Do we need money anymore?

Baron Greenback · Post by **Baron Greenback** » Mon, 29 May 2006 3:15 pm

I am talking about cash. Not the necessity for money as such, just the need for cash.

I get paid for my job, my company puts the $ straight into my bank. I can then spend the money by swiping a card & tapping a pin (gotta love Nets). I can ride on public transport by topping up my EZ link card with my Nets etc

Can you foresee a time when we all have a device that enables ordinary people to exchange money in the same way? We just swipe & tap a PIN.

I think it is in "The 6th Day" & Arnie pays for a taxi by just using his thumbprint - that is where I am going with this.

So if money becomes more arbitrary, just numbers flying around in cyberspace does it really exist?

afrenchmaninsingapore · Post by **afrenchmaninsingapore** » Mon, 29 May 2006 3:25 pm

I guess i would be frighten about it, cos imagine if there's a general format c: /u in banks...what kind of proof would you have about the amount of cash you had before the crash on your account...

I guess it would be cool to pay just by using ur fingerprints or other organs (^_^) but, well, what if somebody cut it off from your hand... LOL
What will you do ?

Baron Greenback · Post by **Baron Greenback** » Mon, 29 May 2006 3:38 pm

would be cool to pay just by using ur fingerprints or other organs (^_^)

Wouldn't want anything like that swiped! Might end up short changed

Carpe Diem · Post by **Carpe Diem** » Mon, 29 May 2006 3:40 pm

Baron Greenback wrote:
would be cool to pay just by using ur fingerprints or other organs (^_^)
Wouldn't want anything like that swiped! Might end up short changed

BG, I have been quickly through your recent posts, so may I ask: why do you think there are so many banks in Switzerland?

Baron Greenback · Post by **Baron Greenback** » Mon, 29 May 2006 3:42 pm

Not sure but I did hear that the collective noun for a group of bankers is a munch

Loops · Post by **Loops** » Mon, 29 May 2006 9:51 pm

So if money becomes more arbitrary, just numbers flying around in cyberspace does it really exist?

That's a very good point!

I like the idea of a cashless world and yet I don't like it at the same time - sounds convenient, and sounds scary!

I saw some film or something once where there was a beggar and the guy being begged says "oh, I haven't got any cash on me" and the beggar produces an old style visa swipe machine..........you never know, that could be the way for beggars in the future

micknlea · Post by **micknlea** » Mon, 29 May 2006 11:10 pm

Baron Greenback wrote:Not sure but I did hear that the collective noun for a group of bankers is a munch

icedragon1420 · Post by **icedragon1420** » Tue, 30 May 2006 12:00 pm

Actually based on studies there is about ten times electronic cash/credit than there is real cash!.Most banks are allowed to "lend" on a 1 to 6 or 1 to 10 ratio (depends which country you in).Meaning that can lend you(everyone with homeloans etc) 6 times more money then they actually have.But seeing as people dont take all the cash out of the bank everyday this is managable as those for save are actully lending the bank cash to lend to others.Hence if everyone in the world where to go to the bank today there no way it would be liquid enough to pay out.

riversandlakes · Post by **riversandlakes** » Thu, 01 Jun 2006 5:46 am

Interesting thread. But I read about this and the article's author concluded it would always be around - just in lesser quantity.

Ca$h is the only (almost) untraceable medium so he claimed that criminals and politicians (haha) would always have need for ca$h.
Electronic numbers zooming via cyberspace has trails...

You sound like a nice fellow doing legit things, so...hehe

renter · Post by **renter** » Thu, 01 Jun 2006 5:21 pm

Cash - I think you meant paper notes - is just a means of transaction.

Before the paper, people used gold and other metals.

In the future, we will use digits. It is just another means.

they serve the same purpose, yet are not exactly the same. Gold has its own intrinsic value which has remained there every since it is discovered. Paper notes we are using today, at least can be burnt to keep warm. Digits? you starve and it won't help you anything.

Loops · Post by **Loops** » Fri, 02 Jun 2006 12:36 am

ooooh, digits as in fingers?

I've only got 10, does this mean I'll be poor in the future

renter · Post by **renter** » Fri, 02 Jun 2006 10:56 am

Loops wrote:ooooh, digits as in fingers?

I've only got 10, does this mean I'll be poor in the future

u got another 10 on ur feet.

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Do we need money anymore?

Do we need money anymore?

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