Cashless society very soon

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  • Gator 45/70

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    I don't know a single kid who cuts grass or babysits that doesn't accept venmo these days. It's too easy with no hand to hand transaction. I was a cash only type guy for a while, but with this pandemic crap I've went to CC and venmo. With the points/cash back on credit cards it's hard not to use them for everything. If I get paid in cash for something it goes in the safe.

    Must be a suburbia thing?
     

    Magdump

    Don’t troll me bro!
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    Dec 31, 2013
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    I have no problem with cashless myself. I use a CC or my debit card. One of my CCs pay me back 2% on purchases so i try to put everything on it I can on it. I pay off the balance monthly, never pay interest or fees. Car insurance twice a year, annual homeowners insure premium, all high dollar purchases, monthly Spectrum bill, my phone bill. All earn me 2% into my Roth IRA paid monthly. I have not paid CC interest or a fee in 25 years min. Ditto my bank, zero monthly fees.

    Paper currency is nasty, never gets washed, transferred via hands. Ditto coins. When I have used currency like at a fast food drive up during the pandemic, I tell em to keep the coins. Minimize hand to hand transfer/germs. I keep a cash currency stash in my center console, < $60. Small denomination bills, paper change back mostly.

    I keep a $1000 in twenties in my safe just in case I need it. I used to keep more but no need today, everybody accepts a CC.
    All your points are good John. The real problem is that that you may find yourself with zero control of your finances in a second. Consider the possibilities. I guess until someone is put into that predicament, there’s just no way they can see the ramifications. What I’m talking about is setting the stage for complete and utter control of a person via their finances. Once we are completely cashless, what will stop that from being a possibility?
     

    John_

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    Nov 23, 2013
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    All your points are good John. The real problem is that that you may find yourself with zero control of your finances in a second. Consider the possibilities. I guess until someone is put into that predicament, there’s just no way they can see the ramifications. What I’m talking about is setting the stage for complete and utter control of a person via their finances. Once we are completely cashless, what will stop that from being a possibility?

    I hear you Mag but I just don't think we shall see a totally cashless society in our lifetime. Maybe after you and I are dead and gone. If the power goes out long term nobody is buying or selling in today's world. No power, no cash register or ability to "ring up" a sale. Not a major grocery store today that can function without elect power unless they have a BU generator and fuel source. No fast food or drive up without elect power.

    And if you are implying some sort of government takeover or control, our entire society as we know it would come crashing down. When people get real hungry and cannot buy food, things are gonna happen quick. Bad things. They will take it from somewhere or somebody.
    Wealthy people have been buying/storing physical gold for the last 7 months, hoarding it as a hedge, fear in this global pandemic. Gold prices have skyrocketed since Dec 2019. But you cannot eat a 1 oz Maple leaf or Krugerrand, and you sure are not going to get change for a loaf of bread and a can of beans in trade. Physical gold value is up 32% since 1/1/20. Its almost impossible to find 1 ounce coins for purchase in the US market, least of any substantial quantity.
     

    LACamper

    oldbie
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    4   0   0
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    Just wait til you buy a gun on here and the state sticks their hand out for the sales tax... or you have to pay workers comp on the kid cutting your grass since you are now officially the employer.
     

    Magdump

    Don’t troll me bro!
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    163   0   0
    Dec 31, 2013
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    I hear you Mag but I just don't think we shall see a totally cashless society in our lifetime. Maybe after you and I are dead and gone. If the power goes out long term nobody is buying or selling in today's world. No power, no cash register or ability to "ring up" a sale. Not a major grocery store today that can function without elect power unless they have a BU generator and fuel source. No fast food or drive up without elect power.

    And if you are implying some sort of government takeover or control, our entire society as we know it would come crashing down. When people get real hungry and cannot buy food, things are gonna happen quick. Bad things. They will take it from somewhere or somebody.
    Wealthy people have been buying/storing physical gold for the last 7 months, hoarding it as a hedge, fear in this global pandemic. Gold prices have skyrocketed since Dec 2019. But you cannot eat a 1 oz Maple leaf or Krugerrand, and you sure are not going to get change for a loaf of bread and a can of beans in trade. Physical gold value is up 32% since 1/1/20. Its almost impossible to find 1 ounce coins for purchase in the US market, least of any substantial quantity.
    I hope you’re right about the when, but I really don’t think it’s gonna be that far off.
     

    Trailboss

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    8   0   0
    Apr 2, 2013
    389
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    Norwood LA
    Two main reasons for a large cash stash -

    Extended power outage or internet crash.

    Loss of access to electronic accounts - ID theft/account compromise, Court/Gov ordered freeze, etc. You might eventually get it back, but it may take awhile.

