Re:What is the cost of a cashless society?
by miracle2k on Thursday August 04, 2022 @11:20PM
(#32351145)
Visa and Mastercard were pressured into cutting of Pornhub ads literally yesterday.
There needs to be a statuary right to be serviced by the banking system. This is in addition to escape valves such as cash and crypto.
I always thought we should give every SSN/EIN an account at a state-ran bank, structurally obliged to serve all legal uses.
This would ensure everyone had access to direct-deposit payment (eliminating most of the case behind the "it's almost a real bank account" prepaid-card products with exploitative fees) and create a single huge audience to target for "over the top" services to develop.
Perhaps it could be put together as a "portable" service-- you can link your state-bank account with your preferred brick-and-mortar to handle cash and in-person services. There would be phone-number style portability, to encourage them to compete for most features/lowest fee/subsidy requirements.
Re:What is the cost of a cashless society?
by toomuchtodo on Saturday August 06, 2022 @09:28PM
(#32373079)
The consequence of abolishing cash seems to be total financial control and that is a bit like arming the police: of course you might need military equipment for fighting a cartel.
But applying it to daily operation is very cruel to parts of society.
[1] https://en.m.wikipedia.org/wiki/Operation_Choke_Point