New thread: 2022??

Discussion in 'Markets & Economies' started by mmm....shiney!, Jul 20, 2021.

  1. GreatSouthernTime

    GreatSouthernTime Well-Known Member Silver Stacker

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    Is that 1% - 28% correlation true? If so that’s incredible
     
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  2. mmm....shiney!

    mmm....shiney! Administrator Staff Member

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    Apparently, according to modelling.

    https://www.rba.gov.au/publications/rdp/2019/2019-01/full.html#section-main-equations

    I fell victim to the old "eyes glazing over" experience though.
     
    Last edited: Jul 21, 2021 at 11:49 PM
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  3. nutshell

    nutshell Active Member

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    Don't worry the market will step up and fill the gap ... so when you are at the takeaway or fish n chips shop that won't do a plastic transaction just turn around or look outside and find an ATM privately run by a non bank enterprise that will gladly hand you a twenty for two fifty. When the ATM is inside a shop the owner of the shop probably gets a cut. There are variations on these arrangements. A shop owner may rent a machine, pay a fee for rent and maintenance and take the balance as profit. One can opt to dispense tens or twenties or a mix. Stock and load the bill cartridges yourself to save a little money or if one is too busy with business just have your ATM people do it for you and pay a little more.

    The branch of my bank closed in our local shopping centre during the first lockdown and never reopened. Now it, as well as the ATMs, are gone. The next nearest ATM at a smaller indoor strip mall was removed. I had to do some USD banking and went to the next nearest branch (which is to remain opened) and was told our branch was closed because it was found that since covid people were more willing to do online banking small branches are not required and being phased out. As for removing ATM's I was informed that the bank did not want to pay rent on the indoor floor space but I can always use any other of the big four's ATM's if I didn't want to pay a fee at a privately owned/managed ATM.

    I have since read that this is now a trend for all the major banks. That's OK. My primary bank is now online with no bricks and mortar overheads or shareholders to maximize profit for. I keep my old account only for direct debits, incoming transfers and the line of credit which my accountant told me a long time ago is worth keeping because its cheap money in a pinch.

    As the story about the snake goes .... you knew what is was when you picked it up.
     
    Last edited: Jul 21, 2021 at 11:43 PM
  4. JulieW

    JulieW Well-Known Member Silver Stacker

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    I'd noticed the ATM'S disappearing, but didn't make the connection.

    It makes sense, as does the Big 4 ATM'S being replaced by Privateers (!) with a withdrawal limit (in Victoria) of $200 and a fee of $2.50.
     
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  5. nutshell

    nutshell Active Member

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    Further on those private ATMs ... The loss of big four ATM's are a fleeting inconvenience for me but they will have a detrimental impact in lower income areas on people where an extra couple dollars matter more than in our household and they do matter some to us. The powers that be don't care since it pushes us all a little bit closer to cashless and little bit closer to everyone in the money chain skimming a little bit more from the flow without us ever noticing.
     
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  6. mmm....shiney!

    mmm....shiney! Administrator Staff Member

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    This is one of the reasons why crypto advocates argue that the disruption to the legacy banking system can "bank the unbanked" - nearly every one has a mobile phone, and in the developing world mobile use is even more widespread apparently. Mobile wallets do away with the need for ATMs and cash.

    Enough from me.
     
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  7. heartastack

    heartastack Well-Known Member Silver Stacker

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    lol mate they fear what they do not understand... Rightfully so. I too fear for those that don't, and get taken advantage of. Any system 'reset' will result in far more collateral damage than would seem conscionable. Always does, always will.
     
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  8. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Perhaps you were immediately identified as a non-hipster and that was Plan A to move you on!
     
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  9. markcoinoz

    markcoinoz Active Member Silver Stacker

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    I only ever withdraw cash from Coles or Woolworths.
    Haven't seen an ATM outside a bank for ages.

    Come to think of it, I haven't seen a bank!!
    Do they still exist?
     
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  10. nutshell

    nutshell Active Member

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    I believe that's the way things are traveling but I am a bit of a Luddite with regards to this. Without adequate privacy provisions (legislation?) in place for mobile users, I am not interested. As it is I always purchase an unlocked cell phone, root it, remove the original ISP's android system with all the google and other proprietary stuff bundled in and then install an open source android rom. Yeah ... a bit of a bother but there is nothing in my phone calling home to mom unless I allow it to do so.

    Most of these convenience aps, e.g. for banking, rely on tools provided by Apple or Google. It makes the developers work easier. Victoria's tracing ap won't work on my phone because I don't have Google GPS installed. Instead I have to scan the QR code, select to go to a URL, enter my name, provide a phone number and I am logged in as having been there/wherever. Other people hold up their phone and the magic of Google or Apple does the rest and in they go ... while what else has been recorded that wasn't required? Would a Silver Stackers phone ap for buying and selling PMs be very popular here if it was built using proprietary helper code from Apple, Google, or some other room full of bright and greedy sparks that can sell the data gathered from a transaction for their own or someone else's (read government's) purpose.
     
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  11. nutshell

    nutshell Active Member

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  12. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    That's really interesting, which model do you use for a DeGoogled phone in Australia? I have been trying to learn how to make a de-Googled handset for a while but I haven't put all of the pieces together yet.
     
