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Are we on the verge of a cashless society?

 
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Pillar of the Community
United States
941 Posts
 Posted 07/05/2018  6:31 pm  Show Profile   Bookmark this reply Add lrbguy to your friends list Get a Link to this Reply
If society went completely cashless it sure would complicate blackmarket and other forms of illicit trade. Nothing preserves anonymity like cold hard cash.
Pillar of the Community
Sweden
985 Posts
 Posted 07/05/2018  7:01 pm  Show Profile   Bookmark this reply Add X2an to your friends list Get a Link to this Reply

Quote:
If society went completely cashless it sure would complicate blackmarket and other forms of illicit trade. Nothing preserves anonymity like cold hard cash.


Every heard of Bitcoin? This is what's used a lot on the black markets online. Another version of anonymity, just digital.


Quote:
*The trend is troubling in that the technology allows "big brother" to keep tabs on our spending (as so many have pointed out)- but its so darn convenient

It's the 'free' business idea - the service is free but your actions are recorded to collect data and discover patterns to sell to advertising companies. It's such a huge market these days. The demand for information is crazy these days.

My experience about a cashless society here is that you're treated as a second-class shopper. But if you stay away from smaller shops (which really goes against the 'small business is the foundation of the economy'-principle) and chains, you can survive quite well. As I much prefer cash over card most days, I still always have to have atleast a little bit of money on my account to cover smaller expenses when suddenly the shop does not accept cash. However, I still get by quite well. My bank is a supermarket chain that always handles cash so I can withdraw and deposit money easily. And in addition: you do notice that you're not alone paying cash and all, which is reassuring. As for the future of cash society, I do not see an end soon. I feel the massive decline in cash usage has already happened, and society is adapting to that reality.
"Always assume the lowest in value for best possibilities"
Valued Member
United States
320 Posts
 Posted 07/05/2018  11:31 pm  Show Profile   Check BluegrassRiver's eBay Listings Bookmark this reply Add BluegrassRiver to your friends list Get a Link to this Reply
No, but a lot of interests want you to go cashless and use their card or app so they can take a little fee off of you. Can't ding you for using cash. Cash is a much more private transaction form. Electronic forms are subject to identity theft too.
Valued Member
United States
211 Posts
 Posted 07/06/2018  12:04 am  Show Profile   Bookmark this reply Add ikeyPikey to your friends list Get a Link to this Reply
My guess is that most readers will run across a thought or story or two that are new to them in:

The End of Money: Counterfeiters, Preachers, Techies, Dreamers -- and the Coming Cashless Society, by David Wolman (2012)

Cheers,

/s/ ikeyPikey
Why collect coins? Memory is the second thing to go. The use of money is the last thing to go.
Bedrock of the Community
Australia
14563 Posts
 Posted 07/06/2018  04:28 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
This happened to me today:
Went to obtain a travel cash card loaded with Euros, for travel to Europe:

Intended to pay with a debit card, I needed $11,400
Money had to come from another bank. To transfer $14,000 to the target bank I had to pay a fee of $30, for EFT. I avoided the fee, by withdrawing the amount in cash, and paid this amount into my debit card account. (Different bank to those in the story, which follows)


Then went to the cash conversion company to obtain the Euros travel card, and load it. Their card reader would not read my debit card. Went to the bank that issued the debit card. The card read OK.
'Would the cash conversion company accept a bank cheque, drawn against mu debit card?'
'No'

Went to the bank that issued the debit card.
The auto teller has a cash limit of $2,000, so I went to the over the counter teller. They would only let me withdraw only $5,000 in cash, so I had to go to another branch of the same banking company, for another $5,000 in cash and to a third bank for the remaining $1,400.

I finally loaded my travel card with Euros, by paying for it all in cash, before the weekend, when the banks are all closed.

It took me nearly four hours to complete the transaction, which in my opinion, should have taken no more than 10 minutes.
That is how long it would have taken if I had $11,400 in cash to begin with. GRRRRRR !

Through all of this, I paid no fees at all for electronic funds transfers, simply because it was forcibly devolved into the basic requirement of having to pay in cash.


I need a cashless society like I need a hole in the head.


