially helpful if you are going out of the country.
I've never gone so far as to have a second bank account. But I'm guessing a brokerage account could basically serve as the same thing.
Yes, absolutely, most brokerage accounts let you request ATM card/debit card/checks to access your core position. Additionally, Both Fidelity and Schwab let you open a free checking account(1) as well with no balance limits and ATM reimbursement.
Second bank account is more important than second credit card, IMO. Being locked out of your cash is much worse than being locked out of your credit.
(1) technically they are brokerage accounts also, at least for Fidelity, but they hold your deposits in FDIC insured banks and are designed to be used for everyday spending, exactly the same as a checking account.
Re: In praise of cash
#329"Give me control of a nation's money supply, and I care not who makes its laws." --Rothschild, 1744
Re: In praise of cash
#330Earlier quoted context omitted.
I can go weeks without touching cash these days. Nonetheless, I find the idea that I could be prevented from making a person-to-person financial transaction for even a modest amount without a paper trail pretty unsettling.
Paper trail? What are you hiding citizen? Nothing to hide, nothing to fear.
Privacy != Secrecy