71–80 of 85 posts
Earlier quoted context omitted.
Can't we build trustable payment providers?
A system can never be more trustworthy than the people controlling it. The problem with that is simple: A perfectly trustworthy American military would be as trustworthy as Trump.
A society without cash is a society in which every person has no choice but to get the permission of someone they don’t know and will never meet each and every time they seek to obtain food, water, shelter, or transportation, and that permission can be revoked instantly, silently, and invisibly at any time. This is now before the city council in NYC, as the article points out, so the topic has come up in conversation…
Cryptocurrency would bypass that.
My bank locked me out of my account because they didn't approve of the way I was using it (crypto whitdrawal). All fully legal, from an exchange account I hold in my name. They now give me the runarround asking me to prove with paper documents that I own the money (interesting reversal to physical interaction). No calls, no case person I can talk to, just an impersonal postage address, and if I contact the branch all…
How much did you withdraw? You may have hit an anti-money laundering trigger. Nobody cares if you withdraw small sums of money, but anything over $10k usually sends alarm bells ringing.
There is an important point to be discussed, that happens mainly in violent/poor countries: the frequent robbery (and it's consequences, like murders). A cashless economy will help solve this problem that affects everyone, especially the poor (paradoxically).
They just need to work in pairs; they'll demand your card/phone and PIN, then hold you while they buy something with it. It's well known that criminals use unofficial currencies when they can't use cash.
I'm referring mainly the common "default" crime: a man with a gun robbing a shop and run with all the sweet money. It's far common in many countries although not so common in many other places.
Earlier quoted context omitted.
A system can never be more trustworthy than the people controlling it. The problem with that is simple: A perfectly trustworthy American military would be as trustworthy as Trump.
The government is not a monolith though. It would take a lot more than Trump to do serious damage to the credibility of the Treasury department.
Another side-effect is for donations. In London it's possible to live without any cash. Even markets are accepting cards now. There are often charities that are asking for money at the entrances of the tube. The UK is depending quite heavily on charities for people in need. This year it looks like they started equipping themselves with contact-less payment systems. It would be interesting to be able to see the number…
Earlier quoted context omitted.
> wouldn't it better to provide them with a cheap/free checking account? I don't know about everywhere in the world, but aren't most 'checking' (most people don't use checks any more) or current accounts already free? They make money off investing your deposit. How much are people paying for their current accounts?
In the USA, most checking accounts are "free" as in "Free if you jump through hoops" - I mean, often they are hoops that are trivial for those of us who have a good job, like "free if you have direct deposit" I mean, remember that if banks are making money off investing your deposit, they don't have much interest in maintaining accounts for people who don't have much money to invest. I know at times when I didn't hav…
If the problem is that some people don't have a checking account, wouldn't it better to provide them with a cheap/free checking account? Even if all local shops accept cash, there's still tons of stuff you can't do without a checking account. On the topic of cash-free living: I only use cash for 3 things these days: to buy cheese, to pay my cleaning lady, and for my son's weekly allowance. Even the babysitters accept…
1) What is more secure - Venmo behind face ID on an apple phone or a checking account that literally anyone who has the numbers (which you give when you write a check) can take money out of, either by creating a versa check or doing an ACH debit so all your money disappears? You are a poor person - are you in a good position to see dispute resolution through? 2) Garnishment orders - can the state or other collectors…
2) Not without a court order I would hope.
3) Depends on what you choose and what the bank will allow. It's safer not to.
4) I'm still puzzled over the relevance of checks.
I admit, every time I discuss such financial issues with Americans, I keep being surprised by how medieval American banking still is. Isn't there a market for modern banks over there?
If the problem is that some people don't have a checking account, wouldn't it better to provide them with a cheap/free checking account? Even if all local shops accept cash, there's still tons of stuff you can't do without a checking account. On the topic of cash-free living: I only use cash for 3 things these days: to buy cheese, to pay my cleaning lady, and for my son's weekly allowance. Even the babysitters accept…
> wouldn't it better to provide them with a cheap/free checking account? I don't know about everywhere in the world, but aren't most 'checking' (most people don't use checks any more) or current accounts already free? They make money off investing your deposit. How much are people paying for their current accounts?
Most Dutch bank accounts do cost a bit, as far as I know. I remember when this was first introduced in the late 1980s, and I immediately switched banks then. But by now the amounts is negligible, and the convenience of modern banking easily worth it.
If the problem is that some people don't have a checking account, wouldn't it better to provide them with a cheap/free checking account? Even if all local shops accept cash, there's still tons of stuff you can't do without a checking account. On the topic of cash-free living: I only use cash for 3 things these days: to buy cheese, to pay my cleaning lady, and for my son's weekly allowance. Even the babysitters accept…
Why do you need cash for buying cheese specifically?
It appears the owner of my favourite cheese shop is a bit of a Luddite. Or at least, he refuses to get a pin transaction machine, and only accepts cash payment. No idea why. Might be ideological in some way.