Do you believe in a cashless society ?

[catlovedog]

Do you believe in a cashless society ?

[1713970226]

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[BADecker]

Demonetisation Was a Catastrophe: Marc Faber

"We all know demonetisation has been a catastrophe. It didn't achieve its objectives. It could have been done in a benign way, giving a period of six months wherein old notes could be exchanged so that nobody suffered," Faber told BTVi in an interview.

He said that the move was based on academics wherein the people in the government had no clue of how the market functioned.

Faber said the note ban did aim at targeting organised crime, which gets a boost from the abundance of cash. But they too have other means to lend out money these days, he added.

Touching upon the Goods and Services Tax (GST), he said that the rates are quite high under the new indirect tax regime, which would encourage black marketing.

Demonetisation and GST roll-out also affected India's growth rate, which slumped to 5.7 per cent during April-June.

The editor said that Prime Minister Narendra Mod, however, had good ideas and intentions and it would be good for the economy if it could grow at 5 per cent for the next 10-20 years.

Read more at https://www.lewrockwell.com/2017/09/no_author/demonitization-was-a-catastrophe/.

[samtarly]

i dont understand the question but if you are pertaining to possibility or theoretically if it can be done in some ways yes since before money has been made there is barter trading. but it is so poor economically since there is no exact value of things that could be trade on other things, meaning there is less equality on the market and it could be disastrous to individuals whose way of living is by labor.

[Loveydovey04]

Or there are countries who are almost not holding cash but using only credit/visa cards in all their transactions. Like buying online using a credit and even in retail shops. Salary of every worker goes directly to their bank accounts which pays all their credit transactions. All money transfers are done online from bank to bank. Here in my place people rarely hold cash all they use is their credit cards.   

[AnubisStar]

Or there are countries who are almost not holding cash but using only credit/visa cards in all their transactions. Like buying online using a credit and even in retail shops. Salary of every worker goes directly to their bank accounts which pays all their credit transactions. All money transfers are done online from bank to bank. Here in my place people rarely hold cash all they use is their credit cards.   

Totally, It's just like that in my country but It's not a good think, the lack of cash is driving people crazy, there are some places where you need to pay with cash and they can't accept credit car, or even public transport like the bus or the subway who cost almost nothing so you can't pay that with cash.

[Genovese]

The answer all depends on who would make the digital money.

[Mojacko]

Demonetisation Was a Catastrophe: Marc Faber


https://www.freedomsphoenix.com/Uploads/Graphics/533-0911204400-a.png

"We all know demonetisation has been a catastrophe. It didn't achieve its objectives. It could have been done in a benign way, giving a period of six months wherein old notes could be exchanged so that nobody suffered," Faber told BTVi in an interview.

He said that the move was based on academics wherein the people in the government had no clue of how the market functioned.

Faber said the note ban did aim at targeting organised crime, which gets a boost from the abundance of cash. But they too have other means to lend out money these days, he added.

Touching upon the Goods and Services Tax (GST), he said that the rates are quite high under the new indirect tax regime, which would encourage black marketing.

Demonetisation and GST roll-out also affected India's growth rate, which slumped to 5.7 per cent during April-June.

The editor said that Prime Minister Narendra Mod, however, had good ideas and intentions and it would be good for the economy if it could grow at 5 per cent for the next 10-20 years.

Read more at https://www.lewrockwell.com/2017/09/no_author/demonitization-was-a-catastrophe/.

Agree. A society that is cashless is impossible. Maybe it is applicable in big market , how about the small industry like sole propriertor?  It is impossible to have a cashless society right now, but someday, there is a society that will make it happen.

[kie]

i don't believe in that.
Why, because nowadays money is life.
 all people are practical, as long as they received money from something then the cycle will continue.
 but maybe in the future, it will happen because of the technology.

[PAKYU]

actually real societies are cashless.

[squog]

i am no expert so don't quote me on this. cash is based in trust. it doesn't have any value unless it is backed by the country's governing monetary body. it is essentially a piece of paper saying "trust me, I'm worth something" and this worth depends on your gold backing. a cashless society is easier at some point. you can carry in your wallet countless amount of money without physically touching it. easily traceable. down side is the currency is virtual. so it will be easily stolen by hackers and such. but i think we will have a more secure way to keep virtual currency.

[patarfweefwee]

I dont know.. me personally i dont like bringing cash with me. I like to pay my bills online, buy groceries with a credit card, hail a cab with my phone and stuff. I mean its so convenient. But of course you run the risk of skimming, hacking, stuff like that.

[sumangs]

We could be a cashless once the digital currencies are implemented worldwide. All people should have access in internet and needs a digital device before it would happen.

[Jake052478]

Cashless... yeah maybe in the near future... the cost of producing paper cash and coins cost the governments a lot and is prone to counterfeit.  So this cashless agenda is no longer foreign to UN... Sooner or later they will force to implement it....

[kkent]

Do you believe in a cashless society ?

Do mean a society without physical cash? Or a society without a concept of money?

[CookieGums]

Do you believe in a cashless society ?

Do mean a society without physical cash? Or a society without a concept of money?

I also confused, but i think if physical cash its possible but a concept of currency is impossible, you cant determine a thing without a price so you will not appreciate its value.

[scribbles]

A cashless society would be difficult to maintain, many variables would need to change (Star Trek) - I do believe in a fully equal society though. May it be from an altered altruistic culture / paradigm (never gonna happen I think) or forced by an enlightened dictator (my dream job).

People who believe they've earned the money they've earn, are without a shred of doubt, dumb, clueless and shortsighted.

[Olatunjex]

I believe in it,  the world is revolving and cryto may take over any time soon,  thouh it wont be easy because people are use to fiat currency already it will take time before we can see a society like that.

[RIYA0001]

In my opinion , in some years our society will become cashless . and our government will take steps to reduce the cost of paper and coins .

[SugoiSenpai]

Personally, i would prefer having a cashless society, but the concept of not having a physical thing to exchange with is just really hard do. For example, if you need to buy a drink, what would you give in exchange? Or lets say you can transact online, it would still be a hassle just to buy a simple drink. So for me a cashless society is just not possible. Atleast for now, we can never know what inventions the future will provide for us.

[astrid.uchiha24]

cashless can work in a society, but since there is already a monetary value in every things right now, i think it will never happen again.