Cashless society

[divs4ever]

Ms Bullock has also warned about the economics of keeping cash circulating widely in the economy, and wonders if Australians would ever accept paying a small fee to use cash.
Michele Bullock, RBA governor:

what ?? another tax on top of inflation ( will it attract GST ?? )

am starting to wonder if anyone will accept Ms Bullock especially after blaming hair-dressers for inflation

 

[divs4ever]

A few friends and I are thinking of starting a new livery company with its inaugural chapter right here in Perth Western Australia, viz ¹The Worshipful Company of Luddites.

Guiding principles art to take us right back to the 70s and 80s... No mobile phones, no social media, no programmable digital currencies, proper V8s with carburettors, etc etc etc

....and decent feckin rock and roll (the period in question will obviously be truncated at the advent of disco).

¹Context: another livery company which I am associated with https://www.wcf.org.uk/

not half-Amish ??

those Amish are looking smarter and smarter every time our glorious leaders speak

 

[farmerge]

what ?? another tax on top of inflation ( will it attract GST ?? )

am starting to wonder if anyone will accept Ms Bullock especially after blaming hair-dressers for inflation

Someone pass a banana to the organ grinder's monkey. She needs to fill her mouth so that utter nonsense will not be forthcoming.

 

[JohnDe]

Early Sunday afternoon my wife received a message from our bank, informing her that her Samsung Pay account was ready to use. One of the many odd things about this is that neither of us has a Samsung phone.

The bank was contacted and my wife was informed that someone had created an account using her details. They could not tell my wife how this could have happened, the exact words from the bank when asked “I have no idea”.

Three days had elapsed from the creation of the account to the day that my wife had to cancel her debit card associated with the Samsung Pay account, no transactions had been recorded in that time.

We discussed this strange phenomenon at the family dinner last night, seven of us could not work it out or understand the banks inability to explain.

How can the banks expect to build peoples confidence in cashless society when they can’t even explain the faults in the system?

About 5 years ago I received a message from my bank informing me of suspicious activity on one of my cards, a lot of Apple gift cards were being purchased with it & in another state. The upsetting thing about it was that the bank could not tell me how someone had got my card number, expiry date & CVV number when I hadn’t used the card in 2 years in the USA. They told me it was because of “privacy reasons”. Who’s privacy I ask, and they would no answer.

 

[farmerge]

Early Sunday afternoon my wife received a message from our bank, informing her that her Samsung Pay account was ready to use. One of the many odd things about this is that neither of us has a Samsung phone.

The bank was contacted and my wife was informed that someone had created an account using her details. They could not tell my wife how this could have happened, the exact words from the bank when asked “I have no idea”.

Three days had elapsed from the creation of the account to the day that my wife had to cancel her debit card associated with the Samsung Pay account, no transactions had been recorded in that time.

We discussed this strange phenomenon at the family dinner last night, seven of us could not work it out or understand the banks inability to explain.

How can the banks expect to build peoples confidence in cashless society when they can’t even explain the faults in the system?

About 5 years ago I received a message from my bank informing me of suspicious activity on one of my cards, a lot of Apple gift cards were being purchased with it & in another state. The upsetting thing about it was that the bank could not tell me how someone had got my card number, expiry date & CVV number when I hadn’t used the card in 2 years in the USA. They told me it was because of “privacy reasons”. Who’s privacy I ask, and they would no answer.

View attachment 167132

And the cashless society is the way to go. I DON'T think so.

 

[Craton]

Early Sunday afternoon my wife received a message from our bank, informing her that her Samsung Pay account was ready to use. One of the many odd things about this is that neither of us has a Samsung phone.

The bank was contacted and my wife was informed that someone had created an account using her details. They could not tell my wife how this could have happened, the exact words from the bank when asked “I have no idea”.

Three days had elapsed from the creation of the account to the day that my wife had to cancel her debit card associated with the Samsung Pay account, no transactions had been recorded in that time.

We discussed this strange phenomenon at the family dinner last night, seven of us could not work it out or understand the banks inability to explain.

How can the banks expect to build peoples confidence in cashless society when they can’t even explain the faults in the system?

About 5 years ago I received a message from my bank informing me of suspicious activity on one of my cards, a lot of Apple gift cards were being purchased with it & in another state. The upsetting thing about it was that the bank could not tell me how someone had got my card number, expiry date & CVV number when I hadn’t used the card in 2 years in the USA. They told me it was because of “privacy reasons”. Who’s privacy I ask, and they would no answer.

View attachment 167132

As per @JohnDe's post highlighting the dangers of our online world.

This is the thing that the bean counters and our "woke" govts. fail to understand. Going cashless has already been a godsend to hackers, scammers and the whole criminal element including nation states.

Govts. have failed to grasp that cyber crime is extremely lucrative, low risk and on the rise. Govts. have failed to implement measures to curb or stamp out the seemingly endless and easy access the threat actors have.

With that in mind, how in the hell am I and everyone else, supposed to have faith in a cashless system?

 

[farmerge]

As per @JohnDe's post highlighting the dangers of our online world.

This is the thing that the bean counters and our "woke" govts. fail to understand. Going cashless has already been a godsend to hackers, scammers and the whole criminal element including nation states.

Govts. have failed to grasp that cyber crime is extremely lucrative, low risk and on the rise. Govts. have failed to implement measures to curb or stamp out the seemingly endless and easy access the threat actors have.

With that in mind, how in the hell am I and everyone else, supposed to have faith in a cashless system?

Well Mr Craton I certainly don't have any faith in a cashless system.

 

[wayneL]

Every complex system must have several contingency plans built into such systems... Chaos theory, unknown unknowns and all that rot.

