Comments on: Why cash is losing its currency
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- A new tax will be implemented, called a "transaction fee". Every purchase made electronically will of course incur this transaction fees, which depend only on the whims of the business charging for the transaction.
Thus no control over this de-facto "tax", and no benefit to the public, as the funds collected will go into private coffers instead.
This is the "best case" scenario, which assumes that people with access to the computers controlling transactions won't steal the digital money.
There is also the risk of putting the entire economy of a country on computer networks, which are subject to every disturbance, from software bugs to hackers, virii, solar storms, and not to forget the inevitable power outages. When the system goes down, millions of people will be adversely affected.
There had better be a plan in place to deal with the unrest of the millions of people who are poor, and don't have access to the new digital medium, despite the wishes of the GOP and those farther right, the poor are not going to just roll over and die off peacefully just because some bagger politician deems them "unnecessary".
Technology is not ready for a cashless society, because society is not ready for a cashless economy. - Reply to this comment
- Not really. I know quite a few companies who ONLY take cash still.... though the people running them are ancient, I'm talking 80+ years old.
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- It is very obvious that this station and most other media stations are very trendy. They like to tell Americans what to think how to behave and where they should stand on every issue. You argument against money is MORE FOR THE BANKS; Rather than for evolution.
Let us take a look at your view in the light of day:
1) Money is the "CURRENCY OF CRIME"? Really? who are you trying to kid?
Hackers and identity thieves never stole $1 from me before the electronic information gathering. In fact, Indentity thieves stole more than 32 billion dollars from Americans alone by use of Electronic transfers from data collected by YOUR BANKING PRACTICES and you neighborhood STORES.
2) Money is Obsolete because you can walk through a door and open an account with a merchant using your phones. Truth, A hackers wet dream. he can sit at the internet cafe and watch you then draw from you using his cover business and the free Wi Fi. LOL REALLY? you think this is a good plan? Everywhere you go someone is talking to your phone and asking for money? Even just who you are? ARE YOU STUPID!
3)So it's easier huh? So the maintenance man comes by and does some work, you pay him with your square slide for credit cards. Then he buys whatever he wants using your account and writes it into his books as materials used. You will have to spend 4 hours every week watching for fraud and checking by reading every statement and bill and banking transaction made. You will loose Days by the end of the month where you could have JUST PAID CASH. not worries.
Stop pandering for the BIG BROTHER in our lives. {Praise your freedom and forget Automation or you will find everything you own transferred and all you thought grand swallowing you like the Little-fish you really are.
Get real and stop riding the Stupid Train. - Reply to this comment
- Right after we have that miniscule
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- I'm torn on it. On one hand, I love the convenience of electronic payments. On the other, it does give government and banks more control over your money. If they don't like how you use it, they can freeze your account and shaft you royally.
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- Cash will disappear, it is just a matter of time. Just as the cash register replaced the cigar box, the credit/debit terminal will replace the cash register and in order to purchase anything a person will have to maintain a bank account, with the attendant banking fees.
Several factors will lead to the disappearance of cash. First of all, we are already finding it quite difficult to carry around enough cash to cover even routine grocery shopping. And prices will be going up, not down.
Using debit/credit cards enables sellers, banks and the government to have a paper trail of who bought what when.
Replacement of cash with plastic will increase the revenue of banking companies by enabling them to charge processing fees.
Many people do not want to bother going to a bank to get cash. They would just as soon use a card or some type of electronic device.
It will happen, it is just a matter of time. - Reply to this comment
- Cashless would be great, except for the mega-call centers that are part of the bank system. These $8-9 people were the source of my credit card ID theft problem; several vendors stated the only way the fraudulent charges could have been incurred was via an inside-information connection - someone, even low-level, inside the bank system with access to basic account information.
Give a system's weakest link the proper motivation, and you can break the biggest system there is. - Reply to this comment
- The "usefuls" are being oiuled up into thinking that "cash" is "evil".This is because of the individualistic freedom cash inherently commands.Therefor.it's an anathema to the obamanauts and their followers.They DO NOT ascribe to Christian ideals.
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- What I like about cash is its anonymity.
I resent banks "swipe fees", and governments do not need a record of everything I buy or sell. - Reply to this comment
- If you don't like electronic currency,go to the bank and take all your cash out and always cash any checks you receive.Close all accounts and put your money in your mattress.I'm sure a lot of business'will gladly accept your cash.Correct change only,please.And we already live in a highly socialistic society.It's called civilization.
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