Obama open to the elimination of penny

[Conscentia]

Irrelevant.

No, it is perfectly relevant. If there is reasonable objection against bank account, then there is problem with the idea of virtual currency otherwise there is problem with indivudal. If it is former, the idea needs modification (or scrapping) while if it latter, indivudal needs to catchup.

Look...
If you people are correct, and virtualisation is future, it's better, it's more convenient, etc. and everyone already has access, then people will switch over themselves. The fact they haven't suggests that you are wrong about convenience or access or something.
As there remains a majority who still use currency, there is no sense in forcing a system people don't want to use.

[Minoriteeburg]

I always thought it was Daniel Day Lewis.

It's why we honor him for killing the Dread Lord Boothe.

I don't think Lincoln succeeded.

[Conscentia]

BAH! The whole concept of electronic "virtual" currency is garbage because as soon as you don't have electricity, you can't access that money. I'm fine with electronic payment being an option, but I would find it intolerable for physical currency to cease to exist because people such as myself, have a use for it.

You certainly can. It will be long process but it is possible. Shops or banks can record transactions using database using laptop which will be credited on account when electricity is available.

How will the laptop work without power? Batteries? What about when the batteries run out?

[Dyakovo]

Obama plans to eliminate currency - what else would you expect from a communist?

Eliminating one coin that costs more to make than it is worth ≠ eliminating currency.
You might want to get your tin-foil hat re-sized, it appears to be cutting off blood flow.

[Saiwania]

You certainly can. It will be long process but it is possible. Shops or banks can record transactions using database using laptop which will be credited on account when electricity is available.

And what happens when that electronic database gets destroyed or deleted? It is just 1's and 0's instead of what is permanent. It is as useless as a virtual fence is for border control than a physical fence.

[Dyakovo]

Why wouldn't anyone want to have a account?

For one, you don't have immediate access to your currency and do you honestly trust banks with most of your money?

Yes, I do and Yes, I do.
I almost never carry any cash.

[Free South Califas]

Pennies cost more than a penny to make. Hence, a waste of money.

Tautology is tautology, after all.

Just take my wallet while you are at it.

Isn't that the point of taxes?

No, you're thinking of roads, education, equal protection under the law, and so forth.

[AiliailiA]

(Image)

The first rule of television show watching.... suspended disbelief.

Well, I watched the whole run of the WW too, and must say it is very closely based on actual events in US politics. Lots of drama and comedy in there, and no way is anyone that smart and witty all the time working a 60 hour week. But the basic subject is very well researched.

I'm not entirely sure I wouldn't vote for Arnie Vinick.

[Saiwania]

I almost never carry any cash.

So what on earth do you do when you want to tip someone or make small purchases? With everything being reliant on credit, it is much easier for dumbasses to spend as much as they want and get into lots of debt.

[Dyakovo]

I almost never carry any cash.

So what on earth do you do when you want to tip someone or make small purchases?

The same thing I do any other time, I pay with my bank card.

[YellowApple]

Isn't that the point of taxes?

No, you're thinking of roads, education, equal protection under the law, and so forth.

------- The joke














------- Your head

[Free South Califas]

Technology is not ubiquitous.

It is in the west.

Utter nonsense. A great many people in the US alone meet the US govt definition of poverty, which itself has an insanely low threshold which does not take the cost of most relevant goods and services into account.

Technology is not ubiquitous.

I thought we were talking about US. In developed nations, it is.

Don't be ridiculous/genocidal.

Companies already artificially price everything.

You think they base it purely on material costs?

Actually, they base it more on labor and research costs.

Just like when we got rid of the half cent coin.


owait

Half cent, wut?

Jeez, how much ignorance can they fit in one Alaje?

That's not true.

When was the last time you were at a business or government establishment that only took cash?

That's not even slightly relevant to the outrageous claim you made, which BTW tends to imply eliminationism.

[Saiwania]

The same thing I do any other time, I pay with my bank card.

So in other words, if the bank or government wanted to make withdrawals from your account, there would be nothing stopping them?

[Khadgar]

The same thing I do any other time, I pay with my bank card.

So in other words, if the bank or government wanted to make withdrawals from your account, there would be nothing stopping them?

Uh, if the government wanted to kick in your door and steal your mattress full of 20s, there'd be nothing to stop them either.

[Great Nepal]

You certainly can. It will be long process but it is possible. Shops or banks can record transactions using database using laptop which will be credited on account when electricity is available.

