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Predicting a Future Free of Dollar Bills

samzenpus posted about 3 months ago | from the your-money-is-no-good-here dept.

The Almighty Buck 753

An anonymous reader writes with this story about how a cashless society might work and how far-off in the future it is. "...We're not there yet, but a cashless society is not as fanciful as it seems. Recent research suggests that many believe we will stop using notes and coins altogether in the not-too-distant future. New payments technologies are rapidly transforming our lives. Today in the U.S., 66 percent of all point-of-sale transactions are done with plastic, while in the U.K. it's just under half. But while a truly cashless society is some time away yet, there is raft of groundbreaking technologies that will make cash a mere supporting act in the near future."

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666 (5, Funny)

Anonymous Coward | about 3 months ago | (#47445385)

Good luck everybody

Re: 666 (0)

Anonymous Coward | about 3 months ago | (#47445401)

the real causation of not moving undeniably is the fiat, which can crash at any moment this your digitransactions valueless

What? (4, Funny)

Cryacin (657549) | about 3 months ago | (#47445547)

This is going to be disastrous if we remove stripper money.

Where should I swipe my card miss?

Swipes

... Slap

Fiat can crash (4, Funny)

tepples (727027) | about 3 months ago | (#47445649)

the fiat, which can crash at any moment

The currency or the car?

(In before "yes".)

66 percent of all point-of-sale transactions (5, Informative)

turkeydance (1266624) | about 3 months ago | (#47445393)

...that they know about.....are done with plastic.

Cashless can't happen, here is why ... (5, Insightful)

TrollstonButterbeans (2914995) | about 3 months ago | (#47445725)

Are we assuming all transactions humans do are with merchants?

Naive as hell !

Crappy list of examples, I'm sure there are hundreds of examples: 1) What about if I want to buy your [insert bike or computer or whatever]? 2) Baby sitter? 3) Kid's allowance? 4) Pay some kid kid to mow yard. 5) Underground transactions (illegal stuff)

The importance of cash will continue to decline with transactions with merchants, but it will never remotely approach "cashless".

Cash Needs To Go Away (0, Troll)

Anonymous Coward | about 3 months ago | (#47445397)

Cash needs to be done with because its primary uses these days include buying illegal drugs, pay for illicit services, dodge taxes, and conduct money laundering.
No normal human being in America really needs to keep using cash for legitimate purposes these days.
I can't wait till cash is just abolished, anonymous money transactions are really evil and hurt America.

Re:Cash Needs To Go Away (5, Interesting)

MightyYar (622222) | about 3 months ago | (#47445425)

The other point of view is that cash is needed because the government is still all in our business. Get the government out of the morality game and the cash will more or less disappear on its own. In that way, cash usage is a proxy for government oppression.

Re:Cash Needs To Go Away (0)

Anonymous Coward | about 3 months ago | (#47445567)

The other other point of view is that a uniform means of economic exchange with no additional cost is public service that the government should be doing. Government issued cash solves the problem of trying to figure out if bank notes are valid, from a legitimate bank, or are even redeemable. Credit cards are inefficient at solving this problem when compared to cash. Unlike cash, merchants have to pay for electronic payment processing. Merchants pass that extra cost on to consumers.

Re:Cash Needs To Go Away (0)

Anonymous Coward | about 3 months ago | (#47445453)

Don't feed the troll, he doesn't know the pain of a broken modem on the one vending machine and all you have is plastic.

Re:Cash Needs To Go Away (5, Informative)

innocent_white_lamb (151825) | about 3 months ago | (#47445495)

"Cashless" is also a giant vacuum sucking service fees back to the banks and so on. Retailers pay a certain amount per transaction to a payment processor, even if you the customer don't pay directly. Think that doesn't come out of your pocket in the end through higher prices?

Just imagine how much money you would have if you got a penny for every transaction conducted in every North American Wal-mart for just one day -- you could retire several times over and still afford fuel for your yachts!

Are we really in that much of a hurry to keep giving more money to the banks?

Re:Cash Needs To Go Away (5, Interesting)

antifoidulus (807088) | about 3 months ago | (#47445603)

There is a non-trivial fee associated with cash too. Cash requires labor to move/protect it, can go "missing" much more easily than credit card transactions etc. Cards are probably still more expensive, but not by as much as you may think.

