This blog is about my favourite leisure activities and some thoughts in general.

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Saturday, March 2, 2013

Cash is the king !?

Meanwhile it is possible to pay not just with a plastic card, but with a smartphone or even a fingerprint too and people like Jack Dorsey, the founder of the babble box Twitter, want to develop a system that makes cash completely superfluous. Less initiated minds will welcome it thinking cash is  something for drug pusher or other crooks anyway and still better it can´t be stolen anymore. Now wait a minute. First of all cyber crime causes a lot more damage than petty theft and there are some more points to think about. Cash is the only legitimate currency, while a number on the account is not. What if the system crashes through technical failure or sabotage and  suddenly it is not possible anymore to make payments. Being cut off from the system can easily  threat one´s existence. Next obviously a trace is left with every payment and citizens can be monitored by Feds making the visions G. Orwell described in his book "1984" become a greater reality. Bankster will certainly love it, because they are getting rid of their biggest fear - the bank run. No bank retains nearly enough cash to satisfy huge demands and should a bank gets into trouble and plenty of people want to withdraw  money from their account, it is simply not possible anymore. Disturbing activities for cryin´out loud.

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