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I very much doubt there are money people that walk into an apple store with 10k in their back pocket to pay for some computers. Same with farmers. How many far
by Teandw 4y ago
I very much doubt there are money people that walk into an apple store with 10k in their back pocket to pay for some computers.
Same with farmers. How many farmers living in this modern age are walking around with 10k in their back pockets? In the vast majority of cases, I would argue that people just use their bank account for such large payments these days.
- lilsoso 4y agoA new Macbook Pros can easily be over $6k (16", upgraded ram, upgraded hard drive, etc). $10k is not that much money. People do pay for these laptops in cash. A phone has cost over $1k for years. Think of the present rate of inflation. $10k is nothing, particularly a decade from now. Then think of two decades from now and this silly law still on the books.
- dahfizz 4y ago> I would argue that people just use their bank account for such large payments these days. Yup, and now they are _forced_ to. Its a single point of failure. One which the government conveniently has control over. I'm surprised the HN crowd isn't grasping this more clearly. Backups are important.
- mrfumier 4y agoGovernment has control of your cash just as well. If the central bank decides your bills are not recognized anymore, or that they want to print 1000% more of it, your cash value changes.
- edzillion 4y agoWhich is Mutually Assured Destruction. I can't think of many occasions in which financial elites would destroy their own wealth in pursuit of political (?) goals. The one incident I can think of didn't end well.
- c4ptnjack 4y agoFor most businesses, cash is a far more likely point of failure. Taking in large amounts of cash is ripe for robbery. It's also why a lot of places don't accept $100's after a certain time and etc because it gets really risky for the employees.
- lordnacho 4y agoThe government has control over that in any case. For instance a judge can force a liability on you.
- senko 4y ago> Its a single point of failure You can have more than one bank account.
- llanowarelves 4y agoBank accounts as we know them may not exist in the world of CBDCs because they can just be held by the fed directly, which is their design.
- matt123456789 4y agoThe point is that you cannot do any meaningful amount of business if “the system” prevents you from banking, or malfunctions in some way that locks you out. Or more insidiously, if someone in power prevents you from banking because they do not like what you have to say. There is no longer a gray market relief valve. All unbanked business activity is illegal.
- b112 4y agoThe recent trucker protest in Canada, had just this happen. People locked out of their accounts. For protesting!
- Zircom 4y agoBlocking domestic and international commerce, and more importantly access for emergency services, goes a little beyond just "protesting" as most people see it, and it also probably isn't protected by whatever right to assemble/protest people have in Canada, if any(?).
- csdigi 4y agoIt depends on how they got their income in the first place. My family are dairy farmers and frequently trade cattle at local auctions. This is still a cash based society (rural Ireland), it does not take many heads of cattle to make up 10k, many other deals are done informally (e.g. my grandfather buying cows from a neighbor without auction) with a value that is of that order. The money may hit a bank account if something more formal needs to be bought (insurance, new machinery etc) but those are not all that common. As a child I would always remember my grandfather carrying (at least in the house) large rolls of bills.
- Teandw 4y agoThis is one of those edge cases where you have a way of doing business that hasn't moved forward and 'with the times'. Unfortunately when you don't move with the times, it ultimately catches up with you and forces your hand eventually. No matter how hard you try.
- themitigating 4y agoThe ones that commit tax fraud
- 1337biz 4y agoI did exactly this at the Apple store for a 5k+ purchase. I do these things out of principle to make it harder to create profiles and support cash. It is the same why I prefer https over http.
- Teandw 4y agoNo matter how hard you try, cash is dying. If it's a good thing or not is another debate but you're not supporting anything by paying in cash. You're simply prolonging the death with no benefit of doing so other than to pat yourself on the back.
- 0cVlTeIATBs 4y agoWe just need to prolong it enough until we can prolong it a bit further, ad infinitum.