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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

#121

Post by petejansson »

avianlyric wrote: post #27
ghaff wrote: post #13

Earlier quoted context omitted.

I use very little cash in MA. But checks are still pretty much the default for a lot of people doing various services for me. I can just leave a check for someone like my housekeeper. I could presumably make arrangements to pay in a different form (including cash) but why bother? And, in many cases, it's my bank actually "writing" the check and delivering it. I'd change if it became an aberration or weird to do but i…

The lack of fast free digital money transfer infrastructure in the U.S. is something that seems crazy to anyone in the EU. Every EU country (and the UK) has had fast free digital bank transfers for decades now. Here in the UK we pay all “casual” services like cleaners, dog walkers etc via a simple, quick bank transfer. It’s great, I don’t need to keep cash, and person providing the services has the money in their acc…

FedNow (https://www.federalreserve.gov/paymentsystems/fednow_about.h...) just went live in July, 2023. It will take some time for adoption.

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

#122

Post by travoc »

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.

The same way they prevent people from turning cash into drugs? How’s that working?

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

#123

Post by coldtea »

Our_Benefactors wrote: post #75
okasaki wrote: post #68

Earlier quoted context omitted.

Okay, but somehow the rest of the billion people manage it?

I don't understand, how does this negate any of what I posted?

Perhaps it implies you're particularly fussy, and the system works for 1 billion+ people.

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

#124

Post by impossiblefork »

Fbnkigffb66tfbj wrote: post #66
impossiblefork wrote: post #31

I think what's required is electronic cash, something like a CBDC with an electronically transferable, partially anonymous system that still allows offline payments if case the central computers get knocked out. GNU Taler satisfies one half of these constraints (cashlikeness + taxability). The Swedish e-krona pilot also has a token based component to allow offline payments.

I can't imagine any major government would willing give its citizens anonymity when they have such a perfect excuse for ratcheting up surveillance with a database of our entire financial lives.

We're actually (i.e. here in Sweden) having big pre-proposal investigation to determine what can be done to keep cash available, for reasons of anonymity and security against, let's Russian interference with banks or fibre cables.

But I prefer an electronic solution and do not want physical cash. This is of course a slightly risky view, but I believe that it can save us huge amounts of money and strengthen our economy.

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

#125

Post by carlosjobim »

jasode wrote: post #59
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. But how do you get a regular re-supply of your cash to pay the places that take cash? For me, I would have to make a regular trips to the bank ATM machine to withdraw cash. That type of errand is inconvenient which is why I haven't done that in 15 years. It's been so long that I don'…

How horrible, a slight inconvenience!

I mean, sorry for the sass, but when did it become acceptable to base an argument on slight inconveniences? Being alive is slightly inconvenient most of the time.

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

#126

Post by coldtea »

IshKebab wrote: post #39
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 cash because the vendor does not accept card. (Not actually true since basically everyone accepts card in the UK, but it illustrates that your point makes no sense.)

With cash being the default for thousands of years of history and everything, and card meaning card fees, tracking, tied to a bank, and so on, it totally makes sense.

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

#127

Post by notso411 »

yaky wrote: post #113

The other day, I paid cash at the local Chinese-American place, and the owner said "thank you for using cash, it helps small businesses", which took me by surprise. So I asked how much card processors charge, and she went on a bit of a rant, listing processing fees for everything from regular debit cards* charging 3-4% to rewards credit cards being around 7% to special international or world credit cards charging som…

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

#128

Post by switch007 »

Regarding Mr Corbyn's strawberries, if he takes them (or eats them, spoils them etc), is he not then in debt with Aldi? In which case his cash serves as payment of his debt?

I guess you'd be in hot water for the prior act of stealing though

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

#129

Post by notso411 »

nonrandomstring wrote: post #102

There are two fallacies I frequently feel the need to debunk in this discussion. - Cash is anonymous - Cash is an "old" or "low" technology. When a serious crime is committed you might be surprised how much the police can do to trace cash. Serial numbers in and out of ATMs and shops are tracked, and frequently your face is captured by cameras in stores, ATMs and vending machines. Modern cash is high technology . Look…

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

#130

Post by CraigJPerry »

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.

The Bank of England destroys between 10-30 billion pounds worth of notes per year (no longer fit for circulation). Sterling has other issuing banks too beyond BoE. I don’t think it’s possible to measure 1m notes going absent by any observable metric.

Even if it were possible, the purchasing power wouldn’t change - you coffee shop wouldn’t reduce their prices but they might adjust staffing levels in an extreme case (not remotely likely to happen with £1mm diff in circulation)

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