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Old 11-07-2012, 01:18 AM
 
Location: Chicago
763 posts, read 678,279 times
Reputation: 436

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Hi all,
It's been interesting me for a while. With the rise of data and comms becoming a giant player in the financial transactions, how long before finance is done solely through electronic transaction?
What would the responses be should this ever occur? What assumptions would need to be made for this to actually happen? What kind of effect would this have in terms of truly maximizing federal revenue collection? How long before it actually happens and how would it be regulated/made fair (impossible to cheat the system)? Is it even viable with all the opportunities hackers may take to alter the financial landscape?
It's just a hypothetical question. I'm unsure of the implications but was hoping someone with more knowledge than I on the subject would be able to give some insight.
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Old 11-07-2012, 03:12 PM
 
37,072 posts, read 38,438,562 times
Reputation: 14846
Unless it's replaced by an untraceable electronic counterpart it isn't going anywhere.
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Old 11-11-2012, 07:13 PM
Status: "My eyes are rolled back so far I can see my brain." (set 26 days ago)
 
Location: Here.
13,442 posts, read 11,941,620 times
Reputation: 15763
I hope this will happen. I hate cash money. It is dirty and it stinks. Who knows where it has been? I use credit card for everything unless it is not accepted. People could also use a debit card or some type of "cash card" that would be issued by banks. Security measures could be incorporated into the cards: photo ID on the card itself, PIN numbers, etc.

This system would greatly reduce the number of robberies.

I'm not sure what you mean by maximizing federal revenue collection. People don't pay taxes in cash.
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Old 11-11-2012, 11:50 PM
 
37,072 posts, read 38,438,562 times
Reputation: 14846
Quote:
Originally Posted by Retroit View Post
I hope this will happen. I hate cash money. It is dirty and it stinks.
'that may be true but every time you make a purchase store is charged a fee, my buddy owns a small hardware store and he has every nut and bolt under the sun. He'll sell these singly at a very large profit but it might only be 25 or 50 cents to the consumer. He's save money if he gave it to them instead of a CC and that is one of the fundamental problems with CC's. You pay those fees as do people paying cash because it's folded into the cost of the product.


Quote:
I'm not sure what you mean by maximizing federal revenue collection. People don't pay taxes in cash.
There is no record of a cash transaction, that $500 worth of fireworks suddenly becomes $400 when you show them hundred dollar bills.
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Old 11-17-2012, 04:44 PM
 
278 posts, read 246,868 times
Reputation: 174
My question is: How long until we no longer use any currency! Since, money is used to wrongfully subjugate and control the masses, I welcome that ideological advancement!
But to answer your question-when it does happen, it will be too soon! Big Brother will have an even shorter leash on us!
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Old 11-17-2012, 05:17 PM
 
24,511 posts, read 34,227,916 times
Reputation: 12782
Didn't bitcoin already try this? It was untraceable and anonymous. Perfect. Except when someone stole millions of dollars worth of bitcoins, there was no way to trace it or reverse it.
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