The end of physical cash

[Mayday]

Downunder we have had our ATM cash withdrawals reduced and it’s the Spanish Inquisition if you go into a bank to withdraw money.

The narrative is cash is how you get scammed.

Anyhoo, I give no fucks because I have paid taxes all my life. We all use bank accounts down here and the US is probably 40yrs behind where we are in regards to that so it’s zero difference for 95% down here.

The only draw are with cash is to pay on the spot as banks couldn’t do immediate transfers. They can now with 3rd party so it’s super easy to pay on your phone, no cash hassle.

We should have our CBDC Aussie Buck here inside of 12mths.

FYI This is how stablecoins will be wiped out. No need once we have an eUSD coin.

[gib]

This happening globally. I see in in numerous countries, the pushback or "advanced notice" required when larger amounts of cash are requested.

[Mayday]

This happening globally. I see in in numerous countries, the pushback or "advanced notice" required when larger amounts of cash are requested.

We’ve had the ‘advanced notice’ BS been given to my wife and she said well if you picked up the fucking phone I’d be able to give you notice but nobody ever answers here. She got the cash. We’re talking sub 10k which is nothing.

Cash is a hassle and the sooner it’s gone the better.

Next year we will see something down here. They’ll push tracking as a benefit in case you get scammed they can pull the money back.

[Kwon]

Many stores here in Swe with "Don't use Cash-transactions"-signs

[oldtimer1]

I don't know if you guys are aware but their is a push among some Democrats to eliminate cash and commercial banks. They want government banks so all money flows through the government. All transactions will take place on a government debit card.  They then want to "borrow" money from this stock pile of money with the government guarantee of repayment like a  ponzi scheme. Imagine the government turning off your government card because you are the opposition to a party?  This what you get with rigged voting.

[mphgrove]

The ATM withdrawal machines are always busy where I am, so people still are using cash for something. But I am encountering quite a few businesses (mainly sports venues and intermediate type quick serve restaurants and parking facilities) that accept nothing but debit and credit. But I think cash will be around for a while, especially US 20s and US 100s, which are unbelievably popular outside the US. If you just judged from inside the US, you would think the most popular note were 20s, but in actual fact there are way more 100s than dollar bills or 20s world wide. The demand for cash 100s ain’t going away too soon, given all the instability in the world.

US dollars are more popular than gold at present. Gold takes a while to liquidate.

[OneMoreRep]

We all use bank accounts down here and the US is probably 40yrs behind where we are in regards to that so it’s zero difference for 95% down here.

We should have our CBDC Aussie Buck here inside of 12mths.

FYI This is how stablecoins will be wiped out. No need once we have an eUSD coin.

Here in the USA, the FedNow service is being unveiled now in July. This is supposed to lay the groundwork for the US CBDC. Although no roadmaps have been provided to the public regarding the timeline of a US CBDC, I believe it will likely be implemented very soon in the USA.

I think there will probably be a false flag event that will set off the necessary steps for implementation of a US CBDC.

It could look something like this:

• Ukraine + USA claim that Russia bombed the Zaporizhzhia nuclear power plant.
• This leads to the USA and NATO claiming that now Russia is placing neighboring NATO countries, and the world for that matter, in harm's way and that direct military intervention from the USA and other NATO countries is necessary to contain Russia's offensive.
• This will place the USA in a state of chaos (active war) that will result in a financial collapse to an economy that's currently on life support. Unemployment will skyrocket, riots will ensue (similar to the magnitude of current day France) and bank runs will commence.
• The dollar will collapse for obvious reasons. Someone from the Federal Reserve will suggest, along with US politicians, the implementing of Universal Basic Income. Every adult will get a designated amount (say $2,000/month) and the only catch is that it will no longer be retrievable via standard cash, but instead will be available digitally through the US CBDC. All Americans will be on board at that point as crime, desperation, hunger and uncertainty will have led them to accept any piece of meat the US dangles in front of them.

That's how I see the willing acceptance and implementation of a US CBDC.

"1"

[Irongrip400]

The ATM withdrawal machines are always busy where I am, so people still are using cash for something. But I am encountering quite a few businesses (mainly sports venues and intermediate type quick serve restaurants and parking facilities) that accept nothing but debit and credit. But I think cash will be around for a while, especially US 20s and US 100s, which are unbelievably popular outside the US. If you just judged from inside the US, you would think the most popular note were 20s, but in actual fact there are way more 100s than dollar bills or 20s world wide. The demand for cash 100s ain’t going away too soon, given all the instability in the world.

