Comments on: The Dichotomy of Currency http://www.jeffblankenburg.com/2012/07/10/the-dichotomy-of-currency/ windows development and other geekery Sun, 02 Jun 2013 14:22:29 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Dave Blankenburg http://www.jeffblankenburg.com/2012/07/10/the-dichotomy-of-currency/#comment-5778 Dave Blankenburg Wed, 18 Jul 2012 19:10:05 +0000 http://www.jeffblankenburg.com/?p=2253#comment-5778 I'm actually going in the reverse direction. There is too much technology today and the more I see the less I like it. Right now I'm getting ready to ditch the "smart phone" and go back to a phone that just, wait for it, makes phone calls. I have no need for NFC on my phone and really don't think anyone else "needs" it either, they just want it. Now with current legislation in front of congress, the credit card companies are lobbying to allow stores to charge a transaction fee for using their credit cards (something we're already paying in higher prices). This will make cash look like a much better option. Several gas stations here in Vegas already have been charging for the privilege of not using cash and I don't buy gas there. I’m actually going in the reverse direction. There is too much technology today and the more I see the less I like it. Right now I’m getting ready to ditch the “smart phone” and go back to a phone that just, wait for it, makes phone calls. I have no need for NFC on my phone and really don’t think anyone else “needs” it either, they just want it.

Now with current legislation in front of congress, the credit card companies are lobbying to allow stores to charge a transaction fee for using their credit cards (something we’re already paying in higher prices). This will make cash look like a much better option. Several gas stations here in Vegas already have been charging for the privilege of not using cash and I don’t buy gas there.

]]> By: Dave Swersky http://www.jeffblankenburg.com/2012/07/10/the-dichotomy-of-currency/#comment-5644 Dave Swersky Thu, 12 Jul 2012 13:50:18 +0000 http://www.jeffblankenburg.com/?p=2253#comment-5644 While I agree with you generally that a cashless society has benefits, there are legitimate reasons for concern. Cash makes transactions anonymous, and that can be a good thing. Cash transactions are totally free- AMEX/Visa/Discover are not lurking behind you waiting for their cut. Governments can't track cash transactions. There are situations where that is a good thing. The overhead of electronic transactions, both financial and technical, make moving money expensive and complex. The Cashless Society is coming whether we like it or not, and that has the potential to be a good thing. However, I think we'll see some growing pains (especially in the US, where it's not as well organized as in Europe.) While I agree with you generally that a cashless society has benefits, there are legitimate reasons for concern. Cash makes transactions anonymous, and that can be a good thing. Cash transactions are totally free- AMEX/Visa/Discover are not lurking behind you waiting for their cut. Governments can’t track cash transactions. There are situations where that is a good thing. The overhead of electronic transactions, both financial and technical, make moving money expensive and complex. The Cashless Society is coming whether we like it or not, and that has the potential to be a good thing. However, I think we’ll see some growing pains (especially in the US, where it’s not as well organized as in Europe.)

]]> By: George http://www.jeffblankenburg.com/2012/07/10/the-dichotomy-of-currency/#comment-5625 George Tue, 10 Jul 2012 21:26:51 +0000 http://www.jeffblankenburg.com/?p=2253#comment-5625 What you wrote is probably true for US, but in other countries there are many other reasons for not accepting credit/debit cards: in Germany a lot of stores don't accept many debit and credit cards because the shop has to pay a tax for each transaction to the bank and the money is received only later - probably there are other reasons as well why they accept only some local prepaid debit cards, not Visa or Mastercard. What you wrote is probably true for US, but in other countries there are many other reasons for not accepting credit/debit cards: in Germany a lot of stores don’t accept many debit and credit cards because the shop has to pay a tax for each transaction to the bank and the money is received only later – probably there are other reasons as well why they accept only some local prepaid debit cards, not Visa or Mastercard.

]]> By: Kevin R Dunn http://www.jeffblankenburg.com/2012/07/10/the-dichotomy-of-currency/#comment-5622 Kevin R Dunn Tue, 10 Jul 2012 18:47:12 +0000 http://www.jeffblankenburg.com/?p=2253#comment-5622 I have been debt free for a year and have been using mostly cash for 3 years. A big reason not to use a "Card" is people spend more if they do. It has been proven that when paying with a card over cash transactions are 20% higher. This is a study done by McDonald's. This is when they started taking debt card and then credit cards. When you with pay with cash it sets off pain centers of the brain, so you think more about using it. Because it hurts to turn over the cash money. To remember "Cash is King, and Debt is dumb." I have been debt free for a year and have been using mostly cash for 3 years. A big reason not to use a “Card” is people spend more if they do. It has been proven that when paying with a card over cash transactions are 20% higher. This is a study done by McDonald’s. This is when they started taking debt card and then credit cards.

When you with pay with cash it sets off pain centers of the brain, so you think more about using it. Because it hurts to turn over the cash money.

To remember “Cash is King, and Debt is dumb.”

]]> By: jeffblankenburg http://www.jeffblankenburg.com/2012/07/10/the-dichotomy-of-currency/#comment-5620 jeffblankenburg Tue, 10 Jul 2012 17:24:08 +0000 http://www.jeffblankenburg.com/?p=2253#comment-5620 As I said in the article, I know this scares many people. There's an underlying message in my text, though, that says "if NFC is done correctly." Without the ability to secure my payments, I'm not interested. RFID scares me too, but I have an expectation that NFC, at least in smartphones, will have a layer of overkill when it comes to security. As I said in the article, I know this scares many people. There’s an underlying message in my text, though, that says “if NFC is done correctly.” Without the ability to secure my payments, I’m not interested. RFID scares me too, but I have an expectation that NFC, at least in smartphones, will have a layer of overkill when it comes to security.

]]> By: Kevin Dutkiewicz http://www.jeffblankenburg.com/2012/07/10/the-dichotomy-of-currency/#comment-5619 Kevin Dutkiewicz Tue, 10 Jul 2012 17:13:32 +0000 http://www.jeffblankenburg.com/?p=2253#comment-5619 NFC scares me. see this clip from Adam Savage on why Mythbusters can not (not will not) ever show how hackable RFID is. http://www.youtube.com/watch?v=X034R3yzDhw NFC scares me. see this clip from Adam Savage on why Mythbusters can not (not will not) ever show how hackable RFID is.
http://www.youtube.com/watch?v=X034R3yzDhw

]]> By: Nigel Stratton http://www.jeffblankenburg.com/2012/07/10/the-dichotomy-of-currency/#comment-5618 Nigel Stratton Tue, 10 Jul 2012 17:07:21 +0000 http://www.jeffblankenburg.com/?p=2253#comment-5618 Regarding cash, I like it. There are times it get things done easier than credit cards, not often but really helpful when you need it. At the same time I hate coins. I wish the treasury would get rid of pennies, I give them back to the clerk when I get them. Australia got it half right and got rid of their 1c and 2c coins, rounding to a 5c but then added heavy $1 and $2 coins. Go figure! Regarding cash, I like it. There are times it get things done easier than credit cards, not often but really helpful when you need it. At the same time I hate coins. I wish the treasury would get rid of pennies, I give them back to the clerk when I get them.

Australia got it half right and got rid of their 1c and 2c coins, rounding to a 5c but then added heavy $1 and $2 coins. Go figure!

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