    Other minor reasons are
    No paper trail purchase, people like me who won't accept check, bit-coin or paypal for my stuff.
     

    GunRelated

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    Feb 22, 2012
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    QUOTE=John_;1725437]Oh brother....how could they ever track/monitor private sales? The state is oblivious to any firearm I have sold person to person in the last 30 years.
    If there is no physical currency to purchase with, only digital, it is not so easy to not have a record of said purchase.
     
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    RaleighReloader

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    Interestingly (and I'm a bit surprised that nobody has mentioned this), some states are now enacting laws that businesses cannot demand credit-only payment. I believe California was the first to do this, but there are definitely others now.

    The theory is that demanding cashless payment discriminates against poor people that may not be able to afford a credit card or a debit card (or some other form of cashless payment).

    As for me: I have plenty of credit and banking services, but I still choose cash for many of my payments, and I will continue to do so for as long as I have wind in my lungs. The simple fact is that the banks (and the government) don't need to know about every transaction I make. Which is not to say that I'm doing anything illegal (to the contrary: I'm not), but that I simply don't want a record of where every nickel and dime of my money went.

    Mike
     

    snipehunter7

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    20   0   0
    Dec 31, 2016
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    Franklinton, LA
    Interestingly (and I'm a bit surprised that nobody has mentioned this), some states are now enacting laws that businesses cannot demand credit-only payment. I believe California was the first to do this, but there are definitely others now.

    The theory is that demanding cashless payment discriminates against poor people that may not be able to afford a credit card or a debit card (or some other form of cashless payment).

    I don’t know that I’ve ever run into this situation in my personal life, but in my professional life (investigate and administer workers’ compensation claims) I’m surprised how often I encounter people who don’t have a bank account and thus a debit card or check book.

    It’s an increasing issue for folks right now who usually get a paper check in the mail and take it to XXX company to cash it, but checks are taking 10-12+ days from mail date to receipt due to USPS delays. If I were in their shoes I’d be setting up a bank account ASAP and opting for direct deposit.

    It’s even worse for those folks whose checks get mailed to their attorney and the attorney then doles out their portion of their comp benefits.


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    RM Holsters

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    27   0   0
    Sep 25, 2012
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    As long as the officials are sanctioning drugs coming into the country there will always be cash. They cannot allow this business to go away. Our officials count on this business to contribute to their campaigns or some how get laundered cash.
     

    thperez1972

    ESSAYONS
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    As long as the officials are sanctioning drugs coming into the country there will always be cash. They cannot allow this business to go away. Our officials count on this business to contribute to their campaigns or some how get laundered cash.

    Which officials are those? I would like to not vote for them if I can.
     

    LACamper

    oldbie
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    Oh brother....how could they ever track/monitor private sales? The state is oblivious to any firearm I have sold person to person in the last 30 years.

    It won't be about just firearms. All purchases will be subject to sales tax. And all sellers will be checked to see if it should count as income.
     
    Last edited:

    GunRelated

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    As long as the officials are sanctioning drugs coming into the country there will always be cash. They cannot allow this business to go away. Our officials count on this business to contribute to their campaigns or some how get laundered cash.
    Interesting point. I did not consider that aspect.
     

    John_

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    Nov 23, 2013
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    It won't be about just firearms. All purchases will be subject to sales tax. And all sellers will be checked to see if it should count as income.

    I say again, how can the government possibly track this? If I sell my second hand lawn mower to my neighbor for $60 cash, how does the state or government know of the sale to collect taxes?

    Ditto if i sell say a pair of speakers or tv on craigslist. How will these tax collectors you allude to, know of the sale?
     

    John_

    Shooter
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    21   0   0
    Nov 23, 2013
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    Which officials are those? I would like to not vote for them if I can.

    Perez, he doesn't have any proof of this, just silly innuendo on a forum. They have so many tin foil hat members here it's freakin comical.

    Give us some names, gov officials who sanction/trade/market illegal drugs into the US. Surely you can provide some proof of this.
     

    thperez1972

    ESSAYONS
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    10   0   0
    Dec 28, 2015
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    I say again, how can the government possibly track this? If I sell my second hand lawn mower to my neighbor for $60 cash, how does the state or government know of the sale to collect taxes?

    Ditto if i sell say a pair of speakers or tv on craigslist. How will these tax collectors you allude to, know of the sale?

    I think the point is if the US went to a cashless system, the value of the dollar could drop here, making the dollar much less useful. Its value would change based on supply and demand rather than stay relatively stable. You can sell your lawn mower for $60 cash but it you didn’t know if you could spend the $60, is that something you would want to do? If you can’t spend the cash, you’d have pretty much given the lawn mower away.


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