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Cash is still king. I don't want to live in a society where few corporations and banks have control over the money supply.

cherrycherry98 3y ago
Agreed, we need larger denomination notes to keep cash usable. Despite decades of inflation the largest notes printed are $100 and it has been that way since 1969. Even $500 note doesn't get us back to buying power parity (it's about $800 btw).
- sowbug 3y ago
  The Bank Secrecy Act requires banks to file a currency transaction report when a customer makes more than $10,000 of cash transactions with the bank in a single day. "Structuring" aggregate transactions to stay under the limit can get you thrown in jail, and your money seized. That law was passed in 1970. The amount hasn't been adjusted since then. It would approach $80,000 today if it had been indexed for inflation. Don't know about you, but I don't foresee anyone sponsoring legislation to relax these reporting requirements, or otherwise making it easier to conduct private cash transactions with anything but toy amounts of money.
internetter 3y ago
I've been to places that only accept credit card and it's infuriating as a consumer, and confusing given my relationship to small businesses. Consumers expect the same price regardless of their method, but the card fees are painful. Especially given our (former) payment partner (but really the CC companies) are doing everything they can to take more money[0]. [0]: https://news.ycombinator.com/item?id=34996006 https://news.ycombinator.com/item?id=34996006
- JCharante 3y ago
  I've been to places that only accept cash and it's infuriating as well, so I boycott them. Cash is dirty and annoying to deal with for customers and merchants (as a young adult I used to work in a high-volume coffee shop).
Larrikin 3y ago
Cash is not king. If you're in the US and you're paying without using a credit card you're effectively losing thousands of dollars more than those that do. You can disagree that credit cards should have the ability to pay users cash back or offer travel rewards, but you are losing money by using cash.
- kQq9oHeAz6wLLS 3y ago
  Why?
  - JCharante 3y ago
    By switching from cash to a citi double cash card that's a 2% rebate off the bat. If you are buying groceries you can use cards that give 6% cashback on groceries. And there are ways to get much more value.
    - Dalewyn 3y ago
      I have nothing against credit cards and believe that proper use of them is beneficial for most people, but I vehemently disagree that cashback and not getting them is constituted as a loss for the purposes of this conversation.

cherrycherry98 3y ago

Agreed, we need larger denomination notes to keep cash usable. Despite decades of inflation the largest notes printed are $100 and it has been that way since 1969. Even $500 note doesn't get us back to buying power parity (it's about $800 btw).

sowbug 3y ago
The Bank Secrecy Act requires banks to file a currency transaction report when a customer makes more than $10,000 of cash transactions with the bank in a single day. "Structuring" aggregate transactions to stay under the limit can get you thrown in jail, and your money seized. That law was passed in 1970. The amount hasn't been adjusted since then. It would approach $80,000 today if it had been indexed for inflation. Don't know about you, but I don't foresee anyone sponsoring legislation to relax these reporting requirements, or otherwise making it easier to conduct private cash transactions with anything but toy amounts of money.

internetter 3y ago

I've been to places that only accept credit card and it's infuriating as a consumer, and confusing given my relationship to small businesses. Consumers expect the same price regardless of their method, but the card fees are painful. Especially given our (former) payment partner (but really the CC companies) are doing everything they can to take more money[0]. [0]: https://news.ycombinator.com/item?id=34996006 https://news.ycombinator.com/item?id=34996006

JCharante 3y ago
I've been to places that only accept cash and it's infuriating as well, so I boycott them. Cash is dirty and annoying to deal with for customers and merchants (as a young adult I used to work in a high-volume coffee shop).

Larrikin 3y ago

Cash is not king. If you're in the US and you're paying without using a credit card you're effectively losing thousands of dollars more than those that do. You can disagree that credit cards should have the ability to pay users cash back or offer travel rewards, but you are losing money by using cash.

kQq9oHeAz6wLLS 3y ago
Why?
- JCharante 3y ago
  By switching from cash to a citi double cash card that's a 2% rebate off the bat. If you are buying groceries you can use cards that give 6% cashback on groceries. And there are ways to get much more value.
  - Dalewyn 3y ago
    I have nothing against credit cards and believe that proper use of them is beneficial for most people, but I vehemently disagree that cashback and not getting them is constituted as a loss for the purposes of this conversation.