The End Of Cash

[Meclazine for Israel]

In Australia, only 13% of commercial transactions are completed using cash

By 2030, the Government is looking to go completely cashless. I am on board. Two great reasons:

1. People Pay More Tax - GST.
2. Redudes Criminal Activity - Drug Deals

If you withdraw cash from the banks in Australia (some will not let you), you have to give a reason why you want your own money.

This guy thought it would be funny to make up stupid reasons

Why Do You Need Cash?

https://www.instagram.com/reel/CwkJZu6yulD/

[Sumner 1868]

Nah, there's still plenty of Cash:

[Okay, maybe Mike Johnson is a competent parliamentarian.]

If you withdraw cash from the banks in Australia (some will not let you), you have to give a reason why you want your own money.

No, sorry, this is an absurd level of social control if true. There's very little I'm more of a crusty old reactionary on than this subject. Hearing people extolling "going cashless" always makes me wonder who exactly they're so interested in screwing over so they can have a slightly more convenient time of it at the cash register. Old people? Homeless people? Buskers? People on the run? People who have been hacked before and want to avoid it happening again? So many great possibilities!

[The Arizonan]

In Australia, only 13% of commercial transactions are completed using cash

By 2030, the Government is looking to go completely cashless. I am on board. Two great reasons:

1. People Pay More Tax - GST.
2. Redudes Criminal Activity - Drug Deals

If you withdraw cash from the banks in Australia (some will not let you), you have to give a reason why you want your own money.

This guy thought it would be funny to make up stupid reasons

Why Do You Need Cash?

https://www.instagram.com/reel/CwkJZu6yulD/

Who gives a f**k about criminal activity with respect to using cash in general?

I enjoy my freedom to use cash and no one in the universe is going to take that away.

[Agonized-Statism]

I will not eat the bugs

[PSOL]

I will not eat the bugs

Don’t fall for the hysteria friend, bugs are a net benefit under certain conditions, unlike this travesty

An online payment only society under capitalism would be the most brutish period in this age. It harkens back to the end of the yeoman and mass displacement of rural people to the cities that was present under modern England. How can anyone defend such weakening of the few freedoms of the every day man than have prying eyes away from what sustains us.

[Aurelius2]

If you withdraw cash from the banks in Australia (some will not let you), you have to give a reason why you want your own money.

No, sorry, this is an absurd level of social control if true. There's very little I'm more of a crusty old reactionary on than this subject. Hearing people extolling "going cashless" always makes me wonder who exactly they're so interested in screwing over so they can have a slightly more convenient time of it at the cash register. Old people? Homeless people? Buskers? People on the run? People who have been hacked before and want to avoid it happening again? So many great possibilities!

Plus banning Amish, Mennonites, etc from sustaining themselves unless they switch to outright barter (which wouldn't work, since they are very integrated into the outside economy). And folks who just wanna grilllive in a cabin in the woods and homestead/live off the land to the maximum extent possible and not use technology (this plus writing books about history is more or less my dream if my longshot lean-FIRE plan ends up working out).

Like you, this is one of the things I am very reflexively anti- about. Same goes for all the other stuff these sorts of people are pushing for the sake of muh efficiency. Another example is replacing ownership with subscriptions for seemingly everything, or the war on privacy by people like Matt Yglesias, or facial recognition everywhere, etc etc etc. Self-actualization and goodness > efficiency, 100% of the time.

If you will have no money if you refuse to use the Internet, you are not free. And I like freedom.

[Meclazine for Israel]

If you withdraw cash from the banks in Australia (some will not let you), you have to give a reason why you want your own money.

No, sorry, this is an absurd level of social control if true.

Have I ever lied? The video I posted is a guy being asked what he needs the money for.

When you take money out now, say over $1,000, you have to tell the bank why you are taking it out.

It goes even further. If I wire you some money in the USA, I will need to disclose what is the reason for the wire.

[Meclazine for Israel]

No cash at KFC.

Franchises of KFC are going cashless in New South Wales.

https://www.9news.com.au/national/competing-fast-food-giants-have-no-plans-to-go-cashless-amid-kfc-outrage/2a7981ea-6a06-4393-9178-6d7f4db9dfb4

We are on the path to "no cash".