Re: Cash Needs To Go Away (0)

Anonymous Coward | about 3 months ago | (#47445611)

That is generally why things like bitcoin show up.

Re:Cash Needs To Go Away (1)

rmdingler (1955220) | about 3 months ago | (#47445497)

If you take away the cash, the folks on the dark side of society will trade in gold and silver.

You can no more eliminate citizens living on the fringes than you can remove corruption from politics.

Trading in the illegal and the illicit is the second oldest profession.

Re:Cash Needs To Go Away (0)

Anonymous Coward | about 3 months ago | (#47445657)

That "WHOOOSH!" sound is the joke flying right over your head, Percy.

Re:Cash Needs To Go Away (5, Insightful)

Anonymous Coward | about 3 months ago | (#47445501)

I've had it several times in my life where my debit and credit card stopped working because of a glitch. Those few times if I didn't have cash on me, I would have been screwed because I got up-front services, like going out to eat or gas or I had to pay my electric bill that day or get cut off. It doesn't happen often, but when it does, I need a way to keep living.

Re:Cash Needs To Go Away (5, Insightful)

just_a_monkey (1004343) | about 3 months ago | (#47445541)

Also needed if you happen to piss of the government and they order your accounts frozen. Then you starve unless you have cash. Or friends. Who are willing to risk "supporting a terrorist".

how to make it rain? (0)

Anonymous Coward | about 3 months ago | (#47445399)

What denomination ???

Why? (5, Insightful)

Anonymous Coward | about 3 months ago | (#47445407)

Why would you ever want a cashless society? Cash is one option you have. Taking it out removes an option and therefore freedom.

Re:Why? (2)

jader3rd (2222716) | about 3 months ago | (#47445627)

Why would you ever want a cashless society? Cash is one option you have. Taking it out removes an option and therefore freedom.

So you can audit and authorize where it goes. I can't audit a guy stealing cash from my wallet.

Re:Why? (0)

osu-neko (2604) | about 3 months ago | (#47445663)

It's not a convenient option. I live in an essentially horseless society, but I don't mind, and it's not really limiting my freedom -- I could get a horse if I wanted, but why would I want it when it's so less convenient?

Personally, I haven't used cash in over a decade. The cashless society arrives the same way as the horseless society, not by limiting freedom but by providing better options, and letting people choose what's most convenient for them. Unless you want to force people to keep using cash, the cashless society is probably inevitable, precisely because people are free to choose other options, and will.

Re:Why? (4, Insightful)

Kardos (1348077) | about 3 months ago | (#47445681)

TPTB can freeze credit cards, bank accounts, etc on a whim, but can't freeze a wallet full of $20s.

Re:Why? (4, Insightful)

Shoten (260439) | about 3 months ago | (#47445771)

TPTB can freeze credit cards, bank accounts, etc on a whim, but can't freeze a wallet full of $20s.

Actually, yeah they can. North Korea did just this...to all the money in everyone's wallet...when they decided that the black market had gotten too powerful. They demoted the value of the won [time.com] (their currency) by two orders of magnitude...and gave everyone only a week to change their currency in for the new notes, after which time the old notes would not be worth the paper they were printed on.

Now here's the part where you say "But that's North Korea!" right on the heels of everyone claiming that the reason to go cashless is because we're not really living in a free society...

Drugs (3, Interesting)

slowdeath (2836529) | about 3 months ago | (#47445409)

As long as there is a demand for illegal drugs, there will be a need for cash. Lots of cash. Dealers don't take plastic.

Re:Drugs (1)

disposable60 (735022) | about 3 months ago | (#47445431)

And that's the number one reason cash will be eliminated.
No undocumented, untaxed, under-the-radar transactions will be tolerated.
No illegal drugs, no paid-for sex, no firearm/cash transactions.
The CashMax transaction that didn't require paperwork was $10k. I believe it's lower now.
Soon it'll wind up being $1.

Re:Drugs (1)

Anonymous Coward | about 3 months ago | (#47445457)

No poor people...

Re:Drugs (0)

Anonymous Coward | about 3 months ago | (#47445477)

The CashMax transaction that didn't require paperwork was $10k. I believe it's lower now.

I believe technically the limit is still $10k, but "structuring" to avoid the $10k limit is illegal, so, say, any $9,999 transaction or two $5k transactions close together would also require the paperwork. Also, the $10k limit is not adjusted for inflation, so in real terms the limit is going down.

