A cashless society?

BLUEJAYWAY

I've thought about this possibility from time to time. Can it happen here? And if so, what would be the Gov'ts reasons. What would they hope to accomplish? What would be the negative, if any, results?

3keepSECRETif2rDEAD

...as long as it's not coinless, I'll be just fine

Erik

MsMorrisine

there will be the cash users who prefer it.

If they can't get rid of the cent nor force the use of the $1 coin, a cashless society will not happen in our lifetime.

What will you use for sale items when Target gets hacked again?

richbeat

Not in my lifetime.

TwoSides2aCoin

I'll barter with any tool.

astrorat

<< <i>I've thought about this possibility from time to time. Can it happen here? And if so, what would be the Gov'ts reasons. What would they hope to accomplish? ... >>

Control

crypto79

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<< <i>I've thought about this possibility from time to time. Can it happen here? And if so, what would be the Gov'ts reasons. What would they hope to accomplish? ... >>

Control >>



A cashless society has been projected to potentially double tax revenue (at current rates) by eliminating off the grid transactions and income eventuality.

ricko

Can it happen? A totally cashless society is unlikely - at least in the foreseeable future. Really unlikely at any point. From a government standpoint it would be very desirable - it could provide infinite control and taxation. Cheers, RickO

pcunix

<< <i>I've thought about this possibility from time to time. Can it happen here? And if so, what would be the Gov'ts reasons. What would they hope to accomplish? What would be the negative, if any, results? >>



Why do you say "what would be the Gov'ts reasons" like it has nothing to do with us?

There will never be a cashless society until the majority of people want it and I think that's a long way off.

TwoSides2aCoin

My grandchildren would revolt not finding coins in my desk drawer.

derryb

<< <i>I've thought about this possibility from time to time. Can it happen here? And if so, what would be the Gov'ts reasons. What would they hope to accomplish? What would be the negative, if any, results? >>


It is happening with the Justice Department's "Operation Check Point" that is strong arming banks to close accounts of certain industries, including those that deal in cash. Included on the list published by the FDIC are coin dealers. Topic is ccurrently under discussion on the on the Precious Metals forum..

Tookybandit

<< <i>
There will never be a cashless society until the majority of people want it and I think that's a long way off. >>




If we want to go down the rabbit hole. I do not think most Americans want Gov't run healthcare, but it is most likely going to happen within the next 10 years.

If the Gov't can completely eliminate cash and all transactions become electronic, then they will make more money. They would get a cut of every yard sale transaction, babysitter, etc. Try betting holes on a round of golf with your buddies with no cash ..or playing poker on Friday night!

silverpop

why worry about things you all have no control over? seems to be a waste of time and effort which could be used to better the hobby

say like getting fake coin sellers off the market

AMRC

<< <i>

<< <i>I've thought about this possibility from time to time. Can it happen here? And if so, what would be the Gov'ts reasons. What would they hope to accomplish? What would be the negative, if any, results? >>


It is happening with the Justice Department's "Operation Check Point" that is strong arming banks to close accounts of certain industries, including those that deal in cash. Included on the list published by the FDIC are coin dealers. Topic is ccurrently under discussion on the on the Precious Metals forum.. >>



This link has really little to do with cash sales. This is a notice for banks to look for certain kind of activity. While the article is interesting it is a little OT. The Coin Dealers mentioned here are the telemarketers (that sell at a lot of low value items at inflated prices) that many of us have opined about in the past.

Back to the topic. I seriously doubt, that anytime in the near future, we will have a cashless society. We have closed systems, like cruise ships, where cash is not allowed to be used, but as a society on the whole, we are still a long way away.

derryb

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<< <i>

<< <i>I've thought about this possibility from time to time. Can it happen here? And if so, what would be the Gov'ts reasons. What would they hope to accomplish? What would be the negative, if any, results? >>


It is happening with the Justice Department's "Operation Check Point" that is strong arming banks to close accounts of certain industries, including those that deal in cash. Included on the list published by the FDIC are coin dealers. Topic is ccurrently under discussion on the on the Precious Metals forum.. >>



This link has really little to do with cash sales. This is a notice for banks to look for certain kind of activity. While the article is interesting it is a little OT. The Coin Dealers mentioned here are the telemarketers (that sell at a lot of low value items at inflated prices) that many of us have opined about in the past.

