I trust you Aussies withdrew money yesterday

hollydolly said:
What's this ?...withdraw cash day ?.. are you only permitted to withdraw cash on specific days ?:unsure:
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No. The movement was to encourage people to withdraw cash so as to put it out there in society. There is a big push to do away with cash. Many businesses are not accepting cash.
Long live cash.
 

Bretrick said:
No. The movement was to encourage people to withdraw cash so as to put it out there in society. There is a big push to do away with cash. Many businesses are not accepting cash.
Long live cash.
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I know, it's the same here..the govt are encouraging everyone to use card instead of cash..I shout it from the rooftops.. even tho' I use Cards myself for some purchases, I use cash where possible. Once we lose control of our money , then we've lost control of our lives..
 
That's interesting, @Bretrick

Thanks for sharing about it.

Was it a day's successful event, as in, did a significant and impressive number of people participate in this effort, to at least garner enthusiasm and enough attention to be worthwile?

And it would also need people to use, and spend the cash, to actually put it back into circulation, soon and fully, to support the effort, isn't that right?

Again, it's an interesting goal, and an interesting way of encouraging action on it.
 
hollydolly said:
I know, it's the same here..the govt are encouraging everyone to use card instead of cash..I shout it from the rooftops.. even tho' I use Cards myself for some purchases, I use cash where possible. Once we lose control of our money , then we've lost control of our lives..
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Farmer Jacks supermarket has a sign at the checkout, "card preferred"
I handed over my cash.:)
 
Kaila said:
That's interesting, @Bretrick

Thanks for sharing about it.

Was it a day's successful event, as in, did a significant and impressive number of people participate in this effort, to at least garner enthusiasm and enough attention to be worthwile?

And it would also need people to use, and spend the cash, to actually put it back into circulation, soon and fully, to support the effort, isn't that right?

Again, it's an interesting goal, and an interesting way of encouraging action on it.
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We will not know how much money was withdrawn for a few days?
I will keep an eye out for the result.
 
It would be nice if they would also release info on either of the following:
how many people participated by withdrawing cash on that day;
or how many withdrawals of cash there was;

in order to give some sense of how many people found it important to do, even if some couldn't or didn't withdraw a large amount of cash.
 
WhatInThe said:
Is Australia still shooting for a 2030 deadline to be a cashless society?

Death of the cheque by 2030 as Australia embraces digital payment reforms

I use my credit card too much but I still use cash daily. No privacy with digital currency which is what the powers that may be want. Debit cards already big in the US. Very easy to switch over.
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Cheques are all but dead here already.

I have a debit card and a credit card and cash - I use whichever suits me at the time.
 
oscash said:
Bretrick: That's the first I've heard "Withdraw Cash Day" here in Aussieland. I always manage to keep come cash at home in case of emergencies.
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Me too. I always ask small business owners like bread shops if they prefer cash or card because the banks charge them extra for card transactions. At the same time they charge the customer extra as well.
 
hollydolly said:
Once we lose control of our money , then we've lost control of our lives..
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Every single item you purchase with a credit or debit card is recorded on your profile. Your profile, along with millions of others, gets bought and sold almost daily. Amassing your entire spending gives retailers, banks and government your spending habits.

Cash is anonymous and we can't have that, so what we can do is make cash difficult to use and promote card spending with benefits like shopping discounts.

Remember, every time you use your credit or debit card, or collect some form of reward with that loyalty card, you are being profiled. That is why, no matter how big the purchase, I use cash.
 
The banking industry is switching over to digital currency, which will be controlled by central banks, instead of local ones. Here the pros and cons of what to expect.

Pros​

  • Third-Party Risk Elimination: The system relies on the central bank’s stability, unlike in traditional finance, where commercial banks are the counterparties.
  • Cost Reduction: Central banks will deal directly with the public, removing the current expensive banking infrastructure. This has the potential to drive down transaction costs.
  • Financial Inclusivity: CBDCs could potentially present a financial structure that eases access to financial services.

Cons​

  • Complete Lack of Privacy: CBDCs will require a healthy dose of personal information. The issuing central banks are responsible for fraud monitoring and ascertaining the legality of transactions. The government would have access to financial information without going through third parties to access it.
  • Government Control of Consumer Behavior: CBDCs run the risk of being tools the government uses to encourage certain practices in line with its policies. For example, a government could program its CBDC only to be used to purchase certain goods and services but not others.
  • Centralization Risk: With CBDCs, central banks would likely be the sole entirety in control of the digital currency, creating a single point of failure hackers could exploit, which could have crippling effects on the economy if a hack occurs.

https://www.coindesk.com/learn/what-is-a-central-bank-digital-currency-a-brief-guide-to-cbdcs/

It seems to me that the more the central banks control the currency, the powerful and wealthy will be directing what it is we will be able to purchase and what we can't. This might be good in some circumstances, but it might be something controversial. In the not to distant future, cash will not be traded anymore. As we speak the banking industry is sinking billions of dollars into AI run systems to run the banks agendas. Most of our labor payoffs will be handed over to the government to be spent on investments and allocations that benefit those that control the system. Fairness will be very questionable.
 
horseless carriage said:
Every single item you purchase with a credit or debit card is recorded on your profile. Your profile, along with millions of others, gets bought and sold almost daily. Amassing your entire spending gives retailers, banks and government your spending habits.

Cash is anonymous and we can't have that, so what we can do is make cash difficult to use and promote card spending with benefits like shopping discounts.

Remember, every time you use your credit or debit card, or collect some form of reward with that loyalty card, you are being profiled. That is why, no matter how big the purchase, I use cash.
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Exactly my point. Once you can only use card. the govt can control your life completely. They can see where you spend, what you spend on. The can block you withdrawing cash or put a limit on how much you withdraw, they can control what you buy, where you buy it, and when..... and they will . I wish people realised that the Dystopia world will be on us..and more importantly our kids and grandchildren with a vengeance then...
 
If you go to Lancaster, PA, the Amish retain their 1800s way of life- no electricity, phones, horses and buggies. If you stop at one of their stands and want to buy something- no problem, they take Mastercard, Visa & Discover. We are headed for a cashless society. I've gone all plastic for a good 5 + years. I do keep some cash, but I've never had to use it in all that time.
I really don't see Visa as some evil intrusion into my personal business. It does seem more and more those, who want to use only cash, may be doing something illegal. There still may be some small businesses, who like cash, that can't be traced, but in a few years, they'll be gone. And if the"government" wanted to cut off your use of cash, I don't think it would be hard to do. Our economy is expanding and growing.
When was the last time you paid your grocery bill with gold doubloons???????
 
hollydolly said:
Exactly my point. Once you can only use card. the govt can control your life completely. They can see where you spend, what you spend on. The can block you withdrawing cash or put a limit on how much you withdraw, they can control what you buy, where you buy it, and when..... and they will . I wish people realised that the Dystopia world will be on us..and more importantly our kids and grandchildren with a vengeance then...
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I use cash more than most people - but only because it suits me, not because I fear some government control or dystopian takeover.
 

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