Re:Drugs (2)

NotInHere (3654617) | about 3 months ago | (#47445539)

No undocumented, untaxed, under-the-radar transactions will be tolerated.

You are joking, aren't you? Cashless money only forces the small people to pay taxes. Those who can afford a monaco citizenship will still go away untaxed.
The governments should hunt the big money instead. But they know, that if they do, big money moves off, like in france (which did a far too exagerated tax), as it lives from and lives for its money (nothing bad, I would do the same). So instead they tax those for whom money doesn't have this big priority. No average rich person will leave a country only because they raised taxes.

Children (1)

tepples (727027) | about 3 months ago | (#47445679)

So how will a child not old enough to have a bank account in his own name buy a candy bar at the convenience store?

Re:Children (2)

Spazmania (174582) | about 3 months ago | (#47445733)

Pre-paid debit card.

Re:Drugs (0)

Anonymous Coward | about 3 months ago | (#47445743)

Removing cash doesn't make these events go away, no matter how much the brainless turds in government want it to. People will simply use another medium of exchange.

Drugs (3, Informative)

Sable Drakon (831800) | about 3 months ago | (#47445445)

But they could always take bitcoin, paypal dead-drops, or many other forms of e-payment.

Re:Drugs (0)

Anonymous Coward | about 3 months ago | (#47445455)

As long as there is a demand for illegal drugs, there will be a need for cash. Lots of cash. Dealers don't take plastic.

No as long as their is demand for illegal drugs there will always be a need for crypto currencies. I haven't bought drugs in cash in five years.

Re:Drugs (5, Informative)

rtb61 (674572) | about 3 months ago | (#47445463)

There are a full range of benefits of paying with cash. Limiting the number of credit card transactions to make it easier to track proper and improper ones. Discounts that are available when purchasing with cash. The trades prefer to be paid cash and discount accordingly somewhat fair as their payment can not be tax deducted unless you can hide you home behind a business. It works when the power is out. It keeps perverse privacy invasive government agencies and corporations from tracking every single thing you do.

Re:Drugs (2)

penix1 (722987) | about 3 months ago | (#47445523)

And add to that the transaction fees charged to merchants as I said below. They are ridiculous. Many merchants where I live have a minimum charge you can make with a card. Something like $10 or $20.

Re:Drugs (0)

Anonymous Coward | about 3 months ago | (#47445553)

You don't really think people are going to log the non-cash transaction as "Payment for illegal drugs" do you? There are already plenty of illegal things you can buy with plastic.

New World Order (0)

Anonymous Coward | about 3 months ago | (#47445411)

Just what we need to bring about a new world order.

Not me... (5, Interesting)

Anonymous Coward | about 3 months ago | (#47445419)

As someone who has had a recent issue with a certain major bank(they closed the account and sent cashiers checks to me for the balance. Waiting 2-3 days without money wasn't pleasant)...I will never go cashless. Relying on these financial institutions for every transaction is something I will not trust. I won't get into the whole NSA/FBI/etc. potential tracking of all my purchases.

Re:Not me... (0)

Anonymous Coward | about 3 months ago | (#47445607)

I'm not worried about the TLAs as much as I am about security (or lack of) with some financial institutions.

Cash is distributed. I don't need to check blockchains. I don't have to wait for a transaction to be approved, then it reversed because the customer falsely alleged fraud. When I pay someone with cash, they stay paid, and the other way around, assuming I'm not getting counterfeit currency.

If I completely lose all access to bank accounts, I can get back banking electronically, painful as it may be, by buying a prepaid credit card. There are a fuckton of fees, but with cash, I can pay electronically. However, oftentimes, that doesn't work in reverse, and when it does, I'm at the mercy of ATM fees, or finding a usable ATM without a skimmer in the first place.

Plus, with the way the Internet is set up, a bank can be raided by a guy with a telephone and a basic computer anywhere in the world. Cash requires physical compromise to obtain.

Of course, cash isn't insured... once it is stolen, it is stolen. However, there are risks with all decisions.

Re:Not me... (2)

NotInHere (3654617) | about 3 months ago | (#47445647)

Of course, cash isn't insured... once it is stolen, it is stolen. However, there are risks with all decisions.

I'd rather like my purse taken away from me than my eye cut out because it gave biometric access to my account.