US dollars are more popular than gold at present. Gold takes a while to liquidate.

I deal in a lot of cash and don’t see it going away anytime soon. Shit, the scrap lobby kept congress from requiring 1099’s for cash doled out at scrap yards. There’s literally no trace of that money if you want to get it all in cash. A buddy of mine owns a shit ton of ATM machines and he crushes it with those. I’m on a vacation now and most of it was paid for in cash. House rental, boat trip, half or more of my daily expenditure. It may happen eventually, but I doubt it is just some “fall off a cliff” moment where we don’t see physical cash being used.

[sculpture]

We’ve had the ‘advanced notice’ BS been given to my wife and she said well if you picked up the fucking phone I’d be able to give you notice but nobody ever answers here. She got the cash. We’re talking sub 10k which is nothing.

Cash is a hassle and the sooner it’s gone the better.

Next year we will see something down here. They’ll push tracking as a benefit in case you get scammed they can pull the money back.

For some people (and not criminals) cash is all they know so it's not a hassle for everyone

[mphgrove]

I deal in a lot of cash and don’t see it going away anytime soon. Shit, the scrap lobby kept congress from requiring 1099’s for cash doled out at scrap yards. There’s literally no trace of that money if you want to get it all in cash. A buddy of mine owns a shit ton of ATM machines and he crushes it with those. I’m on a vacation now and most of it was paid for in cash. House rental, boat trip, half or more of my daily expenditure. It may happen eventually, but I doubt it is just some “fall off a cliff” moment where we don’t see physical cash being used.

I agree with you it is not going away soon, especially in regard to the international storehouse factors I pointed out above. At home here, the younger generation have gotten themselves in trouble using credit cards for everything  (Uber, Door Dash, every kind of phone app). Financial advisors are telling them to budget themselves by taking cash out of the bank and stop spending after they run out.

[20inch calves]

Digital currency is just another sign of the times coming to fruition. We r seeing the bible play out before our eyes

[G_Thang]

Digital currency is just another sign of the times coming to fruition. We r seeing the bible play out before our eyes

Bible says anything about the united federation of planets.  Can't wait for the space battles.

[Lartinos]

Downunder we have had our ATM cash withdrawals reduced and it’s the Spanish Inquisition if you go into a bank to withdraw money.

The narrative is cash is how you get scammed.

Anyhoo, I give no fucks because I have paid taxes all my life. We all use bank accounts down here and the US is probably 40yrs behind where we are in regards to that so it’s zero difference for 95% down here.

The only draw are with cash is to pay on the spot as banks couldn’t do immediate transfers. They can now with 3rd party so it’s super easy to pay on your phone, no cash hassle.

We should have our CBDC Aussie Buck here inside of 12mths.

FYI This is how stablecoins will be wiped out. No need once we have an eUSD coin.

Yes, unless one of the current ones becomes that official CBDC.

[Mayday]

I deal in a lot of cash and don’t see it going away anytime soon. Shit, the scrap lobby kept congress from requiring 1099’s for cash doled out at scrap yards. There’s literally no trace of that money if you want to get it all in cash. A buddy of mine owns a shit ton of ATM machines and he crushes it with those. I’m on a vacation now and most of it was paid for in cash. House rental, boat trip, half or more of my daily expenditure. It may happen eventually, but I doubt it is just some “fall off a cliff” moment where we don’t see physical cash being used.

The largest cash hoarders are the cartels. The US launders money for then inside the US via the cannabis trade. The US picks up the cash from dispensaries, deposits it and gives them a balance in a bank account.

While you will hear 99% say ‘OMG the US launders for the cartels’ the reason it’s being done is the US destroys the physical notes therefore removing them from circulation. This is also the reason behind some countries having USD shortages,  it’s the physical notes vanishing from circulation.

It’s very easy to make it happen overnight. Super simple in fact. Implement new auditing requirements on the taxation side and do it via industry. Once you have a CBDC tracing 40% of one’s incoming revenue, you have time to request more information regarding the 60%. Business will be very quick to comply because all the headache accounting will be simplified using CBDC.

Id bet on it all changing much faster than people think.

[Mayday]

Here in the USA, the FedNow service is being unveiled now in July. This is supposed to lay the groundwork for the US CBDC. Although no roadmaps have been provided to the public regarding the timeline of a US CBDC, I believe it will likely be implemented very soon in the USA.

