Cashless society

[moXJO]

I wonder if CBA's issues were related to a software 'upgrade', it always seems like an oxymoron, upgrades seem to cause problems when they are meant to fix them.

Money was locked in. You couldn't atm, bank teller, eftpos, internet bank, or anything to get your money out. They actually shutdown branches.
I know a few people who got stuck at the petrol station not being able to pay after filling up. Just imagine a week long debacle.

 

[SirRumpole]

Money was locked in. You couldn't atm, bank teller, eftpos, internet bank, or anything to get your money out. They actually shutdown branches.
I know a few people who got stuck at the petrol station not being able to pay after filling up. Just imagine a week long debacle.

Would be nice if they paid $50 to all their depositors for the inconvenience.

 

[sptrawler]

Money was locked in. You couldn't atm, bank teller, eftpos, internet bank, or anything to get your money out. They actually shutdown branches.
I know a few people who got stuck at the petrol station not being able to pay after filling up. Just imagine a week long debacle.

Well one thing for sure, it will flag a lot of issues that need resolving, before they even contemplate electronic only transaction.
There is nothing better than real life experience, it beats 1000 brainstorming 'what if' sessions, hands down.

 

[sptrawler]

Would be nice if they paid $50 to all their depositors for the inconvenience.

I think I heard 20,000 CBA share holders hit the floor, as they passed out, when reading that one.

 

[moXJO]

Downside of cashless in the recent fires.

"All the ATMs are down, and the young people these days travel with no money, so they were even more panicked."

https://9now.nine.com.au/a-current-...km7DUXpyOkVG9IZZBqJ2rq_lw4AbfMEcOu3BpkIzA9ShE

 

[againsthegrain]

Downside of cashless in the recent fires.

because only

https://9now.nine.com.au/a-current-...km7DUXpyOkVG9IZZBqJ2rq_lw4AbfMEcOu3BpkIzA9ShE

Downside of cashless in the recent fires.



https://9now.nine.com.au/a-current-...km7DUXpyOkVG9IZZBqJ2rq_lw4AbfMEcOu3BpkIzA9ShE

because there is no legitimate reason to carry cash apparently unless your a "criminal"

 

[sptrawler]

Downside of cashless in the recent fires.



https://9now.nine.com.au/a-current-...km7DUXpyOkVG9IZZBqJ2rq_lw4AbfMEcOu3BpkIzA9ShE

Also mobile phones were useless.

 

[frugal.rock]

As a family, we occasionally come across businesses that only accept cash... I prefer to use a cashless payment method so often will let my feet do the talking by spending elsewhere.
In thinking why they choose to be cash only, thoughts of tax avoidance springs to mind, along with illegal worker's paid cash... below awards and minimums etc.
Heck, if I can't track my Missus's cash spending, how is the government supposed to keep track in the economy?
F.Rock

 

[tinhat]

I must admit I have not read this discussion. If by cashless you mean fiat paper money, no argument. I posit that fiat paper money "cash" will become less useful because fiat currency will become less useful. Public cryptoledger will steal utility from fiat money. It will make stores of value such as gold readily transferable while ensuring the non-fungible integrity of the underlying asset.

Monetary policy enacted through fiat currency will become next to useless. The great inflation of fiat money debt is happening before our eyes. As to the social outcomes of this tumult: friction causes heat.

 

[sptrawler]

Interesting article on the $10,000 cash limit law being proposed, it also probably explains why the big push by AUSTRAC for the Banks to get their systems in order.

https://www.abc.net.au/news/2020-01...bout-controlling-your-money-says-rba/11858104

 

[sptrawler]

More on thread is this little pearler, this is classic 'cashless' at its best.

https://www.smh.com.au/business/com...e-stores-within-10-years-20200110-p53qbd.html

If this became cheap mainstream technology in the retail sector, the job losses would be astronomical, the only jobs would be security chasing those who have no identification and do a runner with the goods.

 

[jbocker]

More on thread is this little pearler, this is classic 'cashless' at its best.

https://www.smh.com.au/business/com...e-stores-within-10-years-20200110-p53qbd.html

If this became cheap mainstream technology in the retail sector, the job losses would be astronomical, the only jobs would be security chasing those who have no identification and do a runner with the goods.

BIG GROCER IS WATCHING YOU!

 

[qldfrog]

Interesting article on the $10,000 cash limit law being proposed, it also probably explains why the big push by AUSTRAC for the Banks to get their systems in order.

https://www.abc.net.au/news/2020-01...bout-controlling-your-money-says-rba/11858104

I was ROL...no no we do not want to control you..not at all..ROL
Sleep well

 

[qldfrog]

https://www.newstatesman.com/cultur...s-our-society-already-pixar-s-dystopia-wall-e
E-vote, e-car driverless, no cash required and universal income, a bit more brainwash and we are there.

 

[Dona Ferentes]

Proposed cash ban is not about controlling your money, says Reserve Bank
https://www.abc.net.au/news/2020-01...your-money-says-rba/11858104?section=business

 

[Dona Ferentes]

sorry about duplicate post. (sptrawler)

I always carry some cash ... but am suspicious of those (usually small family businesses) that insist on it.

And I'm sure any organised criminality could, if not avoid, at least create confusion by swapping debit/ credit cards/ phones. I wozznt there guv

 

[sptrawler]

https://au.news.yahoo.com/japan-ruling-party-panel-aims-060305694.html
Japan is unlikely to issue a digital currency any time soon due to technical and legal issues, but the ongoing moves highlight pressure Tokyo feels in the face of progress China and Facebook have made on digital currencies.

Central banks across the world have quickened the pace at which they are looking at issuing central bank digital currencies (CBDCs).
"If each country manages to control flows of money with their own (digital) currencies, that could prevent a big swing at a time of crisis and stabilize their own economy," he said.

 

[fergee]

https://au.news.yahoo.com/japan-ruling-party-panel-aims-060305694.html
Japan is unlikely to issue a digital currency any time soon due to technical and legal issues, but the ongoing moves highlight pressure Tokyo feels in the face of progress China and Facebook have made on digital currencies.

Central banks across the world have quickened the pace at which they are looking at issuing central bank digital currencies (CBDCs).
"If each country manages to control flows of money with their own (digital) currencies, that could prevent a big swing at a time of crisis and stabilize their own economy," he said.

I was talking to an ex banker here in Japan a couple of weeks ago and we were talking about the rapid adoption of mobile phone payments here like line pay and paypay. Its amazing how fast its getting adopted now I saw a lady pay for a 37yen radish with paypay today! He was saying to me that the government here is very keen to get rid of cash payments due to the amount of tax fraud here as most small business's run two sets of books. Also the banks will be better capitalised as theres a huge amount of people here who have safes full of cash in their homes. The regional banks could do with shoring up as well, from what I hear they are not very solvent.

The Japanese government is desperate for tax revenue, its the main reason for the relaxation of immigration. They need the tax revenue to pay for all the debt they have accumulated from all the older generation that they spent on white elephants. They are really stuck between a rock and hard place now its either get more tax payers through immigration or default on the debt ripping off the elderly people who basically built the modern nation. Interest rates will not rise here for another 20 years imo its just not possible without having the tax payer base to service the debt and Japanese people are not really found of immigration to be frank.

 

[Humid]

Can't get a beer on Qantaslink without cash

 

[Boggo]

Had brekky with some friends on Jetty Rd Brighton a few weeks ago.
The bill was $84 exactly and we said split it, I will pay cash and my mate was going to use his card.
The waitress went back inside and came back with a calculator to work out how much my half was !

I guess tapping the credit card is adding to another area of concern ?