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ATMs, ATM cards, banks and fiat currency are all obsolescent technologies.
by ilaksh 4y ago
ATMs, ATM cards, banks and fiat currency are all obsolescent technologies.
- sneak 4y agoMost technologies with a huge installed base are obsolete compared to the state of the art. The larger the installed base, the higher the likelihood it is lagging behind the current patch revision. Magstripes and internal combustion engine ground vehicles are probably the two biggest examples outside of sociology/government.
- sp332 4y agoGift economy and post-scarcity is where it's at.
- ilaksh 4y agoNot at all what I am suggesting. The cards are very insecure and primitive and have been replaced by smart phones in most areas. One core way they are insecure is based on the main concept of the money which fails to utilize cryptography. Any money that uses cryptography to prevent the need for sharing secrets to execute transactions is a cryptocurrency. Any currency that does not use cryptography is obsolete. Using physical pieces of paper is also ridiculous at this point. The only real utility is to avoid any kind of taxation, and the only reason that is needed by people is because governmental structures are also horrible and obsolescent.
- mikem170 4y ago> The only real utility is to avoid any kind of taxation #1) cash works without power, #2) cash has different security and privacy pros and cons, compared to cryptocurrencies
- naet 4y agoCurious what you use if you don't use an ATM, ATM card, a bank, or fiat currency? People like to use this type of rhetoric around crypto and crypto-maximalism, but you absolutely cannot function day to day using purely crypto at this point in time.
- ilaksh 4y agoThat's why I used the word "obsolescent" rather than "obsolete".
- austinjp 4y agoYeah I'm not super convinced. If I want untraceable transactions, cash is hard to beat. (Pleeeeeease nobody mention crypto I beg you.)
- kube-system 4y agoCryptocurrencies, NFTs, and web3 are all immature technologies.
- cuteboy19 4y agoIn most Asian countries ATM cards are a thing of the past. QR scanning is easier, more reliable and significantly safer
- kube-system 4y agoAs far as technology is concerned, QR codes are far less advanced or secure than EMV. The only thing it compares favorably (and I’m being generous) to in terms of payment security is magstripes, which is a 1960s technology. QR codes have basically no inherent security. They are just barcodes in two dimensions. You can do physical MITM attacks on them very easily. For instance: https://www.techinasia.com/fake-qr-code-scams-china https://www.techinasia.com/fake-qr-code-scams-china
- cuteboy19 4y agoWhy so? QR is just an arbitrary url in image form. If anything EMV is both overcomplicated AND insecure. Eg the whole class of vulnerabilities from card theft and card skimming disappears with QRs Edit: I mean you could have a computer screen display the QR. How are you going to MITM between the screen and your phone?
- kube-system 4y agoNot all QR codes in Asia are on a phone. QR codes are inherently graphical, and anything printed can be simply covered up or replaced. Smart cards at least can at least implement public/private keys.
- callalex 4y agoHave you used any of those things you listed in the last 30 days?
- Maursault 4y agoGlad to know I'm not the only one that has abandoned money and transitioned entirely to the barter system. This past year, I only paid two hogs to the IRS. The future is here.