Fear! Terror! Be very afraid! The Cashless Society is coming.
http://www.theatlantic.com/technology/archive/2016/04/cashless-society/477411/
Too late. The horse has already left the barn!
3% of US currency in the USA is in the form of paper cash. Another 3% of all US currency is abroad.
As far as cash currency transactions go they are a larger percent of all transactions in comparing cash currency to digital currency which is probably mostly credit card transactions. Cash currency is probably generally for small day to day amounts. Larger cash currency transactions are suspect but untraceable until they are deposited but that is what money laundering is for.
Here is the news about the horse and the barn: Money is already information that will inform on you!! When the cashless system is poorly constructed in terms of protection then it is easily entered by those skilled at doing it to obtain information. If it is a well constructed system then only the privileged few have access to it.
The information sword cuts both ways.
Information for me but not for thee is a business model based on asymmetry of information and probably a related more hazard on the part of those maintaining it. By design or default.
The link is a hit piece designed by media for a purpose. Anything shouting Fear! Terror! is subject to suspicion regarding the agenda of the shouter. A public service to make us aware of a fire? A self serving shout by the seller of fire hoses?
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