token
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Post by token on Oct 22, 2016 10:06:08 GMT 10
Like to hear what folk think about cash as a prep as well as our Nation moving towards being cashless more.
Do you take any measures in your life to use cash over electronic means and if so why?
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shinester
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Post by shinester on Oct 22, 2016 10:29:53 GMT 10
It's already cashless, think about the amount of times you use the card waving it.
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token
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Post by token on Oct 22, 2016 10:36:37 GMT 10
I keep $5k in various denominations at home, just in case the atm's go down or for other emergencies or opportunities. I usually pay cash for contractors like plumbers, earthmovers etc. Cash talks much better than send me an invoice and I'll send you a cheque in a month. Yer me too and agreed. Just some weeks back the floods knocked out the power, closed roads and phones and inet were out. I had cash for fuel from the only station pumping due to running a diesel geny.
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token
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Post by token on Oct 22, 2016 10:40:16 GMT 10
It's already cashless, think about the amount of times you use the card waving it. No doubts on that mate. Ive since resorted to printing the bills and being inconvenienced in paying it at the post office. Also, generally pull cash from the bank and use it that way as everything is recorded and everything can be hacked so privacy and identity protection these days is a must. Interesting that they want the 5c coin gone too, and yer there is an understandable reasoning for such but they are looking to do that with the $100 bill due to 'tax evaders' and 'criminals', and how often do we see the $100 note around these days anyways. All reasonable reasons imo, but i worry that its also a larger push for cashless so that everything you do is recorded and known by big brother?
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tyburn
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Post by tyburn on Oct 22, 2016 11:52:03 GMT 10
Saw a news article a couple of days ago about economists around the world urging governments to ban high denomination bills, as they are supposedly only used for money laundering and tax evasion (such as paying for jobs cash in hand).
I generally try to keep 2 - 3k cash at home, although the missus surprised me the other day by getting out 20k from the bank and asking me to hide it around the place. Apparently she had been at the shopping mall when the eftpos system went down, waited for it to be fixed for a half hour or so, then left because she couldn't pay. Now sees the benefit of having ready cash on hand.
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Post by graynomad on Oct 22, 2016 13:02:19 GMT 10
I pretty much live on a credit card anyway, so in that regard I'm already cashless. But I do have a few $1000 tucked away in cash as well.
AFAIK the technology is not yet available to go 100% cashless, and won't be for a long time. Try doing electronic transfers in the outback, yes it's more common than it was but it's not everywhere by a long shot.
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shinester
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Post by shinester on Oct 22, 2016 13:47:15 GMT 10
The technology is here now, aka RFID. The same thing can be injected in the back of your hand.
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Post by graynomad on Oct 22, 2016 14:53:02 GMT 10
True, but that needs a link to the internet and/or a local computer system as it looks like is the case with that festival. At present RFID can only store a single number, that number is cross referenced in a database on a computer somewhere which in turn (for example) deducts $10 from your account. None of this can currently happen in the field without a connection or local database. For true cashless to work we need either a) total connectivity on every square inch of the country with near 100% reliability, or b) your "money" is stored locally on your smart phone, a newer version of RFID, or maybe just a chipped card. Chipped cards may be able to do that right now but it would be a hacker's paradise and they can't talk card-to-card, you have to have an EFTPOS machine and THAT has to have a connection. I think smart phones are maybe the most likely because something like that is required to allow me to give you $10 on the veranda of my mate's place right in the Gold Coast as they are in a black hole for reception, so unless our "banks" are both on our smart phones it won't work. And of course many of us don't have and don't want a smart phone, although that may not be an option before long. So I can't see it being possible for some time, yes in localised venues like a festival and even maybe in the towns and cities although even there some people don't have connections all the time, but it'll be a long time before you can buy a shock absorber rubber at Mt Dare station without cash. (I suppose someone will now tell me that they just installed a satellite EFTPOS link at Mt Dare. ) Caveat: All the above is AFAIK, maybe there is something I'm not aware of.
