4 ms·

This is a real concern, but even if I keep cash for use in an emergency, stores and banks would also need to be prepared to handle cash in an emergency and I do

This is a real concern, but even if I keep cash for use in an emergency, stores and banks would also need to be prepared to handle cash in an emergency and I doubt they are today (since no one uses cash). Telling people they need to use a less convenient payment method only to keep it alive for an emergency also seems doomed to fail. The correct solution is probably to force banks and critical stores to always accept cash + encourage people to keep some cash for an emergency. But changing the banknotes (and making the previous ones invalid) every 10 years doesn’t help with encouraging people to save cash at home. That’s another one of those US-isms that blow peoples minds: that dollar bills of any age are legal tender. That and the use of paper checks. I think it was the mid 80’s the last time I saw a check.

_xivi 3y ago
> Telling people they need to use a less convenient payment method only to keep it alive for an emergency also seems doomed to fail. Who said that? Certainly not me Personally, I'm not advocating for cash. I just think it's stupid to brag about eliminating cash while putting all your savings and trust in a fragile system and infrastructure . There's nothing revolutionary about that. People should have options and backups.
- alkonaut 3y ago
  I meant that (Telling people to use cash more to keep the system afloat) would be one potential solution to the problem, but not one I think would work. I think people should not have to use cash, and I certainly won’t. But I do think society must have a resilient payment system - even if only as backup.
  - _xivi 3y ago
    > I do think society must have a resilient payment system - even if only as backup On that note we can agree. The goal is having a resilient system where you can access your funds when you need it most. See my other comment for backstory: https://news.ycombinator.com/item?id=39239919 https://news.ycombinator.com/item?id=39239919
ACS_Solver 3y ago
> That’s another one of those US-isms that blow peoples minds: that dollar bills of any age are legal tender. That's not so impressive when the National Bank of Sweden for instance is legally obliged to exchange any banknotes it issued for current ones, regardless of their age. You can theoretically get current money in exchange for a 17th century obligation or certificate issued by the bank, though even early 20th century notes are worth more as collection items than their nominal value.
- alkonaut 3y ago
  They do, but it's a hassle and means people are reluctant to keep money in their mattresses (which might be a good thing). It's unfortunate when it comes to resilience however. Realizing after the big two-week-blackout that the 10x SEK500 bills you stuffed away for this emergency are invalid and would need to be posted to the central bank before you can eat, is not a good experience.

_xivi 3y ago

> Telling people they need to use a less convenient payment method only to keep it alive for an emergency also seems doomed to fail. Who said that? Certainly not me Personally, I'm not advocating for cash. I just think it's stupid to brag about eliminating cash while putting all your savings and trust in a fragile system and infrastructure . There's nothing revolutionary about that. People should have options and backups.

alkonaut 3y ago
I meant that (Telling people to use cash more to keep the system afloat) would be one potential solution to the problem, but not one I think would work. I think people should not have to use cash, and I certainly won’t. But I do think society must have a resilient payment system - even if only as backup.
- _xivi 3y ago
  > I do think society must have a resilient payment system - even if only as backup On that note we can agree. The goal is having a resilient system where you can access your funds when you need it most. See my other comment for backstory: https://news.ycombinator.com/item?id=39239919 https://news.ycombinator.com/item?id=39239919

ACS_Solver 3y ago

> That’s another one of those US-isms that blow peoples minds: that dollar bills of any age are legal tender. That's not so impressive when the National Bank of Sweden for instance is legally obliged to exchange any banknotes it issued for current ones, regardless of their age. You can theoretically get current money in exchange for a 17th century obligation or certificate issued by the bank, though even early 20th century notes are worth more as collection items than their nominal value.

alkonaut 3y ago
They do, but it's a hassle and means people are reluctant to keep money in their mattresses (which might be a good thing). It's unfortunate when it comes to resilience however. Realizing after the big two-week-blackout that the 10x SEK500 bills you stuffed away for this emergency are invalid and would need to be posted to the central bank before you can eat, is not a good experience.