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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

#61

Post by Spooky23 »

ellisv wrote: post #37
Spooky23 wrote: post #31

Earlier quoted context omitted.

I had the same concern and tracked it. In my family’s case, making cash our primary spending vehicle reduced our 2018 spending 7% vs 2017 when we were card focused. The value of the credit card point is about 2% best case. Points exist to create a fomo attachment to the card.

Was this because of using cash or simply paying more attention to spending? I’d love to see a well done research paper to get a sense of the expected value of cash vs credit.

Credit card gets settled monthly. I may see something and say, “Cool, I’ll grab that” and swipe away.

With cash I check my wallet, and think “that’s $50, I have $300, and need to go shopping and get gas later”.

Just the act of reconciling what I have on hand defers many purchases. And deferrals stop many from happening!

That said, I’m not a caveman and have a credit card. I just don’t use it without planning or having an emergency/unplanned event.

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

#62

Post by furyofantares »

scottLobster wrote: post #21
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.

Google is busily collecting all the world's money in advertising profits while everyone tells themselves they have an individual immunity.

Advertising is generally an attack on subconscious cognitive biases. Cognitive biases are famously nearly undetectable by the user of the brain even if they are aware of the bias, and, just as famously, brain users find themselves fully convinced that the bias must not be present if they cannot detect it.

We have all the knowledge to tell us that we are very unlikely to be an exception, that we are almost certainly being personally manipulated by advertising, and yet our experience so powerfully tells us that we are immune that we simply don't believe it.

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

#63

Post by lordleft »

Paying for various expenses with apple pay feels downright magical. I love it and use it constantly. But I don't want currency to go away outright. There are definite perks. The biggest one for me is that I'm much more cognizant of much I'm spending when I have a physical representation of my money in my pocket. I'm less inclined to overspend when I have physical cash.

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

#64

Post by chabes »

ben509 wrote: post #26
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

What do you mean by “real growth”? No interest earned?

What I want is the ability to safely store value.

Saving money in a bank account wasn’t working for me, because monthly fees took literally my last pennies, which led to overdraft charges.

Saving money with bitcoin hasn’t just maintained and stored value for me, it has also grown tremendously in value.

In my case, it’s risky to participate in the traditional financial system anyway, so I don’t feel like experimenting with an alternative system is any more or less risky.

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

#65

Post by chabes »

dgellow wrote: post #25
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.

Do you get your salary in cash or cryptocurrency?

Salary?

Edit: silliness aside...

When I get paychecks, I have to either get them cashed at the bank that issued the check, at a grocery store, or through a friend or relative who has a bank account.

I request cash for payment, when possible.

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

#66

Post by chabes »

mandelbrotwurst wrote: post #48
dgellow wrote: post #25

Earlier quoted context omitted.

Do you get your salary in cash or cryptocurrency?

If the funds from said 2011 account closures went to BTC purchases, this person may very well not need a salary!

I wish I had known about bitcoin back then. It would have made things a lot easier.

I didn’t learn about bitcoin until 2015, and even then, I had very little disposable income to experiment with. Still don’t have much income. Definitely no salary.

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

#67

Post by chabes »

esoterica wrote: post #23
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?

You assume my life savings is substantial enough for me to care

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

#68

Post by chabes »

AlchemistCamp wrote: post #54
scottLobster wrote: post #27

Earlier quoted context omitted.

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.

> your long term savings are in one of the most volatile assets on the market Due to dollar cost averaging, this is actually a very good thing! The other major question is what BTC's value is going to be in the long term, when they retire and transition from a net saver to a net spender.

I’ve been spending bitcoin as long as I’ve been accumulating it.

Can’t say the same about most other hodlers, however

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

#69

Post by pochamago »

edoo wrote: post #10

The $100 bill would obviously be more popular nowadays. For a lot of people on here, since they were kids, the purchasing power of that $100 has fallen to about $50. You have to carry twice as much currency to carry the same amount of purchasing power around.

I wonder if it's time for a $200 bill

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

#70

Post by qes »

scottLobster wrote: post #27
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.

> you'd likely be better off putting your long term savings in Boeing stock

lol if poster above started storing money in Bitcoin in 2011 there's a good chance they are the wealthiest person in this thread.

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