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A Cashless Economy Locks Out the Poor

nytimes.com

81–85 of 85 posts

Re: A Cashless Economy Locks Out the Poor

#81
post #50

Earlier quoted context omitted.

I agree with your assertion, however: > that permission can be revoked instantly, silently, and invisibly at any time This can happen with cash too, as 99% of Indians found out to their utter dismay on 8 November 2016!! [1]. Granted that this is a Black Swan event [2] and the revocation was done publicly. However, as someone who lived through this and experienced it first hand, I stopped trusting cash from that day o…

> However, as someone who lived through this and experienced it first hand, I stopped trusting cash from that day onwards. I carry just enough with me to get by for couple of days. I suppose you leave the rest in a bank account. That won't help if all bank accounts are frozen, as I lived through in the early 90s here in Brazil (we called it "Confisco da Poupança", see https://pt.wikipedia.org/wiki/Plano_Collor#Medida…

A country willing to destroy it's hard currency would have absolutely no problem seizing the bank accounts of it's citizens. So these types of events are not really arguments for or against cash, it's all dumb luck if you get to keep one or the other.

In stable countries with a functional rule of law however, bank credit is seriously inferior to cash for all purposes except convenience and security.

Re: A Cashless Economy Locks Out the Poor

#83
post #35

Earlier quoted context omitted.

Cryptocurrency would bypass that.

No it wouldn't. Private key hijacks and exchange hacks do far more damage than any bank network failure ever could, and they're much easier to perform maliciously.

Bitcoin isn't the only one out there anymore.

Re: A Cashless Economy Locks Out the Poor

#84
post #83

Earlier quoted context omitted.

No it wouldn't. Private key hijacks and exchange hacks do far more damage than any bank network failure ever could, and they're much easier to perform maliciously.

Bitcoin isn't the only one out there anymore.

Are you saying that I couldn't empty your alt-coin account if I got access to your private key?

Re: A Cashless Economy Locks Out the Poor

#85
post #83

Earlier quoted context omitted.

Bitcoin isn't the only one out there anymore.

Are you saying that I couldn't empty your alt-coin account if I got access to your private key?

There are many more conventional ways to steal and embezzle. Not sure what your point is.
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