Cashless society by 2020??

Pedro · March 27, 2017, 10:57:36 AM

Interesting read:

http://www.abc.net.au/news/2017-03-27/is-australia-on-the-brink-of-becoming-cashless-society/8377288

Pedro

p.gee · March 27, 2017, 12:10:04 PM

The crooks, thieves and tax dodgers will not put up with it and as most of them make the decisions in Canberra or make large donations in brown paper bags to the decision makers, this won't happen.:mafia:
My conspiracy theory
P.G.:laugh2:

seedyrom · March 27, 2017, 12:44:42 PM

Taking emotion and self-interest in numismatics out of the equation ... do you think this will affect the value of your coin collections?

I can't see it being a good thing. I know that the underlying currency will still be there, therefore an outdated currency token still has a face value. But as far as the intrinsic value, or even the "greater fool theory" will be reduced greatly.

Having future generations not knowing the importance of a coin or note, will be like me not understanding the value of a good quill after the ball-point pen was invented.

runway · March 27, 2017, 09:08:31 PM

Same could be said for postage stamps since most letters I get are hand stamped or "Postage Paid Australia" struck

Cockatoo Coins · March 29, 2017, 10:49:01 AM

Its scares me to think of the prospects of a cashless society, I know from looking at trends cash is becoming something used less and less as the years go on and a cashless society would have the benefits of removing a fair bit of tax avoidance from your everyday Joe. The cost of producing said currency would also be a decent saving for the government aswell. There are some precedents being set around the world at the moment, South Korea is phasing out all coins as of 2020 which I think we can all agree if that occurs in Australia our industry and the value of our collections would be decimated and Sweden has dreams to be the first fully cashless society. Whichever way you look its probably only a matter of time before the inevitable occurs

trout · March 29, 2017, 11:01:08 AM

Australia is a LONG way from becoming a cashless society simply because we don't have the infrastructure in place.
There are immense areas in Aus that you can't even get a phone signal let alone a reliable internet connection to facilitate an online transaction.
I used to work in remote areas and cash is still KING because of the unreliability of the Telstra network.
I always carried $200-$300 in cash when I went away and on many occasions this has saved the day, Can you imagine 20 blokes fronting up to the bar at the end of the working day in 40C heat only to be told that the EFTPOS was down :angel:

autocoupler · March 29, 2017, 11:38:55 AM

Quote from: 'trout' pid='107230' dateline='1490747468'Can you imagine 20 blokes fronting up to the bar at the end of the working day in 40C heat only to be told that the EFTPOS was down :angel:

That scares me more :shok::beg:

JeffH · March 29, 2017, 11:45:15 AM

Can buskers survive in a cashless society?
New app to help buskers earn money in 'cashless' society
The mind boggles at the thought of buskers and beggars having to carry an EFTPOS machine.

Fulvio · March 29, 2017, 01:15:41 PM

Quote from: 'JeffH' pid='107234' dateline='1490750115'The mind boggles at the thought of buskers and beggars having to carry an EFTPOS machine.

Dogecoin is the answer!

A couple of years ago, waitresses started wearing T-shirts with their wallets on them. Sort of like this:

Super-simple to scan the QR code and send as much or as little to them as you would like. As long as there's a network available, of course. Though you could generate the transaction and send it later.

JeffH · March 29, 2017, 06:28:23 PM

That could work. Reactionaries like me might have to obtain a device to enable such transactions -my experience with mobile phones has been downhill all the way since my original Motorola "brick" which actually worked really well. I weaned myself from these dodgy devices several years ago.

Regardless of Government backed currency there will always be a demand for a physical medium of exchange. Diamonds and other precious stones, rare metals or such. I foresee that, come the day, little silver ingots may be rather popular in various weights and purity. What an opening that will be for dodgy operators.

autocoupler · March 29, 2017, 06:47:58 PM

Before I finally caved in and got my first mobile flip phone in 2012, and still have it, I always carried phone change just in case. So I'm sure carrying a small amount of busker change wouldn't be a drama, the next day I might carry crumbs for the pigeons

Hercules · March 29, 2017, 10:25:06 PM

I guess it depends on whether people care more about convenience than privacy. If so, then cash is doomed. If not, then cash will be here forever.

I mean, imagine what it would have been like if Nazi Germany had had a cashless society. The death toll would have been much higher, because anyone who disagreed with the Nazis would have been banned from buying food, thereby starving to death. I really don't see how we can have a healthy democracy without allowing people to make transactions anonymously. :ok:

SULLA · March 30, 2017, 06:53:16 PM

What happens when the lights go out?

When not if THE ELECTRICITY GRID FAILS HOW DO WE THEN

SULLA · March 30, 2017, 07:03:47 PM

What happens when the lights go out?

When, not if, the electricity grid fails how do we then transact?

Buy way of trhe Australian Consitution:
http://www.austlii.edu.au/au/legis/cth/consol_act/coaca430/s115.html

" COMMONWEALTH OF AUSTRALIA CONSTITUTION ACT - SECT 115
States not to coin money

A State shall not coin money, nor make anything but gold and silver coin a legal tender in payment of debts. "

So must we amend the Constitution for CASHLESS to to happen?

How is it possible that the Federal Govt prints fiat currency that/which no intrinsic value?

Again - what happens whn the lights go out!?

I believe that at some stage in the near future, the lights will go out!

runway · April 04, 2017, 09:57:38 PM

Quote from: 'SULLA' pid='107279' dateline='1490862827'What happens when the lights go out?

When, not if, the electricity grid fails how do we then transact?

Buy way of trhe Australian Consitution:
http://www.austlii.edu.au/au/legis/cth/consol_act/coaca430/s115.html

" COMMONWEALTH OF AUSTRALIA CONSTITUTION ACT - SECT 115
States not to coin money

A State shall not coin money, nor make anything but gold and silver coin a legal tender in payment of debts. "

So must we amend the Constitution for CASHLESS to to happen?

How is it possible that the Federal Govt prints fiat currency that/which no intrinsic value?

Again - what happens whn the lights go out!?

I believe that at some stage in the near future, the lights will go out!

Sulla you have combined your political stance with coin analogy which I don't see the point doing here on a coin forum ... just like the bitcoin mention here on another thread :idea: