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Dangers of a cashless Society
Posted on 12/15/23 at 5:37 pm
Posted on 12/15/23 at 5:37 pm
What are the dangers of a cashless Society?
Posted on 12/15/23 at 5:41 pm to Jesus of Surftown
Did you live through the floods in 2016? Anyone in LP knew cash was king for 3 to 4 day window
Posted on 12/15/23 at 6:47 pm to Jesus of Surftown
Welcome to TigerDroppings.com, Jesus of Surftown. Thank you for this most interesting question in your second post. I took the liberty of asking your most interesting question to ChatGPT. Here is it’s response:
A cashless society, while offering various conveniences, also poses potential dangers:
1. **Exclusion and Inequality:**
- Some segments of the population, particularly the elderly or those with limited access to technology, may face exclusion from economic transactions, leading to increased inequality.
2. **Privacy Concerns:**
- Digital transactions leave a detailed trail of personal and financial information, raising concerns about privacy and the potential for surveillance by both private entities and government agencies.
3. **Cybersecurity Risks:**
- A heavy reliance on digital transactions increases vulnerability to cyber threats, including hacking, identity theft, and unauthorized access to financial data.
4. **Technological Dependency:**
- Relying solely on digital transactions makes a society vulnerable to technological failures, glitches, or cyber attacks, which could disrupt the entire financial system.
5. **Limited Financial Autonomy:**
- In a cashless society, individuals have less control over their money, as transactions are intermediated by financial institutions. This reduces financial autonomy and may subject individuals to fees or restrictions imposed by these institutions.
6. **Impact on Unbanked Population:**
- Those without access to traditional banking services may find it challenging to participate in the economy if transactions are exclusively digital, widening the gap between the banked and unbanked populations.
7. **Loss of Anonymity:**
- Cash transactions provide a level of anonymity. In a cashless system, every transaction is traceable, potentially compromising personal freedom and the ability to make private purchases.
8. **Single Points of Failure:**
- A centralized digital financial system could be susceptible to systemic failures or attacks, leading to widespread disruptions in economic activities.
9. **Marginalization of Small Businesses:**
- Small businesses may face increased transaction costs associated with digital payments and may struggle to adapt to the technology, putting them at a disadvantage compared to larger enterprises.
10. **Reduced Flexibility in Emergency Situations:**
- In times of natural disasters or emergencies where power or internet connectivity is compromised, a cashless system may hinder people's ability to access essential goods and services.
11. **Unintended Consequences on Monetary Policy:**
- The elimination of physical currency could limit the effectiveness of traditional monetary policy tools, such as adjusting interest rates, as central banks would have fewer direct levers to influence economic activity.
Balancing the benefits of a cashless society with these potential dangers requires careful consideration of policies and safeguards to address issues related to privacy, security, accessibility, and financial inclusion.
A cashless society, while offering various conveniences, also poses potential dangers:
1. **Exclusion and Inequality:**
- Some segments of the population, particularly the elderly or those with limited access to technology, may face exclusion from economic transactions, leading to increased inequality.
2. **Privacy Concerns:**
- Digital transactions leave a detailed trail of personal and financial information, raising concerns about privacy and the potential for surveillance by both private entities and government agencies.
3. **Cybersecurity Risks:**
- A heavy reliance on digital transactions increases vulnerability to cyber threats, including hacking, identity theft, and unauthorized access to financial data.
4. **Technological Dependency:**
- Relying solely on digital transactions makes a society vulnerable to technological failures, glitches, or cyber attacks, which could disrupt the entire financial system.
5. **Limited Financial Autonomy:**
- In a cashless society, individuals have less control over their money, as transactions are intermediated by financial institutions. This reduces financial autonomy and may subject individuals to fees or restrictions imposed by these institutions.
6. **Impact on Unbanked Population:**
- Those without access to traditional banking services may find it challenging to participate in the economy if transactions are exclusively digital, widening the gap between the banked and unbanked populations.
7. **Loss of Anonymity:**
- Cash transactions provide a level of anonymity. In a cashless system, every transaction is traceable, potentially compromising personal freedom and the ability to make private purchases.
8. **Single Points of Failure:**
- A centralized digital financial system could be susceptible to systemic failures or attacks, leading to widespread disruptions in economic activities.
9. **Marginalization of Small Businesses:**
- Small businesses may face increased transaction costs associated with digital payments and may struggle to adapt to the technology, putting them at a disadvantage compared to larger enterprises.
10. **Reduced Flexibility in Emergency Situations:**
- In times of natural disasters or emergencies where power or internet connectivity is compromised, a cashless system may hinder people's ability to access essential goods and services.
11. **Unintended Consequences on Monetary Policy:**
- The elimination of physical currency could limit the effectiveness of traditional monetary policy tools, such as adjusting interest rates, as central banks would have fewer direct levers to influence economic activity.
Balancing the benefits of a cashless society with these potential dangers requires careful consideration of policies and safeguards to address issues related to privacy, security, accessibility, and financial inclusion.
This post was edited on 12/15/23 at 6:49 pm
Posted on 12/15/23 at 7:16 pm to Costanza
So the first thing AI spouts out is Exclusions and Inequities? Go figure.
Posted on 12/15/23 at 9:25 pm to jfw3535
quote:not everyone lives like the middle class
So the first thing AI spouts out is Exclusions and Inequities? Go figure.
Posted on 12/15/23 at 10:34 pm to jimjackandjose
quote:
Did you live through the floods in 2016? Anyone in LP knew cash was king for 3 to 4 day window
Venmo would be accepted just as easily today.
Posted on 12/16/23 at 7:20 am to chalmetteowl
quote:
not everyone lives like the middle class
Particularly the elderly or those with limited access to technology.
Posted on 12/16/23 at 7:53 am to slackster
quote:
Venmo would be accepted just as easily today.
How do you exchange digital currencies for goods and services when there's no power nor internet?
Posted on 12/16/23 at 8:48 am to Bard
quote:
How do you exchange digital currencies for goods and services when there's no power nor internet?
Are we talking about Armageddon or the LP floods?
Posted on 12/16/23 at 8:49 am to Bard
quote:
How do you exchange digital currencies for goods and services when there's no power nor internet?
Yep…weren’t cell services unavailable for a couple days after. That would make it difficult to Venmo unless you have WiFi. Not sure how much of that’s available when the region is underwater .
Posted on 12/16/23 at 8:51 am to pdubya76
quote:
Yep…weren’t cell services unavailable for a couple days after. That would make it difficult to Venmo unless you have WiFi. Not sure how much of that’s available when the region is underwate
ATT may have been down if I remember correctly. Touché
Posted on 12/16/23 at 10:49 am to Jesus of Surftown
Total governmental control of your finances. They'll know everything.
Posted on 12/17/23 at 10:48 am to slackster
quote:
Are we talking about Armageddon or the LP floods?
You already responded to pdub, but I wanted to address this a little more for other readers.
Almost all (if not all) cell service for the entire area was greatly impacted. This ranged from complete outages in the area to people having problems only because their phone was registered to this area.
An example: We eventually evacuated to the family farm in North La. My mother and step-father had been there (splitting time between there and Napoleonville) for a few weeks. Both have their phones through ATT, her service originated in the 318, his in the 225. Sitting in the living room at the house in North La, her cell service was fine, he could not receive calls on his (can't remember if he could make them or not).
When Ida hit in 2019, both cell and power services were out in much the southeastern section of the state for days, if not weeks.
It doesn't take an armageddon to take out all forms of internet access for days, just some incredibly shitty weather.
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