Coinless society and a new form of money.

cladking

Imagine these costs decreasing even further as time goes on.Link

relayer

Smart cards haven't caught on here yet, but one day soon it will be the only thing you will carry.

MadMarty

What would happen to our thriving black market if there is a cashless society! There will always be some sort of CASH around!!

mrearlygold

They banned coinage under communism in Vietnam. It just started getting produced there again. They too are trying to integrate ATM cards and the like but it's not going over well at all.

Vietnam is a cash society because of the heavy hand of government and taxation ( highest tax rates at 48%). It's almost funny when you see brand new Honda motorcycles which cost as much as 3- 8,000 on the streets of Saigon and the general belief is the people only make 50 bucks a month. I know people who have huge amounts of gold and cash there and you would never know it.

I sold my Suzuki bike while in Vungtau as a case in point, used for 2200. One guy showed with 34 million and change VND and different guy showed with 22 new hundred dollar bills. I was leaving and so I took the hundreds. There were more than a dozen people who came to my house in one evening, all carrying a hand bag presumably with cash in it.

Smart. The government can't steal what doesn't appear to exist.

Smart cards are not smart.

Tom

earlwbollinger

Well first you need to get to a cashless society that doesn't need or use money.
That means everyone has their needs taken care of, they don't need anything and if they do they can get it.
Then the government doesn't have to have a need for money nor taxes, as without money you can't really tax anyone.
Money only came about as a convenient way for everyone to pay their taxes. Carrying a bag of coins is a lot easier than a few tons of farm produce.
I think we still have a few hundred years to go before then.

LincolnCentMan

Credit card companies now routinely charge the firms accepting credit card payments $0.25 plus between two and three percent of the amount transferred per payment. This fee structure makes it difficult to run a business selling items for less than ten dollars, and impossible to run a business selling items for less than one dollar: transaction costs eat up the profits.

Through superior payments software, micropayments companies like Paypal (founded in 1998), Yaga (founded in 2000), Peppercoin (founded in 2001) and BitPass (founded in 2002) are able to offer much lower transaction costs than credit card companies, greatly expanding the number of transactions.

They are clearly misinformed. Paypal costs $.30 per transaction (not the quarter like the credit card that THEY mentioned) plus 2.9%.

David

cdwegner

Two benefits of electronic money stand out, and will likely contribute to its growth. Most important, it will have profound intellectual benefits by creating incentives for the active pursuit of ideas. Second, electronic money will advance globalization, expanding the scope and versatility of the Internet and making it easier for people to interact constructively with others around the world. Taken together, these two benefits will enable millions of minds to work together far more effectively than ever before.


A lack of physical currency "will have profound intellectual benefits by creating incentives for the active pursuit of ideas"? Huh? Intellectual benefits?

The second statement about people being able "interact constructively with others around the word"... huh?

I fail to follow this person's reasoning. I must be missing something.

Wait a minute.. was this article written in English, translated to Korean and then translated back to English?

fishcooker

When I saw Casino's no longer handling "money," I knew the clock was ticking down on coin and currency.

cladking

<< <i>Two benefits of electronic money stand out, and will likely contribute to its growth. Most important, it will have profound intellectual benefits by creating incentives for the active pursuit of ideas. Second, electronic money will advance globalization, expanding the scope and versatility of the Internet and making it easier for people to interact constructively with others around the world. Taken together, these two benefits will enable millions of minds to work together far more effectively than ever before.


A lack of physical currency "will have profound intellectual benefits by creating incentives for the active pursuit of ideas"? Huh? Intellectual benefits?

The second statement about people being able "interact constructively with others around the word"... huh?

>>



As money becomes more efficient it can be used for smaller transactions. Ideas will
be translated into more languages and be available more widely.

Human nature seems to prevent us from pooling our intelligence or more important
mental properties. Certainly ideas are more easily pooled and information is virtually
miscible throughout any committee.

While most progress is the result of individual effort, smaller units of money will enable
more free flow of individual ideas which will result in more progress.

Computers and more "atomic money" are critical to this process.

cdwegner

ck,

Did you help write that article or what?

c

solid

While most progress is the result of individual effort, smaller units of money will enable
more free flow of individual ideas which will result in more progress.

Penny for your thoughts!

Ken

cladking

<< <i>

Penny for your thoughts!

Ken >>



It would be a bargain only because I'd give you my two cents worth.