How will the laptop work without power? Batteries? What about when the batteries run out?

Hence why we have UPS, inverter and generators.

You certainly can. It will be long process but it is possible. Shops or banks can record transactions using database using laptop which will be credited on account when electricity is available.

And what happens when that electronic database gets destroyed or deleted? It is just 1's and 0's instead of what is permanent. It is as useless as a virtual fence is for border control than a physical fence.

1. Thats why you have backup.
2. Why will it be deleated.
3. Assuming there was no backup and database was deleted for some odd reason, there business will suffer a loss... just like if there was fire in the business and all the money burnt down. Or if someone broke in and stole all the money.

No, it is perfectly relevant. If there is reasonable objection against bank account, then there is problem with the idea of virtual currency otherwise there is problem with indivudal. If it is former, the idea needs modification (or scrapping) while if it latter, indivudal needs to catchup.

Look...
If you people are correct, and virtualisation is future, it's better, it's more convenient, etc. and everyone already has access, then people will switch over themselves. The fact they haven't suggests that you are wrong about convenience or access or something.
As there remains a majority who still use currency, there is no sense in forcing a system people don't want to use.

Sure but we should insensitive switch to virtual currency and eventually permanently switch after running two systems simultaneously for few decades.

[Minoriteeburg]

So in other words, if the bank or government wanted to make withdrawals from your account, there would be nothing stopping them?

Uh, if the government wanted to kick in your door and steal your mattress full of 20s, there'd be nothing to stop them either.

Not ef I hab meh gerns! Den I show dem who da boss.

[YellowApple]

It is in the west.

Utter nonsense. A great many people in the US alone meet the US govt definition of poverty, which itself has an insanely low threshold which does not take the cost of most relevant goods and services into account.

And even those in poverty tend to have cell phones, or at the very least some form of electronic payment, like a debit or credit card. Credit/debit cards are cheap to manufacture, and most credit unions - being non-profit - have very low charges associated with them, if any at all, making them very suitable for those in poverty. It's silly to argue that poor people would be shut out from an all-electronic currency scheme when said poor people are already more than capable of participation.

[Dyakovo]

The same thing I do any other time, I pay with my bank card.

So in other words, if the bank or government wanted to make withdrawals from your account, there would be nothing stopping them?

Yes there is. I keep track of how much money I have.

[Tekania]

Half cent, wut?

Half cent coin

That's okay, one of his ancestors in the future version of this thread will be saying "penny, wut" when President Needle Dick will be proposing the elimination of the nickle.

[The Emerald Dawn]

Half cent coin

That's okay, one of his ancestors in the future version of this thread will be saying "penny, wut" when President Needle Dick will be proposing the elimination of the nickle.

He's only proposing that because it's an amalgamation of his name.

[Sibirsky]

When was the last time you were at a business or government establishment that only took cash?

I don't know, however most day-to-day payments I've witnessed & participated in have been done with cash
The only time I've seen the use of NFC payment systems has been on buses & in London.

What about cards?

I almost never see the inside of a bank, and almost never deal with cash. I get paid electronically, and pay electronically. I used to have to go to an ATM in the rare instance, that I would get a check. But now, I just take a picture of it with my phone, and deposit without even going to an ATM.

I love the convenience.

[Minoriteeburg]

Half cent coin

That's okay, one of his ancestors in the future version of this thread will be saying "penny, wut" when President Needle Dick will be proposing the elimination of the nickle.

Even then, they will still blame Obama.

[Sibirsky]

I never said you have to carry a mobile phone. I am merely presenting that as an option. NFC-capable fobs/cards/etc. would be just as effective. However, users would certainly be inclined to use the NFC capabilities of their phones out of convenience, rather than necessity.

A phone is more convenient than a card? Since when?

Since you don't have to carry the card with you, and you will have your phone on you.

[Saiwania]

It's silly to argue that poor people would be shut out from an all-electronic currency scheme when said poor people are already more than capable of participation.

Can you prove that all poor people have cell phones, much less cell phone or internet service? I didn't get a cell phone until a year ago and didn't have my own computer until around 3 years ago.

[Sibirsky]

When was the last time you were at a business or government establishment that only took cash?

When was the last time you were at a business or government establishment that didn't take cash? Not everyone has a bank account or credit.

Don't need one. There are prepaid options. They even do direct deposit.

Not having a bank account, on its own, is not going to prevent a cashless economy.