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Potential scenarios for cashless society
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Fully digital fully traceable fully controlled
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No more tuck away cash for those preparing to leave domestic violence
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No more garage sales
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No more cash donations for hungry homeless
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No more private jobs for cash
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No more cash as a present in birthday cards
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No more piggy banks for kids
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Less bargaining power (cash can get discounts)
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Banks have full control of every single cent you own
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Every transaction you make is recorded
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All your financial actions are traceable
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Your payments into your account could be with held possibly leaving you without funds
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Your bank accounts can be plundered possibly leaving you without funds
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Corporations can collude to control your supply of money
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As in China you could be scored on behaviour and have money taken or with held from you
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Hackers accessing your account could leave you without funds
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Banks make all the rules without negotiating so they have enormous power over your funds
What does a cashless society mean?
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2 Replies
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Great points!! People need to see it!
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Apparently one thing people can do if it does go cashless is to have your own personal hardware digital wallet. You would have your own eftpos type machine and you could encrypt all transactions, you in effect become your own bank. It would be costly to set up but there woudl be no middle men and it would cut the banks out. There would be a risk of the banks sabotaging your efforts as they want full control. But there are always options and man is endlessly creative.
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