Apple CEO: Next generation of children 'will not know what money is'
- Thread starter M4F
- Start date
You can't walk away with your pockets full of bits and bytes, when you're afraid the guys you trusted to keep your money safe are no longer up to the job. Nor can you keep the bits and bytes under your mattress, even though it costs you to keep them 'in the banks'. Makes a guy wonder if the so-called convenience of cashless living isn't just a XXIC version of the 'advantages' of having Massah look after the nasty realities of life for his happy darkies.
Long live cash!
I know I hate how they give you 4% cash back just for using their card...they are all fucking asshole https://youtu.be/QSFFyU69nEk
Money is just data, you have very little of your net financial wealth as paper money - that is also true for every developed economy. Reducing cash is simply an evolution of the digital transformation that is happening to commerce. Alibaba did $14.8b of sales on singles day (11/11) 68% was on mobile....
Cash is very expensive for retailers and bank, it's a security and supply chain issue with no real value.
More precisely the 100 years old pay coins as well as cash. Go to
a supermarket near a seniors residence and line up behind grandma
at the checkout lane to find out why everyone behind want to help the
elderly with counting changes.
And the issue with data is first, last, and always: How trustworthy is it?
That was true when emperors stamped their portraits into bits of shiny stuff, so you could trust they were a known amount of gold. It was even true more recently, when every two-bit bank printed their own paper money and you needed to refer to a big-book for the safe amount to discount — i.e. to distrust — any particular notes. Until we went back to governments putting portraits of trustworthy folks on the money. Because we repeatedly find we cannot trust businesses we cannot see, but at least when government certifies the money we're all playing by the same rules.
Cook's offhand quip fools folks into thinking money's all about inconvenient coins and bills and we're so highly evolved we don't need them. But we do need a solidly trustworthy unit of exchange, and always will. When that become as vaporous as airline points, and your physical store of value is seized in forcelosure, let him tell us again how far we've progressed.
Money has nothing to do with bits, bytes, or paper. It's about the trust we have in the solidity of the system that backs whatever it is we're exchanging. We saw back in 2008 just how unworthy of our trust that system can be. Parlour magic is the stock in trade of computer geeks like Cook, Gates, Jobs and the rest and we all fall for it. But let's never forget that stuff only works as long as we can keep the lights on. And who is doing that? That's what money is about, but money's not what he was talking about.
But since we're actually talking about cash, I patiently wait for the ineptly installed POS machine to wake up, redundantly warn me not to touch my card as it goes through its mandatory routine, tediously offering the same options I always refuse, and eventually responding to inputs that identify (there's that trust thing again) me, and my happiness at the amount and only then authorize the printing of a receipt.
I can remember how even children used to be able to conduct cash transactions, hand you the register tape and accurately count back your change in less time. And when they 'identified' you, it was to greet you, not suspect you. Frankly, the only 'convenience' I experience is not having to hit an ATM before shopping, but I pay over and over in slower checkouts until all that benefit has long been used up.
Quick questions: How much of the physical infrastructure that we trust with our bit$ and byte¢ do we suppose is manufactured onshore? And as has been mentioned, how will cashless pooning work? Or anything beyond the power grid?
Do not put your faith in paper money. Buy diamonds. Diamonds were used by some Jews to escape the death camps in WW II.
I learned from the elderly in my family who went through the Soviet revolution, Hitler's little adventure, Soviet "economic miracle", etc. The lesson was:always have access to HARD currency for when the shit hits the fan, prayers are encouraged, but hard cash will save your life because the one thing you can always count on is human greed.
Cash is needed or a lot of people will be out of work.The specific kind of paper, the winning artist who designs the new notes and coins, securities armor vehicles and security people, Atms, any business all have "cash register"
casino's, laudrymats, car wash, food trucks, kids allowances, mob $ suitcases, and people in general who prefer not to have credit cards.
Some folks prefer to go up to teller in person for all banking transaction. It would be laughable for an hot dog cart guy to accept a cc when the food is eaten in a few minutes. Yeah, seeing the SP with a card.Reminds me of a William H Macy movie.The SP got pissed off after shagging and she called her pimp.No pay you're going to pay. Cash is still king.
casino's, laudrymats, car wash, food trucks, kids allowances, mob $ suitcases, and people in general who prefer not to have credit cards.
Some folks prefer to go up to teller in person for all banking transaction. It would be laughable for an hot dog cart guy to accept a cc when the food is eaten in a few minutes. Yeah, seeing the SP with a card.Reminds me of a William H Macy movie.The SP got pissed off after shagging and she called her pimp.No pay you're going to pay. Cash is still king.
These are funny posts, like those defending the horse over the car.....
Oldjones is right, topic isn't money (99% of which is digital) but cash, which is the horse in the above comparison.
Oldjones is right, topic isn't money (99% of which is digital) but cash, which is the horse in the above comparison.
All of those businesses can be digitized. Remember when pumping gas required cash? Too bad tap is not integrated into it.
A cashless society would pose a host of issues though.
The prudent people will find a way to put aside some tangible currency; be that precious metals or other easily portable assets. We've been very fortunate(especially in North America) over past six decades-a drop in the bucket of the human history. The very recent example of Greece should be a lesson for all.
The credit card companies give a % rebate on what you spend but they charge the stores for processing the transaction. It varies from about 2 to 4 %. This cost of doing business is figured into the price of everything we buy.I know I hate how they give you 4% cash back just for using their card...they are all fucking asshole https://youtu.be/QSFFyU69nEk
So then the guys buying with cash suffer. On my Scotia Bank Infinite I received $1,230 after a year of using the card. Not bad compared to AirMiles and I did not change any of my spending habits after I switched over. So if you and I shop at Food basics every week, I pay with credit card and you pay with cash, thus a percentage of your cost goes towards my cash back. Not bad, not bad at all.
It depends in part on what is meant by "Money." I do not see units of exchange disappearing. However, the use of bills/notes or coins may indeed become rarer, but likewise I rather doubt they will entirely disappear. Some people will still want to use them, and certainly they will remain the most useful for small purchases.
Only time I use cash is to pay for MPAs...or hot dogs...guilty pleasure, although I think MPAs are healthier for me.
