Banning cash and NEGATIVE interst rates.

Discussion in 'Markets & Economies' started by bretto, Feb 11, 2019.

  1. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    3,892
    Likes Received:
    1,963
    Trophy Points:
    113
    Location:
    Singapore
    Interesting, Singapore dollars, not Swiss Franc. Libra might be launching something big in Singapore. They are building a huge 2 million square feet building here.

    https://www.google.com.sg/amp/s/techcrunch.com/2019/10/11/libra-denominated-in-dollars/amp/

    What if Libra wasn’t backed by a basket of international currencies, but only the dollar?

    Regulatory pushback to the Facebook-led cryptocurrency Libra has caused major partners including Visa, MasterCard, PayPal, and eBay to pull out of the Libra Association. But one of the remaining members has floated a major change to the stablecoin that could calm concerns that Libra could hurt the world economy by challenging national currencies for supremacy.

    Originally, Libra was slated to be denominated in…Libra using the unicode symbol ≋. It would be a stablecoin backed 1:1 with a basket of the world’s top currencies that Reuters says Der Spiegel reportsFacebook told a German legislator would be made up of 50% US dollar, 18% Euro, 14% Japanese Yen, 11% British pound, and 7% Singaporean dollar.​
     
    66rounds likes this.
  2. JohnnyBravo300

    JohnnyBravo300 Well-Known Member Silver Stacker

    Joined:
    Mar 16, 2019
    Messages:
    3,555
    Likes Received:
    3,398
    Trophy Points:
    113
    Location:
    Colorado USA
    Backed by fiat, shouldnt be called stable.
     
  3. alor

    alor Well-Known Member Silver Stacker

    Joined:
    Jun 16, 2011
    Messages:
    12,102
    Likes Received:
    3,877
    Trophy Points:
    113
    in China, they have WeChat pay and Ali Pay, there are certainly few hundred millions users there
    in Singapore...there are pay station specifically made available for tourists from the mainland in the last few years
     
  4. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    3,892
    Likes Received:
    1,963
    Trophy Points:
    113
    Location:
    Singapore
    That’s why I think Whatsapp Pay will take off instantly in Singapore. But Singapore is too small a market, only 4 million users. Whatsapp Pay is on trial in India with 1 million users.

    Interesting to see that fb messenger is more popular in Australia and the US. In Singapore, Whatsapp market penetration is now virtually 100%. Even illiterate people are using it to send voices messages.

    [​IMG]
     
    Last edited: Oct 13, 2019
    66rounds likes this.
  5. sctpc

    sctpc Active Member

    Joined:
    Apr 30, 2019
    Messages:
    155
    Likes Received:
    148
    Trophy Points:
    43
    Location:
    Melbourne
  6. sctpc

    sctpc Active Member

    Joined:
    Apr 30, 2019
    Messages:
    155
    Likes Received:
    148
    Trophy Points:
    43
    Location:
    Melbourne
    Well they have Passed the bill without listening to the people, sadly this is becoming the norm, lets face it Australian are lazy, and dont give a care about our privacy and both parties dont work for the people.

     
    Real $, adze67 and 66rounds like this.
  7. Court Jester

    Court Jester Well-Known Member Silver Stacker

    Joined:
    Jul 30, 2012
    Messages:
    3,502
    Likes Received:
    276
    Trophy Points:
    83
    Location:
    Gold Coast QLD
    Again the impact 9f this on 99.999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999998% of the population will be nill
     
  8. sctpc

    sctpc Active Member

    Joined:
    Apr 30, 2019
    Messages:
    155
    Likes Received:
    148
    Trophy Points:
    43
    Location:
    Melbourne
    Until there is a $1000 limit and your favorite Bank charge you a -% rate + a fee to protect there profit and there internet crashes so no one can get out money (Commonwealth last week) Do I need to go on?
     
  9. Court Jester

    Court Jester Well-Known Member Silver Stacker

    Joined:
    Jul 30, 2012
    Messages:
    3,502
    Likes Received:
    276
    Trophy Points:
    83
    Location:
    Gold Coast QLD
    again them changing just the limit wont effect 9.999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999998% of the population still

    the limit could be $1 and still NOT affect 9.999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999998% of the population
     
  10. sctpc

    sctpc Active Member

    Joined:
    Apr 30, 2019
    Messages:
    155
    Likes Received:
    148
    Trophy Points:
    43
    Location:
    Melbourne
     
    willrocks likes this.
  11. pmbug

    pmbug Active Member

    Joined:
    Oct 22, 2011
    Messages:
    400
    Likes Received:
    155
    Trophy Points:
    43
    Location:
    Texas
    https://www.statista.com/chart/19868/share-of-cash-payments-in-different-countries/
     
    Silver260 likes this.
  12. Number 47

    Number 47 Well-Known Member

    Joined:
    May 31, 2018
    Messages:
    308
    Likes Received:
    429
    Trophy Points:
    63
    When every town in Australia has high speed, reliable internet powered with a stale power grid we'd have a chance at going cashless here.

