Cashless Society

[sovereignsteve]

23 minutes ago, Mcgrimes said:

I'm aware that finger prints aren't fool proof, nor is a pin code, or a passport, or maiden name etc etc

But what is?

The point is; if you get hacked, you can change your password. You can't changed your fingerprints, therefore you are hacked for life🙄

[Mcgrimes]

28 minutes ago, sovereignsteve said:

The point is; if you get hacked, you can change your password. You can't changed your fingerprints, therefore you are hacked for life🙄

I get that point, as I say, nothing is fool proof - a finger print in conjunction with a PIN number, for example, would be much more secure.

But again, my original point is that some security ie fingerprint, is much more secure than cash.

[8phwt]

2 hours ago, sovereignsteve said:

You're fingerprints are yours for life. Think how screwed you'd be if the world totally relied on this type of security; you lost your phone or had it stolen by hackers, who then extracted the image of your prints from it! 😲

best comment.

[adamantio999]

I've always been using mostly cash. I use the card for the payments about which I don't have alternatives (flights/hotels for the holidays, buying PM's onlines and so on and so forth).
My standard practice is withdrawing cash at the cash machine at the beginning of the month. If it is sufficient, I put the redundant cash in the "pygghi bank". If it's not, I withdraw again. Due to my status (EU citizen living in United Kingdom) I hold a good portion of my portfolio in cash of both the currencies (British pound and Euros), and cash gets along with my precious metals.

I am slowly reaching a point on which i am holding less and less credit on my account (in the future probably only the amounts needed for paying bills and holidays), but higher percentages of cash and PMs.

And I couldn't sleep better

[Pipers]

I like cash, I use it as much as possible.  The reason for using cash is because :-

most small independent shops like cash, I can multi buy in shops and barter with the owner.  I buy from markets,  car boots, craft, antiques, fairs also I go to a lot of the spring to Autumn festivals plus horse racing events Cash is always best at these events. 

Having cash withdrawn from our society would be a very bad decision.  Removal of cash would mean forced electronic payment, who would be incharge of the transaction the banks? Do the banks get to keep the information about the private individual or is the information ringfenced?  What would happen if a  person is found guilty of a  crime, then on release the person cannot get access to money's, IMO that person then becomes more dangerous!   The poor also would be excluded from society, meaning an increase in unrest rioting etc. 

Getting rid of cash means banks etc will become even more powerful as the population will have no choice but to use the banking system for transactions.

[PansPurse]

Wow, this has really sparked some interesting discussion

For my two cents, I use cash day to day because it's a helpful way of keeping tabs on my budget (contactless payments make it slightly too easy to spend IMHO). But predominantly using cards means not ending up in the situation that my grandad was in the time he took out several hundred for Christmas shopping then lost his wallet.

Curiously a lot of the privacy concerns seem to echo some of the discussion around cryptocurrencies. So, a means of payment that is difficult to track, but which can still exist in a cashless society... It perhaps means that you can't have the convenience of picking something up off Dangerous Dave in the Tesco carpark, or at least not yet.

Payment processing is also a really big problem for people who's businesses are not illegal but a bit fringe. Lots of adult performers, for example, struggle to find companies willing to offer credit card payment services for their websites, even if what they're doing is perfectly above board in the eyes of the law.

[adamantio999]

 

[KDave]

Ideally banks should be seen as utilities and the law should be changed to reflect that. They benefit from the privilege of creating new national currency when they make a loan, but are treated as a business? Why?

If everyone had legally the right to access banking services regardless, then cashless would be less of a problem. Utility companies are in the position of having immense power over us, life and death in winter if they wished simply by turning off the supply. Law prevents this. The banks should be the same. 

[Lowlow]

The United States had a city (Philadelphia I think ?) that passed a law last week requiring businesses to accept cash, said it was an issue of fairness to the poor many of whom don't have access to Credit Cards which are the predominate form of cashless money in the U.S.

I don't have a link to the article as I just read it in passing.

[Oldun]

I may have said this before but any child being born about now can expect to see a blockchain cashless society within their lifetime. I think that is a fair bet. That is not to say a very healthy thriving black market wont also exist. Indeed, I think it will thrive.

[Tn21]

3 hours ago, Oldun said:

healthy thriving black market 

Would that be cash based im assuming?

[Oldun]

Not necessarily. Circumstances will dictate.

[Tn21]

Given the scenario of a child being born now, so in the next day 75-100 years do you think notes & coins will still be around?