Is a cashless society possible?
Hey guys,
I'm pretty sure most of you guys have heard of India's Ban on 500 and 1000 rupee notes to fight corruption and fraud, which was faced with a big deal of controversy. Following that, India's PM seems to be hinting towards making India a cashless society. (or at least a less-cash society)
Quote from freakanomics
It facilitates crime, bribery, and tax evasion – and yet some governments (including ours) are printing more cash than ever. Other countries, meanwhile, are ditching cash entirely. And if Star Trek is right, we won’t have money of any sort in the 24th century.
With the prevalence of digital payments like apple pay, android pay etc, is a cashless society possible in the future? Should we even be working towards a cashless society?
The reality of a cashless society looks almost certain, however people as a whole should fear that above all other. The existence of cash is what keeps governments and financial institutions in check. If we get to a point where some form of hard currency be it paper or coin doesn't exist what's to stop a government from just seizing all of your digital money, you would have no recourse because you can't possibly survive long enough to get a reversal of the action. Sure that seems far fetched even against the long term interests of the government. But when a powerful enough interest comes along and demands the government does X or Y and they need money to do so what is to stop them?
seriously? that's your primary concern? were you raised in the 19th century?
If you aren't worried about that, you place far too much trust in the government.
Some countries like Iceland are already a cashless society essentially.
Wow that's really cool! I did some reading and that's pretty amazing. Do you happen to know if they faced any transitional problems? I couldn't find much information from a quick google search but I saw a blogpost by a business traveller who seemed to like the idea!
There will always be a form of non electronic payment. Barter, bitcoin, gold, etc.
Governments want to do away with cash for two simple reasons: to manipulate the currency as they feel fit and to ensure taxation of everything you do. Both scenarios should be enough to never, ever, allow a full, cashless society.
They will push this agenda by using scare tactics (large bills fuel terrorism or drugs), but in reality it is just a slow and steady way of taking away your rights.
Not if society plans on making it rain for future generations.
Is a cashless society possible? Yes.
Is it a good idea? Maybe. There are good points on both sides of the debate.
Should the United States abolish the penny? Absolutely.
Don't think it'd be a smart move by the politicians- all bribes would then show up and be traceable. No more suitcases of cash. They'd basically be cutting of the hand that feeds them. Also velocity would significantly increase by means of digital credits being processed faster than cash, checks other m1-2 monies of the money supply- think faster exploding bubbles/recessions.
Damn near every law passed with the stated goal of "fighting corruption/terrorism/crime/etc." is really designed to fuck everyday people by controlling and manipulating behavior. Swiping a card may be more convenient but its leading to the push to eliminate cash -- which is something every American should fight against. The implications of a cashless society are pretty terrifying in my opinion. Maybe I'm paranoid from reading 1984, Brave New World, Atlas Shrugged, et al, but I never underestimate the government's desire to crush those under it's control.
Imagine losing your phone or that one card which can pay for your metro/train ride, your meals and purchases. What are you going to do until you replace your phone/card?
that's the idea, they want it all to be traceable. they're going to give everyone bar codes and there will be retina and thumbprint scanners.
don't throw away your tinfoil hat yet
Government is always the enemy. The amount of human suffering brought on by government in all forms is staggering.
Cash is no longer king (Originally Posted: 03/01/2017)
I've posted on the use of credit cards, and the incentives that overwhelmingly push us in that direction. The same can be said for small and large businesses. Using cash is a liability, it opens you up to theft and risk, while making the transactions process more difficult, resulting in slower customer service.
Cash is no longer king
There are still some staggering numbers out there...
There is a counterpoint however, that cash allows for our freedom. In a world without cash we would lose our right to privacy(some argue that is already gone).
What do you Monkey's think? Would you be willing to give up the anonymity of cash for an easier future?
I rarely use cash anymore. I am getting close to the point where I would prefer using my debit card through an app on my phone rather than in plastic form. I think we are only a few years out from a time when cash and plastic are perceived as an inconvenient and antiquated form of completing transactions. Though I don't think the traditional banking tools will disappear entirely, I do see an imminent evolution in the retail spending process.
I use credit card for everything (points, extra warranty, etc) but we need cash as a medium of exchange. Governments hate cash because it is lack of control for them. Hence why you see Europe push to ban high notional euros under the auspice of terrorism, but it's really about taxation and ability to control the currency whenever they want.
Agreed. Just another data point in governments' insistence to convince us to sign away any semblance of privacy or normalcy because of terrorism.
Not really. They've banned the 500 euro bills because they were exclusively used by criminals.
I guess for small businesses they prefer cash since they probably don't pay tax on cash
I agree that overtime the majority of all transactions will be pushing a button on your phone. I use credit cards for just about everything except for picking up the occasional candy bar, drink and leaving tips at a restaurant. However, I think the idea of being cashless as a society is not wise.
I agree with the idea of society being cashless isnt wise. I'm wondering if you could expand on your point, kinda curious to see how you're thinking about it.
I will move to Switzerland if the USA goes cashless: https://www.wsj.com/articles/swiss-are-frank-about-their-love-of-cash-1…
I am all about convenience and put 95% of purchases on my card, but until all places accept cards, it still is smart to carry at least some cash... I think in ~20 years it will be extremely rare to have any cash on you and people will look at you like you're form the early 2000s if you pull out a $20 to pay for something...GASP!
it happened to me the other day. I pulled a 20 to pay for a taco at a food truck and the lady was looking at me like dude i don't have cash to give you change. apparently they run their whole operation through free square as they sometimes go to bad areas or run late at night at some of those rave/disco/ whatever the fuck kids call those late night DJ parties at abandoned buildings and any cash on the truck is just too much for the "bad hombres" (including their employees) to resist. digital is no guarantee of security though. a bored 13 year old in some basement in Utah (or Moscow) can clean you out with just a few strokes (giggity).
This not only impacts the way we transact. Solely we are seeing technology push out the need for banks needing large "bricks and mortars" locations; both in physical size of their spaces and actual # of locations. Imagine what it will be like when cash becomes more of a nuisance for the masses..
I fucking love cash. I love how it looks, how it feels, how it smells. I always have a really fat wallet
How do you little fuckers pay for rub and tugs? With Amex points? Not me....cash. Don't leave those old ugly bitches your phone number either.
Cash = anonymity.
this may be the case stateside, but good luck getting around the developing world with amex and apple pay.
but yeah, totally agree DF, I wouldn't want my wife seeing a charge for a hummer on the CC.
"honey, why'd you buy a hummer, we already have an SUV?"
"..."
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