Cash will be dead in a decade

willrocks said:
aleks said:
Stoic Phoenix said:
Done Will - dont you dare pass away in the next 10 years.
10oz locked in.
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Should probably define the terms of the bet.
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True. Within ten (10) years all governments will halt the production and use of physical cash in favor of digital currencies.
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Yeh and people who demand their RIGHT to privacy when transacting will simply move to using bitcoins instead of cash!
So guvmnt will fail in stifling the human spirit seeking freedom...
 
lurk@l0t said:
willrocks said:
aleks said:
Should probably define the terms of the bet.
Click to expand...

True. Within ten (10) years all governments will halt the production and use of physical cash in favor of digital currencies.
Click to expand...

Yeh and people who demand their RIGHT to privacy when transacting will simply move to using bitcoins instead of cash!
So guvmnt will fail in stifling the human spirit seeking freedom...
Click to expand...

If history shows anything, it shows there's always the 95%'ers who'll go along with anything, and everything the government tell them.
 
That's funny, I'm definitely going against that trend.

Been moving back to cash as much as I can in all transactions, and most of the time benefit from it with the absence of transaction fees.

Peoples eyes light up with cash and will often drop the price to make a cash sale.

Try it everyone and buck the trend, it works for me.
 
FlashInThePan said:
That's funny, I'm definitely going against that trend.

Been moving back to cash as much as I can in all transactions, and most of the time benefit from it with the absence of transaction fees.

Peoples eyes light up with cash and will often drop the price to make a cash sale.

Try it everyone and buck the trend, it works for me.
Click to expand...

I am almost exclusively using cash. But unfortunately I think I'm a minority. Most people I know don't even carry any cash. Opting for credit cards, PayPass, Pay Wave ...

The gov only needs more than 50% of people rejecting cash in order to push for its elimination.
 
Hence my call for the opposite.

Its a power and control thing that is getting out of control. Once Govt are in debt, they are under the banks.
The Banks want your capital flowing through there hands.
 
Can it really work in Australia?
Many of the places I work in the bush don't have reliable water or power... let alone telecommunications for electronic transactions.
 
aleks said:
Stoic Phoenix said:
willrocks said:
I'd take that bet.
Click to expand...

Done Will - dont you dare pass away in the next 10 years.
10oz locked in.
Click to expand...
Should probably define the terms of the bet.
Click to expand...

Pretty simple - If I cant go to any location in the world and buy any item of my choosing with cash (ie - the local currency in coin or note form) on 27th May 2025 then cash is deemed dead.
 
Stoic Phoenix said:
aleks said:
Stoic Phoenix said:
Done Will - dont you dare pass away in the next 10 years.
10oz locked in.
Click to expand...
Should probably define the terms of the bet.
Click to expand...

Pretty simple - If I cant go to any location in the world and buy any item of my choosing with (physical) cash (ie - the local currency) on 27th May 2025 then (physical) cash is deemed dead.
Click to expand...

Yep, that's it.
 
Any place in the world is a pretty give call!

Somalia? North Korea? and a whole heap of other really poor countries
 
aleks said:
Any place in the world is a pretty give call!

Somalia? North Korea? and a whole heap of other really poor countries
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Poorer countries are more likely to adopt cashless technology.
 
I agree in some circumstances, but to say EVERY country is a ballsy call and am pretty confidant you will be wrong
 
Clawhammer said:
dingobiscuit said:
Yep the Wontok system is quite remarkable. It has recently become religion to convert your pay into the newest phone you can get your hands on, probably to stop the rest of the wontoks getting there hands the coin first.
I was only up there a few months back and they have moved on to Samsungs and iPhones from cheap Indonesian imports in less than 12 months.
Slush funds? - goodluck with that lol
I think it is a bit of a different story for the guys that travel in from different provinces though and aren't restricted to the one village.
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How bad is it in Moresby, Dingo?
The info online starts really drying up around 2005...and what's there ain't good... since 2013 there's hardly anything (that's a v-bad sign).
Currently, the only ex-pat info I can get is a kiwi guy running a blog on what to expect, costs etc.
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I only really transited Moresby this year, a couple of nights in Mt Hagen and a few weeks out whoop whoop. In saying that Moresby seemed quite quiet and Hagen was pretty much the same. Some of the guys I have worked with in the past from the villages had gone AWOL panning for gold as worked dried up. Bit of a trade lull and reduction in mining will surely hit the place hard.
Wontok work no got makem rascal plenty.
 
Yeah, well all the same

'Dispela hab inat Mosbi long taim.'

A mate who's up there in Lae said he saw the local police chief out on Road Blocks on Wednesday arvo demanding bribes so he could have drinking & gambling money for the Origin game that nite :/
 
Yep no surprise with the cops there. Armed security were employed at one place to protect against rogue police that got drunk and tried to steal smokes lol.
It is funny watching the news here and how easily people lose their minds in Australia and demand sackings and people step down over what may be a bit of a compromise but considered manners and common practice in other parts of the world by comparison. We live in a cotton wool country (but I love it).

I wonder how cops will be bribed once this 'cash is dead'? ounces of bitcoin? :P
 
willrocks said:
-j-p-shmorgan said:
10 years from now, cash will still be alive. Let the record show. lol
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Do you mean physical notes (and possibly coins)?
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Yes. They aren't going anywhere. Cash is king.
Sure, the elites want all spending transactions recorded & documented and want to get rid of cash.
Cash is the last piece of the control puzzle....but it just won't happen.
The people like their cash, even if it keeps losing value.
I assume the Fed will just keep doing it's QE until the dollar implodes on itself eventually.
I'm sure it's only a matter of time...but I think 30+ years is more likely than within the next 10.
 
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