Time To Do Away With Physical Money?

strobe

So I was thinking about this the other day in one of my more lucid and sober moments, rare as they are. Is there really any need for us to still be using hard cash? I mean most of us are already payed into banks, a lot of us make alot of our purchases or transactions electronically already and virtually all global movements of funds are done purely digitally.

I mean when you look around at thing like mugings, cash-in transit robberies, Tiger kidnappings, the black market in untaxed goods and services, politicians, cops, and other general scum taking bribes: it seems to me that all these things could be pretty much totally elliminated by the phasing out of paper and coins.

The alternative could be something along the lines of installing "cash registers" with handprint scanners or retina scanners coupled with pin entry similar to the current credit/debit card dealy. So you want to buy a cake from the bakery or a new Gulfstream IV, you walk up to the register scan your hand, enter your pin, confirm the amount that the teller entered by scanning a barcode or entering manually and the credits are exchanged from your account to theirs (the business').

Or if you wanted to transfer money directly to an individual, as in loan a friend credits then you would walk into a bank and you could do it all automated on one of the banks machines without having to have the delays that result from human tellers. You scan your hand enter your pin, they do the same, you both enter the same amount and disco, you're in business.

Anyway I'm sure I'm probably missing some massive obvious flaw in the system so feel free to point it out if it's there. Well whatchathink? (Obligatory poll)

admiralofthefleet

no

MaybeLogic

No.
We're going black market again.
That won't work without cash.

Dancor

I would love to see such a system in my life time. Its open to abuse, but sure what aint.

I lost €20 sometime during the course of this day. That would not have happened if I had credits in my retna.

Some people of course would claim its all part of the NWO world take over conspiracy/contolling you ****e, Me, I think its progress. And why stop with money? ATM in my wallet I have Laser card, credit card, subway card, blood and organ doner cards and PPS card thing.

RoyalMarine

why not be the first to start a new system?

give all your "hard" money to the haiti appeal, and start using credits.

im sure it will catch on.

mikom

strobe wrote: »

Is there really any need for us to still be using hard cash?

Try tellin' that to June Carter.

Dunjohn

There's a lot of security in having a few hard bob in your pocket. Machines break down, go offline, produce errors, and all the rest of it, but with hard cash you'll at least be able to pay for a taxi home. You could forget your PIN, and if someone else gets a hold of it, you stand to lose a lot more than the tenner you have on you.

My name is URL

Only 3% of all the 'money' in the world is physical cash, so I'd say that we're well on the way to a full credit system

strobe

Dunjohn wrote: »

There's a lot of security in having a few hard bob in your pocket. Machines break down, go offline, produce errors, and all the rest of it, but with hard cash you'll at least be able to pay for a taxi home. You could forget your PIN, and if someone else gets a hold of it, you stand to lose a lot more than the tenner you have on you.

I'm sure some sort of a segmented system could be developed so that it was impossible for the whole system to crash simutaniously, I mean the whole internet never completely crashes, boards can go down but the rest of the net toddles along.

If you forget your pin on a website or when using your credit card there is usually a work around, something could be come up with for that eventuality, or you could just learn to remember your pin. If someone got a hold of it they would also need to get a hold of your hand or eyeball too to use it though and even then they would have to sneak your hand into whever they wanted to use it and hope no one notices it and they could only put money into thier own account which would lead to them getting caught. Maybe some sort of a security delay could be in place for person to person transfers?

blue movie

My name is URL wrote: »

Only 3% of all the 'money' in the world is physical cash, so I'd say that we're well on the way to a full credit system

There is also the idea that everything you spend cash on can be private where as say if we had a credit system what you spend on what is recorded

Glico Man

So that's why hookers don't take Laser......

strobe

blue movie wrote: »

There is also the idea that everything you spend cash on can be private where as say if we had a credit system what you spend on what is recorded

Thats a good point, didn't consider that. Maybe an option on the machines to have the transaction recorded simply as "Transaction XXXX" if you don't want it known what you spend your wages on. I guess I never thought of it cause I wouldn't really care, if I wanted to buy a blow up sex doll or a Jay Z album or something similarly suspect I wouldn't give a crap who knew.

weeder

in before RTDH

stovelid

strobe wrote: »

Time To Do Away With Physical Money?

I already have - since last week.

Roll on January payday.

GavRedKing

aaronh007 wrote: »

So that's why hookers don't take Laser......

Mine do, only the classy ladies of the night will do.

