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Physical cash is dying–and you don't need to be a conspiracist to worry

prospectmagazine.co.uk

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Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#91

Post by thisgoesnowhere »

unicornmama wrote: post #56
berkes wrote: post #25

Earlier quoted context omitted.

I really really really would think that Bitcoin fills this exact need. There's a lot wrong with the cryptocurrency world and with Bitcoin specifically. So much wrong, that I'm afraid we closed the one way out of government and corporate-controlled "digital money" and all the risks that comes with. But maybe it never was a good "way out" in the first place: maybe there never was a way out at all. I keep hoping the gri…

This is preposterous. Bitcoin is more traceable, more transparent and more censorship prone than every form of currency conveyance we know of including cash, diamonds, physical gold, etc… The fact that’s 2024 and some people still believe Bitcoin enables privacy just goes to show how crypto enthusiasts are candy brained fanatics.

The Canada trucker protests are proof that the government can easily stop transfers even if they can't size the actual asset (which I would like to point out, they technically cannot legally do that with bank account either).

The whole thing is just postulating about a hypothetical then getting mad when it's completely wrong.

The "You cant stop our unstoppable money" to "it's disgusting that you have the power to stop our unstoppable money" pipeline

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#92

Post by mdp2021 »

Xplune13 wrote: post #44
Alifatisk wrote: post #33

I believe once we go fully cashless, we'll regret it and wish we could go back. I can barely enjoy a full day without being required to bring my phone / debit card with me because the register does not accept cash.

That's a new one. Genuine question, why do you prefer using cash instead of using a phone or card?

Transactions through credit cards and similar are not anonymous. Having third parties track your daily activities is beyond dystopian.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#93

Post by tock »

ajmurmann wrote: post #67
unicornmama wrote: post #56

Earlier quoted context omitted.

This is preposterous. Bitcoin is more traceable, more transparent and more censorship prone than every form of currency conveyance we know of including cash, diamonds, physical gold, etc… The fact that’s 2024 and some people still believe Bitcoin enables privacy just goes to show how crypto enthusiasts are candy brained fanatics.

To add to this, I also anecdotally know many more people who lost Bitcoin due to bad key management or keeping their Bitcoin in a platform that failed instead of cold storage. I don't personally know a single person whose money disappeared from their bank account for no reason.

Crypto is mostly useful in the absence of good financial infrastructure in your country. Otherwise the risk premium makes no sense.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#94

Post by venusenvy47 »

thaumasiotes wrote: post #64
croes wrote: post #36

Earlier quoted context omitted.

>They literally increased the purchasing power of each remaining pound by doing so. Did they. Notes aren't a limited resource and they can still be considered in the cashflow

Assuming they (or someone else) owned the notes, yes. By reducing their own holdings, they raised the value of everyone else's. If the notes were counterfeit or had otherwise managed to come into existence without being owned by anyone, then no.

Would it raise the value of the currency if the central bank didn't know this stash was destroyed? It seems like this pile of cash would still be considered to be "in circulation" until the central bank declared it to not be.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#95

Post by ghaff »

forinti wrote: post #71
madsbuch wrote: post #11

I Denmark we are removing the 1000kr bill as of May 2025. from then on the highest bill. is 500kr which is roughly equal to 80 usd. Denmark Is the most cashless society I have yet experiences (and I have been traveling a fair bit). This comes with pros and cons. and I think the reason why it works is because of an incredibly high social trust.

I have a hard time getting change, because in my country ATMs like to spit out large denominations. But for my daily activities (the bus, really) I need change. In the cases where I would need a large bill I use credit cards. The highest denomination in my country is worth about US$40, but that is a large amount of money. Yesterday I payed for lunch for 4 with about half that. So I wish the larger denominations would…

On the rare occasions I use them--mostly when traveling--I've noticed some ATMs offering a choice of denominations. But it was certainly true historically that ATMs tended to spit out bills in denominations that were at least at the high end of what people used for day to day transactions.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#96

Post by arthur_sav »

aleph_minus_one wrote: post #45
Alifatisk wrote: post #33

I believe once we go fully cashless, we'll regret it and wish we could go back. I can barely enjoy a full day without being required to bring my phone / debit card with me because the register does not accept cash.

> I can barely enjoy a full day without being required to bring my phone / debit card with me because the register does not accept cash. Buy somewhere else (if humanly possible), and tell this to the vendor who doesn't want to accept cash.

It's not vendors but governments that are pushing for this.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#97

Post by k__ »

reactordev wrote: post #62
berkes wrote: post #25

Earlier quoted context omitted.

I really really really would think that Bitcoin fills this exact need. There's a lot wrong with the cryptocurrency world and with Bitcoin specifically. So much wrong, that I'm afraid we closed the one way out of government and corporate-controlled "digital money" and all the risks that comes with. But maybe it never was a good "way out" in the first place: maybe there never was a way out at all. I keep hoping the gri…

But if the cray government(s) wanted to, they could prevent you from turning that BTC into fiat and vice versa.

That's only an issue as long as you need fiat.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#98

Post by _xivi »

I think the ongoing banking crisis in Lebanon (similarly in Egypt and maybe elsewhere too) where there are restrictions on people's access to their deposits or making international transactions should be on everyone's mind when talking about eliminating cash.

The downside of going cashless aren't hypothetical or as far-fetched as people think. The whole society can be put on hold overnight. We can see this happening in front of us.

Using whatever payment method for convenience in itself is fine. But, eliminating cash as medium, without providing a better alternative, one that can still work in disasters where power or network is down, is wild.

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#99

Post by mouse_ »

venusenvy47 wrote: post #94
thaumasiotes wrote: post #64

Earlier quoted context omitted.

Assuming they (or someone else) owned the notes, yes. By reducing their own holdings, they raised the value of everyone else's. If the notes were counterfeit or had otherwise managed to come into existence without being owned by anyone, then no.

Would it raise the value of the currency if the central bank didn't know this stash was destroyed? It seems like this pile of cash would still be considered to be "in circulation" until the central bank declared it to not be.

Yes

Re: Physical cash is dying–and you don't need to be a conspiracist to worry

#100

Post by api »

mypastself wrote: post #6

> [On] 23rd August 1994, the chaotic music duo and performance artists Bill Drummond and Jimmy Cauty burned £1m of notes behind a boathouse on the Scottish island of Jura. They are not alone in attempting to reduce money’s power… They literally increased the purchasing power of each remaining pound by doing so.

Good podcast about the KLF: https://thenonsensebazaar.com/listen/119-the-klf/
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