Last century stuff (-1, Troll)

laa (457196) | about 3 months ago | (#47445421)

I never carry any cash on me and even pay 10 [euro] cent (roughly equaling a dime) purchases with plastic. And I'm certainly not the only one amongst my friends. Cash is clumsy, dirty and so last century. That's Finland for you.

Re:Last century stuff (4, Insightful)

penix1 (722987) | about 3 months ago | (#47445489)

So you are the reason that a lot of stores have a minimum charge amount for credit / debit charges. The transaction fees charged to merchants are ridiculous and so are ATM fees. Until these fees are reduced, you will never see a truly cashless society. And that doesn't include those that have less trust of banks than they do of governments.

Re:Last century stuff (1)

Anonymous Coward | about 3 months ago | (#47445507)

In America, most stores won't take your card unless you plan to spend less than a pittance. Most stores will deny you if your transaction isn't 5-10$

At that point, because of the processing fees from the credit card company they lose almost to all of their profit.

I'm sure it'd be much different if the card user was charged instead of the merchant, but that's not how it works here. Credit card companies in the US are always double-dipping, charging processing fees to the merchants and collecting interest from cardholders.

"Always" is a strong word: I don't carry a balance (2)

tepples (727027) | about 3 months ago | (#47445667)

Credit card companies in the US are always double-dipping, charging processing fees to the merchants and collecting interest from cardholders.

Often, yes. Always, no. I've had three credit cards. None of them charge any interest because I pay in full each month with an ACH transfer from my checking account.

Re:Last century stuff (2)

osu-neko (2604) | about 3 months ago | (#47445703)

In America, most stores won't take your card unless you plan to spend less than a pittance. Most stores will deny you if your transaction isn't 5-10$

Not sure what backwards part of America that post came from, but I can tell you for certain that it's absolutely false in every part of America that I'm aware of. I use my debit card everywhere, for everything, including buying a single item at a dollar store if that's all I want to buy. No one has ever once even blinked. $1 at the Dollar Store, $3 at the fast-food joint, whatever, everyone's happy to take my business. I stopped using cash for anything at all over a decade ago, and the only people who don't want my card are the government -- they would rather I write a check for my driver's license renewal or whatever (which is funny, no one else will accept a check anymore around here).

Re:Last century stuff (0)

Anonymous Coward | about 3 months ago | (#47445683)

I always pay in cash and don't own a card. As do some of my friends. Perhaps its not a great idea to take your friends as the average of a bigger demographic since your friends are likely to be like you.

Some of us just don't like having everything tracked, even if its fully legal.

It would be handy for the governing class. (1)

rmdingler (1955220) | about 3 months ago | (#47445433)

Bitcoin was/is an attempt at an internet cash.

Barter is occasionally impractical, yet relatively untraceable and virtually untaxable.

But cotton/linen fiber is legal tender for all debts, public and private. But especially for private.

Useless coins (4, Insightful)

Gavin Rogers (301715) | about 3 months ago | (#47445439)

Let's see the future free from pennies, first.

Canada has the future :) (4, Interesting)

djKing (1970) | about 3 months ago | (#47445483)

In Canada we no longer have dollar bills. We have dollar coins. We also got rid of the penny.

Re:Canada has the future :) (5, Insightful)

Irate Engineer (2814313) | about 3 months ago | (#47445753)

As someone from the U.S. who just recently traveled in Canada, I have to say that I like their current currency system a lot. Using loonies ($1) and "twoonies" ($2) coins is nice as they can actually be used easily to buy useful things, which is the primary reason why (I think) dollar coins haven't really taken off in the U.S.

In Canada, parking meters, soda machines, etc.. take $1 and $2 coins. It beats having to feed a pile of small coins into a meter or machine, or trying to iron out and feed a frayed and mangled $1 USD bill into a soda machine and having it rejected. The coins are also fine for face-to-face transactions; they are not unusual. In contrast, Susan B. Anthony dollars in the U.S. can get you some funny looks and many vendors flat out won't accept them, legal tender or not. You can go buy a beer in Canada with the change in your pocket. The Canadian coins make small daily transactions simple.

