I use cash primarily because I enjoy promiscuous arithmetic with strangers
Currency is popular again, especially the $100 bill
11–20 of 78 posts
Re: Currency is popular again, especially the $100 bill
#12It’s somewhat ironic that the people I know who are into crypto are somewhat more likely to use cash than your average person for privacy reasons...
There's another commenter below confirming this. The article mentions criminals switching to crypto, which misses out those with an increasing mistrust of financial institutions who prefer crypto.
I wonder if the criminal use case has not been reduced that much by crypto, as I imagine cold hard cash that's acceptable anywhere globally is preferable. Crypto may be good for some transactions, but cash will be king for a long time yet.
Re: Currency is popular again, especially the $100 bill
#13I closed my bank accounts in 2011. Cash is my currency of choice for most things. I use bitcoin for long term savings. Cold storage is safer than a bunch of cash under the mattress.
Who needs things like FDIC insurance anyways /s
Re: Currency is popular again, especially the $100 bill
#14It’s somewhat ironic that the people I know who are into crypto are somewhat more likely to use cash than your average person for privacy reasons...
Yeah, exactly. I take out $400 at a time on an ATM and then use it at farmers markets and stores over the next few weeks. I only use my credit card for refilling my transit pass, online ordering, and medical bill pay. No one needs to have a full record of every purchase I make in real time.
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Re: Currency is popular again, especially the $100 bill
#15Every time you swipe your credit card innumerable processes and algorithms begin to parse and reevaluate your personality profile. Every purchase you make changes their opinion and assessment of your shopping habits and needs.
Google may start showing ads for pet food if you bought something at PetSmart. Your bank may start sending you car loan ads if you spend at the repair shop. Everything has a side effect.
Cash is great because it is very simple. I gave you money for product, no one knows anything else. Sometimes it’s nice not to be data mined for buying a cup of coffee.
Re: Currency is popular again, especially the $100 bill
#16It’s somewhat ironic that the people I know who are into crypto are somewhat more likely to use cash than your average person for privacy reasons...
There's another commenter below confirming this. The article mentions criminals switching to crypto, which misses out those with an increasing mistrust of financial institutions who prefer crypto. I wonder if the criminal use case has not been reduced that much by crypto, as I imagine cold hard cash that's acceptable anywhere globally is preferable. Crypto may be good for some transactions, but cash will be king for…
That part of the article made no sense. Most crypto currency is entirely traceable. It's literally an immutable distributed ledger of every transaction ever made. Sure there are things like tumblers that try to redistribute coins, but who knows how well they actually work.
Re: Currency is popular again, especially the $100 bill
#17Interesting topic, but seems like they left out one possible explanation. Things in general are more expensive. So over time usage of higher denomination bills will increase. Eventually a $100 bill is equivalent to what a $20 bill was when I was a kid, and those were common then.
This is the main reason I get $2 bills instead $1 bills from my bank now. The latter is a lot more useful for picking something up from the corner store or for a small tip, simply because the value of the dollar bill has gone down.
Re: Currency is popular again, especially the $100 bill
#18I closed my bank accounts in 2011. Cash is my currency of choice for most things. I use bitcoin for long term savings. Cold storage is safer than a bunch of cash under the mattress.
Who needs things like FDIC insurance anyways /s
Funny thing is, FDIC is insuring you against the bank collapsing, not your bank accounts from theft. I don't think you can even do that, since protecting your deposits against theft is supposed to be the service your bank provides.
You can insure cash with most homeowner's policies, though.
Re: Currency is popular again, especially the $100 bill
#19Earlier quoted context omitted.
There's another commenter below confirming this. The article mentions criminals switching to crypto, which misses out those with an increasing mistrust of financial institutions who prefer crypto. I wonder if the criminal use case has not been reduced that much by crypto, as I imagine cold hard cash that's acceptable anywhere globally is preferable. Crypto may be good for some transactions, but cash will be king for…
That part of the article made no sense. Most crypto currency is entirely traceable. It's literally an immutable distributed ledger of every transaction ever made. Sure there are things like tumblers that try to redistribute coins, but who knows how well they actually work.
Depends on how you use it. If you own your own private keys and aren’t transacting from a hot wallet like Coinbase then yes your transactions are public but your identity is not tied to your address
Re: Currency is popular again, especially the $100 bill
#20I closed my bank accounts in 2011. Cash is my currency of choice for most things. I use bitcoin for long term savings. Cold storage is safer than a bunch of cash under the mattress.
Who needs things like FDIC insurance anyways /s
Makes sense when you're eliminated the risk that FDIC insurance covers...