It's about as stupid as believing that electric cars are good for the environement, and vaccinations are currently being used to avoid illness, rather than to propagate it.
I agree about cars, and about some vaccinations.. I hate those h1n1 vaccinations for example. But not all vaccinations.
A ruthless dictator could block your bank account / debit card / credit card just as easily. So the problem would be not so much the type of the technology involved but the overall infrastructure, e.g. if cash is eliminated as payment method, or if those chips have to call the mothership for every transaction and can't work decentralized/offline.
Having said that, embedded chips sound even more dorky than the Google Glass crap and provide zero benefit over a (slightly less dorky) smartwatch.
I believe that implanted chips will be really a problem soon, and we are close to that.
In a few years everyone will WANT to have an expensive chip implanted. Something like an iPhone, iMplant or whatever...
Smartphones are a huge privacy invasion. Now we are being tracked by Google GPS 100% of the time, our phone activity recorded, etc.
Implants will be a greater privacy invasion. The next level.
Personally, I do not use my smartphone GPS. Will I be able to turn of my implanted GPS?
Implants, or any new technology, will come with benefits that will be REQUIRED to live a normal live, like a smartphone now. Who can live a normal life now without a smartphone? Everyone demands that you answer email and texted messages immediately.
I always remember black mirror episodes. If you guys don't know it, I recommend it . You can view it on Netflix.
There is one episode about an implant that recorded everything you see, since you were born. And you were able to share what you saw,, rewind, zoom in /out, etc. Very interesting.