I mean, it kinds seems inevitable to me. Books has become e-books. Cash is becoming digital transfers. China has done it. The west is mostly doing card-swipes. One day, that transition will be complete, and cash would be phased out.
What happens then? Think like the power outage in Spain recently. Some people had cash. But in 20-40 years. There might not even be any cash in existence. What then?
What if, instead of a few hours, its a few days? Or weeks?
I guess riots break out all around the world?
(Seriously, has none of the politicians ever thought about this? Where are the backups? Are we just going full “YOLO” on the reliance on the power grid?)
A cashless society means your overlords will have COMPLETE control of your lives. Of course the oligarchs will have secret avenues of cash for themselves.
What happens when an abused person has to escape a partner/parent who controls all the money? Where do they go, what food and board are they getting?
How do small traders set up garage sales and marketer stands, especially if they don’t want to give cuts of their money to corporate giants Eftpos and Visa?
How do those with impulsively/memory issues (such as ADHD, dementia, and teenagers) manage the abstraction of their money, leading them to accidentally overspending/overdrafts?
How do you spot a stranger in need a bus fare home?
How do we support the street artists and buskers?
…I don’t like the idea of cashless. My country already uses eftpos and visa as the norm (so ofc we all pay those overseas companies their fees). But while wide accepting of the card is good and useful, true cashless has issues of usability. It’s not just ‘something something government tracking spending’.
Vulnerable people fall through the gaps, and it means people make a lot more consumer transactions and a lot fewer personal ones.
look at sweden…hands out papers telling you to have cash for week…but doesnt accept cash anywhere. we all can learn from the dumb nations.
no cash means government controls who you can give money to. beggers,homeless ppl, panhandlers… are all doomed. if you cant get a phone, you cant have money. if you dont have a home or money you cant sign a phonecontract and so on…
cashless societies are nothing but a nasty techbro dream.
beggers,homeless ppl, panhandlers… are all doomed
In China, they have Wechat Wallet that people can give money to homeless people. Even homeless people have phones.
cashless societies are nothing but a nasty techbro dream.
It is nasty and dystopian, I agree. But its not really a fantasy anymore, its real, the dystopian future is on the horizon. Soon, it’d be too late to stop the dystopia.
At first, mass surveillance cameras is only in China, but then even supposed “democracies” like the UK have millions of cameras. Then China became mostly cashless, that will also eventually happen to western countries.
The dystopia is coming. You can’t stop it.
In Spain credit cards still worked during the outage.
And the proposal for digital Euro already contemplate an offline mode for transactions.
As long as the power loss doesn’t last days and batteries die out there would not be a problem with that.
And outage of days will bring so many problems that cashless society might be the less of them.
We can return to a primitive society to avoid dependence on electricity, but do we want that?
I think the best option is just people be prepared with food medicines and offline entertainment for a week in case of a big power loss.
Spain here… How and what area are you referring to? Internet, Cell Phone Towers, Everything was down, no one was accepting credit cards in my neighborhood. The only thing they were accepting were IOU’s (if you knew the store owner) and Euros.
Fortunately this would never happen, for the reason you listed. Cash is king and always will be.
This happened in Ukraine when they were attacked with a cyberweapon (NotPetya) by Russia in 2017
If you want to know what happens when all of the computers (banks, bus pass scanners, grocery store cash registers, ATMs, etc) stop working, I highly recommend listening to this episode of Darknet Diaries
I know nothing of or even care about IT stuff but I fucking love this podcast.
I guess riots break out all around the world?
I feel like this idea that people are just going to riot and do mass violence is some right wing fear.
Most people, most of the time, are pretty social cooperative creatures.
I disagree and think it depends on where you live
If society collapses, what good would physical cash be other than toilet paper?
People will adjust. What happened on Portugal and Spain was caused by excessive centralization of the power grid, not by digitization. If somehow we can’t keep the centralized grid running anymore, we will break it down, and bear the extra costs for that.
Also, the sequence of a catastrophe is almost never a riot. Where do people get the idea of riots? People just go and do the right thing.
Seriously, has none of the politicians ever thought about this?
The technicians did.
Where are the backups?
You mean generators? Lots of people have those.
Are we just going full “YOLO” on the reliance on the power grid?
I would understand this question if you lived in 1925, but by 2025 you should know the answer already. Are you so blind about everything that needs electricity that you think disaster would come from the lack of money?
Debt and ledgers.
Anthropologist David Graeber made a compelling case that this was the system in many different societies and places before cash. There’s nothing stopping us from doing it again. His book talks extensively about how each society handled repayment, the role of violence, interest, social hierarchies, etc.
even if you have cash, what you gonna use it for when tax registers are electronic ? nobody is going to sell anything
fun fact, businesses operate without power by using battery operated calculators and inventory pads.
every minute a business isn’t in operation is a cost to the business.
I worked at Super Walmart decades ago. power went out for the whole town. the main HV lines collapsed after a tornado.
mgmt marked all the ice cream down 80% and we were still checking customers out on generators.
reduce risk, increase profits, mitigate losses. the only bad opportunity is the one you ignore.
by god we sold almost every tub of ice cream in an hour.
this is kinda hilarious lol okey understood
Technically in countries with fiscal memory devices you can’t buy anything from store that have no power today becaue of taxes.
In that case we have to rely on Elons white power.
Books has become e-books.
To some extent — but have you been to a hip bookstore recently? They exist, and are very much alive.
Cash will change to a digital form or disappear, I don’t agree with the people claiming it wont’t.
Scandinavia is so close already, recieving cash is considered bothersome. No one uses it for anything anymore. Well… Besides drugs.
Both electricity and the internet is critical infrastructure. Any downtime of either is really serious. It is however not rocket science to solve the biggest issues in regards to payments. As long as people can show their identity we can agree on tiny loans for stuff. Or just having the government bail out all verified purchases after the fact.
100$ per person isn’t that much money. Any bigger purchases can be handled with invoices.
So I am more worried about heating in the winter and access to water and sanitation.
This is bullshit. Everywhere I was in Scandinavia, you could buy with cash. If one shop didn’t take cash, you just went across the street to the other that did. Even in small towns north of the Artic Circle.
Even Scandinavia isn’t stupid enough to become 100% cashless