In the U.S., getting change is a pain in the ass because you invariably wind up accumulating pennies which are a nuisance. You can't use them for tolls or in machines in most places, and toting around a pile of pennies large enough to actually purchase anything with is ridiculous. So you either start carrying a satchel of pennies around trying to pay exact change, or you toss them in a jar, spend time rolling them, and exchange them at the bank for larger denominations (yay! A trip to the bank just to dispose of pennies!). You can also use services like Coinstar, which takes a cut (yay! A special trip to dispose of pennies AND paying some money to a company taking advantage of the dumb system!). In Canada, prices are merely rounded to the nearest 5 cents. Sometimes it is a few pennies in your favor, sometimes it is a few pennies in their favor. On the whole it is a wash, and you would have to be a really miserly SOB for it to worry you.

Canada has cash pretty well figured out. It's not that difficult, U.S.!

Re:Canada has the future :) (1)

StillAnonymous (595680) | about 3 months ago | (#47445775)

Why the smiley? The discontinuation of the penny is the sign of a sad state of affairs. One where government has devalued the currency so much that the base unit is considered valueless. People should be marching in the street, demanding the value stolen from them be returned, not championing the result of the thieving.

Re:Useless coins (2)

OzPeter (195038) | about 3 months ago | (#47445503)

Let's see the future free from pennies, first.

Years ago I was at the Denver mint (where they make pennies) and I questioned the tour guide there about getting rid of pennies (as per Oz). For some reason this tour guide couldn't comprehend a world without pennies, and started bring up all sorts of straw men arguments about how consumers would be ripped off, and other things (which I can't quite recall now). It was weird.

But what is also weird is that the US has a $1 coin. But I think that I have only ever seen it in use in Chicago. Apparently USians don't like them. That and the $2 bill - which only seems be given out as change at Monticello in Charlottesville VA, because it was Jeffersons home and his face is on the $2 bill.

Re:Useless coins (2, Informative)

mhkohne (3854) | about 3 months ago | (#47445545)

Don't get me started on pennies. The reason we still have them is mostly sentimental. If it were my choice I'd drop the penny AND the nickle, AND the quarter, introduce a 20 cent piece, and be done.

Dollar coin never took off because they kept making bills. Other countries that have dollar coins stopped making the bills, so the coin took over as the bills left circulation. The actual economics of the bill vs. coin in the US are quite interesting due to how well made our bills are and how long they last in circulation, but then you add in the fact the people tend to drop change in a jar at home and the question of which is better for the government gets really interesting (there's a GAO report on the subject somewhere).

Two dollar bill just doesn't really serve much of a purpose - $5 is small enough for normal use, the $2 doesn't really add much functionality to the system.

Re:Useless coins (1)

Macrat (638047) | about 3 months ago | (#47445551)

But what is also weird is that the US has a $1 coin.

The US HAD a $1 coin. It was shut down due to "cost cutting." But the old ones are still in circulation.

http://www.usmint.gov/mint_programs/$1coin/?action=schedule

Re:Useless coins (1)

Bing Tsher E (943915) | about 3 months ago | (#47445623)

Why do you link to a page that shows which future dollar coins they will issue for the next several years, in order to prove that they no longer issue dollar coins?

Re:Useless coins (-1)

Anonymous Coward | about 3 months ago | (#47445727)

Boy, you's a dumb cock nibbler.

few vending / pinball / video machines took them (1)

Joe_Dragon (2206452) | about 3 months ago | (#47445787)

few vending / pinball / video machines took them and making them take CC's is dumb as the fees will eat much of $1-$2 per buy they take in.

Re:Useless coins (0)

Anonymous Coward | about 3 months ago | (#47445715)

We don't see them enough to get used to them. Until they discontinue the dollar, it's unlikely that we'll see enough of the dollar coins to actually get to use them.

Also, Fuck you racist bastard, the term is Americans, USian is basically just a term used by snooty Europeans and South Americans that are too stupid and/or bigoted to use the correct term.

Re:Useless coins (1)

Megane (129182) | about 3 months ago | (#47445729)

The US had a nice dollar coin (the Susan B Anthony). But it looked too much like a quarter, being only being slightly bigger, so people didn't use it.

Then they made a new one (the Sacagawea). It was the same size (because vending machines), but made out of a brass-colored metal, and no edge milling. The metal looks nice when it's new, but with relatively low time in circulation it tarnishes to an ugly brown that has no contrast for the artwork. And people still won't use it, because the US government (probably mostly due to Congressional inertia) keeps making singles. They've even issued them with different artwork, but nobody cares. I'd be surprised if 10% of the US population even knows they exist, and probably more people know about the 2-dollar bills that nobody uses either.

