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Author Topic: Do internet blackouts highlight a potentially fatal flaw in cashless societies  (Read 170 times)
Wilhelm
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January 23, 2019, 02:57:50 PM
 #21

Maybe I should start a satellite network for Bitcoin/altcoin transactions only Smiley (<= I claim copyright Smiley)
Actually, this idea already discussed Smiley
https://www.youtube.com/watch?v=4ny1EQo7p5k


Anyway, in general, we don't have to worry about internet blackout. The probability of that happen (globally) is so minuscule. Shit happens in countries like Zimbabwe but doesn't mean we have to worry about it too much. Nevertheless, I agree with some fail-safe mechanism just in case of internet blackout.

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January 23, 2019, 06:16:39 PM
 #22


This could highlight one key reason why paper money might never disappear: consumers and businesses need an alternate currency to serve as a last resort in the event of the internet being compromised or shut down. Even a few hours lapse in electronic payment availability could be disastrous for the economy of a nation. Uptime and reliability of paper money carries a potential to rival any purported advantages people associate with a cashless society.


But at the same time many governments seriously hate cash and are actively taking measures against it. A lot of countries have banned high-denomination notes and imposed restrictions on cash transactions. They think that cashless society will help them defeat money laundering once and for all, which means less crime and especially less tax evasion. And I have a feeling that they all are willing to take the risks of cashless society that you've described, because it means more control over the population.

It's true, almost all governments are trying to move to cashless society, but I'm sure that they doesn't care about money laundering. They just want to collect taxes on every single penny around. The end users, ordinary citizens, are always f*cked hard. Like 40%-60% income taxes before covering their expenses while companies are paying 10%-30% after covering their expenses.

Shorts blackouts aren't that scary, but 3-4+ days are in any Western country and could lead to serious troubles. We just need to be careful and have some other options.

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January 23, 2019, 07:40:26 PM
 #23

That is why gold is always needed. If the local currency is crap, and the internet is flaky, people can always turn to gold. Bitcoin has it's weakness and that is reliance on the internet

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January 24, 2019, 04:56:14 AM
 #24


It's true, almost all governments are trying to move to cashless society, but I'm sure that they doesn't care about money laundering. They just want to collect taxes on every single penny around. The end users, ordinary citizens, are always f*cked hard. Like 40%-60% income taxes before covering their expenses while companies are paying 10%-30% after covering their expenses.

Shorts blackouts aren't that scary, but 3-4+ days are in any Western country and could lead to serious troubles. We just need to be careful and have some other options.

One of the worst things about cashless society is when poor and corrupt country is trying to implement it. Tax evasion, smuggled goods, shadow economy are giving people an opportunity to increase their level of life, instead of giving their money to the government that will just steal most of it. Those things are mostly fueled with cash, and it's not a coincidence that those governments are trying to put restrictions on it.

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January 24, 2019, 07:56:53 AM
 #25

Are there concerns electronic payment processors, merchant gateways and similar services will hike fees and rates through the roof once they succeed in establishing a centralized monopoly over currency exchange? One analogy to a cashless society could be the demise of internet neutrality with ISP's gradually charging higher fees and throttling bandwidth as telecom providers become more centralized and the format of their business plans proceed in a more centralized and monopolistic direction.

Some credit cards atm charge 0% APR. If paper money were eliminated, credit card companies might decide to hike APR rates 30% or higher and consumers would have little in the way of recourse or alternative options with paper money being banned or unaccepted. The potential for internet blackout preventing transactions at times when they're most needed also is cause for concern.

Some say cashless society represents the future and is a natural progression. I don't see it. Looks like a blatant cash grab and plan with ulterior motives devised to satisfy greed and invoke predatory business practices to me.

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