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Currency is popular again, especially the $100 bill

latimes.com

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Re: Currency is popular again, especially the $100 bill

#21

Post by scottLobster »

seibelj wrote: post #15

Every 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 i…

Yeah, but I get paid for that in a combination of cash back and points.

I limit my credit card information sharing as much as the privacy preferences allow, but I'm not about to give up hundreds or thousands of dollars a year in value because Google might show me an ad I won't click on anyway.

Re: Currency is popular again, especially the $100 bill

#23

Post by esoterica »

chabes wrote: post #5

I 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.

How do you like not knowing whether your entire life savings are going to go down in value by 99% at any point in time?

Re: Currency is popular again, especially the $100 bill

#24

Post by fennecfoxen »

rolltiide wrote: post #9
chabes wrote: post #5

I 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.

There is a strong use case for that, for my personal spending and utilities it would be very inconvenient for me to convert cryptocurrency to cash without an intermediary bank account. but business-wise many of my vendors have been able and willing to take cryptocurrency especially in the last 3 years. I've executed many legal agreements paid in crypto. Its made it extremely practical for Americans to have offshore c…

Yeah, those routine inflationary / deflationary episodes that can see the Bitcoin-denominated price of your services (just to use an example) rise and fall by 400% in a year, easily? Very practical! These intermediate bank accounts will soon be a thing of the past.

Re: Currency is popular again, especially the $100 bill

#26

Post by ben509 »

chabes wrote: post #5

I 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.

> I use bitcoin for long term savings.

At least your savings aren't losing to inflation, but this strategy has zero real growth and carries a tremendous amount of unsystematic risk[1].

[1]: https://www.investopedia.com/terms/u/unsystematicrisk.asp

Re: Currency is popular again, especially the $100 bill

#27

Post by scottLobster »

chabes wrote: post #5

I 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.

https://www.buybitcoinworldwide.com/price/

So you're losing money on inflation, and your long term savings are in one of the most volatile assets on the market that derives its value largely from illegal and gray-market transactions.

I wish you luck. But frankly you'd likely be better off putting your long term savings in Boeing stock, and that's saying something.

Re: Currency is popular again, especially the $100 bill

#29

Post by chickenpotpie »

seibelj wrote: post #15

Every 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 i…

In terms of data mining: credit card companies seem to be the lesser of infinite evils. At least I can see what data they collect and they pay me for my data. I would still prefer they didn't do anything with my data, but at least I can opt out at any time by paying cash. A lot of companies take my data, I don't know, and I get nothing for it.

Re: Currency is popular again, especially the $100 bill

#30

Post by war1025 »

banachtarski wrote: post #13
chabes wrote: post #5

I 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

FDIC insurance only counts towards bank accounts. You aren't going to get any reasonable interest rate in an FDIC insured account.

Keeping your money in bitcoin may be a poor idea, but any reasonable long-term investment strategy isn't going to be FDIC insured, so that isn't really part of the calculation.

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