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If a public institution was introduced to allow you to freely digitally transact and securely store your money would you feel similarly?
by 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 agoI 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 agoNot 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 agoThere 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 agorephrased: 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.