Posts
9079
Joined
8/16/2006
Location
Afton, TN, USA
https://www.dedicatedservercity.com/citibank-australia-to-go-cashless-a…
Saw a piece on Tokyo news, crazy riot in India .
I cant find a good article on it.
http://www.smh.com.au/business/banking-and-finance/citis-australian-ban…
Saw a piece on Tokyo news, crazy riot in India .
I cant find a good article on it.
http://www.smh.com.au/business/banking-and-finance/citis-australian-ban…
1- Money can be whatever you agree it is. It doesn't have to be paper and coins; it can be Kent cigarettes, voodoo dolls, gold bars or electronic records. As long as everyone in the market agrees upon the value of said tokens, the economy will work just fine. So I have no problem with this.
2- In sort of the opposite vein, I hate this idea. All it will take is one computer glitch or some malware and someone's life savings is erased. I bet if you asked the banks themselves if they were giving up on their non-liquid assets, they'd say "no way."
Oh just read it lol. "In Sweden, which has been identified as potentially being the first cashless society, buses have not accepted cash for years, retailers have the right to refuse cash payments and even homeless street vendors accept cards thanks to new digital payment systems."
What if I wake up one morning and my savings account has been wiped clean? I go to the bank and they say, "No, there's no record of your [$42, $428, $4,954,992... insert whatever dollar amount makes sense to you,] ever having been here."
"But I have my statement from last month that shows $42."
"I don't know what to tell you, sir. Sorry. The front door is over there."
Truly, the same thing could happen in cash, because we don't actually have little boxes full of paper bills for our accounts anyway. The problem I have is that it seems so much easier to manipulate the value of our currency if there really isn't any physical evidence of it. Hell, they just print more of it whenever they want anyway so why do I even care?
The Shop
DeCal Works Huge Plastic Inventory of UFO and Polisport kits.
Luxon 4-Post Bar Mounts
$189.95 - $239.95
I don't like electronic payments myself. I was hoping this would not happen in my lifetime.
If you don't accept cash, fuck you, someone else will.
For the most part, I invest the majority of my money. I dont see it.
I always have three to five hundred in my pocket. I don't want a financial institution or the gubment to be able to track every transaction I make.
The farmers markets were in turmoil because no one had money ,produce was rotting and such.
It was crazy.
At the same time they had a story were these big banks had oversold their gold 3 times and if you dont physical have it you aint going to get it.
Good times, i can always trade likker.
A single bank with a whole six branches won't have any cash in them. Their cards will, I'm sure, still work at ATMs.
That hardly constitutes "Australia going cashless".
But I did read that there is gonna be a new face on the $20
Post a reply to: Australia going cashless ,India to?