271–280 of 508 posts
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Make access to a bank account a right. Take all of the unbanked/unprofitable customers and assign them to banks weighted by each bank’s market share. No matter their Chexsystems report status.
Another move in the wrong direction. Why should private businesses be selectively shouldering the burden of society? Mandate the USPS (federal government) to offer electronic money accounts to everyone.
Almost every comment is about politics, choice, privacy, rights, markets and percentages. There's a completely different take; Civic resilience From an operational and strategic security POV, cash is a vastly superior technology. It doesn't need electricity, a network of cables, satellites and routers. Therefore cash in circulation acts as a buffer that provides economic stability and continuity of operations. Also,…
You need trusted cashiers, need to check every received note to see if it's genuine, then you need to safely deposit that somewhere, the boxes of cash have to be transported likely in an armored truck.
And you still need communications networks for all the checks and balances and automated systems to handle the cash.
It's a massive logistic effort to shuffle around little certificates of value.
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>From an operational and strategic security POV, cash is a vastly superior technology. It doesn't need electricity, a network of cables, satellites and routers. If the power goes out, I can't get any cash. I don't keep any meaningful amount cash on hand and neither does anyone I know, including my elderly relatives. Most of the stores I shop at won't actually be able to sell me anything, because none of the products…
In that case, it might be wise for you to withdraw some cash now (depending on your financial situation). I keep a couple hundred in crisp bills of varying denominations in a go bag.
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> It doesn't need electricity, a network of cables, satellites and routers. But most businesses do. The main issue is there: why should a business be forced by law to accept cash if they absolutely need electricty and cables to work as a business ? It's one step below forcing them to accept hand written checks. Those are also extremely resilient, you just need a pen and paper. But god no I wouldn't want to deal with…
Let's think about who wouldn't be fine in a cashless economy: * Elderly people who struggle with technology. * People fleeing coercive situations like domestic abuse where their abuser controls their finances. * People with mental disabilities, for whom cash might be the only thing they know how to use. * Homeless people, who might literally rely on cash to survive. * Poorer people who prefer cash because it helps th…
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If the scenario plays out as you describe the fiat currency won't be worth the fancy material it's printed on.
I haven't outlined any scenarios, but maybe you're considering a total Internet shutdown. No such drama is needed to make the case. Deloitte calculate the per day impact of a temporary shutdown would be on average $23.6 million per 10 million population. Not that bad actually. But that figure seems based on the immediate hourly estimate from places like The Uptime Institute and LSE. Other estimates puts it at between…
That seems very low, surely the transaction volume of the average person is more than $2.36 a day?
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>From an operational and strategic security POV, cash is a vastly superior technology. It doesn't need electricity, a network of cables, satellites and routers. If the power goes out, I can't get any cash. I don't keep any meaningful amount cash on hand and neither does anyone I know, including my elderly relatives. Most of the stores I shop at won't actually be able to sell me anything, because none of the products…
It isn't just for infra failure. When your credit card provider cuts you off for "unusual activity" that they won't go into detail about, and you realise they are free to refuse you business as they feel like - you'll appreciate cash while rushing to find a new provider as existing debts still loom.
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> I don't love that I also have a 3% tax going to VISA/Mastercard/Amex/... People seem to forget processing cash isn't free. If you're small, it's a trip to the bank. If you're large, it's an armored truck. Employee theft is a problem. Counterfeit money is a problem. If we pretend it's 1% instead of 3% (since you can get 2% cash back), 1% for not dealing with the downsides of cash sounds ok.
Banks also literally charge a % fee to deposit cash into your account.
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>From an operational and strategic security POV, cash is a vastly superior technology. It doesn't need electricity, a network of cables, satellites and routers. If the power goes out, I can't get any cash. I don't keep any meaningful amount cash on hand and neither does anyone I know, including my elderly relatives. Most of the stores I shop at won't actually be able to sell me anything, because none of the products…
In that case, it might be wise for you to withdraw some cash now (depending on your financial situation). I keep a couple hundred in crisp bills of varying denominations in a go bag.
Almost every comment is about politics, choice, privacy, rights, markets and percentages. There's a completely different take; Civic resilience From an operational and strategic security POV, cash is a vastly superior technology. It doesn't need electricity, a network of cables, satellites and routers. Therefore cash in circulation acts as a buffer that provides economic stability and continuity of operations. Also,…
On the 2nd week at the beginning of the Khartoum war, the bus companies started to refuse electronic payments and only take cash because they didn't trust the banking system will remain working.