[Beet]

Recently the power went out at this bakery I wanted to go to.

I paid cash and my order was taken on pencil and paper. If you didn't have cash you were sh-- out of luck.

[DaleCooper]

As much as American culture frustrates me, I am thankful for it when it comes to things like this. Americans will reject this tech bro nonsense.

[Aurelius2]

Great news: DC recently passed a ban on "cashless" businesses, which is now taking effect.

https://www.axios.com/local/washington-dc/2023/09/29/cashless-business-ban

One very good thing about American politics is that we seem to be uniquely immune to these sorts of terminally-efficiency-brained proposals that seem to be especially popular among Eurocrats, but certainly are not exclusive to the EU.

[Upper Canada Tory]

I don't really agree with a cashless society. What do you do if there is an emergency such as a power outage? What if you are a member of a cash-reliant demographic (eg the poor, the elderly, the disabled, the unbanked, the youth, Amish or Mennonites)? The ability to use physical banknotes allows a lot of people to participate in the economy that wouldn't be able to do so otherwise.

Also, Canadian banknotes are colourful and have the Queen's face on them. It would be sad to see them go.

[Meclazine for Israel]

It's interesting that Americans are so keen on cash transactions.

We are 98% cashless now. The only people at the ATM's are skinny white guys in white track suits, gold chains, face tattoos and tapping their foot really quickly.

If the Police want to catch a drug user, just put a camera on the local ATM machines.

[Meclazine for Israel]

Americans Moving Away From Cash

https://www.instagram.com/reel/CvxLUMcL_H0/

[Bojack Horseman]

The restaurant across the street from where my aunt used to live was completely cashless so they didn’t get robbed. No point in holding the place up if there’s not a cent inside.

[ProgressiveModerate]

One problem with the end of cash is teenagers ability to pay for things (a problem I often ran into). When I was about 12-ish, occasionally my parents would give me cash money to go get food and there were multiple occasions were I would order and then awkwardly find out that place no longer accepted cash. Then I'd have to go back to my home and my parents would have to just get it themselves.

Slowly, we def are seeing things like apple pay and Venmo create ways in which parents can manage a kids account, so maybe this is becoming a non-issue for the future, but still somewhat of an inconvenience to have to set up (plus your kid has to have a phone). And it still takes away teenagers ability to buy things truly on their own

[Okay, maybe Mike Johnson is a competent parliamentarian.]

Also, Canadian banknotes are colourful and have the Queen's face on them. It would be sad to see them go.

This seems more minor than it is. One colorful or unusual-sounding or interesting-textured item used in everyday life being replaced by a blue-white glare or anodyne chime from someone's phone isn't a big deal, but hundreds of such replacements makes the world a noticeably blander, less tactile, and "shallower" place to live.

[Hollywood]

1) Drug Dealers are started using Crypto because it was harder to mover around than cash. 

2) People are using various cryptos to avoid paying taxes, because various electronic currencies can be relocated to regions without stringent tax laws or bank disclosure laws. 

There a variety of large transactions that I've made in cash in order to receive a 4% saving on merchant fees.  I've paid and received cash for a number of Car Transactions. 

I'm not avoiding taxes.  In fact, taxes are taken out of my paycheck just like every other employee.  I'm actually pretty anal about using the company card for business transactions, because I need to keep track of my, and employee, expenses. I just need to deposit large sums of cash sometimes, and I like using cash.  I'm able to see the money in my wallet and safe as opposed to constantly opening my banking accounts.  I don't have to switch between savings, checking, and various banks and payment apps.  My cash isn't vulnerable to scammers or hackers.  I don't have to worry about banks stopping my card when I travel for business.  If I go to markets, I can purchase art and coins in cash for less money. It's just a better option sometimes. 

Honestly, I don't have to tell you why I'm taking out the money.  Banks should only ask as a mere precaution in the event that the withdrawer is the victim of a crime.   It's my F-ing money so don't act like its not.  Do you have it or is this Bank Illiquid?  Attention everyone, the bank just told me that it doesn't have my money.  They can't cover deposits.  Are you guys able to get your money out?  Oh God.  LOL. 

[NYSforKennedy2024]

Only thing I purchase using cash is marijuana from the dispensary; and that would change if the major banks ever eased up on making it a pain to cash out with your debit card.

[ProgressiveModerate]

1) Drug Dealers are started using Crypto because it was harder to mover around than cash. 

2) People are using various cryptos to avoid paying taxes, because various electronic currencies can be relocated to regions without stringent tax laws or bank disclosure laws. 

There a variety of large transactions that I've made in cash in order to receive a 4% saving on merchant fees.  I've paid and received cash for a number of Car Transactions. 

I'm not avoiding taxes.  In fact, taxes are taken out of my paycheck just like every other employee.  I'm actually pretty anal about using the company card for business transactions, because I need to keep track of my, and employee, expenses. I just need to deposit large sums of cash sometimes, and I like using cash.  I'm able to see the money in my wallet and safe as opposed to constantly opening my banking accounts.  I don't have to switch between savings, checking, and various banks and payment apps.  My cash isn't vulnerable to scammers or hackers.  I don't have to worry about banks stopping my card when I travel for business.  If I go to markets, I can purchase art and coins in cash for less money. It's just a better option sometimes. 

Honestly, I don't have to tell you why I'm taking out the money.  Banks should only ask as a mere precaution in the event that the withdrawer is the victim of a crime.   It's my F-ing money so don't act like its not.  Do you have it or is this Bank Illiquid?  Attention everyone, the bank just told me that it doesn't have my money.  They can't cover deposits.  Are you guys able to get your money out?  Oh God.  LOL. 

This reminds me; on social media I've def noticed these "right wing crypto bros" who just seem to have this really toxic form of social Darwinism. They are attracted to Cypto for the reasons of less taxes and less government/central bank oversight. But then it becomes this thing of "I'm rich because I worked hard and deserved it and if you work you butt off you'll get here too". The problem is that 95% they are nowhere near as rich as they claim and just posing, and if they are wealthy, they generally didn't build their wealth through cypto and/or got really really lucky. Yet they tell their audience it's their fault if they aren't wealthy.

They encourage their base to not go to college and do all these hustles that don't add any value to greater society and generally make very little money. A lot of these hustles are just trying to be an unnecessary middleman and essentially profiting off of someone else's work, such as paying for someone to build a random website and reselling it at a markup, or buying something on Alibaba and reselling on Amazon for a markup.

Overall though, these people rhetorically are just so hostile against any sort of "common good", they want a pure dog eat dog sort of world.

What's sort of interesting though is that in the US, both sides in mainstream politics have been pretty skeptical of crypto including Trump.

[Hnv1]

I have to say I can see the logic but the logistics is sometimes a nightmare. Last year I was in the Netherlands and the trip cost much more as any credit card transaction cost me an additional conversion fee. Generally when I'm travelling I prefer using cash

[Meclazine for Israel]

This guy knows more about Australia's transition to a cashless society.

No Cash

https://www.instagram.com/reel/Cz_XbERosUA/

He also proposes a digital passport.

If online fraud gets out of hand, it might be  good idea.

[Meclazine for Israel]

Australia and New Zealand very close to cashless in 2024.

https://www.abc.net.au/news/2023-12-30/will-consumers-have-to-pay-to-access-cash-or-will-we-be-cashless/103249748

I have not had any cash in my wallet for three months.

If you go to my three banks, one of them won't give me cash unless I have a valid reason.for wanting it.

Another one is, unbelievably, cashless. They exist to get and service loans now.

[oldtimer]

The negatives with the end of cash is that it allows 3 things:

1. Total Government control over the economy with all it's negatives.
2. In the event of a crisis all the money would disappear in an instant (2023 American Bank runs).
3. The possibilities of financial crime become limitless (tax evasion software is prevelant in Greece already).

The positives are known too:

1. Currency reform becomes easy, a government can adopt or ditch currencies in an instant (the Varoufakis option of leaving the Eurozone).
2. When the economy is good it allows instant investments.

In short: larger transactions, greater instability, less economic freedom.