Edited by sel_69l
07/06/2018 07:34 am
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United States
63556 Posts
 Posted 07/06/2018  11:19 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
If society went completely cashless it sure would complicate blackmarket and other forms of illicit trade
I feel it is certainly a reason why governments might want to force a cashless society.
Pillar of the Community
United States
1543 Posts
 Posted 07/06/2018  8:50 pm  Show Profile   Bookmark this reply Add Kurrency Ken to your friends list Get a Link to this Reply
During the depression scrip was issued to substitute for the lack of circulating money. Also now there appears to be a proliferation of "local" currencies to try to keep the wealth and economic energy in the local community.

KK
Valued Member
United States
211 Posts
 Posted 07/07/2018  12:31 am  Show Profile   Bookmark this reply Add ikeyPikey to your friends list Get a Link to this Reply
An odd angle to the large-bills-for-money-laundering issue:

In Geneva, 'Dirty Money' of Another Kind Flushed Down the Toilet

https://www.nytimes.com/2017/09/19/...toilets.html

Cheers,

/s/ ikeyPikey
Why collect coins? Memory is the second thing to go. The use of money is the last thing to go.
Valued Member
Canada
182 Posts
 Posted 09/04/2018  11:38 pm  Show Profile   Bookmark this reply Add OttawaVoyageur to your friends list Get a Link to this Reply
simply to relaunch this thread.

here are two (short) thought-provoking articles:

http://www.darlingtonandstocktontim...gn-in-banks/

https://www.ubs.com/global/en/wealt...cieties.html

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United States
63556 Posts
Valued Member
United States
80 Posts
 Posted 09/30/2018  09:28 am  Show Profile   Bookmark this reply Add Ballyhoo to your friends list Get a Link to this Reply
Are we heading into a cashless society? This one got me thinking over the past fifteen minutes or so. The conclusion I draw upon is no. And here is why. The internet came about around 1995. Not long after every industry cried it was the end of them. People still use stamps to mail letters (bills). People still buy newspapers. And the list goes on. However, like all of these, our future pickings will be a mere fraction of what they were prior to 2000. So now, twenty years later, plastic and electronic transfer evolved. Same scenario all over. As for the hobby, that may be a good thing enticing new and young collectors. I know this because I showed my 14 year old niece one of my 1867 Two-Cent and now she collects paper currency. Only time will tell.

Just a thought.
Pillar of the Community
United States
5600 Posts
 Posted 09/30/2018  12:40 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
Ask the 10s of millions of people who attend garage sales, flea markets, farmer's markets, private auctions, hobby shows (bottle shows, coin shows, insulator shows, tool shows, steam tractor shows, RR shows), venders/game owners at county fairs/carnivals, scrapbooking get togethers, and kids having a lemonade stand.

Although I suspect plastic is likely taken by some dealers at some of the long established hobby shows like numismatics.
- When I value " being right" more than what IS right, I am then right...a fool.
- How much squash could a Sasquatch squash if a Sasquatch would squash squash?
- Real men play Fizzbin.
Pillar of the Community
United States
1543 Posts
 Posted 09/30/2018  10:06 pm  Show Profile   Bookmark this reply Add Kurrency Ken to your friends list Get a Link to this Reply
Change comes slowly with everything...but change will always be happening. I like counting my change.

KK
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United States
63556 Posts
 Posted 10/01/2018  2:42 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
The internet came about around 1995.
The internet was already 25 years old by that time. For that year you may be thinking more specifically about the world wide web, which is what really made the internet useful for the common person.

But I digress...


Quote:
Ask the 10s of millions of people who attend garage sales, flea markets, farmer's markets, private auctions, hobby shows (bottle shows, coin shows, insulator shows, tool shows, steam tractor shows, RR shows), venders/game owners at county fairs/carnivals, scrapbooking get togethers, and kids having a lemonade stand.
PayPal. Venmo. Zelle. Square Cash. We might not like them, but the kids sure do. Once we are dead cash will be unnecessary because the younger generations will have already lived well without it.


Quote:
Change comes slowly with everything...but change will always be happening.
Truth.
Bedrock of the Community
United States
11128 Posts
 Posted 10/01/2018  4:14 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
Once we are dead cash will be unnecessary because the younger generations will have already lived well without it.


It will still have it's place. There is a huge difference between not using it and being okay with it being abolished. There's always going to be people that want to hide a purchase from their spouses, restaurants/bars ect. Doesn't even get into the fact that the US is a world reserve currency. Cash into going to be abolished in the USA during anyone's life span that is alive right now
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