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Post by Peter on Oct 22, 2016 17:50:46 GMT 10
I pay most bills with a credit card or direct transfer between accounts. It's handy. I also do some general grocery shopping with the card.
I use cash for anything related to firearms (including accessories and ammo), bulk purchases, alcohol, etc. For example, I took cash to the SHOT expo, as I don't need bank staff knowing anything about my shooting whatsoever.
I also have quite a bit stashed away in $5 through $50 denominations in case of emergency, plus I always carry at least a couple hundred in my wallet.
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Post by ziggysdad on Oct 22, 2016 19:34:55 GMT 10
I try to keep $300-$500 in my wallet at all times ($5's, $10's and $20's whenever possible, then $50's...never $100's) and out of habit I keep another $300+ in USD as well. We keep additional in the safe along with 10g gold bullion bars incase we need to really grease some wheels (or flee).
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Post by PlanZ on Oct 22, 2016 20:03:39 GMT 10
The convenience of cashless payments exerts a subtle pressure to evolve our habits away from carrying and using cash. And I'm no different from most people in this regard.
But I definitely think we should consciously strive to keep some cash in reserve as well as be mindful (and if perhaps even a little paranoid) about how our electronic purchases and payments may be tracked.
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Post by frontsight on Oct 22, 2016 21:09:16 GMT 10
Having lived and worked in Africa as a researcher for a few years, I am used to the black outs. There cash is king. Its not unheard of for small town to be without power over the weekend. Many shops would stay open on generator but there was no card payments. If you have no food and no cash, you will probably have to barter your gold ring for a slab of canned food. Never mind black out, the ATM will have no cash on the 15th. The government staff there get pay on the 15th and the town where I worked has a sizable base, along with the university staff (50% of the population are students from regional areas) and other government staff, cash usually get cleaned out from the ATM's and won't be refilled till next morning. Ever since than, I have always carried enough money to buy 1000km's worth of fuel, plus a week's stay at a cheap motel. That's why I like to hold onto the $100 notes, 10 of those in the wallet will get you thru. Plus there is a bucket of coins in my car, worth about $200-300.
I don't think we are going to be totally cashless any time soon. It requires technologies to reach every corner of the nation. But imagine next time when the scouts trying to sell you a few cookies for charity and you tap your bio-chip against their........ or when you go down the road to get lunch for the office...
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paranoia
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Post by paranoia on Oct 23, 2016 19:35:35 GMT 10
I use cash for most 'in person' transactions to a point and credit card for bills and other things.
The most important thing for me about using cash as much as possible is not to do it 'all the time'. I keep a 'normal' credit trail when I'm OK declaring my location and try to keep enough credit/digital transactions that if someone were looking into my data it would not appear like I was a cashless person.
Its a bit like keeping 2 sets of books so anyone looking into you wouldn't think things were dodgy straight away.
Always keep plenty of cash in the house and precious metals (my personal favourite is silver for its ease of selling in smaller increments)
I'll be avoiding anything wearable or insert-able for transactions until they make it mandatory... too many security issues.
