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It think it is bad. Payment in physical cash should not be restricted. Otherwise the system will fail and then you will not be able to make a payment at all. I

It think it is bad. Payment in physical cash should not be restricted. Otherwise the system will fail and then you will not be able to make a payment at all. I use cash for all payments anyways. And if cash will not work, then we will pay by barter.

xanth 7y ago
If a public institution was introduced to allow you to freely digitally transact and securely store your money would you feel similarly?
- zzo38computer 7y ago
  I may then be more likely to use a digital transaction for some cases, although still I would prefer to use cash as much as possible. (For one thing, it doesn't fail in the way that digital systems do. And, it can be used without a computer. There are other advantages too.)
  - xanth 7y ago
    Not all digital systems fail similarly, consider some sort of distributed hub and spoke system that could arbitrate transactions; thus mitigating a single point of failure. Also consider how much of everything we purchase today is entirely reliant on our digital infrastructure, if there were some calamity that entirely halted our networks I don't think legal tender would be any use.
    - sgc 7y ago
      There is good reason to have more than 10k in cash to have for your family in case a localized natural disaster or other emergency makes digital transactions impossible where your are, during a crisis. You may well need a transaction larger than 10k in cash for transport etc at that point as well.
- flyingfences 7y ago
  rephrased: Would I trust Uncle Sam's servers with the entirety of my financial activity? No. There exist cryptographically secure digital payment systems, but governments are moving against them just the same as cash.
cstrat 7y ago
You often pay for things > $10K in cash? You also pay by barter for those things?
- King-Aaron 7y ago
  Ever bought a used car?
  - zzo38computer 7y ago
    Actually, I don't use a car. (Also, I still use a bank account when dealing with the government, but that is all I use it for.)
    - King-Aaron 7y ago
      Yes but, I don't know why you made that comment lol. I was getting at the fact that most people who buy a second hand car, boat, motorbike, having renovations done, landscaping, etc would be used to handing over more than 10k in cash
      - AnssiH 7y ago
        No idea about Australia, but here in Finland all those examples would normally be paid via a bank transfer.
        King-Aaron 7y ago
        Anecdote time, but I've bought a used car that was about 100kms from the closest mobile phone reception. Hard to do bank transfers in the middle of the bush sometimes
        AnssiH 7y ago
        Ah, that makes sense. Finding a road without mobile reception here would be difficult.
elyobo 7y ago
I go weeks without using cash, although visiting Sydney recently it seemed I was surcharged more often than not for using a credit card - not the case in Melbourne where it's still very uncommon.

xanth 7y ago

If a public institution was introduced to allow you to freely digitally transact and securely store your money would you feel similarly?

zzo38computer 7y ago
I may then be more likely to use a digital transaction for some cases, although still I would prefer to use cash as much as possible. (For one thing, it doesn't fail in the way that digital systems do. And, it can be used without a computer. There are other advantages too.)
- xanth 7y ago
  Not all digital systems fail similarly, consider some sort of distributed hub and spoke system that could arbitrate transactions; thus mitigating a single point of failure. Also consider how much of everything we purchase today is entirely reliant on our digital infrastructure, if there were some calamity that entirely halted our networks I don't think legal tender would be any use.
  - sgc 7y ago
    There is good reason to have more than 10k in cash to have for your family in case a localized natural disaster or other emergency makes digital transactions impossible where your are, during a crisis. You may well need a transaction larger than 10k in cash for transport etc at that point as well.
flyingfences 7y ago
rephrased: Would I trust Uncle Sam's servers with the entirety of my financial activity? No. There exist cryptographically secure digital payment systems, but governments are moving against them just the same as cash.

cstrat 7y ago

You often pay for things > $10K in cash? You also pay by barter for those things?

King-Aaron 7y ago
Ever bought a used car?
- zzo38computer 7y ago
  Actually, I don't use a car. (Also, I still use a bank account when dealing with the government, but that is all I use it for.)
  - King-Aaron 7y ago
    Yes but, I don't know why you made that comment lol. I was getting at the fact that most people who buy a second hand car, boat, motorbike, having renovations done, landscaping, etc would be used to handing over more than 10k in cash
    - AnssiH 7y ago
      No idea about Australia, but here in Finland all those examples would normally be paid via a bank transfer.
      - King-Aaron 7y ago
        Anecdote time, but I've bought a used car that was about 100kms from the closest mobile phone reception. Hard to do bank transfers in the middle of the bush sometimes
        AnssiH 7y ago
        Ah, that makes sense. Finding a road without mobile reception here would be difficult.

elyobo 7y ago

I go weeks without using cash, although visiting Sydney recently it seemed I was surcharged more often than not for using a credit card - not the case in Melbourne where it's still very uncommon.