I think there will probably be a false flag event that will set off the necessary steps for implementation of a US CBDC.
"1"

ECB wants to release in 2024.

I’m not sure it needs any event, we remain in an economic tightening so perhaps in 2024 this is launched to assist with fiscal policy or monetary policy.

[mphgrove]

Well, all I can say is that the cartel based note retirement plan has not worked so far.

My understanding of Federal Reserve statistics is that there were about 54 billion cash notes in circulation (world wide) in 2022, the highest number of notes on record for any year. Of those, about 18 billion were hundred dollar bills, more than a third of the total. A Federal Reserve digital dollar could change that trajectory, but it still seems like cash is king at this point in time, especially overseas. No matter how stingy the tellers are in Australia or how McDonalds seems to only want digital payment  at their drive-throughs.

[Matt]

I think we should all make it a point to use actual cash as much as possible to prevent this. That's what I've been doing.

[mphgrove]

I am a big fan of cash and I definitely notice when a venue or a merchant does not take it, and I have a negative reaction. But then I am really old fashioned I admit.

But I do see an argument for getting rid of pennies.

[Matt]

I am a big fan of cash and I definitely notice when a venue or a merchant does not take it, and I have a negative reaction. But then I am really old fashioned I admit.

But I do see an argument for getting rid of pennies.

Canada got rid of the penny in 2012, to save $11 million per year. Meanwhile, Trudeau sends that much to other countries just about every other month - if not considerably more.

So...the elimination of the penny may just be another excuse to eliminate hard fiat currency.

https://globalnews.ca/video/3359092/trudeau-says-government-says-canada-to-give-syria-840m-following-deadly-attack

[Mayday]

Well, all I can say is that the cartel based note retirement plan has not worked so far.

My understanding of Federal Reserve statistics is that there were about 54 billion cash notes in circulation (world wide) in 2022, the highest number of notes on record for any year. Of those, about 18 billion were hundred dollar bills, more than a third of the total. A Federal Reserve digital dollar could change that trajectory, but it still seems like cash is king at this point in time, especially overseas. No matter how stingy the tellers are in Australia or how McDonalds seems to only want digital payment  at their drive-throughs.

Currency in circulation is Base money pre system leverage.

It does not tell you the location of the currency, only the value. You can print 300B and leave it all in the bank vault then offset with digital deposits.

Eg We have more printed more currency notes here but our ability to access physical notes and coins is being reduced. Yet we can access Those values in our digital bank account and move it digitally no worries.

overseas USD shortages impact physical notes as they are sucked backed to the homeland who chucks it into a vault. Why do you think some of these countries are abandoning the USD? The physical notes are being drained and nobody wants to buy their crap domestic currency.

The headlines of ‘abandoning USD collapse’ is just a red herring to deflect the US is draining it all and fucking them up.

[mac33]

Australias cashless society in combination with igital IDs is a sign of insane society of control...

EU is not far behind on this and is implementing it already.

If you can, avoid this in any way possible...

[galain]

Downunder we have had our ATM cash withdrawals reduced and it’s the Spanish Inquisition if you go into a bank to withdraw money.

The narrative is cash is how you get scammed.

Anyhoo, I give no fucks because I have paid taxes all my life. We all use bank accounts down here and the US is probably 40yrs behind where we are in regards to that so it’s zero difference for 95% down here.

The only draw are with cash is to pay on the spot as banks couldn’t do immediate transfers. They can now with 3rd party so it’s super easy to pay on your phone, no cash hassle.

We should have our CBDC Aussie Buck here inside of 12mths.

FYI This is how stablecoins will be wiped out. No need once we have an eUSD coin.

I live in Germany now but I try to get back home to Oz every 18 months or so. My last two trips I didn't use cash once. Tried to change some Euros last time I was home and the bank refused to touch it!

"We don't do physical currency exchange anymore".

Madness.

[SF1900]

This shouldn't be an issue for Getbiggers, since we mostly pay for stuff using gold coins.

[Humble Narcissist]

Pimps, hookers and drug dealers will be out of business.

[_bruce_]

Cash will always exist - most of the inofficial crime is dependent on tangible money flow. The official pressure has been brewing for a long time but this is a delicate issue and can backfire easily on the "governments".
Some of the people I know haven't used cash for decades but it's mostly the super sheeple who are into this - educated, upper middle class, canon fodder.