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The Growing Perils of the Cashless Future
CNBC ^ | 23 April 14 | Michael Kling

Posted on 04/23/2014 3:32:14 PM PDT by SkyPilot

We're finally on the brink of the cashless society that futurists and other have been forecasting for years. The average consumer owns at least two credit cards and early adopters have begun ditching plastic for virtual wallets. Even businesses that used to rely heavily on cash — think taxis, food trucks or even craft fairs — can now go cashless, thanks to new technology like Square.

Yet, the more we abandon paper bills for plastic, smartphone payments and even cryptocurrencies like Bitcoin, the perils of the new, cashless economy are becoming more apparent. Recent security breaches at Target, Neiman Marcus and other retailers illustrate the vulnerability of electronic payments to hacking attacks.

There were 2,164 reported security incidents exposing 822 million records last year, nearly doubling the previous highest year, 2011, according to Risk Based Security, a data security firm. The pace seems to be continuing this year.

Chip-and-pin cards, in use in Europe for years, would remove some of the threat. Computer chips embedded on the cards verify unique personal identification numbers consumers punch into terminals.

The new credit and debit card chips should replace all magnetic card strips by 2015 or 2016 at the very latest.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; News/Current Events
KEYWORDS: cashless; economy; finance; markofthebeast
The new "chip and pin" credit and debit card chips should replace all magnetic card strips by 2015 or 2016 at the very latest.

Currently, over 2/3rds of transactions are cashless now.

Privacy will be completely gone when cash is removed. The governments will say they will eliminate tax avoidance, the drug trade, and also that cash carries a lot of bacteria and spreads disease (it's true).

Once this step is in place, there will literally be no barrier to requiring the chip or possibly QR code be on your very person.

1 posted on 04/23/2014 3:32:14 PM PDT by SkyPilot
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To: SkyPilot

It’s not too farfetched to link the checkout video camera to the cash transaction details and have face regognition software Id you to log the info for all of posterity. Bills are serialized and could easily be scanned during the transaction to be able to follow the “cash flow”.


2 posted on 04/23/2014 3:45:23 PM PDT by Paladin2
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To: SkyPilot

Currently, we have US currency that exists only as coded entries, they don’t even bother to print it and warehouse it -that’s expensive.

Once we go cashless on scale, forget it...nobody will know what actually exists.

About a decade ago Mexico passed a law such that ALL land belonged to the government. We’re headed there, they will collateralize every thing, hypothosize and rehopthosize everything out from under our feet. All to pay for an ever failing welfare state. Feudalism.


3 posted on 04/23/2014 3:54:02 PM PDT by Fitzy_888 ("ownership society")
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To: SkyPilot

Think it might some day be possible for government computers to look at all your transactions for a year-money earned and money spent on what things—then automatically generate a tax return with tax owed or tax due, for your to sign?


4 posted on 04/23/2014 3:55:04 PM PDT by Age of Reason
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To: SkyPilot

I like the cashless lifestyle. I am saving 26 trips to the bank every year. And I never get caught short of money when I wish to buy something expensive.


5 posted on 04/23/2014 3:56:00 PM PDT by entropy12 (Democrats win WH for one reason...welfare checks, food stamps and 143 more giveaways)
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To: Age of Reason

No, because spending has only a very small effect on your tax owed to IRS. Your earnings are the primary cause of tax due.


6 posted on 04/23/2014 3:57:50 PM PDT by entropy12 (Democrats win WH for one reason...welfare checks, food stamps and 143 more giveaways)
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To: Age of Reason

Or if you’re an EIT recipient, top up your govt credit card account for 3000 bucks....


7 posted on 04/23/2014 3:58:07 PM PDT by nascarnation (Toxic Baraq Syndrome: hopefully infecting a Dem candidate near you)
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To: SkyPilot

Governments don’t like cash - not at all.

Not easy to tax, not easy to trace, not easy to keep from flowing across borders, not easy to monitor for illegal activity.

Governments would LOVE a cashless society. Your every transaction would be subject to control.


8 posted on 04/23/2014 3:58:30 PM PDT by PGR88
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To: SkyPilot

Electronic money is never really yours, the government is just allowing you to spend it. When they need it, they will take it.


9 posted on 04/23/2014 4:11:25 PM PDT by Vince Ferrer
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To: SkyPilot

If they get rid of the dollar, we start trading in pesos.
Cash has too many advantages. It isn’t just illegal activity - it is the ability to buy a politically incorrect book without having it in your Amazon history, buy gifts without a spouse knowing where and how much, giving to charity without ending up on their email list.


