What is the cost of a cashless society?

Re:What is the cost of a cashless society? by mcv on Thursday August 04, 2022 @11:11PM (#32351103)

Outside the US, "accidental US Persons" may not be able to have a bank account. These are people who are not US citizens and have no real ties to the US, but are nevertheless considered to be US Persons by the US, which means they are required to file taxes. The US has no way to enforce that directly of course, but it can require banks who want to do business with the US (which is every bank in the world) to report on these people and deny them an account if they don't jump through the right hoops.

This has lead to a class of people who are unable to have a bank account, in countries where almost everybody else does have a bank account.

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Re:What is the cost of a cashless society? by tayyab7891 on Friday August 05, 2022 @03:36AM (#32352906)

Bitcoin solves this

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Re:What is the cost of a cashless society? by mcv on Friday August 05, 2022 @02:35PM (#32360075)

I wish it did, but it doesn't. Bitcoin is way too volatile and unreliable for serious use, and is mostly used as a questionable investment tool these days. And it's not compatible with the payment systems the rest of the world uses.

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Re:What is the cost of a cashless society? by silverpepsi on Friday August 05, 2022 @02:41AM (#32352558)

This kind of abusive extraterritorial law is exactly why the USA needs dissolved / divided into smaller countries. The sooner the better.

The only reason I don't advocate for it constantly is that Russia and China are far more dangerous. But I think the future state of the world needs to be one where country size is limited by international law to assure there's always somewhere for individuals to escape to (nearly impossible for US citizens and persons today, too many countries friendly to its abusive ways) and that wars are regional and never can come to the levels of destruction that you'll see with super powers and World Wars.

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Re:What is the cost of a cashless society? by Koshkin on Friday August 05, 2022 @07:05AM (#32354392)

But in the world consisting of a multitude of small independent nations what we would see is perpetual warfare between neighbors, so in my view everyone would be better off if we all lived in the U.S. of the W.

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