@CaptHenway said:
We got about 8-9 inches of snow last night. Cash will have it shoveled by Noon.
I bet I could get it down with Apple Pay or Google Pay also!
Not from my regular guy you couldn’t.
LOL. You never know. Venmo?
None of my students carry any cash at all. You can fight it, but we're going to get there anyway.
Your students have more to learn.
Lol. Or they have much to teach us old fogies.
As I mentioned earlier, I've spent a grand total of $15 cash all year. And I've only written 2 checks. Everything else had been strictly electronic payments of one kind or another
@CaptHenway said:
We got about 8-9 inches of snow last night. Cash will have it shoveled by Noon.
I bet I could get it down with Apple Pay or Google Pay also!
Not from my regular guy you couldn’t.
LOL. You never know. Venmo?
None of my students carry any cash at all. You can fight it, but we're going to get there anyway.
Your students have more to learn.
Lol. Or they have much to teach us old fogies.
As I mentioned earlier, I've spent a grand total of $15 cash all year. And I've only written 2 checks. Everything else had been strictly electronic payments of one kind or another
Maybe you're doing as I am. Using cards to avoid contact.
After this madness ends, I will go back to lovely, private...cash.
@CaptHenway said:
We got about 8-9 inches of snow last night. Cash will have it shoveled by Noon.
I bet I could get it down with Apple Pay or Google Pay also!
Not from my regular guy you couldn’t.
LOL. You never know. Venmo?
None of my students carry any cash at all. You can fight it, but we're going to get there anyway.
Your students have more to learn.
Lol. Or they have much to teach us old fogies.
As I mentioned earlier, I've spent a grand total of $15 cash all year. And I've only written 2 checks. Everything else had been strictly electronic payments of one kind or another
Maybe you're doing as I am. Using cards to avoid contact.
After this madness ends, I will go back to lovely, private...cash.
Nope. Love my cards. They give me (electronic) cash back.
And unless your dealings are in dark basements, nothing is private these days.
@Goldminers said:
It seems like the digital dollar is not only inevitable, but that it is needed.
I've yet to hear a convincing argument against it.
Here is one:
If physical cash disappears then banks can achieve their ultimate dream - to be able to charge negative interest rates on your money. If they tried that now, people would just empty their accounts and take out physical cash. So banks want to get rid of physical cash entirely.
If I were in charge of things I would promote free enterprise and privatization - except for banks. I would nationalize all banks. Instead of credit card companies being the middle man and taking their (rather large) slice of everyone's production, a government-owned bank would facilitate transactions using "digital dollars". The digital transaction fees would become the only necessary source of tax revenue for local, state, and Federal governments. Imagine no more income tax returns to file, and the streamlining of business paperwork, giving everyone more free time to do as they please.
.
@CaptHenway said:
We got about 8-9 inches of snow last night. Cash will have it shoveled by Noon.
I bet I could get it down with Apple Pay or Google Pay also!
Not from my regular guy you couldn’t.
LOL. You never know. Venmo?
None of my students carry any cash at all. You can fight it, but we're going to get there anyway.
Your students have more to learn.
Lol. Or they have much to teach us old fogies.
As I mentioned earlier, I've spent a grand total of $15 cash all year. And I've only written 2 checks. Everything else had been strictly electronic payments of one kind or another
Maybe you're doing as I am. Using cards to avoid contact.
After this madness ends, I will go back to lovely, private...cash.
Nope. Love my cards. They give me (electronic) cash back.
And unless your dealings are in dark basements, nothing is private these days.
I must confess. That IS tempting. I consider and reject all the time.
I'm an old paranoid coot.
@Goldminers said:
It seems like the digital dollar is not only inevitable, but that it is needed.
I've yet to hear a convincing argument against it.
Here is one:
If physical cash disappears then banks can achieve their ultimate dream - to be able to charge negative interest rates on your money. If they tried that now, people would just empty their accounts and take out physical cash. So banks want to get rid of physical cash entirely.
If I were in charge of things I would promote free enterprise and privatization - except for banks. I would nationalize all banks. Instead of credit card companies being the middle man and taking their (rather large) slice of everyone's production, a government-owned bank would facilitate transactions using "digital dollars". The digital transaction fees would become the only necessary source of tax revenue for local, state, and Federal governments. Imagine no more income tax returns to file, and the streamlining of business paperwork, giving everyone more free time to do as they please.
.
This doesn't compute. If the US had digital cash, why would it be in a bank at all? The only reason to put your digital currency into a bank is BECAUSE of the interest rates.
I think you could make a more convincing case that banks would need to raise interest rates in a digital economy to attract deposits.
In fact, for numerous citizens, the banks already charge negative rates because of monthly service fees that cash poor customers cannot get waived.
That's only because of federal drug laws. Those can be changed.
Very true.......they see what kind of $$ it's generating.....and what they're losing out on.....they'll want a piece of THAT pie, no question, MUCH sooner than later...though, that's a convo for another day, which will likely get bammed!
To "prevent deflation" several Swiss and other countries private banks already charge negative interest rates on large deposits to push people to invest their other assets. They did not need a "digital dollar" to do it.
As of Dec 2020 worldwide, there are about $12 trillion in negative interest rate bonds. I try to imagine how crazy that is, and that is without any major national digital currency which would make it even easier to rip off other depositors of cash.
Try to get $100,000 in cash from a US bank today. The teller will call the manager, and they will come and say they don't have that much cash, and you will get some scrutiny and paperwork, if you try to get more than $10,000.
@Goldminers said:
It seems like the digital dollar is not only inevitable, but that it is needed.
I've yet to hear a convincing argument against it.