10 posted on 04/23/2014 4:23:57 PM PDT by tbw2
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To: Vince Ferrer

Once it’s all electronic they can then deny or retard your spending on certain things to gain your compliance. It might be determined by your locality, by region, by demographic or by your policital profile (based on your association or if you fit the profile of a dissident...or are suspiciously close -why chance it).


11 posted on 04/23/2014 4:31:45 PM PDT by Fitzy_888 ("ownership society")
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To: Fitzy_888

I didn’t think of that. all of your wealth and holdings will be nothing but a few megabytes on a server. That means they can fully (and I mean fully) control everyone completely.


12 posted on 04/23/2014 4:44:14 PM PDT by SkyPilot
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To: Age of Reason

Yup.


13 posted on 04/23/2014 4:44:36 PM PDT by SkyPilot
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To: entropy12

Enjoy cashless while you can. I lived in Europe when they converted to the Euro. The ATM machines were changed overnight. Literally. All old cash had to be turned in, and at a deadline date it was declared worthless. They can do the same to US cash. and they will.


14 posted on 04/23/2014 4:47:49 PM PDT by SkyPilot
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To: tbw2

This change will eventually be worldwide. There will be no safe havens for fiat paper.


15 posted on 04/23/2014 4:49:20 PM PDT by SkyPilot
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To: entropy12
allow the government to see every transaction which will enable them to gain total control of you : wonderful you willing to give up all that for a little now perceived temporary convenience
16 posted on 04/23/2014 5:17:37 PM PDT by Democrat_media (Obama ordered IRS to rig 2012 election and must resign)
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To: SkyPilot

With all these security issues with credit cards, we are stopping using them for convenience and just doing all cash.

Just the opposite of the trend.


17 posted on 04/23/2014 5:24:43 PM PDT by George from New England (escaped CT in 2006, now living north of Tampa)
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To: Democrat_media

Gov’t knows every dime I earn. My taxes are based 98% on what I earn. If I was paid in cash, that could help me avoid taxes. But every dime I earn is reported to IRS. The gov’t can’t hurt me anymore with cashless spending than they already are.


18 posted on 04/23/2014 5:35:35 PM PDT by entropy12 (Democrats win WH for one reason...welfare checks, food stamps and 143 more giveaways)
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To: George from New England

Using credit cards for last 25 years have earned us thousands in credits to buy cars and fly airlines. All of that would be non-existent with cash spending. Any problem we had with fraud was always taken care of my the credit card companies.


19 posted on 04/23/2014 5:39:12 PM PDT by entropy12 (Democrats win WH for one reason...welfare checks, food stamps and 143 more giveaways)
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To: entropy12
With obamacare OR future legislation democrats in the government want to control the purchases you make or if you make anything they consider not green or political then they control you. also they can tax every transaction or thing you buy to control more. so the governments love to track every transaction and then have computer programs mine for any activity they deem to be "wrong" or politically incorrect. they already banned light bulbs cause of the global warming hoax.socialism is about rationing and control . with all transactions recorded they can gain total control of your behavior and of you , what you buy ,where you go(hotel stays, plane tickets, taxi rides) , what you do. democrats are out to enslave and control all of us. big brother only dreamed of the control these socialist monsters will impose on us. if you buy a Rush Limbaugh book then they will know. and then they can crack down on you etc.
20 posted on 04/23/2014 5:48:19 PM PDT by Democrat_media (Obama ordered IRS to rig 2012 election and must resign)
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To: PGR88

“Governments would LOVE a cashless society. Your every transaction would be subject to control.”

That’s my problem with a national sales tax: every purchase gets monitored, and will be subject to legislative analysis and instant processing/taxing/punishing thereof. Don’t think they won’t tax you more on the spot because you’re buying a single-serving soda when documenting symptoms of looming diabetes.


21 posted on 04/23/2014 5:48:30 PM PDT by ctdonath2 ("If they bring a knife to the fight, we bring a gun" - Obama, setting RoE with his opposition)
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To: Vince Ferrer

Electronic money IS debt.


22 posted on 04/23/2014 5:55:37 PM PDT by ctdonath2 ("If they bring a knife to the fight, we bring a gun" - Obama, setting RoE with his opposition)
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To: entropy12

That wasn’t free.
Card companies get some 3% of the transaction. Of course sellers just jack up prices accordingly. So, you pay more for the same thing, then they give you a fraction of the difference back to entice you to use cards more often.


23 posted on 04/23/2014 6:00:27 PM PDT by ctdonath2 ("If they bring a knife to the fight, we bring a gun" - Obama, setting RoE with his opposition)
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To: ctdonath2
That’s my problem with a national sales tax: every purchase gets monitored, and will be subject to legislative analysis and instant processing/taxing/punishing thereof. Don’t think they won’t tax you more on the spot because you’re buying a single-serving soda when documenting symptoms of looming diabetes.