    As it stands, we still have towns without internet and some of those more remote towns run on generators that are shut down at night. We have constant technical issues with floods, fires, storms and other complications caused by our ageing infrastructure.

    Australia will need cash as an option for a long time yet. It's easy to forget that when you live in the comfort of the big smoke.
     
  13. JohnnyBravo300

    JohnnyBravo300 Well-Known Member Silver Stacker

    Joined:
    Mar 16, 2019
    Messages:
    3,555
    Likes Received:
    3,398
    Trophy Points:
    113
    Location:
    Colorado USA
    Yep same here in the us. Not everyone is a big time city slicker.
     
  14. leo25

    leo25 Well-Known Member Silver Stacker

    Joined:
    Jun 8, 2010
    Messages:
    3,585
    Likes Received:
    1,937
    Trophy Points:
    113
    and it begins. Nice way limit cash withdrawals.
    Soon the only way to get cash out of the bank is through the machines with limits. Daily limit $2k today, maybe $500 tomorrow.

     
    adze67, Real $ and Shaddam IV like this.
  15. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

    Joined:
    Mar 22, 2010
    Messages:
    8,298
    Likes Received:
    7,657
    Trophy Points:
    113
    Location:
    House Corrino
    The banks want a surcharge on every transaction permanently. And they pay off the politicians to help them. I think that cash is an important part of education young people about responsible handling of money. Tapping their phone is far to virtual and disconnected and too easy to lose track of expenditure. Also no cash is a national security risk. If the event of a hacking event on a large scale or a natural disaster people need cash as a backup when the electronic system is down.
     
  16. Oddjob

    Oddjob Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2018
    Messages:
    3,749
    Likes Received:
    6,771
    Trophy Points:
    113
    Location:
    New Gulagland
    I have memories of a NSW coastal town during the 2019/20 fires having power and internet cut off and sales of food and petrol only via cash......Do not carry cash at your own peril.
     
  17. hardyakkagold

    hardyakkagold Well-Known Member Silver Stacker

    Joined:
    Mar 25, 2020
    Messages:
    1,540
    Likes Received:
    4,719
    Trophy Points:
    113
    Location:
    Deep Down The Rabbit Hole
    Good luck trying to get cash from an ANZ bank teller - soon will be doing non-cash transactions only! What The Fuck:eek:
     
    Last edited: Mar 31, 2023
    adze67 and Real $ like this.
  18. Real $

    Real $ Well-Known Member Silver Stacker

    Joined:
    Jan 13, 2022
    Messages:
    685
    Likes Received:
    1,145
    Trophy Points:
    93
    Physical cash like physical liquid assets provide freedom to make untracked unmonitored transactions. Remember when the WHO pronounced cash as "dirty" spreading covid o_O what about cards, newspapers,etc all the pieces fall into place organised for many years. An emergency fund is a must and something that vast majority of us here know and have in place...along with other measures. Another brick layed paving the way for CBDCs
     
    adze67 likes this.
  19. JohnnyBravo300

    JohnnyBravo300 Well-Known Member Silver Stacker

    Joined:
    Mar 16, 2019
    Messages:
    3,555
    Likes Received:
    3,398
    Trophy Points:
    113
    Location:
    Colorado USA
    Giving your cash to the thieves.
     
    Real $ and adze67 like this.
  20. Real $

    Real $ Well-Known Member Silver Stacker

    Joined:
    Jan 13, 2022
    Messages:
    685
    Likes Received:
    1,145
    Trophy Points:
    93
    Agreed no concrete plans evident as yet...but these are pilots and entrance points to what could be, haha of course this system is in place to assist people in need and help the elderly who neither understand or want to understand the digital transactions...same as closing down roughly a third of all physical banks. This will save them ;) crazy how the big 4 may/will push back on the CBDC for retail and wider societal use...proving to be our saviours :D a system in place reducing they're bottom line they'll fight it tooth and nail :p
     
    mmm....shiney! likes this.

Share This Page