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Author Topic: 2012-06-29 itworld.com - The nontrackable cashless future isn't here yet  (Read 949 times)
wareen
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June 29, 2012, 07:05:25 PM
 #1

The nontrackable cashless future isn't here yet -- but it's just within reach

Brian Proffitt
2012-06-29

http://www.itworld.com/business/282587/nontrackable-cashless-future-isnt-here-yet-its-just-within-reach

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The basic concept of bitcoin was (and still, to some extent, is) sound. The only flaw in the system was that storing the bitcoins on traditional PCs and online servers left the currency open for crime. Plus, bitcoin's value is not backed by any government. Money, even the dollar or euro, depends on a lot of collective belief in its value -- and also that, at the end of the day, there's a government somewhere that will back it up. This is something that bitcoins don't have.

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There are several different types of Bitcoin clients. Header-only clients like MultiBit trust that the majority of mining power is honest for the purposes of enforcing network rules such as the 21 million BTC limit. Full clients do not trust miners in this way.
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July 03, 2012, 09:24:09 AM
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Also published on 2012-07-02 here: http://www.pcworld.com/article/258676/the_nontrackable_cashless_future_isnt_here_yet_but_its_within_reach.html

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July 12, 2012, 08:58:27 PM
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And merchants may not mind, either. Yes, they may have to incur more fees with centralized cashless systems (debit swipe fees alone were estimated at $16.2 billion in 2009), but a 2004 joint study from AEI and the Brookings Institute estimates that a nation would save about one percent of GDP shifting from cash to cashless. In the U.S., that would be in the neighborhood of $146 billion a year, based on the 2010 GDP.

The savings would be realized in costs required to handle currency: physically transporting it around alone costs a lot for merchants, once you take into account staffing costs and insurance fees for moving cash. Without cash, stores could shift to self-service checkout lanes, thus reducing personnel costs.

The numbers in the 2004 study seem a bit exaggerated.
I estimate the cost of handling the logistics of cash in France amount to 500 million € per year.
I imagine the US figure could be in the $5 billion range but how do they come up with $146 billion ?

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July 14, 2012, 03:55:52 PM
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Rofl, Zimbabwe certainly backed up its currency Roll Eyes

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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July 15, 2012, 07:31:26 PM
 #5

Lol what a fail article  Cheesy
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