I don't know who supports the national sales tax idea, but its a bad one. Once again, it makes states subservient to the Federal Government. It will simply empower and even more dictatorial tax-collection agency to monitor every sales outlet in the country. Terrible idea. I support a low flat-tax. No deductions. Same rate for individual and corporate. Only a very limited tax agency is needed. as tax liability is very easily calculated.

24 posted on 04/23/2014 6:03:22 PM PDT by PGR88
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To: SkyPilot
"The governments will say they will eliminate tax avoidance, the drug trade..."

"Sir, would you like crystal meth with that?"

25 posted on 04/23/2014 6:09:15 PM PDT by PLMerite
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To: George from New England
With all these security issues with credit cards, we are stopping using them for convenience and just doing all cash.

That's the point, they don't want you to not be under greater security. Paper fiat currency and coins will simply be withdrawn from the world.

Myself, I draw my worldview from the this lens: God exists, God is sovereign, and God has given us His word, which is 100% reliable and true (the scriptures).

Without a global cashless worldwide "currency" - there is no way for Revelation 13 to take place. And Revelation 13 will take place, as will all of Revelation. Ergo, we are going cashless. The signs are everywhere, and things are moving faster and faster.

26 posted on 04/23/2014 6:21:09 PM PDT by SkyPilot
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To: PLMerite

Very nice....


27 posted on 04/23/2014 6:21:22 PM PDT by SkyPilot
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To: PGR88
what do we need government for? only major expense would be military and border control. military is 18% of federal budget . so 20% max is what taxes should be of what they are now. 1/5 of the taxes they tax us now. that can be taken of by a flat tax of what %? really low. how about only tax is tariffs for imports? or better yet no taxes and let them borrow the cost of the military . that's what they borrow now but then we could abolish 99% of the gov agencies like the IRS , EPA etc. those are my 2 favs tariffs or borrow (they do that NOW) . then we'd have NO domestic taxes in the USA and our incomes would double

If you made $100,000 per year after taxes then you could buy anything you could ever need in the free market because someone would produce it for money( look at the millions of products for sale on Google , internet , ebay , amazon,Walmart, Dollar Tree etc etc). So we don’t need government for ANYTHING. A private company created a whole city DISNEY WORLD in Florida. So democrats create fake crisis like “global warming”,”no health insurance crisis” to justify the very existence of government and the continued growth of government(socialism)

government is the enemy and the problem. the news media and democrat party are also the enemy and the problem

28 posted on 04/23/2014 6:23:00 PM PDT by Democrat_media (Obama ordered IRS to rig 2012 election and must resign)
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To: Democrat_media; F15Eagle
so the governments love to track every transaction and then have computer programs mine for any activity they deem to be "wrong" or politically incorrect. they already banned light bulbs cause of the global warming hoax.socialism is about rationing and control . with all transactions recorded they can gain total control of your behavior and of you , what you buy ,where you go(hotel stays, plane tickets, taxi rides) , what you do. democrats are out to enslave and control all of us. big brother only dreamed of the control these socialist monsters will impose on us.

Exactly.

Until our generation, it has been impossible for any one person or government to completely control the world's economic system. With the advent of computers and RFID technology, we are seeing a network being put in place that can monitor and control every financial transaction. This same system will eventually be used to monitor and control the distribution of all goods and services, including the world’s food supply. One day this financial network will be controlled by one person, the one who the Bible calls the beast.

29 posted on 04/23/2014 6:24:45 PM PDT by SkyPilot
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To: Democrat_media
military is 18% of federal budget

It was before the cuts and Sequestration. It was ~20% in 2009. Today it is closer to 16%.

30 posted on 04/23/2014 6:26:38 PM PDT by SkyPilot
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To: SkyPilot

Most of the money in the world is already just blips in computer memories - a fact that many people don’t realize. Makes it easy for the unscrupulous to get more of it.


31 posted on 04/23/2014 6:28:35 PM PDT by Some Fat Guy in L.A. (Still bitterly clinging to rational thought despite it's unfashionability)
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To: Some Fat Guy in L.A.
Most of the money in the world is already just blips in computer memories - a fact that many people don’t realize.

That's one reason why I think a global stock market crash can happen at any time.

This could be "The Big One", and would make 1987 and 2008 look like picnics.


32 posted on 04/23/2014 6:31:13 PM PDT by SkyPilot
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To: SkyPilot

Then we end up with alternative currencies, from gold coins to silver jewelry.
In many parts of Africa, calling cards with cell phone air time are treated as currency. You can call home, transfer funds, check prices, check the weather, read news and call a nurse for medical advice or place orders using the phones. Such a thing isn’t unreasonable here given the prevalence of cell phones.


