Why Becoming A Cashless Society Is A Terrible Idea

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Physical cash is one of the easiest ways to instantly and reliably conduct commerce.

It has been well-documented that the ease of transactions within a nation is as big of a determinant of a country’s success as is access to natural resources like oil and natural gas, or even a well-educated population.

So, what would happen if we got rid of cash?

#Cashless #Finance #Economics

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[Tron]

From having just lived through a natural disaster, let me tell you we cannot always count on the internet or electricity for transactions...

[Connor-vjvf]

Tencent being privately owned is like saying a child owns their toys, they can do whatever they want... until the parent decides they can't anymore

[singularity]

Excellent video. MasterCard and visa canceling services of “bad” people or organisations is very troubling.

[michaeldaveapo]

I prefer the synergy of mixed cash and cashless transactions since they complement each other!

[churblefurbles]

As rekieta says, once they control all payment, you won't even be able to pay your lawyer when they come after you.

[connors]

I think that a cashless society is just a blatant kick in the face to freedom and privacy. Cash must always stay.

[ask_why]

It means downloading the app.
Making sure you have access to the internet.
Making sure you have access to electricity.
Making sure you pay your cell and electric bill - on time (or you don't have access to your funds).
Hoping the whole system never gets hacked.
Hoping the whole system never has an extended outage.
Trusting your government.
Trusting corporations.
Good luck.
I pick Cash!

[Kaiserland]

I prefer to use cash myself. It feels more significant to spend cash because you have to give over something physical, and this helps me monitor my purchases. It also feels fun to pay for larger expenses with cash because I've been a poor college student for awhile, and having a solid cash influx has been nice, so paying for my larger expenses in cash is a nice reminder to myself that my hard work is paying off.

[SpartanGnome]

makes money even more of an illusion if we can't even touch it!

[lawsonj]

The value of credit and money are always backed by something: the willingness of people to exchange goods and services for them.

[NickChangArt]

"Due to inappropriate or offensive content on your social media, we've suspended access to your checking account indefinitely." --BofA in like 10 years.

[willowwhisper]

I never use my debit card, only to make withdrawals and I only leave in my account the minimal amount to avoid fees. I love cash because it makes me stick to a budget and spend only in what I truly need 😊

[economicsinaction]

The algorithm video got taken down
Conspiracies: **INTENSIFIES**

[Nic-umfo]

The irony of the fact this is supported by Patreon is not lost on me 😂

[antonshudder]

i love using cash cause it makes it easier to budget since you can physically see it disappearing and it makes me spend less on useless things

[iGuide_net]

The right to privacy begins and ends with the right to anonymous transaction.

[puggirl]

Yes! When I read the "Handmaids Tale" by Margaret Atwood at the age of 23 I was struck by the idea that in that dystopian future the first thing that was done to control citizens was to take away access to their money as it was a cashless society by then. That idea stuck with me and today at 58 I'm more convinced than ever that we cannot lose cash and go to only online or card payment alone. That would put too much power in the wrong hands. Think of it this way. In some places in China they are developing/experimenting with Social Currency. That is when your every move is surveilled using facial recognition technology, data gathering, and cameras that will keep an eye on you and your behavior. If you jay walk, if you protest, if you skip school you will lose social currency. If your "social credit" score goes lower it has consequences.This will limit where you can spend your money. It limits where you can travel, where you can live, where your kids can go to school. This is social control and could easily come when there is no longer any way to live privately or any way to spend your money anonymously. Cashless is how it starts.

[jpscsa]

I already live in a cashless society, I'm POORtuguese.

[enrico]

I know nothing about Economy but I still binge your videos, they're so damn entertaining. Good job!