Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 05-09-2016, 06:26 AM   #61
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,604
Quote:
Originally Posted by Meadbh View Post
"Tap and go" (contactless payment) cards for transactions under a limit ($50 or $100) are faster than swipe cards.
I got an Apple Watch a couple of months ago, and I love using Apple Pay with it. No need to take anything out of a pocket -- just hold the watch next to the terminal and wait about a second for the beep.
__________________

__________________
braumeister is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-09-2016, 07:11 AM   #62
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,018
Quote:
Originally Posted by braumeister View Post
I got an Apple Watch a couple of months ago, and I love using Apple Pay with it. No need to take anything out of a pocket -- just hold the watch next to the terminal and wait about a second for the beep.
Am I correct in assumption that you have contactless payment credit cards in the US yet? Because if you have them, there is no need to buy an Apple Watch.
__________________

__________________
Meadbh is offline   Reply With Quote
Old 05-09-2016, 07:22 AM   #63
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Gone4Good's Avatar
 
Join Date: Sep 2005
Posts: 5,381
Quote:
Originally Posted by Totoro View Post
The "I have nothing to hide, so the government can know everything" crowd includes my mother. Doesn't matter explaining it, it seems alot of older people have forgotten what runaway authority can do (and did do in Europe not so long ago). Younger ones vary, but alot of them are used to parents knowing where they are every second of the day, and what they are doing. Don't see anything wrong with it.
Privacy is already a thing of the past. We've happily traded it away for all the things modern technology gives us. You'd probably be amazed by how much a bot knows about the life of someone who has >1,100 posts on a personal finance message board.

Combine that with a smart phone that knows your location every minute of the day; a dozen or more "free" apps that have access to a laundry list of phone functions; facial recognition of you, your friends, and acquaintances from Facebook photos folks have happily tagged; all the other information posted by you or about you to Facebook, tweeted, instagramed, whatevered; your sexual history and proclivities via Tinder, Grindr, etc; the contents of your personal messages and texts; your Netflix viewing habits; the information you search for on Google; the pages you visit; the articles you read; the music you listen to; and on and on . . .

Privacy is so old school it's almost quaint.
__________________
Retired early, traveling perpetually.
Gone4Good is offline   Reply With Quote
Old 05-09-2016, 07:37 AM   #64
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Location: Winnipeg
Posts: 1,310
Cash is a form of freedom. Even those who willingly choose to do everything with plastic should have some concerns about giving up cash in its entirety.
__________________
Music Lover is offline   Reply With Quote
Old 05-09-2016, 08:17 AM   #65
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,604
Quote:
Originally Posted by Meadbh View Post
Am I correct in assumption that you have contactless payment credit cards in the US yet? Because if you have them, there is no need to buy an Apple Watch.
I don't know the answer to that, but I would still have to take my wallet out of my pocket to use a contactless card, wouldn't I?

I have many other uses for the watch, and that's certainly not the big one.
__________________
braumeister is online now   Reply With Quote
Old 05-09-2016, 08:36 AM   #66
Full time employment: Posting here.
 
Join Date: Apr 2014
Location: Houston
Posts: 639
Quote:
Originally Posted by Music Lover View Post
Cash is a form of freedom. Even those who willingly choose to do everything with plastic should have some concerns about giving up cash in its entirety.
Never thought of it that way until your comment. There have indeed been purchases (legal) we've made with cash to avoid trackability.

Quote:
Originally Posted by Gone4Good View Post
Privacy is already a thing of the past. We've happily traded it away for all the things modern technology gives us. .....Privacy is already a thing of the past. We've happily traded it away for all the things modern technology gives us.
Its clear that you and I live on different planets. Much of what you are talking about can be avoided if one chooses. Yes, results in loss of convenience but not a big deal for some people depending on your priorities.

Quote:
Originally Posted by Meadbh View Post
Am I correct in assumption that you have contactless payment credit cards in the US yet? Because if you have them, there is no need to buy an Apple Watch.
I haven't seen contactless payment cards used around here yet, but am aware the scammers have tools to scan our credit cards if they are near enough to them and don't have RFI protection.