33 posted on 04/23/2014 6:44:55 PM PDT by tbw2
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To: Democrat_media

I think I will be dead and gone when that catastrophe happens. In the meanwhile I could not live without the incredible convenience of credit cards. It helps my cash flow management because bills are due several days after money is spent. I always pay in full so there are no interest charges.


34 posted on 04/23/2014 7:50:23 PM PDT by entropy12 (Democrats win WH for one reason...welfare checks, food stamps and 143 more giveaways)
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To: SkyPilot

if we had a lot of cash, everything we buy would be by cash....as it is the credit cards paid off each month are very easy and convenient.....


35 posted on 04/23/2014 8:02:44 PM PDT by cherry
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To: ctdonath2
I have been getting 5% rebate credit on EVERYTHING I charge to my GM card towards purchase of new GM cars. My brand new 2007 Pontiac G5 had a GM loyalty credit (because we owned another GM car), GM buyers incentive for that model, Dealers credit, and my $3000 credit card rebate credit. List price $19,500, my drive out price $9700. It was the first time I had the feeling I screwed the dealer.

By the way the car is running great! And has every option I ever wanted, even a moon roof.

36 posted on 04/23/2014 8:06:34 PM PDT by entropy12 (Democrats win WH for one reason...welfare checks, food stamps and 143 more giveaways)
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To: Fitzy_888
how about denying you potato chips if TPTB determine you're too fat already?....not impossible...

HIPPA rules seriously protect you from the nurses telling your condition to your mother or your father, but every single insurance company or life insurance company or police dept or govt agency can get whatever they want whenever they want it.

37 posted on 04/23/2014 8:06:40 PM PDT by cherry
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To: SkyPilot

Yes, to force compliance they can easily just deny access to electronic cash within a local or a region. They don’t have to take your cash, just deny your access, so then how will you feel about the local political dissidents when you can’t buy a red box movie, hot pocket and 2 liter soda...you’ll be pissed off. (Kidding.)

In such situations, cash, gold, silver, guns, ammo, food or some barterable skill (shoe repair maybe) will quickly be king.


38 posted on 04/23/2014 9:12:51 PM PDT by Fitzy_888 ("ownership society")
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To: Fitzy_888
In such situations, cash, gold, silver, guns, ammo, food or some barterable skill (shoe repair maybe) will quickly be king.

Yes - there will always be bartering and that is very hard to eradicate. In post WW II, the Germans bartered in cigarettes and their few remaining household items. Some of the women even resorted to prostitution to survive (not recommended). But there will always be bartering.

39 posted on 04/24/2014 2:36:47 AM PDT by SkyPilot
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To: tbw2
Then we end up with alternative currencies, from gold coins to silver jewelry.

Agreed. As I stated earlier on the thread, my world view is shaped by my Christianity. My faith is very clear (through the Scriptures) that the entire world will one day (no one knows exactly when) will be under a global economic system controlled by marks on your forehead or forearm (where there is very little soft tissue underneath). No one will even be able to purchase food without this mark/tattoo/implant, etc.

In order to implement that, I would guess there will have to be a worldwide economic collapse that preceeds this implementation. It would have to be a catastrophe unlike any other in human history, and humanity will look for a "man with a plan" to get the world out of it. The Antichirst is prophesied to be (initially) a world leader with solutions. The world will follow him, and people will have a false hope.

"Never let a good crisis go to waste."

I will happen.

40 posted on 04/24/2014 2:43:12 AM PDT by SkyPilot
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To: entropy12

you must not be a small business owner in some overly regulated industries. i can tell you i feel almost as in that 1984 nightmare already


41 posted on 04/27/2014 9:53:51 AM PDT by Democrat_media (Obama ordered IRS to rig 2012 election and must resign)
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To: SkyPilot

We’re never going cashless. There’s always going to be people legitimately using cash, which means there will always be cash available for the black market.


42 posted on 04/27/2014 9:55:42 AM PDT by discostu (Seriously, do we no longer do "phrasing"?!)
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To: SkyPilot

All of your wealth and holdings already ARE nothing but megabytes on servers. Been that way since the 70s.


43 posted on 04/27/2014 10:01:35 AM PDT by discostu (Seriously, do we no longer do "phrasing"?!)
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To: Vince Ferrer

all money is just blips on electronic ledgers. the paper stuff is just manifestation of the ledger entries


44 posted on 04/27/2014 10:02:25 AM PDT by bert ((K.E. N.P. N.C. +12 ..... History is a process, not an event)
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