AnonoBoy

If we do away with coins then what is one going to toss at the peasants from the back of one's rolls as Jeeves drives one home?

blue movie

well i wasnt thinking of hookers or blow up dolls more along the lines of a sneaky few bets in the bookies or few beers when your supposed to be working but you get my point

xsiborg

was anyone else guilty of filling their wallet with pound notes just so they could feel like they were loaded?

then again i was only ten, but it does raise the interesting aspect that people like to feel that their money is more secure on their person, its that "physical closeness" to my money that i like, although nowadays i would be all for a system as convenient as the OP describes.

but given its idealistic thrust, i doubt it's ever going to happen because to a lot of countries their currency is part of their individuality, look at the UK for expample. i'd love to go back to the days of the irish punt, although thats not likely to happen either.... damn euro!!!

bonerm

No way. Cash is a great way of making money "disappear" (actually sometimes a good thing).

phasers

I need cash, my dealer doesn't take credit cards

strobe

phasers wrote: »

I need cash, my dealer doesn't take credit cards

Ahh but if this idea of mine flew maybe other controversial ideas of mine on this site such as:

"legalise all controlled drugs globally. Now I don't mean that a free for all would be declared, you wouldn't just be able to stroll into a shop, buy a paper, 20 Silk Cut Purple and a gram of smack. Tobaco would only be sold in licensed Tobacconists, Alcohol in specific places with a license to sell alcohol. Cocaine, heroin, cannabis, methamphetamine, mandrax, salvia, mescaline all only sold in places licensed to sell that drug and that drug only. There would than be massive education campaigns with accurate non sensationalised information on the effects, dangers ect of all the drugs. The taxes raised and the taxes saved from not having to p1ss money down the sewar trying to fight the trade in controlled drugs would then be used to research alternatives to the more dangerous or destructive drugs and to treat people that develop serious problems with them."

would fly too and then, yes, your dealers would take credits.

Ruu_Old

I've been using the worldo for quite a while now..oh wait..:o

Wazdakka

No..

Also.. Watch Zeitgeist

phasers

strobe wrote: »

Ahh but if this idea of mine flew maybe other controversial ideas of mine on this site such as:

bla bla bla

would fly too and then, yes, your dealers would take credits.

God take all the fun out of it why don't you?

strobe

Wazdakka wrote: »

No..

Also.. Watch Zeitgeist

Seen it, needed more chimps in funny hats and naked chicks.

(has using hard cash limited the power of the large financial orginisations? can't say that I noticed)

strobe

phasers wrote: »

God take all the fun out of it why don't you?

If you think that would take the fun out of taking MDMA for example, your doing it wrong.

ChocolateSauce

strobe wrote:

the black market in untaxed goods and services

As long as hookers and drugs are illegal, I'll stick to cash thank you very much.

MaybeLogic

strobe wrote: »

If you think that would take the fun out of taking MDMA for example, your doing it wrong.

You're supposed to pop it in your mouth, not in your ear.

strobe

ChocolateSauce wrote: »

As long as hookers and drugs are illegal, I'll stick to cash thank you very much.

See above, hookers and drugs would be legal if I had my way, just cleaner (both of them) and more convenient.

MaybeLogic

strobe wrote: »

See above, hookers and drugs would be legal if I had my way, just cleaner (both of them) and more convenient.

Clean hookers? Take all the fun out it...
That's part of the thrill. A chance of catching a dose of herpes or syphilis.

phasers

And more boring

Magnet

Yes!

The Black market uses Whiskey and Cigarettes anyway! ! !

strobe

How boring? I never really found the whole "hehe I'm doing something illegal" thing to be something that added to the psychoactive drug experience for me. But each to their own.

ShooterSF

How would pocket money or lending a mate a score work?

strobe

ShooterSF wrote: »

How would pocket money or lending a mate a score work?

From the first post:

"Or if you wanted to transfer money directly to an individual, as in loan a friend credits then you would walk into a bank and you could do it all automated on one of the banks machines without having to have the delays that result from human tellers. You scan your hand enter your pin, they do the same, you both enter the same amount and disco, you're in business."

Sanjuro

Do dealers take credit cards? How else are we supposed to pay for drugs... I mean... not drugs.

strobe

Page 2 Sanjuro

pickarooney

strobe wrote: »

Maybe some sort of a security delay could be in place for person to person transfers?

Methinks Wacker is one step ahead of the posse and we won't see him for dust after that 5000 hi-fives scam.

phasers

strobe wrote: »

From the first post:

"Or if you wanted to transfer money directly to an individual, as in loan a friend credits then you would walk into a bank and you could do it all automated on one of the banks machines without having to have the delays that result from human tellers. You scan your hand enter your pin, they do the same, you both enter the same amount and disco, you're in business."

So you'd have to do this to give your kids their 5 euro a week pocket money?

Pain in the hole or wha?

Also what about if you ask your friend to get you a sandwich from the shop? Do you then have to go to the bank to give him back the credits? You're overcomplicating things.

strobe

phasers wrote: »

So you'd have to do this to give your kids their 5 euro a week pocket money?

Pain in the hole or wha?

Also what about if you ask your friend to get you a sandwich from the shop? Do you then have to go to the bank to give him back the credits? You're overcomplicating things.