Quote:
Originally Posted by gcgang View Post
I use electronic payments exclusively except for my drug, gambling and extortion rackets.
Can't say I do any illegal purchases but do use cash or check for person to person transactions (etc..paying the lawnmower guy or playing poker), small transactions where paying in cash is faster, easier than credit (no waiting for approval, less paper passing back and forth and no signature) and when online payments by cc are charged extra (college payments were like that for the colleges my kids went to) or not allowed at all yet (some of the groups I donate to online).

Quote:
Originally Posted by Texas Proud View Post
Unfortunately, cash is now like that checkbook was years ago...The person has to fumble for money... then says "wait, I have change" and takes longer... or, the clerk has to count out the change etc. etc...A swipe of the card is much faster...
I LOVED that commercial that got this perception widely picked up by the public. Was funny and often true. The real issue around here that I've seen is simply that the customer is either ready to pay with their chosen method of payment or they are not. I've seen just as many folks digging around for their credit cards and then having to wait several seconds for approval and then maybe have to find a second one after the first doesn't work..... When I pay with cash, I have it in hand before the bill is provided and I don't worry about exact change....just collect change and exchange into the bank when we get enough. Usually faster for me than cc so I use cash for many small purchases.

Interesting discussion, people have quite different views on payment methods.
__________________
Whisper66 is offline   Reply With Quote
Old 05-09-2016, 08:55 AM   #67
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Gone4Good's Avatar
 
Join Date: Sep 2005
Posts: 5,381
Quote:
Originally Posted by cooch96 View Post
I'm dubious that huge bottles of Tide detergent are being used as currency in any meaningful way. Pretty much every article I've seen about the subject sources back to the New York Magazine article you linked. Not one article mentions what drug dealers do with the gallons of Tide they receive in exchange for vials of rocks.

Here's my guess as to what's happening and why a cashless system would mostly end this practice too . . .

There's a modestly sized black market in high priced consumer products like Tide detergent, Gillette razors, etc. Those products are targeted by thieves because they can re-sell a $20 bottle of Tide for $5 on the black market to consumers who use the products or to unscrupulous stores that re-sell them at slightly discounted prices.

And because there's already an active black market in these products there's a street price for them. Some drug dealers with connections to that black market may be willing to trade drugs for Tide because they can monetize Tide in the black market.

That system works only as long as there's a large enough black market for Tide to accommodate the demand for drugs. I don't think it's a stretch to say that the market for drugs is many, many, many times larger than the market for black market Tide. With that in mind I don't think it's a stretch to say that Tide as a currency for drugs is a vanishingly small part of the market.

And unless you increase the size of the black market, you can't increase the volume of trade denominated in bottles of Tide. There's no reason to think electronic commerce is going to increase the size of the black market.

On the contrary, it's far more likely that the black market would shrink in a cashless system because those unscrupulous store owners who monetize the majority of the stolen Tide would have no record of ever paying for their inventory. It would be easy enough to close them down.

Moreover, no one else would be able to "launder" their Tide and turn into cash either. And without an ability to turn bottles of Tide into a widely accepted from of payment it would be worthless as a currency for drugs or anything else.

Strike another victory for cashless over crime!
__________________
Retired early, traveling perpetually.
Gone4Good is offline   Reply With Quote
Old 05-09-2016, 08:57 AM   #68
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Gone4Good's Avatar
 
Join Date: Sep 2005
Posts: 5,381
Quote:
Originally Posted by Whisper66 View Post
Its clear that you and I live on different planets. Much of what you are talking about can be avoided if one chooses. Yes, results in loss of convenience but not a big deal for some people depending on your priorities.
Avoiding it is far harder than you think. If you're on-line (which you are) you've already lost the battle unless you're taking some pretty drastic measures to cover your tracks.
__________________
Retired early, traveling perpetually.
Gone4Good is offline   Reply With Quote
Old 05-09-2016, 09:29 AM   #69
Full time employment: Posting here.
 