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tyburn
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Post by tyburn on Oct 28, 2016 13:01:38 GMT 10
True, but that needs a link to the internet and/or a local computer system as it looks like is the case with that festival. At present RFID can only store a single number, that number is cross referenced in a database on a computer somewhere which in turn (for example) deducts $10 from your account. None of this can currently happen in the field without a connection or local database. For true cashless to work we need either a) total connectivity on every square inch of the country with near 100% reliability, or b) your "money" is stored locally on your smart phone, a newer version of RFID, or maybe just a chipped card. Chipped cards may be able to do that right now but it would be a hacker's paradise and they can't talk card-to-card, you have to have an EFTPOS machine and THAT has to have a connection. I think smart phones are maybe the most likely because something like that is required to allow me to give you $10 on the veranda of my mate's place right in the Gold Coast as they are in a black hole for reception, so unless our "banks" are both on our smart phones it won't work. And of course many of us don't have and don't want a smart phone, although that may not be an option before long. So I can't see it being possible for some time, yes in localised venues like a festival and even maybe in the towns and cities although even there some people don't have connections all the time, but it'll be a long time before you can buy a shock absorber rubber at Mt Dare station without cash. (I suppose someone will now tell me that they just installed a satellite EFTPOS link at Mt Dare. ) Caveat: All the above is AFAIK, maybe there is something I'm not aware of. I know plenty of people who carry very little cash, as they do 90% of their transactions using a phone app. There are a couple of apps that are popular in China (Apple Pay just entered the market a few months ago but is not popular), with the main one being Alipay (owned by the Alibaba ecommerce group). The app can be used for pretty much anything apart from just buying stuff - movie / train / plane / bus tickets, utility bills, Uber, booking hotels, donating to charity and dozens of other things. All these are done directly through the app, either by online commerce, scanning of barcodes (either on the phone or at the cash register) or scanning VR codes. The company has huge market share, even with elderly users buying smartphones specifically to be able to use the app (due to the discounts + ease of use). Basically, as long as you can get online, you can use the app. (Money is either stored in Alipay's accounts, or directly debited from your nominated bank card)
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Post by doomsdayprepper4570 on Nov 1, 2016 6:07:33 GMT 10
I use cash to buy items cheaper, get work done quicker and cheaper! Government depts are now not accepting cheques for some services. Had a cheque I wrote to birth deaths and marriages reg returned the other day saying no can pay with cheque!!!!!! And our state is going broke! I wondered if I wanted to make the last ballon payment on our freeholding for $17,000 if they would refuse the cheque? If it is not cash it is barter. A couple of weaner cattle gets out 2 km driveway graded and repaired. Hay is cheaper to buy with cash as is most other consumable farm items. Same goes for firearms and ammo purchases. Especially if no receipt is asked for. I do not think I will see cashless fully implemented in my lifetime.
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blueshoes
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Post by blueshoes on Nov 1, 2016 10:13:00 GMT 10
I hear lots of people whinge about not being able to get tradies to do jobs for them, especially small jobs. They say the tradies dont show up or dont return calls. I've recently had a plumber, tiler, bobcat operator and dozer driver all do jobs for me. Every one of them showed up when they said they would. The difference in service levels is imo because I tell them I pay cash on the day the work is done and I never want a receipt. Cash talks. Hey, that's good to know... (sorry, I grew up sheltered from most of this stuff and am having to figure it all out) I have a problem with keeping much cash on hand, and that is that I spend it - and then I have two problems, 1 I still am not going to have it when i need it but 2, it is counterproductive to the whole paying-off-mortgage and not-being-in-debt thing.
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Post by graynomad on Nov 1, 2016 11:03:55 GMT 10
I have a problem with keeping much cash on hand, and that is that I spend it - and then I have two problems, 1 I still am not going to have it when i need it but 2, it is counterproductive to the whole paying-off-mortgage and not-being-in-debt thing. It's the reverse for me, as I live in the bush and seldom go to a town I have nowhere much to use cash. OTOH I can spend like a drunken sailor on the internet with my credit card
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blueshoes
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Post by blueshoes on Nov 1, 2016 21:48:53 GMT 10
Hey just as an aside... is it possible to have an anonymous phone/SIM? because from memory even a prepaid sim requires full ID to activate/register with a provider.
Just while we're on the subject of being less traceable/visible...
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paranoia
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Post by paranoia on Nov 1, 2016 22:19:39 GMT 10
Hey just as an aside... is it possible to have an anonymous phone/SIM? because from memory even a prepaid sim requires full ID to activate/register with a provider. Just while we're on the subject of being less traceable/visible... Yeah don't think so, hard to see the powers that be wanting people to be able to go down that path.
I think your best bet would be to look into VoIP services.
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blueshoes
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Post by blueshoes on Nov 18, 2016 13:32:32 GMT 10
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