In China, coins and banknotes have all but disappeared
-
I haven't used cash in years. It is happening here too and I don't see it as a bad thing.
Yeah, instant payment is amazing!
-
Yeah, instant payment is amazing!
Cash is instant. It leaves their hand and goes into mine.
-
Cash is instant. It leaves their hand and goes into mine.
Cash isn't instant, it's not accountable if not returned to a bank, security things (getting robbed), financial crimes, it's expensive to produce, has a lag for economic stimulus, etc. It's not even that private, each note has an origin and known processed location (market, bank, etc).
-
How do people pay for illegal things like drugs, prostitution and so on?
I’m sure they use cash, and this is just related to vendors. But also, is it really news? Credit and debt cards were killing cash fast long ago.
-
In Brazil, people use pix (online governmental instant payment) to pay for drugs, so i guess in China people use wechat and alipay too. It is not like the government watches every transaction made.
Edit: Also, the volume is HUGE, in Brazil we have at least 2k payments per second made with pix, in China it should be even bigger, so if there isn't an investigation, i think the government won't look at specific payments, like a guy paying for prostitution.
The government may not actively monitor transactions realtime, but it can sure as hell arrest a drug dealer or a sex worker and then go after everyone that has paid them money.
That's the thing about data collection: It may not be scary now, but it might be eventually. Who knows how a future government can abuse years of data (or data thieves for that matter)?
-
The government may not actively monitor transactions realtime, but it can sure as hell arrest a drug dealer or a sex worker and then go after everyone that has paid them money.
That's the thing about data collection: It may not be scary now, but it might be eventually. Who knows how a future government can abuse years of data (or data thieves for that matter)?
Give money transaction/banking data to anyone like you said and this will become a huge crime problem. Money is a huge risk for any information to be given, I bet it's like this all around the world. "But the cops", the cops of today can steal based on that information or commit other financial crimes.
You can't trust almost anyone with any financial data, not because of privacy, but because it can cause a very large problem, not human rights problem, but destabilizing country economy problem. Have you ever seen people getting jailed at your job? I have seen in mine.
-
Cash isn't instant, it's not accountable if not returned to a bank, security things (getting robbed), financial crimes, it's expensive to produce, has a lag for economic stimulus, etc. It's not even that private, each note has an origin and known processed location (market, bank, etc).
Let me address your concerns.
Leaving their hand and going into mine is about as instant as it gets.
Excel and open source equivalents exists.
Buy a safe and keep your damn mouth shut.
Don’t be a criminal, or don’t do 2 crimes at once.
Production cost is irrelevant to how fast the currency goes from person to person.
Any currency will have a lag for economic stimulus. That’s not a currency issue it’s a human emotion and thought issue.
I can go to the next state and pull out a thousand dollars in cash, come back, pay for my stuff, and now it is practically impossible to tell who has what bill, when they got it, what it was used for, or anything else about it after it left the bank. Your mechanic and grocery store don’t catalog the serial number on every bill they get for every transaction.
-
Let me address your concerns.
Leaving their hand and going into mine is about as instant as it gets.
Excel and open source equivalents exists.
Buy a safe and keep your damn mouth shut.
Don’t be a criminal, or don’t do 2 crimes at once.
Production cost is irrelevant to how fast the currency goes from person to person.
Any currency will have a lag for economic stimulus. That’s not a currency issue it’s a human emotion and thought issue.
I can go to the next state and pull out a thousand dollars in cash, come back, pay for my stuff, and now it is practically impossible to tell who has what bill, when they got it, what it was used for, or anything else about it after it left the bank. Your mechanic and grocery store don’t catalog the serial number on every bill they get for every transaction.
Yeah dude, cool... Go banknotes!
-
This is a bad thing unless the digital currency is also privacy preserving.
WeChat or Alipay
A bad thing, then.
-
I haven't used cash in years. It is happening here too and I don't see it as a bad thing.
I hate all the fees involved
-
Right. They’ve registered 99 disappearing units, which are called nerbals, and have one remaining. So all 99 nerbals have been triggered, BUT the one that’s left.
I deduce that the one nerbal has now become a priceless commodity since the last person using currency now has cornered the nerbal market.
-
I hate all the fees involved
It's free in Brazil.
-
How do people pay for illegal things like drugs, prostitution and so on?
With chickens.
-
It’s just WeChat. It’s basically like Venmo. It’s been that way for awhile. Even rural farmer’s markets and street vendors and stuff took WeChat last time I went and that was 7 or so years ago. It’s not a digital currency.
It should be noted that WeChat is very much more expansive in China than in the West where it’s just a chat app. An American friend lived there for awhile for work reasons so I’d go visit her. My WeChat was just a chat app and hers was the “everything app” Elon Musk dreams of making X into. (Which I seriously doubt will work in America because we have different apps that do all that. China didn’t and WeChat filled the void.)
-
In Brazil, people use pix (online governmental instant payment) to pay for drugs, so i guess in China people use wechat and alipay too. It is not like the government watches every transaction made.
Edit: Also, the volume is HUGE, in Brazil we have at least 2k payments per second made with pix, in China it should be even bigger, so if there isn't an investigation, i think the government won't look at specific payments, like a guy paying for prostitution.
I think it also comes down to the fact most people aren't going to label the transaction "illegal drugs". But it does make it easier to track payments and build cases against people (or oppress people depending on the government/police).
-
I think it also comes down to the fact most people aren't going to label the transaction "illegal drugs". But it does make it easier to track payments and build cases against people (or oppress people depending on the government/police).
I agree, in an investigation with evidence, with authorization from the police force money laundering/financial crimes department and a judge saying that the bank should give the data, it would give more concrete evidence for a case.
-
I deduce that the one nerbal has now become a priceless commodity since the last person using currency now has cornered the nerbal market.
Y’all, I found the capitalist! Over here! Get ‘em!!
-
I haven't used cash in years. It is happening here too and I don't see it as a bad thing.
I don't see it as a bad thing
That's a bold statement to make when so called "free" and "democratic" nations are taking the left lane towards authoritarianism, doing a mass grab of medical data and are attacking encrypted communication on a weekly basis.
-
This post did not contain any content.
A Chinese guy is here. Last Friday, I was buying snacks at a convenience store near my office. When I was checking out, a lady in front of me paid with cash, and the cashier helplessly told her that she couldn't provide change, showing her the empty cash drawer. The lady couldn't make her purchase and left disappointed.
-
This post did not contain any content.
I mean, yeah, it’s a fucking totalitarian dystopia.