I don't see how its a pain in the hole. Walk up to an ATM with them and bang, ten seconds later they have their pocket money. You buy your freind a sandwich, they buy you a sandwich another time, or they just say thanks for the sandwich? I think you're overcomplicating things for yourself Phaser, or maybe I'm just not explaining it well.

mickdw

Why the need for this fingerprint idea? We currently manage with pin. Some cars have fingerprint activated ignition and thieves have been known to chop the thumbs off the owners of some A8s that they wanted to steal.
I think we need to keep the hard cash at a level we have it now. It is comforting to know that if you have some money, its not just some figures on paper and you could go to the bank any day and take it out if there was likely to be a collapse or whatever and just stick the actual cash under the matress.
There will always b tax evasion regardless of whether we have actual cash in circulation or not.

TheMilkyPirate

MaybeLogic wrote: »

Clean hookers? Take all the fun out it...
That's part of the thrill. A chance of catching a dose of herpes or syphilis.

Mmmm... syphilis

Doctor Zaius

But what about those days when you call round to your grandmother and she'd slip 20quid into your pocket, those days will be a thing of the past

Some sort of card type thing is the future alright though.

Mike 1972

Who would administer such a system ? Governments or bankers (and do you trust either). Who would pay for it and how ? Would there be someone taking cut out of every transaction as commission? Could it deal with all amounts from the price of a plastic bag to the price of a house? Would you be happy with those operating the scheme knowing every aspect of your personal business? Even if youre one of the (very few )people who never do anything illegal involving money can you honestly say youve never made any purchases you wouldnt want people to know about? How would informal transactions between friends/family/work colleagues operate ?

mickdw wrote: »

if there was likely to be a collapse or whatever and just stick the actual cash under the matress.

if there was likely to be a collapse or whatever that actual cash under the matress would be damn all good to you really thought I suppose you could reduce your risk to some extent by having a mix of currencies (along with some gold and an ample supply of shotgun cartridges) there.

strobe wrote: »

I don't see how its a pain in the hole. Walk up to an ATM with them and bang, ten seconds later they have their pocket money. You buy your freind a sandwich, they buy you a sandwich another time, or they just say thanks for the sandwich?

Yes far more practical and convenient than cash ........:rolleyes:

strobe

Mike 1972 wrote: »

Who would administer such a system ? Governments or bankers (and do you trust either). An independent company that is overseen by a regulator Who would pay for it and how ? Would there be someone taking cut out of every transaction as commission? Advertising on the machines should cover it very easily I'd imagine.Could it deal with all amounts from the price of a plastic bag to the price of a house? Yes, why wouldn't it? Would you be happy with those operating the scheme knowing every aspect of your personal business? They wouldn't have to there could be an option to encrypt the details of the transactions so they display as "Transaction XXXX" or something like I said before. Even if youre one of the (very few )people who never do anything illegal involving money can you honestly say youve never made any purchases you wouldnt want people to know about? Yes I can honestly say that. But if some people couldn't then they just hit the "Encrypt Transaction" button like described above. How would informal transactions between friends/family/work colleagues operate ? See above, has been addressed


if there was likely to be a collapse or whatever that actual cash under the matress would be damn all good to you really thought I suppose you could reduce your risk to some extent by having a mix of currencies (along with some gold and an ample supply of shotgun cartridges) there.

True. Cash is only worth the value the current system assigns it, see Zimbabwe.


Yes far more practical and convenient than cash. (Deleted rolleyes as I'm sure that was a typo on your part as only gee bags tend to use it) Yeah it would be more practicle than cash in lots of ways i.e. never having to go to one place to get cash first before going to buy something, or never reaching into your pocket and realising you don't have enough cash with you to pay for something you see. That would far off set the inconvenience of having to walk 2 mins to the nearest ATM to give someone money. Especially considering as most of the time when you give someone a tennor or twenty it tends to be because they have money in thier account but they don't want to leave the pub to get it or go to an ATM and withdraw cash before they go to the shop

(really need to get that multi-quote thing going)

To be honest when I started this thread I didn't really think this whole credit dealy would be a good idea because I thought a bunch of people would chime in with obvious ideas about why it wouldn't work and I'd think "ohh yeah that's why it wouldn't go well". But no one has really came out with anything yet as to why it wouldn't work that doesn't have a simple work around, so I'm kinda liking the idea now. So I just voted yes on the poll there.

Mahatma coat

walking 2 minutes to the nearest ATM, you do realise that not everyone in the world lives in your house :rolleyes:

senbwcs

Because we all love waiting at a bar while someone pays by card.

Jumpy

Doctor Zaius wrote: »

But what about those days when you call round to your grandmother and she'd slip 20quid into your pocket,

Must ... resist ...

The Nice Jumper

People, heed this call. Rid yourselves of material possessions and paper money. PM me to get my address where to send this unneeded money. I will dispose of it for you!

Mike 1972

strobe wrote: »

An independent company that is overseen by a regulator.

Banks = Independent companies overseen by regulators

And look at how well that works