Cashless doesn't seem to have any of that as it relies 100% on power supply and the integrity of data. Neither of which can be guaranteed in an increasingly dangerous world.

"They" surely must know this. So the question which keeps troubling me is, why?

 

[Dona Ferentes]

Trust is the ultimate antifragile system.

 

[moXJO]

Early Sunday afternoon my wife received a message from our bank, informing her that her Samsung Pay account was ready to use. One of the many odd things about this is that neither of us has a Samsung phone.

The bank was contacted and my wife was informed that someone had created an account using her details. They could not tell my wife how this could have happened, the exact words from the bank when asked “I have no idea”.

Three days had elapsed from the creation of the account to the day that my wife had to cancel her debit card associated with the Samsung Pay account, no transactions had been recorded in that time.

We discussed this strange phenomenon at the family dinner last night, seven of us could not work it out or understand the banks inability to explain.

How can the banks expect to build peoples confidence in cashless society when they can’t even explain the faults in the system?

About 5 years ago I received a message from my bank informing me of suspicious activity on one of my cards, a lot of Apple gift cards were being purchased with it & in another state. The upsetting thing about it was that the bank could not tell me how someone had got my card number, expiry date & CVV number when I hadn’t used the card in 2 years in the USA. They told me it was because of “privacy reasons”. Who’s privacy I ask, and they would no answer.

View attachment 167132

I'm certain that westpac and company were hacked around this time. My details were being used in New York as were my sons couple of months later the misses.

It wasn't from our end as no one bought online or had entered those cards onto devices.

No one used the same shops to get skimmed either.

 

[farmerge]

I'm certain that westpac and company were hacked around this time. My details were being used in New York as were my sons couple of months later the misses.

It wasn't from our end as no one bought online or had entered those cards onto devices.

No one used the same shops to get skimmed either.

I think that it is about time the banks and all banks big or small got their act together and started to look after the funds that are deposited in their care. it's our hard earned not theirs.

 

[divs4ever]

Was gold price spike a warning shot?​

Was gold price spike a warning shot? | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[moXJO]

A damn lot of ATM's broken at the moment.
ANZ you suck badly. One of the worst.
Westpac is basically non existent.
Commbank fix and upgrade.

 

[farmerge]

A damn lot of ATM's broken at the moment.
ANZ you suck badly. One of the worst.
Westpac is basically non existent.
Commbank fix and upgrade.

One thing that She and Me totally agree on is the non use of ATM's. Usually have enough cash on hand from cashies, plus there is always the hidden stash for emegencies.

 

[Value Collector]

A damn lot of ATM's broken at the moment.
ANZ you suck badly. One of the worst.
Westpac is basically non existent.
Commbank fix and upgrade.

The economics of ATM’s is getting pretty bad.

1, No one wants to pay a dime to use and ATM

2, There are high fixed costs involved in operating them eg rent, equipment costs, armed guard delivery etc.

3, less and less people use them, so those fixed cost are spread across less customers, who still don’t want to pay to use them.

It’s getting very expensive on a per transaction basis for banks to handle cash, there is only two real answers.

1, start passing cash handling costs on to the customer in some way.

Or,

2, phase out support of cash handling.

 

[moXJO]

The economics of ATM’s is getting pretty bad.

1, No one wants to pay a dime to use and ATM

2, There are high fixed costs involved in operating them eg rent, equipment costs, armed guard delivery etc.

3, less and less people use them, so those fixed cost are spread across less customers, who still don’t want to pay to use them.

It’s getting very expensive on a per transaction basis for banks to handle cash, there is only two real answers.

1, start passing cash handling costs on to the customer in some way.

Or,

2, phase out support of cash handling.

I think banks will be in for a shake up. Cash needs to remain relevant. It's idiotic to rely on digital.
If anything I worry the system is at serious risk as is.

 

[JohnDe]

I think banks will be in for a shake up. Cash needs to remain relevant. It's idiotic to rely on digital.
If anything I worry the system is at serious risk as is.

The powerful want cash gone -

RBA governor asks if Australians should pay a fee to use cash​

RBA governor asks if Australians should pay a fee to use cash, while the ASX200 closes 0.5pc higher — as it happened

Australian shares rise 0.5pc, while the Reserve Bank governor says Australia has not fallen behind other countries in keeping inflation under control. Catch up on the ABC News live markets blog — as it happened.

www.abc.net.au

 

[divs4ever]

The powerful want cash gone -

RBA governor asks if Australians should pay a fee to use cash​

RBA governor asks if Australians should pay a fee to use cash, while the ASX200 closes 0.5pc higher — as it happened

Australian shares rise 0.5pc, while the Reserve Bank governor says Australia has not fallen behind other countries in keeping inflation under control. Catch up on the ABC News live markets blog — as it happened.

www.abc.net.au

that's fair , i want a big chunk of the powerful gone , they are no longer doing the job Australians pay them to do

let them move to a cashless society .. somewhere else where carbon consciousness helps them live a happy retirement ( like Sweden or Germany )

 

[Value Collector]

I think banks will be in for a shake up. Cash needs to remain relevant. It's idiotic to rely on digital.
If anything I worry the system is at serious risk as is.

At the end of the day consumers will decide, so far more and more consumers are voting for digital with every transaction they make.

If consumers continued to use cash, the banks would support it like they always have, but it’s not viable to support all the infrastructure of cash if its use is decreasing every quarter.

 

[divs4ever]

At the end of the day consumers will decide, so far more and more consumers are voting for digital with every transaction they make.

If consumers continued to use cash, the banks would support it like they always have, but it’s not viable to support all the infrastructure of cash if its use is decreasing every quarter.

but is it ??

so much 'official data ' is inaccurate these days ( for various reasons )