Eliminating cash

[Sbee]

so i pre paid our rose bowl tailgate for some friends, they paid me back in cash, it's kind of strange using currency for day to day expenses. i rarely get money from the ATM, I even make direct payments for babysitters, uber for cabs, etc.

this got me to thinking, eventually smartphone usage will be so prevalent that people could use an app and debit card for all transactions, basically eliminating cash. we could use this to basically eliminate all illicit activity; drugs, prostitution, gambling, etc. I'm pretty liberal on these policies but you could destroy their ability to make payments by getting rid of the untraceable payment method.

thoughts?

 

[Michchamp]

so i pre paid our rose bowl tailgate for some friends, they paid me back in cash, it's kind of strange using currency for day to day expenses. i rarely get money from the ATM, I even make direct payments for babysitters, uber for cabs, etc.

this got me to thinking, eventually smartphone usage will be so prevalent that people could use an app and debit card for all transactions, basically eliminating cash. we could use this to basically eliminate all illicit activity; drugs, prostitution, gambling, etc. I'm pretty liberal on these policies but you could destroy their ability to make payments by getting rid of the untraceable payment method.

thoughts?

you might impact petty property crime, but real big money stuff will still go on.

note the way HSBC was banking money & transacting in funds linked to terrorism and narcotics trafficking, and only required to pay a fine... and only because they got caught. no criminal charges against the bank, no personal fines... everyone kept their bonuses!

banks will do it as long as there's money to be made and no criminal risk to any individuals.

 

[Gulo Blue]

Yup. If privacy matters, then making untraceable payments is an important part of that and we're going to voluntarily give it up for convenience. Those little square nuggets are everywhere.

Save the clock tower. Can you thumb a hundred bucks?

That was supposed to be this year, right?

 

[Sbee]

well the IRS tracks all transactions over $10,000 so we do give that up regardless, i don't think it would be an invasion of privacy since this is the law currently.

money laundering would become a lot more difficult, avoiding taxes for under the table dollars would be difficult, etc.

 

[Gulo Blue]

I disagree then.

How Target Figured Out A Teen Girl Was Pregnant Before Her Father Did
http://www.forbes.com/sites/kashmir...teen-girl-was-pregnant-before-her-father-did/

 

[Sbee]

I disagree then.

How Target Figured Out A Teen Girl Was Pregnant Before Her Father Did
http://www.forbes.com/sites/kashmir...teen-girl-was-pregnant-before-her-father-did/

that's one case but that's the issue with big data and analysis. i'm looking at this site and the banner ads are generally for Rose bowl t shirts, chrysler (i just purchased one), and golf vacations. whether it's your purchase history at a store, browsing history, etc, you're not going to be safe from marketing.

Back to the original topic, i have more liberal views on drugs, prostitution, etc, but I'm sure this debate will come up again. you can also eliminate human trafficking, sex slavery, etc by eliminating the untraceable payment.

a lot of malicious activity is done because the perpetrator doesn't think he's going to get caught.

 

[Gulo Blue]

that's one case but that's the issue with big data and analysis. i'm looking at this site and the banner ads are generally for Rose bowl t shirts, chrysler (i just purchased one), and golf vacations. whether it's your purchase history at a store, browsing history, etc, you're not going to be safe from marketing.

Back to the original topic, i have more liberal views on drugs, prostitution, etc, but I'm sure this debate will come up again. you can also eliminate human trafficking, sex slavery, etc by eliminating the untraceable payment.

a lot of malicious activity is done because the perpetrator doesn't think he's going to get caught.

Of course, there's also bitcoin and others like it to consider.

 

[Thumb]

So if we eliminate physical currency, do we also eliminate bonds, and the gold reserve?

As far as crime goes, my guess is it will be similar to how they do it in prison, there will be a substitute currency used for unrecorded transactions. The scary idea is what the new 'currency' might end up as, things like actual drugs, or or something worse.

 

[Sbee]

So if we eliminate physical currency, do we also eliminate bonds, and the gold reserve?

As far as crime goes, my guess is it will be similar to how they do it in prison, there will be a substitute currency used for unrecorded transactions. The scary idea is what the new 'currency' might end up as, things like actual drugs, or or something worse.

fort knox hasn't really been relevant since we went off the gold standard. some kind of solution would come up for bonds

as for trade, i'm sure there would be drugs for sex, etc, but that goes on right now too. the risk and hassle of trade vs using cash would lead people to drink vs use drugs possibly (not an improvement), maybe watch porn vs getting a prostitute, etc. that's all at the micro level, how about the big dollars? within the drug cartel, how you pay the people below you? money changes hands a lot for that does to get in the users body.

 

[deathroh]

Of course, there's also bitcoin and others like it to consider.

Personally I'm converting all my cash over to Coinye.

 

[Gulo Blue]

Personally I'm converting all my cash over to Coinye.

No Dogecoin?