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 Replies: 24 / Views: 4,292 |
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Valued Member
China
171 Posts |
I live in China, which is not a cashless society at all. The only place where you can use cards are in modern hotels and fancy restaurants. As a result, since everything is in cash, corruption is easy. My friend failed his vehicle emission exam. 500 RMB and suddenly he passes. If it was electronic, this kind of thing could not happen but when the corruption is at the very top, nobody but the ones at the bottom have any reason to get rid of it.
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Valued Member
Canada
475 Posts |
Heck I thought we were already cashless..................haven't a twoonie for a week ! LOL
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Bedrock of the Community
Australia
21788 Posts |
Corruption would be harder in a cashless economy, but far from impossible.
Credit card fraud is reasonably common right now.
One wonders how much the GFC was initiated by corruption, and how much by financial ineptitude at the highest level.
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Pillar of the Community
Canada
2366 Posts |
Only if the transactions are centralized and monitored. If they are just done peer-to-peer than it won't be any different than handing over a $20 bill.
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Valued Member
 Canada
210 Posts |
Try to imagine you live, or have been projected 1000 years into the future,and if current trends continue to their end conclusions,it would cost $1000.00 for a loaf of bread,a basic model of car:$1000.000.00+ and if your one of the lucky elites, with the states permission, of coarse, you can purchase a limited amount of ancient coinage,like a 1991P nickel, in vg for under$5000.00!! Just trying to comprehend what in heck they would use for trade purposes. Perhaps a wink of an eye would complete the transaction,because the mandatory chip implant at birth would automatically register and pay,psycho-electronically, all you wants needs, and purchases. It would even be able to project predictions of future possible purchases for you to consider,but you KNOW it already knows exactly what you want , anyway,so,you probably don`t even have to think,at all in the future.I`m guessing that, in the distant future ALL metals ,including coinage will be prohibited by the state, as unsafe for human contact,due to environmental contamination,or perhaps consumed ,long ago as a natural resource. Just a thought.
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Pillar of the Community
Canada
3692 Posts |
How would you record transactions where there is no power?
Pen and paper? You still need cash for emergencies.
There's this stigma that mostly criminals use cash. So why use something legal (legal tender) for criminal purposes? It seems like a paradox but it's for liquidity and to remain under the radar because they still need to be able to spend the money and live. Once cash is "officially" gone (not legal tender) there will always be an underground economy at work (not to mention the corruption possible in the computer hacking world). Look at prisons, where cigarettes are money - they don't write each other IOUs. So even amongst criminals there has to be an asset-based currency. Money is essentially useless without the consent of everybody - it's just promises and paper/coins. Cash isn't going anywhere, it'll just be represented by something else and by the people that use and accept it.
@muemistman: In Nunavut prices for everyday stuff like milk and bread goes for crazy money (like $20). It's not because of inflation. I think it has to do with the remoteness of the area. And you can't prohibit anything. Google prohibition; it makes the situation worse.
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Pillar of the Community
United Kingdom
837 Posts |
Good point Libertad about the power !  Another thing is what if the servers and other infrastructure for electronic money crash or get hacked   I think what will simply happen is: we will eventually reach an equilibrium were a good chunk of transactions will electronic and some will still use regular currency - governemnts will simply mint less coins and as has been stated earlier lower denomination coins will be scrapped ..... A more reasonable prediction is that in the future the majority of transactions will be electronic and a smaller number will be cash . Cash still has its place in a lot of sectors..... |
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New Member
42 Posts |
For to mr Swift, my friend there from the China, can you please get those guys to be stop send over all the faker stuff to here   |
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Valued Member
Canada
75 Posts |
Personally I can see a cashless Canada within 20 years.
Sweden is almost entirely cashless already.
In a localized power outage, transfer money on your phone.
If its a widespread outage and phones are out you probably have bigger problems.
A lot of people make the argument that as long as electronic transfers and such cost money that there will be cash. What is there to stop a bank from charging a fee to withdraw cash? Especially if it is a tiny minority of their business.
My bank already charges a fee for business accounts to withdraw rolled coin for Pete's sake. They also charge to deposit nickel dollars and 50c pcs "Because they have to pay to ship it back to the mint"
This coming from the perspective of a 22 year old who grew up in a largely technological world, and can count on one hand the personal cheques I've written ;)
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Pillar of the Community
Canada
3692 Posts |
After Y2K, a man in Germany magically had a few billion marks more in his bank account. Electronic anything can be hacked easier than an analog device (e.g. I can cut the brakes on your car but you would instantly suspect something was up if I wounded your horse). You will never convince me that digital currency is not about power and control. It's not about the environment or cost to print or coin money. At an instant there can be no money or "infinite" money and there's nothing to protect you from that type of inflation.
@spence: If a bank charged me ridiculous fees like that I wouldn't be their customer and I would never leave anything on deposit. It doesn't even make sense to wire your monies to another bank to withdraw; just close your account because it's not working out. Anyone who charges me to access my hard earned money is just a thief, plain and simple.
BTW, I'm sure coins don't get returned to the mint, but to the treasury. I could be dead wrong on this one.
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Valued Member
China
171 Posts |
Quote:
For to mr Swift, my friend there from the China, can you please get those guys to be stop send over all the faker stuff to here Oh, there are lots of things over here I wish I could stop. Imagine every stereotype of Chinese drivers coming true on a massive scale. That darn spitting, especially in restaurants. Smoking in elevators. Fake coins are low on my list. I saw some obviously fake Morgan dollars once at an antique store. Wish I had bought some. |
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Valued Member
Canada
118 Posts |
PayPal makes it easy for criminals to transfer funds now for "goods" or "services". If someone wants to avoid a trail of transactions to themselves personally, they just have to develop a network of "friends" who send or receive the funds for them. Paper currency is unnecessary for them now.
And there are other options to PayPal as well, as most of you know.
Given fees etc. it's clear banks want to avoid customers coming to the branches now. Electronic transactions are immediate as opposed to checks, for instance, which saves the institutions time and labour. It will become harder and harder to do much of anything on a cash basis.
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Valued Member
Canada
75 Posts |
@Libertad, the fees don't affect me because I simply don't use the same bank for my business account. I do find them a little silly but hey maybe they just don't want to deal with businesses.
As far as a means for criminals to transfer large sums of money, Paypal is a corporation, and reports a lot to governments.
Bitcoin on the other hand is entirely crowdsourced and decentralized. No one knows about any transfers other than the sender and the recipient, and there is no permanent record of any transaction. What governments are trying to do is to track exchanges that exchange bitcoins for dollars, but as long as a person can buy things with bitcoin (which is more and more every day) there's less need to exchange.
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Valued Member
Canada
220 Posts |
Lets not forget about the cryptocurrencies. Bitcoin, litecoin, etc. These are much more difficult to track the transactions than any other digital payment method and are becoming quite popular with the underground markets. They are decentralized so there is no control over them like banks have with money. Will they take over, who knows.
Sorry cspence, I was typing while you were posting...you got this one.
Edited by Ningcumpoop
11/16/2013 6:29 pm
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Pillar of the Community
Canada
1700 Posts |
In my opinion, it really depends on the country and the ressources that the given country has to support those transactions.
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Replies: 24 / Views: 4,292 |
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First Page
Posted 06/13/2013 09:02 am