Join Date: Apr 2014
Location: Houston
Posts: 639
Quote:
Originally Posted by Gone4Good View Post
Avoiding it is far harder than you think. If you're on-line (which you are) you've already lost the battle unless you're taking some pretty drastic measures to cover your tracks.
Using cash is a good way to have privacy for specific transactions. Agree that there are clearly many other things one must address for broader privacy concerns and it's important to understand the audience you are trying to avoid as well. But that's a bit off topic I suppose...
__________________
Whisper66 is offline   Reply With Quote
Old 05-09-2016, 10:25 AM   #70
Thinks s/he gets paid by the post
 
Join Date: May 2014
Location: Utrecht
Posts: 2,213
Quote:
Originally Posted by Gone4Good View Post
Privacy is already a thing of the past. We've happily traded it away for all the things modern technology gives us. You'd probably be amazed by how much a bot knows about the life of someone who has >1,100 posts on a personal finance message board.
Not happily in my case. Reluctantly. And while I'm aware of the gaping holes in the dam, I'm still not willing to just give up and open the floodgates entirely. I don't use free (ad-based) services generally as an example, with very few exceptions.

I know its a fools game. I know where we are, probably better than most. Doesn't mean I have to like it, and I try to be principled about it. The number of times I had to explain myself why I don't use whatsapp ...

I just hope we'll all have the sense to safeguard enough room for privacy to ensure diversity of opinions, protection against discrimination and possibility for dissent in the presence of overbearing authority.

I'm slightly optimistic that we'll have a minimum level in Europe.
https://en.wikipedia.org/wiki/Data_P...protection_law

Just slightly though.
__________________
Totoro is offline   Reply With Quote
Old 05-09-2016, 10:35 AM   #71
Thinks s/he gets paid by the post
 
Join Date: Apr 2011
Posts: 1,558
Quote:
Originally Posted by Texas Proud View Post
And Eastern Europe is mostly a cash society....
Oh, Greece is pretty cashless. Russia too. Most of Africa.
__________________
gerntz is online now   Reply With Quote
Old 05-09-2016, 11:05 AM   #72
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 6,331
Several years ago a huge windstorm cut power to our area for several days. Those who had cash could go to the local mini-mart and buy a few needed things. Credit Cards did not work for obvious reasons.
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is online now   Reply With Quote
Old 05-09-2016, 11:12 AM   #73
Full time employment: Posting here.
misanman's Avatar
 
Join Date: Apr 2008
Posts: 536
I find that I spend less freely when I use cash. Too easy to swipe the card without thinking of the total that's adding up.
__________________
misanman is offline   Reply With Quote
Old 05-09-2016, 11:20 AM   #74
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2013
Posts: 5,581
Quote:
Originally Posted by Chuckanut View Post
Several years ago a huge windstorm cut power to our area for several days. Those who had cash could go to the local mini-mart and buy a few needed things. Credit Cards did not work for obvious reasons.
Yes.

Back in the 90s I was doing imaging and work flow in large paper intensive back offices. Many of us deal with the same large financial and insurance companies. Those organizations are paperless in their processing but still allow customers to utilize paper forms. Can you imagine the pushback if suddenly you can't do business on paper! Those organizations knew images cost less than paper to process and archive. They also know how important backwards compatibility is to their customers.

Systems fail, paper doesn't.
__________________
MRG is online now   Reply With Quote
Old 05-09-2016, 12:18 PM   #75
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,733
Quote:
Originally Posted by braumeister View Post
....Since my youth, it has been anathema to me to use anything but cash for a purchase under $20, and DW grew up with the same mindset.

...... but most of the time for those small purchases I haul out the cash. Even more, I try hard to give the exact amount, because I recognize that the average young cashier is incapable of calculating change.
I also am giving way to using my CC for small purchases.

