Comments on: Cashless society? http://ladyliberty.wordpress.com/2009/02/26/cashless-society/ "When law and morality contradict each other, the citizen has the cruel alternative of either losing his moral sense or losing his respect for the law." Frederic Bastiat Tue, 08 Dec 2009 17:14:39 +0000 http://wordpress.com/ hourly 1 By: Top Posts « WordPress.com http://ladyliberty.wordpress.com/2009/02/26/cashless-society/#comment-2330 Top Posts « WordPress.com Fri, 13 Mar 2009 00:26:58 +0000 http://ladyliberty.wordpress.com/?p=1895#comment-2330 [...] Cashless society? Before I quit watching TV, I used to cringe when I would see those debit card commercials. You know the ones- everybody [...] [...] [...] Cashless society? Before I quit watching TV, I used to cringe when I would see those debit card commercials. You know the ones- everybody [...] [...]

]]> By: Miche http://ladyliberty.wordpress.com/2009/02/26/cashless-society/#comment-2329 Miche Tue, 10 Mar 2009 14:59:04 +0000 http://ladyliberty.wordpress.com/?p=1895#comment-2329 Thanks for your comment lunitius. I'll check out your link in a bit. Thanks for your comment lunitius. I’ll check out your link in a bit.

]]> By: lunitius http://ladyliberty.wordpress.com/2009/02/26/cashless-society/#comment-2328 lunitius Mon, 02 Mar 2009 02:12:22 +0000 http://ladyliberty.wordpress.com/?p=1895#comment-2328 I tend to agree with you that a move toward a cashless society brings on additional layers of privacy violation and possible abuse as the ability to literally control the availability of money. There are already plenty of examples of how detailed card purchase data can be and with a little innovation the amount of detail could increase significantly. I am curious though about the idea. Putting the thought of a controlling government or private banking sector aside the benefits for the consumer could be profound. Once the systems for issuing and managing the electronic bits that are money mature, the forms in which it might be used could be limitless. I am thinking about going grocery shopping and just grabbing what you need and it gets rung up and paid for on your exiting the store (or a particular checkpoint - just in case you are NSF). There is a part that alludes me though in that what would transactions to other people be like, how would they be conducted? Would I be required to use some clearinghouse or man in the middle to give you 5 bucks? Would there be devices that could transfer my funds to you (like a credit stick). Again I think innovation would win out here and the consumer could drive what money handling would be like as well. I did find an interesting and very detailed research document on the topic should you want to learn more. It was certainly more than I cared about the topic (at least for now) - http://www.rnejournal.com/artman2/uploads/1/garcia_swartz_1_RNE_june_2006.pdf -- Isi -- http://www.daggersden.net I tend to agree with you that a move toward a cashless society brings on additional layers of privacy violation and possible abuse as the ability to literally control the availability of money. There are already plenty of examples of how detailed card purchase data can be and with a little innovation the amount of detail could increase significantly.

I am curious though about the idea. Putting the thought of a controlling government or private banking sector aside the benefits for the consumer could be profound. Once the systems for issuing and managing the electronic bits that are money mature, the forms in which it might be used could be limitless. I am thinking about going grocery shopping and just grabbing what you need and it gets rung up and paid for on your exiting the store (or a particular checkpoint – just in case you are NSF).

There is a part that alludes me though in that what would transactions to other people be like, how would they be conducted? Would I be required to use some clearinghouse or man in the middle to give you 5 bucks? Would there be devices that could transfer my funds to you (like a credit stick). Again I think innovation would win out here and the consumer could drive what money handling would be like as well.

I did find an interesting and very detailed research document on the topic should you want to learn more. It was certainly more than I cared about the topic (at least for now) – http://www.rnejournal.com/artman2/uploads/1/garcia_swartz_1_RNE_june_2006.pdf

– Isi
– http://www.daggersden.net

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