Welcome to the 21st Century America!

[VicBee]

In India, we have been using the mobile payments system linked to our bank accounts for a while now. I think the idea that assumes this technology could accelerate bank collapse is far fetched. If there is a rumor that a bank is likely to collapse, there were ATMs to take our money out. However, ATM withdrawals had upper limits. Even the mobile payments system has similar max limits for moving the money per day per account etc. Today many of us hardly use ATMs. And the cost of moving physical cash around ATMs securely is very high for the banks too.

Yes, I expect within 15-20 years notes and coins will be dematerialized in many parts of the world. Already today I almost never use cash.

 

[murray t turtle]

Indirectly you sure could blame the government. It is its responsibility (we elect our leaders to look after our welfare, interest and protection) to ensure businesses operate within their guidelines. European don't have these absurd lines of credit

%%
WELL congrats if Europe doesn't have those extremes.
But WE sure don't blame the gov directly or indirectly, for personal decisions.
We much prefer personal responsibility.
We like gov guideline that are on every road; not micromanage.
I would agree USA payday lenders do absurd lend %;
but what about UK + USA lottery= a stupid tax on people that cant math?/LOL

 

[TheDawn]

European have been buying and selling goods and services and making C2C payments with dematerialized currency from bank accounts for two decades while Americans still today complain at the idea of removing check books from service.

I say this with a certain dismay because there was a time when the American financial system was the world's best.

What's wrong with using checks to pay someone? Just because something is instant doesn't always mean it's better.

 

[TheDawn]

Digital Yuan wallet is more legit, I suppose. No more retail banks and deal with central bank clearing systems, that’s sweet.

Yes being subject to the whim of the government even more efficiently. And if everybody in the world adopts this, then everybody is subject to the Chinese government's whims. If tomorrow the government decides that your money in the digital yuan wallet is worth 0, you are instantly penniless. All the money that you have is GONE!! Imagine Warren Buffett becomes instantly penniless with a push of a key by the Chinese government. Would China love to have that! LOL

 

[Overnight]

What's wrong with using checks to pay someone? Just because something is instant doesn't always mean it's better.

Think about that next time the pensioner in front of you at the supermarket checkout line reaches into her pocketbook for her checkbook to buy an apple.

 

[murray t turtle]

Yes being subject to the whim of the government even more efficiently. And if everybody in the world adopts this, then everybody is subject to the Chinese government's whims. If tomorrow the government decides that your money in the digital yuan wallet is worth 0, you are instantly penniless. All the money that you have is GONE!! Imagine Warren Buffett becomes instantly penniless with a push of a key by the Chinese government. Would China love to have that! LOL

%%
Or maybe have the wrong chicom social score.
I like the way in USA, they will not even outlaw pennies like they did in canada.
Old timers get it right;
beaver skins,
bucks[ aka buckskins]
silver coins,
gold coins,
stocks,ETFs
metals blend coins,
Fed Reserve notes. Long live THAT diversity

 

[TheDawn]

Think about that next time the pensioner in front of you at the supermarket checkout line reaches into her pocketbook for her checkbook to buy an apple.

I don't need to think about it; I see it all the time. So? Still better than a pensioner who opens up those tiny purses/wallets and takes out 500 coins to pay for an apple.

 

[mervyn]

Yes being subject to the whim of the government even more efficiently. And if everybody in the world adopts this, then everybody is subject to the Chinese government's whims. If tomorrow the government decides that your money in the digital yuan wallet is worth 0, you are instantly penniless. All the money that you have is GONE!! Imagine Warren Buffett becomes instantly penniless with a push of a key by the Chinese government. Would China love to have that! LOL

You introduced the hyperloophole in the money system, nothing stopping governments to seize financial accounts.

Forget about WB, he may not wake up tomorrow at his age, knock on wood. He had a great life.

 

[mervyn]

%%
Or maybe have the wrong chicom social score.
I like the way in USA, they will not even outlaw pennies like they did in canada.
Old timers get it right;
beaver skins,
bucks[ aka buckskins]
silver coins,
gold coins,
stocks,ETFs
metals blend coins,
Fed Reserve notes. Long live THAT diversity

the truth is we are envious about other countries’ digital transformation. the credit scores holding your balls and making your feel happy. 2-3% transaction fee adds to profits.

btw, next time try unisex massage.

 

[TheDawn]

You introduced the hyperloophole in the money system, nothing stopping governments to seize financial accounts.

Forget about WB, he may not wake up tomorrow at his age, knock on wood. He had a great life.

Yeah and now they can do it easier and much easier and even to citizens that they have no governing power over.