Back to the topic. I seriously doubt, that anytime in the near future, we will have a cashless society. We have closed systems, like cruise ships, where cash is not allowed to be used, but as a society on the whole, we are still a long way away. >>



List of "targets" in the FDIC list includes those heavily into cash payments, as well as a bit of consumer protection and a mix of what might be consider "immoral" services. Mighty big assumption that the Coin Dealers listed are only the telemarketers, especially with telemarketers is a line item of its own in the list. I'm gonna assume coin dealers are on the list because they deal not only in cash sales of coins but often in cash sales of bullion. I believe the banks are being threatened in order to help reduce the number of cash dealing tax cheats that use their banking services.

shorecoll

If it ever happens, it will be long after I'm gone. There has been a concerted effort to get rid of checks since 1979 and there were still 20B+ written last year. The Fed cannot support a payment system that offers anonymity and there are millions of people who won't use one otherwise. Lot's of sturm and drang, but as long as politicians accept "campaign contributions", nothing will change in a time frame I care about. Will there be less cash? Absolutely. Will we go cashless? Nope!!!

7over8

If you want an answer, just look at the younger generations - and their use cards to pay for everything.........even a dollar hamburger at the local fast food place.

Pay online for all of your bills.

The answer is right in front of your eyes, take off the blinders.

thebeav

This won't happen in our lifetime. It would be a logistical nightmare.
There is no way that hundreds of thousands of little country stores are all going to wire up electronically to accept some form of credit.
Way down the line, who knows. Look what the G'vmnt has taken away already.

fishcooker

1) I work with people who brag about never carrying even $2 of cash.

2) The idea that only criminals use cash is being floated more and more.

The only thing standing in the way, are all of those working for cash and not paying taxes, in my opinion. Once the other 75% of the people realize it, they'll push for cashless and it will happen fast, IMO.

shorecoll

Studying this stuff is what I do for a living, and have for the past 33 years.

Last year, in the 27 purchase categories I follow, there were 1.1 Billion separate monthly cash transactions.

There are generational changes coming, but they take a long, long time to filter through the system.

fishcooker

What store doesn't accept credit, much less thousands of them?

joeykoins

This topic was discussed not too long ago. If you can find the thread it would explain even more heated posts. My opinion, "It WILL happen!" It's foretold.

MsMorrisine

Must use cash for gambling and government lottery

TwoSides2aCoin

When it happens , this place will change it's name to PCGS ( professional cashless grading service).
And we will just post photos of a BITCOIN and guess how much it's worth today.

JohnnyCache

<< <i>From a government standpoint it would be very desirable - it could provide infinite control and taxation >>



That's true but then how do all of our esteemed local, state and federal politicians get their kickbacks, payoffs and bribe money?
Seriously, politicians will need to think this one through before they take any action, better send it to committee.

BLUEJAYWAY

<< <i>

<< <i>I've thought about this possibility from time to time. Can it happen here? And if so, what would be the Gov'ts reasons. What would they hope to accomplish? What would be the negative, if any, results? >>



Why do you say "what would be the Gov'ts reasons" like it has nothing to do with us?

There will never be a cashless society until the majority of people want it and I think that's a long way off. >>

My "what would be the Gov'ts reasons" was a question as to why (their stated platform of reasons) they would pursue it, not nesc. achieving it w/o "our" involvement.

BLUEJAYWAY

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<< <i>

<< <i>I've thought about this possibility from time to time. Can it happen here? And if so, what would be the Gov'ts reasons. What would they hope to accomplish? ... >>

Control >>



A cashless society has been projected to potentially double tax revenue (at current rates) by eliminating off the grid transactions and income eventuality. >>

I could'nt agree more that this would be one reason. It would sure put a damper on "under the table" work. I also think it might be a way to curtail the drug trade as that involves the exchange of large amounts of cash.

BLUEJAYWAY

With a record of your purchase habits/product brand preferences marketers could key in on you and bombard you with product advertising/discount coupons via your electronic devices. Much like those loyalty cards do now.