There are a few places where you might find the dollar coins used, such as some parking garages. It's more reliable to make change with coins than with worn-out GWs, and quarters are no good when you're charging $8-$15 and people are likely to want to use a $20 bill at unattended payment terminals. The coins become a sort of local currency because of repeat business, so there is some amount of recirculation.

The post office used to have nice coin-operated stamp vending machines that took any coin from a penny to a dollar (except for those old monster JFK half-dollars), and gave dollar coins for change, but they yanked them out years ago in favor of some kind of complicated credit card-based scale/postage printing machine that basically nobody uses. So now you have to wait in line to buy a sheet of bog-standard stamps. (But I can get them at the supermarket check-out too, so meh.)

Re:Useless coins (0)

Anonymous Coward | about 3 months ago | (#47445513)

Good luck with that. The last time we dropped our smallest coin (the half cent) was 1857. Its approximate value at the time (in 2014 dollars) was fourteen cents, meaning our next smallest coin at the time was worth more than a 2014 quarter.

I don't know how we could expect people to drop the penny when we're obviously two more coins behind on that metric. I think if most people answer honestly, they'll recognize that they barely treat even a quarter as an actual store of value.

Re:Useless coins (0)

Anonymous Coward | about 3 months ago | (#47445579)

If you switched to cashless payment you would no longer be annoyed by those 1/100th of a dollar amounts and wouldn't feel the need to eliminate them.

Biometrics (1)

innocent_white_lamb (151825) | about 3 months ago | (#47445461)

From the article:
 
  Biometrics will also make fraud virtually impossible â" identification is yours and yours alone, and therefore very hard to copy.
 
And impossible to change if it is somehow copied. (See: Fingerprints made from gummy bears" [theregister.co.uk] , for example.)
 
How is this a good idea again?

Class issue here. (5, Insightful)

jythie (914043) | about 3 months ago | (#47445467)

While cashless might make sense to a middle class with easy access to technology and banks, there is a significant percentage of the population does not have access to such things and they probably will not any time soon. As much as 10% of the US population has no bank access, no SS ID, no IDs of any type, etc.

Re:Class issue here. (3, Insightful)

nesdave (3690251) | about 3 months ago | (#47445511)

The only problem I see with your consideration is that the people who will make the decision won't have a concern for those who 'Have Not'.

Class issue here. (0)

Anonymous Coward | about 3 months ago | (#47445517)

That 10% are also called illegal aliens by some. As long as such exist there will be no cashless society.

Alternately, this would really be a great way to reduce such immigration.

Class issue here. (1)

Anonymous Coward | about 3 months ago | (#47445701)

screw you. I know and do business with tens of people who only accept cash, only
pay cash, can't take or process a check. They live hand to mouth, and they do
alot of the labor that keeps everything running. The majority of the ones I know
are white, and were born in the united states. not that that should matter

How convenient for you to depend on an underclass, legal or not, and piss on them
for not having as comfortable a life as yourself.

Re:Class issue here. (1)

jythie (914043) | about 3 months ago | (#47445709)

The flaw in your reasoning is these people are not illegal aliens. Rural poor are the largest group, and many of those families have been here for 100+ years.

Re:Class issue here. (0)

Anonymous Coward | about 3 months ago | (#47445779)

> The flaw in your reasoning is these people are not illegal aliens. Rural poor are the largest group,

Hell, the suburban poor too. If you are poor it is essentially impossible to get a bank account.
There is even a name for it -- unbanked [wikipedia.org]

Anywhere you see a bunch of check-cashing places there are lots of working poor.

Re:Class issue here. (0)

Macrat (638047) | about 3 months ago | (#47445563)

That's actually the GOAL of cashless.

Forcing the poor to get ripped off by all the fees for debit cards.

Re:Class issue here. (1)

Oligonicella (659917) | about 3 months ago | (#47445565)

It's not just lack of access, it's lack of desire. Go and try to buy things at any venue that is ad hoc like an open air food market or flee market. Some will use cards, many won't because they don't want to bother with the paperwork hassle and fees. Cash in one form or another will always be desired.

