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Say Goodbye to Banking as We Know It
- jdashg 7y agoUnsurprising that China would want people to use something so easily trackable!
- JackRabbitSlim 7y agoYep. Every bit as easy to track as cash.
- Hnrobert42 7y agoI don’t understand your comment. The article explains that the blockchain will be managed only by the Chinese central bank or its proxies. Thus, it will be far easier to track than cash. Are you disputing that assertion about the proposed Chinese cryptocurrency?
- dwnvoted2hell 7y agoSay Goodbye to Clickbait as we know it....if only.
- tomohawk 7y agoThis sounds terrifying. I've been in situations where there was no electricity, let alone internet or phone. Think, after a hurricane. Being able to exchange cash for services or goods was super important to preserve life and health. The last thing I'd want to hear is, "we'll get power in a week or two - until then just wait for FEMA".
- glandium 7y agoCounterpoint: your scenario could be the occasion for people to help each other without money being involved.
- JohnFen 7y ago> Being able to exchange cash for services or goods was super important to preserve life and health. I think it's super important even in the absence of an emergency. There a number of ways that cash is critical, and for that reason, I don't think it's going to vanish.
- pfranz 7y agoIt's been over a decade ago, but I've been without power for about a week after a natural disaster. Most places won't open if they don't have power (just because I didn't have power, didn't mean others were without). Not having gasoline and reliable food sources seemed to be the bigger issue. With gas there were long lines, rationing, people still were paying with credit cards. POTs was probably in better shape back then. Cell service was spotty. From my time working in food service, managing cash has its own infrastructure issues. Secured money bags, blind drops, safes, even a system for counting, tracking, and inventory of cash and coin. Since day-to-day those things aren't used as much I'm sure in a natural disaster it would be a mess. I'm sure cash with stick around, though.
- grizzles 7y agoChina is so far ahead in consumer financial services. Even panhandlers in China use Alipay/WeChat pay. Constrast that with the west, where you need to jump through way more hoops to start taking payment. The onboarding of non-Chinese users onto these platforms is going to be a huge trend in the next decade.
- jsmith99 7y agoI see plenty of buskers and homeless sellers of The Big Issue accepting contactless here in London, although still a minority.
- sieabahlpark 7y agoChina is also at the forefront of robbing citizens of their rights. So I'm fine with our system being slow to adopt certain "luxuries" to protect ourselves. Cash is king.
- boublepop 7y agoI live in the west and we just use mobile payments without any hoops. It’s not the west that behind it’s only America that’s lagging behind the rest of the developed world.
- known 7y agohttps://outline.com/nsNuf3 https://outline.com/nsNuf3