  13. nutshell

    nutshell Active Member

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    @Shaddam IV,
    OK I've written something below in answer, a bit long winded but others might be interested as well and it gives you and idea what is involved. Best if PM me for more info. I mess around with this kind of stuff to keep me out of trouble ... well almost, I am married.

    I am currently running LineageOS on a Galaxy S9 after upgrading from LineageOS on a Galaxy S5 last year. Prior to that I don't remember but I've been rooting phones and running open source roms for awhile. LineageOS is based on Cyanogenmod which was the first (maybe most well known first) reverse engineered android system based on Google's android. In brief a court found the reversed engineered Cyanogenmod was legal as it was based on open source code (or something like that). It is not a trivial thing and the less you understand what's going on the less trivial it becomes. I picked up the S9 from Kogan but it was originally configured for Singtel with what Singtel bundled into their phones. Firmware was android 9 but I wanted android 10 so I had root it so I could install some recovery firmware that allowed me to hose the original firmware then load Telstra android 10 firmware for S9. Once that was done I could then hose the Telstra firmware and load LineageOS android 10 for the International S9 version (won't work for US version). After that I have a basic system, phone, browser, text, camera, etc. the usual but nothing proprietary. If I want googleaps/playstore whatever I can install it, my choice. There are aps available to spoof access to playstore for things like the kitco ap, withings healtmate ap to sync with my withings smartphone, etc. There are open source alternatives for lots of other aps in addition to what at playstore.
     
  14. 66rounds

    66rounds Well-Known Member Silver Stacker

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    That's fantastic. Do you have a solution for internet banking and office work on a computer/laptop? Is there a decent Linux option that suitably replaces windows and Mac os?
     
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  15. nutshell

    nutshell Active Member

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    @66rounds Perhaps this will answer your question(s), perhaps SS needs a separate open source discussion/thread/whatever.

    Linux option? Linux is a viable option but which version of Linux? which are actually called "distributions" and there are more Linux distributions than you can shake a stick at not to mention the fact that android is a hybridized linux system, things like tomtom gps' and modem/routers use scaled down linux systems. But yes ... there are Linux distros quite suitable for desktop everyday use. A distro is just the packaging of the linux kernel with other basic open source components for the core system after which all the other stuff is bundled in. Ubuntu (which is a fork of Debian Linux) and its various forks is probably the most well known as easy for people transitioning from a Microsoft based operating system. Personally, I've been using Slackware Linux for the last 20 or so years. Slackware has been around awhile it and celebrates it 28th birthday this year but it is not necessarily something I would recommend to a newbie. I'm not really up on the more "newbie friendly" distros but I think one of the Ubuntus would be the way to go. I'm sure there are Stackers here who can make a recommendation. I'm a bit of a hacker and rusted onto Slackware.

    Internet banking? That is solely a matter of accessing a bank's ebank portal with a browser. I use chromium (chrome for linux) and firefox on my thinkpad and desktop, there are other browser options as well. Productivity? I use Libre Office which is a fork of open office which may or may not still be around. Libre office will both open and save microsoft forrmated spreadsheets, power points, word documents. as well as work in its own native formats. My daughter can open documents and spreadsheets I created in Libre Office in Microsft Office on her Mac. I use GIMP for working with images instead of photoshop, The list goes on... there are programs and applications for just about anything available in Linux, there may be a learning curve involved but it is mostly free open source software. One thing nice is security. It is open source so the source code is available for all to see, use or modify or fix. Hard to hide malware in that. For most distros, the commonly used programs will come bundled in or be available as a download to be installed by the user.

    As for Mac OS, both Linux and Macs share a common architecture as they are both evolved from Unix which was what ran those huge mainframes of yesterday. Macs are fine but I never cared for the product lock-in that goes with apple products and the fact that apple systems whether ipad, iphone, computer, or or smart watch are always calling home to mom.

    Oh yeah ... one last thing ... I don't use antivirus software and since moving to linix in 2000 never have.
     
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  16. mmm....shiney!

    mmm....shiney! Administrator Staff Member

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    RBA research paper on the experience from APRA's credit limits on investor mortgages and interest-only mortgages. This sort of stuff is on the agenda, whether anything will come of it time will tell.

    https://www.rba.gov.au/publications/rdp/2021/2021-07.html

    So what that suggests I think is that if APRA, the RBA etc see a problem, then they'll implement a policy decision that may well likely achieve whatever goal they intend. One thing governments are good at doing is fucking things.
     
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  17. GreatSouthernTime

    GreatSouthernTime Well-Known Member Silver Stacker

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  18. GreatSouthernTime

    GreatSouthernTime Well-Known Member Silver Stacker

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    This appears to be one side of the equation with the treasury being the other. As far as I’m aware for every bill that is retuned less than a half are retuned for replacement back into circulation suggesting these ATM will not have any cash to hand out.
     
  19. Lovey80

    Lovey80 Well-Known Member

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    If a bank can never run out of money. Then when the need for the federal government to underwrite the first 200k in savings for each institution?
     
  20. hardyakkagold

    hardyakkagold Well-Known Member Silver Stacker

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    Come on @Lovey80 you have been around long enough to know the answer to that.

    Your money in the bank is no longer yours it is the banks and you are just an unsecured creditor, as a lot of sheeple are going to find out one day to their sorrow.

    The government's deposit guarantee is designed to put the depositors at ease with a false sense of security, and not to be taken as gospel truth.

    I have a great deal of pity for anyone who believes in the governments and the banks.
     

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