Here is one:
If physical cash disappears then banks can achieve their ultimate dream - to be able to charge negative interest rates on your money. If they tried that now, people would just empty their accounts and take out physical cash. So banks want to get rid of physical cash entirely.
If I were in charge of things I would promote free enterprise and privatization - except for banks. I would nationalize all banks. Instead of credit card companies being the middle man and taking their (rather large) slice of everyone's production, a government-owned bank would facilitate transactions using "digital dollars". The digital transaction fees would become the only necessary source of tax revenue for local, state, and Federal governments. Imagine no more income tax returns to file, and the streamlining of business paperwork, giving everyone more free time to do as they please.
.
It ultimately is about financial and personal freedom. The removal of choice always reduces one's freedom.
I dont like absolutes. And freedom in and of itself applied to every situation is not always good to preserve. (the first thing my mind went to was pistol duels in the 1800s that were banned. Weird example, but I didnt sleep last night. This is what my brain produces under such situations).
Applied to the topic of money, the freedom to use inferior methods of payment that increases your risk of theft is not a good freedom to have. Everything you mentioned can be hedged with different forms of secure platforms. And, if technology fails solving these sociological problems, regulation should be applied.
@Goldminers said:
It seems like the digital dollar is not only inevitable, but that it is needed.
I've yet to hear a convincing argument against it.
Here is one:
If physical cash disappears then banks can achieve their ultimate dream - to be able to charge negative interest rates on your money. If they tried that now, people would just empty their accounts and take out physical cash. So banks want to get rid of physical cash entirely.
If I were in charge of things I would promote free enterprise and privatization - except for banks. I would nationalize all banks. Instead of credit card companies being the middle man and taking their (rather large) slice of everyone's production, a government-owned bank would facilitate transactions using "digital dollars". The digital transaction fees would become the only necessary source of tax revenue for local, state, and Federal governments. Imagine no more income tax returns to file, and the streamlining of business paperwork, giving everyone more free time to do as they please.
.
I disagree thats a convincing argument. What you're describing is greed that should be regulated.
It's equivalent to McDonald's closing a restaurant. They shut down branches that don't have enough customers to serve. I mean, seriously, I used to go to the bank 3 times per week 20 years ago. I don't go inside a branch 3 or 4 times per YEAR now. I know the old fuddy duddies (not you) think digital currency won't ever happen, but we're more than half-way there.
Comments
Lol. Or they have much to teach us old fogies.
As I mentioned earlier, I've spent a grand total of $15 cash all year. And I've only written 2 checks. Everything else had been strictly electronic payments of one kind or another
Maybe you're doing as I am. Using cards to avoid contact.
After this madness ends, I will go back to lovely, private...cash.
Nope. Love my cards. They give me (electronic) cash back.
And unless your dealings are in dark basements, nothing is private these days.
Here is one:
If physical cash disappears then banks can achieve their ultimate dream - to be able to charge negative interest rates on your money. If they tried that now, people would just empty their accounts and take out physical cash. So banks want to get rid of physical cash entirely.
If I were in charge of things I would promote free enterprise and privatization - except for banks. I would nationalize all banks. Instead of credit card companies being the middle man and taking their (rather large) slice of everyone's production, a government-owned bank would facilitate transactions using "digital dollars". The digital transaction fees would become the only necessary source of tax revenue for local, state, and Federal governments. Imagine no more income tax returns to file, and the streamlining of business paperwork, giving everyone more free time to do as they please.
.
I must confess. That IS tempting. I consider and reject all the time.
I'm an old paranoid coot.
This doesn't compute. If the US had digital cash, why would it be in a bank at all? The only reason to put your digital currency into a bank is BECAUSE of the interest rates.
I think you could make a more convincing case that banks would need to raise interest rates in a digital economy to attract deposits.
In fact, for numerous citizens, the banks already charge negative rates because of monthly service fees that cash poor customers cannot get waived.
Very true.......they see what kind of $$ it's generating.....and what they're losing out on.....they'll want a piece of THAT pie, no question, MUCH sooner than later...though, that's a convo for another day, which will likely get bammed!
To "prevent deflation" several Swiss and other countries private banks already charge negative interest rates on large deposits to push people to invest their other assets. They did not need a "digital dollar" to do it.
As of Dec 2020 worldwide, there are about $12 trillion in negative interest rate bonds. I try to imagine how crazy that is, and that is without any major national digital currency which would make it even easier to rip off other depositors of cash.
Try to get $100,000 in cash from a US bank today. The teller will call the manager, and they will come and say they don't have that much cash, and you will get some scrutiny and paperwork, if you try to get more than $10,000.
My US Mint Commemorative Medal Set
Buy Gold and Silver my friend. I realize governments would try to artificially reduce the value, but if enough people do it...well!
One world currency? Sounds like something out of the bible.
so will paypal.
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be
I dont like absolutes. And freedom in and of itself applied to every situation is not always good to preserve. (the first thing my mind went to was pistol duels in the 1800s that were banned. Weird example, but I didnt sleep last night. This is what my brain produces under such situations).
Applied to the topic of money, the freedom to use inferior methods of payment that increases your risk of theft is not a good freedom to have. Everything you mentioned can be hedged with different forms of secure platforms. And, if technology fails solving these sociological problems, regulation should be applied.
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be
agreed.
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be
I disagree thats a convincing argument. What you're describing is greed that should be regulated.
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be
US Banks File to Shut 64 Branches in a Single Week
Exit bunker, enter Matrix. LOL
It's equivalent to McDonald's closing a restaurant. They shut down branches that don't have enough customers to serve. I mean, seriously, I used to go to the bank 3 times per week 20 years ago. I don't go inside a branch 3 or 4 times per YEAR now. I know the old fuddy duddies (not you) think digital currency won't ever happen, but we're more than half-way there.