Re:Class issue here. (1)

Bing Tsher E (943915) | about 3 months ago | (#47445629)

That's true, but the ability to process credit cards has become much easier in the last several years. You can get the hardware and an account to accept credit card payments using your iPhone, for instance.

Re:Class issue here. (0)

Anonymous Coward | about 3 months ago | (#47445769)

and how much of the money that i was going to use to buy food and beer and
pay rent to I have to give the processor for the privilege? 3%...and it goes
striaght to the bank account that I had to close because my ex-wife kept overdrawing
it and all my pay kept getting sucked up by fees

thanks, that helps a lot

Going back to cash (5, Informative)

El_Oscuro (1022477) | about 3 months ago | (#47445475)

Last week I swiped my card at a gas station pump before noticing the tamper proof seals had been broken. I have replaced the card, but while waiting for the new card I used cash. You tend to conserve more money when it is cold, hard cash instead of of just swiping a card. Less surface area for compromise as well.

Re:Going back to cash (1)

Bing Tsher E (943915) | about 3 months ago | (#47445653)

Cash money has a huge surface area, though. Which makes it much more attractive for a low tech thief to attach to it. And let's face it, most thieves on the level regular people encounter them are dumb and fairly brutal.

Re:Going back to cash (4, Informative)

the eric conspiracy (20178) | about 3 months ago | (#47445671)

Exactly true. Market research shows people spend more if they are using a CC. Part of the psychology is of course that cash you are carrying around is generally a more limited asset than your CC balance limit.

It's all bullshit (1)

Anonymous Coward | about 3 months ago | (#47445491)

The only reason to transfer to a cash-less society is so instead of the Federal Reserve controlling our money, the credit card/debit card companies do.

It's bullshit that not only can the credit card company charge YOU interest, they also get a small percentage/flat fee if it's very small whenever you use one of their cards.

That's why prepaid cards want you to either direct deposit or make a retarded amount of transactions per month, they make more than the $4.95 they charge per month to keep your card active by simply you using it.

All in all, it's an entirely bullshit situation and I really hope something like bitcoin takes off.

Privacy (4, Insightful)

epyT-R (613989) | about 3 months ago | (#47445529)

1. Privacy is more important to me than convenience. I like the idea that I can go into a store and buy something without someone making a recording of it and tying it to me.
2. The issue isn't to make the dollar go away, or even the penny go away. The issue is to fix the inflation.

Re:Privacy (1)

Insanity Defense (1232008) | about 3 months ago | (#47445561)

That is two of us.

Re:Privacy (0)

Anonymous Coward | about 3 months ago | (#47445617)

Fix the inflation?

Unlike many, many Americans, I have net positive assets, and well-diversified assets at that. When I realize that higher inflation would barely affect me, yet clearly help out most of my house-rich-but-otherwise-struggling neighbors, I start to wonder who exactly thinks inflation is so bad. Who has actual dollar piles around but the undeservedly wealthy?

And hey, just so you don't get confused about my politics, inflation is also an excellent way to control entitlements. You know, as in "we didn't cut your welfare benefits- they cut themselves!"

Re:Privacy (0)

Anonymous Coward | about 3 months ago | (#47445625)

2. The issue isn't to make the dollar go away, or even the penny go away. The issue is to fix the inflation.

Unfortunately inflation isn't broken. It is quite intentional - we're just the suckers on the down side of the deal.

uhhh (0)

Anonymous Coward | about 3 months ago | (#47445535)

How am I gonna use my debit card in a strippers ass?

Re:uhhh (0)

Anonymous Coward | about 3 months ago | (#47445785)

that's not what a stripper's ass is for...

Predictions vs. reality (5, Insightful)

mhkohne (3854) | about 3 months ago | (#47445555)

"Lots of people think it will happen" means about nothing. People are HORRIBLY bad at predicting future trends. More so en-mass.

What people say they want and what they really want (and demonstrate by doing) are pretty much unrelated. So even if people SAY they want cashless, I doubt they'll actually vote that way when the rubber hits the road.

Predictions vs. reality (0)

Anonymous Coward | about 3 months ago | (#47445741)

How many decades has it been since people started predicting the inevitable future of videophone as a replacement for the telephone? People typically have easy access to videophones in the industrialized world, but for the most part videophones are mostly restricted to people wanting to see relatives from overseas and corporate meetings.

