Will this hasten the, presumably, eventual move to a 100% digital economy? I’d like to see statistics on how often people use analog money. Is there correlation by certain socio economic classes? I imagine drug dealers are 100% analog while CEOs are 100% digital. Where does everyone in between land?
Why do U.S. coins seem to be in short supply?
61–70 of 222 posts
Re: Why do U.S. coins seem to be in short supply?
#62Earlier quoted context omitted.
You're going to have to give us more information than this. Sure, lots of business models "prey on poor people", but which ones of those are threatened by electronic wallets?
Lots of poor people do not have bank accounts, so there's no way they can use electronic only systems.
Electronic only systems like M-Pesa can replace banks.
Re: Why do U.S. coins seem to be in short supply?
#63Earlier quoted context omitted.
The Fed's stated goal is to create jobs, not destroy them.
> The Fed's stated goal is to create jobs, not destroy them. That’s not true. Here’s the truth: https://www.federalreserve.gov/aboutthefed.htm
https://www.federalreserve.gov/faqs/what-economic-goals-does...
The Congress has directed the Fed to conduct the nation's monetary policy to support three specific goals:
* maximum sustainable employment,
* stable prices, and
* moderate long-term interest rates.
These goals are sometimes referred to as the Fed's "mandate." [hn formatting added]Re: Why do U.S. coins seem to be in short supply?
#64What does a shortage of coins look like today? Difficulty paying for a parking space or a gumball? Is it just difficulty giving change in a cash transaction? Wouldn't stores have access to banks that arent closed to be able to give change? What's the role that coins play today that would be noticeable?
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Re: Why do U.S. coins seem to be in short supply?
#65Will this hasten the, presumably, eventual move to a 100% digital economy? I’d like to see statistics on how often people use analog money. Is there correlation by certain socio economic classes? I imagine drug dealers are 100% analog while CEOs are 100% digital. Where does everyone in between land?
CEOs are counterparties in the drug trade, too.
Everyone uses cash for some transactions, mostly because it affords privacy.
Re: Why do U.S. coins seem to be in short supply?
#66when is the last time someone used a coin to pay for something that wasn't a coin operated machine. Just get rid of them, or make coins that are worth >= $1
Re: Why do U.S. coins seem to be in short supply?
#67Will this hasten the, presumably, eventual move to a 100% digital economy? I’d like to see statistics on how often people use analog money. Is there correlation by certain socio economic classes? I imagine drug dealers are 100% analog while CEOs are 100% digital. Where does everyone in between land?
Drug dealers are not 100% analog. The further up the chain you go, the more analog it gets though.
Re: Why do U.S. coins seem to be in short supply?
#68What does a shortage of coins look like today? Difficulty paying for a parking space or a gumball? Is it just difficulty giving change in a cash transaction? Wouldn't stores have access to banks that arent closed to be able to give change? What's the role that coins play today that would be noticeable?
There’s some businesses like laundromats serving areas where many folks don’t have washer/dryer in unit that are still coin operated. It’s a real impact for those since people now need to go further to wash/dry or find friends or family who will help out.
can't they just take the coins from the laundry machines and put them back into the coin machine?
Re: Why do U.S. coins seem to be in short supply?
#69Earlier quoted context omitted.
A lot of apartment complexes also have on-site laundromats that are coin operated. I've never understood why the cost of that isn't included in the rent, landlords can't be taking that much of a cut from it.
It's to subsidize the cost of the machines and the electricity and water. The machines are commercial grade, depending on the amount of tenants they will have high wear and will cost to purchase $3000 each. Minimum of a set is 2 so $6000. If you use a management company that deals in laundromat and repair, the capex is not there but you'll ave a monthly opex of about $50-100 that should include a guarantee and onsite…
The commercial grade machines I've dealt with in SF apartment and condo buildings were worse overall than the non-commercial ones in Victorians and townhomes. They could take larger loads and washed/dried faster, but they had worse sensors, distributed detergent worse, ran too hot for drying, and slightly damaged some of my clothes.
Re: Why do U.S. coins seem to be in short supply?
#70when is the last time someone used a coin to pay for something that wasn't a coin operated machine. Just get rid of them, or make coins that are worth >= $1
Paying for parking without having to involve my phone or credit card is pretty nice.