Cashless, cash is no longer King

Discussion in 'Investment Strategy' started by Silverson, 8th Apr, 2020.

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  1. Silverson

    Silverson Well-Known Member

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    The use of cash has been in decline for years however now we are seeing far more places not excepting cash due the the Coronavirus. Is this the end of cash in society?
    Thoughts?
     
  2. marmot

    marmot Well-Known Member

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    Until technology breaks down again and its just a useless piece of plastic,the summer bushfires exposed a dark side as people could not get access to cash, the banks were closed and critical infrastructure was severely damaged, with no power many ATMs ceased to work , phone services was also severely damaged.
     
    Last edited: 8th Apr, 2020
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  3. James Bond

    James Bond Well-Known Member

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    So long as there is a need for untraceable transactions there will be a need for cash.
     
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  4. spludgey

    spludgey Well-Known Member

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    Ummm, crypto???
     
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  5. spludgey

    spludgey Well-Known Member

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    I sincerely hope that this expedites cash's inevitable demise!
    I would be surprised if cash transactions returned to their old levels. Habits are hard to break.
     
  6. James Bond

    James Bond Well-Known Member

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    I can see it now - "hey mate, thanks for the garden tidy-up, can you give me 10% off if I pay you for the job in bitcoin?" :D
     
  7. spludgey

    spludgey Well-Known Member

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    It seems silly right now, but why not?
     
  8. datto

    datto Well-Known Member

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    Jus watch all the drug busts. What do the cops find ? 300K cash ? Yep cash is king. It’s good for the crooks and it’s good for the cops.
     
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  9. Antoni0

    Antoni0 Well-Known Member

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  10. MWI

    MWI Well-Known Member

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    ...yes i was shopping with mum for mum (in her 80s) who is a migrant with limited language, uses old passbook account only, and at cash register she and I were told she had to pay by card no cash accepted!
    Luckily I was with her paid by card and mum gave me cash back.
    So there you go no more freedom, let's follow what they tell us to do, and who cares about the elderly with no cards.
     
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  11. Silverson

    Silverson Well-Known Member

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    What would happen to existing cash in circulation? What would some of the older people who strongly believe in cash do? I’m talking the ones that have 50-100k plus
     
  12. MWI

    MWI Well-Known Member

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    they would ask you to deposit it in and pull out certain cash banknote numbers out of circulation.
    what would happen to old those migrants having saved for their funerals?
    what would happen to gold, being able to sell under $5K for cash, without anyone else knowing it?
    what would happen is that your sending habits would be ALL documented and you now will be profiled and your information could be on-sold?
    what would happen if you spent too much on alcohol they may classify you as alcoholic, etc...?
    what would happen - well you anonymity on what and where and how you spend - would be confiscated basically your FREEDOM is gone and now you just become another IDENTITY (centralised control).
     
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  13. Lacrim

    Lacrim Well-Known Member

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    My use of cash is declining, because I have less of it than I did 4 weeks ago.

    Sorry, it's been a long day lol.
     
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  14. HUGH72

    HUGH72 Well-Known Member

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    So you are willing to give up your last piece of individual freedom and privacy left? Really bad idea with unintended consequences.
     
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  15. willair

    willair Well-Known Member Premium Member

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    I see people at auctions pay 5k for an old English Bank note who i have known for 30 years and sell a few months later for 25k,the same as for a roll of rare coins buy for 120 bucks then sell for 3k within a week..
    Only my opinion but cash will be here for a while yet,i would not like a world where total control over people through their spending habits are there for a select few to see..
     
    Last edited: 9th Apr, 2020
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  16. skater

    skater Well-Known Member

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    Got to agree. I pay for everything with cash. Not because I don't have, or don't know how to use plastic, but because I prefer it.
     
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  17. The Y-man

    The Y-man Moderator Staff Member

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    Hard(er) to buy realestate, shares, cars at dealers, and stuff online with cash....

    The Y-man
     
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  18. The Y-man

    The Y-man Moderator Staff Member

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    On the other hand, try going to the laundromat without some coins!!

    The Y-man
     
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  19. MWI

    MWI Well-Known Member

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    +1!
    Plus that's my freedom and my choice.
     
  20. icic

    icic Well-Known Member

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    "Cash" is now the king more so than any other recent times. It's just the medium is different this time. The balance in your saving account is cash in digital form. Cash is the best the asset now as oppose to other asset type shares, bonds, realestates or gold etc...
     
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