It turns out that people don't want the hassle of having to clean up before answering the phone. And in this case, I don't think that people really want the hassle of having to deal with a bank whenever they want to buy something and to be unable to buy something if they don't pay exorbitant fees or cant' get credit.

Cash is king! (1)

Anonymous Coward | about 3 months ago | (#47445577)

Cash is accepted at more locations than Visa and Mastercard and always will. If government issued notes are eliminated, another form of anonymous exchange will arise. As previously mentioned, it may be gold or silver, it might be something else. People will find a way.

Re:Cash is king! (1)

Wansu (846) | about 3 months ago | (#47445635)

Cash is accepted at more locations than Visa and Mastercard and always will. If government issued notes are eliminated, another form of anonymous exchange will arise. As previously mentioned, it may be gold or silver, it might be something else. People will find a way.

You beat me to it. Cash is king. Whether it's our present currency, gold or silver coins, nothing beats cold hard cash.

No Paper Money... (1)

CohibaVancouver (864662) | about 3 months ago | (#47445581)

I was talking to an economist friend, and he was saying one way to greatly reduce crime would be to eliminate all hard currency over $5 and make the currency that was left just coins.

Yeah, yeah, I know the libertarians would go apeshit, but the world for the likes of Tony Soprano would crumble.... Most criminals would no longer be able to transact business, as they operate in a cash system.

Re:No Paper Money... (4, Insightful)

drinkypoo (153816) | about 3 months ago | (#47445591)

Most criminals would no longer be able to transact business, as they operate in a cash system.

The biggest criminals run banks... or governments

... Get rid of the dollar entirely... (0)

Anonymous Coward | about 3 months ago | (#47445597)

Seriously, those things are dirtier than my hands after not washing.

Yeah, let us get rid of cash and give banksters a (1)

Presto Vivace (882157) | about 3 months ago | (#47445599)

fee on every transaction. Really, the greed of banksters is enough to make a mobster blush. However, going cashless would make the church rumple sale impossible. Once that aspect of the matter is made clear to politicians that will be the end of this dicussion.

Bank accounts for the poor (5, Insightful)

wiredlogic (135348) | about 3 months ago | (#47445651)

Cashless only works if the poor can get bank accounts without having to pay hefty fees if they can even qualify at all.

But first... (0)

djupedal (584558) | about 3 months ago | (#47445665)

...we need to get rid of the stinking penny.

Not such a good idea... (0)

Anonymous Coward | about 3 months ago | (#47445697)

By removing physical currency you also remove the only anonymous way of paying for goods not to mention the ONLY way to have COMPLETE control over your own money.

What are you going to do when a Bank freezes all your assets? Use your "plastic card"?

Re:Not such a good idea... (1)

DiSKiLLeR (17651) | about 3 months ago | (#47445731)

Have more than one bank account?

Preferably in more than one country? I have bank accounts in 3 countries: Australia, New Zealand, and the United States. I can use my plastic card from any bank/country anywhere I go.

Works for me.

Never had a problem with a bank account getting "frozen".

Haven't carried cash in like 10 years... (1)

DiSKiLLeR (17651) | about 3 months ago | (#47445723)

I haven't carried cash in like 10 years. I just never use it.

This is living in Australia, and then in New Zealand for the past 5 years.

In New Zealand road side fruit sellers accept cards. Literally EVERYONE accepts cards, because everyone uses cards.

Cash is pretty much dead here.

Meh. (0)

Anonymous Coward | about 3 months ago | (#47445755)

Mmm.. I prefer having a cash option. Like a car that can do 120, I may not need it, but I like to know it's there.
I can already buy pretty much anything 'cashless'.

Print no bill smaller than a 5.
86 the penny. Keep Nickels, dimes, quarters and half dollars.
Mint 1 and 2 dollar coins.

People don't like dollar coins? Stop printing the bills and they'll like them just fine.
How'd I do Aussies?

Say goodbye to the undergroud economy (1)

chromaexcursion (2047080) | about 3 months ago | (#47445761)

The underground economy has many faces.
drugs
Theft
worse crime
far less insidious, unreported labor
All these will have serous problems in a cashless world. There are ways around these with some problems. But, it will drive small players out of the market.
Not a pretty picture for some.

Practical question (1)

inode_buddha (576844) | about 3 months ago | (#47445763)

Practical question: how do you plan to tip strippers? I don't think they appreciate coins in the hooch...

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