Sometimes for fun, I'll over pay with cash and watch the confused cashier, example bill is $4.80 , so I pay $5.05 (I want a quarter returned). They look so surprised when the register tells them to give me a quarter.
__________________
Sunset is online now   Reply With Quote
Old 05-09-2016, 12:19 PM   #76
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,733
Quote:
Originally Posted by cooch96 View Post
Plus it would just feel unnatural to settle bar bets or tip the dancing girls via PayPal or credit card. I mean, where would I swipe it?
With the new chip cards you just insert into the slot
__________________
Sunset is online now   Reply With Quote
Old 05-09-2016, 12:20 PM   #77
Full time employment: Posting here.
CaliforniaMan's Avatar
 
Join Date: Dec 2013
Location: San Diego
Posts: 846
Quote:
Originally Posted by MRG View Post
Yes.

Back in the 90s I was doing imaging and work flow in large paper intensive back offices. Many of us deal with the same large financial and insurance companies. Those organizations are paperless in their processing but still allow customers to utilize paper forms. Can you imagine the pushback if suddenly you can't do business on paper! Those organizations knew images cost less than paper to process and archive. They also know how important backwards compatibility is to their customers.

Systems fail, paper doesn't.
I have CDs and DVDs and HDs that are no longer readable, and books from the 1880s that are just fine. Until we find a truly inexpensive non-volatile medium continuous backup and re-recording will be required for all this digital media. No problem for companies, governments, banks, and other live and active users, but what will happen to archives that are no longer actively maintained? Some of the oldest books have survived 500 years, the oldest photos have survived since the beginning of photography. What will happen to the photos of my cats in 500 years? I am really worried.
__________________
Merrily, merrily, merrily, merrily,
Life is but a dream.
CaliforniaMan is offline   Reply With Quote
Old 05-09-2016, 12:31 PM   #78
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,976
Interesting idea, it would reduce some types of crime. Cash is a double edged sword. Cash purchases leave no trail vs credit card info, but carrying cash makes you a little easier target than carrying credit cards. Yes, your credit card can be stolen, but it's harder to use without getting caught than cash.

And Americans can go almost cashless now, so why force others? I wouldn't surprise me if all countries go cashless eventually, but it will probably be decades, it will be interesting to watch this develop. I know I see people, mostly younger generations, who seem to charge the most insignificant purchases.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 05-09-2016, 01:32 PM   #79
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,275
Quote:
Originally Posted by gerntz View Post
Oh, Greece is pretty cashless. Russia too. Most of Africa.
Unless you are making a joke about these countries (continent)....


Have not been to Greece, but Russia runs on cash... you can hardly buy anything without it.... and their ATMs distribute US dollars!!! And they do not use checks...

When I was in Egypt I traded in some money at the airport and was planning on getting more at an ATM.... well, could not find an ATM for days... and nobody took a CC... I was lucky that I was on a tour so I did not have to shell out that much cash for awhile....
__________________
Texas Proud is offline   Reply With Quote
Old 05-09-2016, 01:35 PM   #80
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,275
Quote:
Originally Posted by Sunset View Post
With the new chip cards you just insert into the slot

Maybe this should be in the pet peeve thread....

But I HATE that they have not gotten the machines connected yet... there are too many places where they have a chip machine but it does not yet work on the chip... OR, you think you can swipe (and the machine says to swipe), but it then wants you to put the chip in the slot!!!

A pretty bad roll out of this new technology IMO...
__________________

__________________
Texas Proud is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Killing Civilians in Iraq brewer12345 Other topics 98 06-27-2006 06:31 PM
George is Killing me brewer12345 Young Dreamers 21 05-20-2006 05:25 PM
They are killing me here! cj Life after FIRE 25 04-26-2006 05:25 PM
Retirement is KILLING me! audreyh1 Life after FIRE 5 04-01-2006 09:43 AM
Stop! You're Killing Me! jdmorton Other topics 44 03-15-2006 08:51 PM

 

 
All times are GMT -6. The time now is 10:29 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.