The biggest issue with CBDCs beyond privacy is programmability. Imagine whatever administration in the office at the time having 100% control of what you can and cannot spend your money on. Third gas fill-up of the week? Sorry, you've hit your carbon credit limit for the month, no gas for you.
Or what if a politician turns off the cashless payments of ethnic or minority groups they don't like? Wouldn't want a bigot or populist to be in charge of our money
The scary thing is California is already dangerously close to actually doing this. Insert a CBDC into the situation and I guarantee the first thing California would do is exactly what you just said.
The other issue I have with going cashless is that every time you use a card at a business, that credit card company, or debit card is charging the business a percentage to use it… So we are paying more to use cards. We are making more money for the banking industry… Does anyone really want to do that?
Businesses who operate in cash likely dodge tax, including their employees. They pay less income tax so you and wider society have to pay more income tax. Want that?😂
@@michaelchristensen2621 Cash is better for a lot of reasons, I could write a book on it. I’m glad people are paying less income taxes, in that case… It should be illegal anyway. Personally, I do not pay income taxes… For 23 years now. Js
@@truthbetold4350I'm ONLY using cash. I hope they don't actually approve the whole digital pay crap. I dnt think it will in America 🙏 I saw some places Europe have digital 😮😮😮
@@Username_CC_ it's interesting that your mind goes to tax evasion first. Do people evade taxes? Sure, happens a lot. Do rural small business and farmers who use cash and checks evade taxes? I'm not confident of that conclusion. Businesses that use digital currency evade taxes too, they just do it differently. Most small businesses in my area will not come to your house with a card scanner. They usually want a check, or they prefer cash. They wouldn't ever deal with PayPal, venmo or apple pay.
@@warriorlink8612 Yes. Cash is mostly used for tax evasion purposes, and it has always been that way. It's easy to evade taxes when you don't have trackable cash flows. That being said, I don't want physical cash to be eliminated either. I always pay tip with cash.
My job is tipping category, so I receive a lot of cash and so I pay for everything that’s not a bill, in cash! Grocery store, department stores, hardware stores, gas, food, etc, cash!
Businesses will always need cash. Recently I was in a town that experienced a power outage. No POS system was working so, cash was the only way to operate. This happens often enough to never eliminate cash.
Agreed. Something similar happened at my job where we lost our internet connection. Our cash registers are connected to the internet, so for a while we were only accepting cash payments until it was restored.
@@blacklyfe5543 agreed, it does not happen a lot. But it happens enough. And black outs happen more or less depending on where you live. Also, plenty of small businesses (like me) want to keep cash and trades people.
Right on, I'll stand with you. Any business that decides to not give me an option to use real money, is automatically pushing me right over to their competitors.
Earlier this year, I was purchasing a TV mount and a few other things. I tried to pay with my debit card but the card reader wasn’t working. I had to open my wallet and handover two crisp Benjamins and then wait for my change. It was an emotional experience.
Paying cashless means paying the bank everytime you buy something. Paying with cash means the whole amount is for service / product. I prefer cash, i dont like giving my money to banks. They are rich enough.
Then you face a holiday weekend like I just had when my card stopped working in the digital readers. Cash still worked! I also like that the government doesn't have ability to track or control my spending.
I don't think this can actually get approved in America??? It better not. I have high hopes this will get banned but this shittt is real scary.. I see sum of Europe has digital already😮 but America?I don't think we the people will stand 4 this crap
@@nicholas802 I am just giving an example, such as snacks or candy. I see customers will pay that amount on a card and not use cash because they don't carry any.
You're awesome, George! I realize this isn't coming super soon. But, I'm concerned about the next generations and what they'll experience. I'm also concerned about CBDC being tied to ESG. We all saw bank accounts frozen at the beginning of last year with the truckers convoy. Even folks who JUST donated money to the truckers were locked out of their accounts. When I look at where this "could" go, I'm not comforted. Plus, there was the MIT study on cash vs. digital payments that concluded we spend less money using cash. I think that is a good thing until it's not there anymore...
I've been trying to pay cash. I've even walked away from a card only self checkout. I've even saved a little when paying cash at a small business. They charge you for using a card. I'm not sure if people realize that.
me too… I’ve had several businesses over the past few years offer me a discount for using cash… That’s because the credit card companies are making money every time you use a card and they charge the business.
You're easily entertained, but, I was hoping he might have a few ideas for stopping cashlessness from marching on, not simply telling me that cash was alive and well. I would have thought that it was becoming clear that cash is alive and well. However, cash is under attack, by people who stand to gain a lot of money, and even more power by its disappearance. Cash is under threat. This is serious. We need an alternative bank to stop it from slowly disappearing,
To reference Virginia state Delegate Nick Freitas, I’m just waiting for someone in the government to say “no one wants to completely replace cash with digital currency.” That when you’ll know they absolutely want it replace cash with digital currency.
Cash is nice because it is physical markers where you can organize it into different categories. It’s harder to seethe different categories with a digital lump sum unless you open multiple accounts. Sounds like a bit of a nightmare. Thanks for the video.
I RARELY carry cash, maybe for a flea market or food trucks in town where they take cash. My wallet has a money clip and it is 99% of the time not used.
Most transactions are made digitally nowadays. Cash is good when you need "liquid" money-for things like girl scout cookies, craigslist purchases, birthdays, etc. While I do carry some cash for emergencies, most of my transactions are digital & on autopay.
I live in Maine and many smaller, locally owned business don't take credit or debit cards because of the transaction fees so I do keep some cash on hand.
I always look forward to your videos. They're informative and funny! There are certain things that I pay cash for (my mechanic and my hair stylist come to mind) because I don't want them to incur the cost of credit card fees. They are small businesses and seem to get taxed and fee'd to death. I also have several friends that actually get their pay checks in check form. They said they actually like the feeling of gong to the bank and either cashing their check or depositing into their account - they feel like they are seeing the money they have earned. A cashless society would affect a lot of people in ways we don't even realize. Kinda scary though to think of leaving our finances in the government's hand when they have trouble managing their own budgets. Just thinking out loud...lol
I use cash 75% of the time and a debit card the other 25%. If the business charges more for using a card, I pay with cash 100% of the time. I am not paying their exchange fees.
Some food spots are cash only, even going to some beach bars during the summer are cash only. I always pay with a card if I can, but I do keep small amount of cash on me. But even going out to eat with friends, someone pays the bill with a card and we venmo/paypal them the money.
I really like being able to take out cash and pay for things online. It is way easier for me to budget with cash so the idea of having to go ful digital leaves a real ba state in my mouth.
I’m 26 and would’ve never guessed 10 yrs ago having joined my first gym with cash that ten years later planet fitness refuses cash along with many other places we lose cash we lose what freedom we have left
I was paying for everything with credit cards, but lately I have been paying for fast food with cash because of the stupid screens they have demanding a tip when I pay with credit card. Fast food is just not worthy of a tip. It's not a sit down restaurant.
The people that raised me would trade food stamps at the gas station for cigarettes and alcohol. Digital currency would NOT stop the illegal activity. People would just trade the items that are legal for the items that are illegal. Illegal activity would just become barter systems. I had to figure out how to get food for myself as a child because of this abuse of the system.
@@Username_CC_it’s not just that. If they think we should be eating bugs, your card won’t work to buy that steak you want. Or if you want to fill up your vehicle for the second time that week, it won’t work because they think your carbon emissions are too high.
At 10:26 he's saying it in kind of a joking way but paying in cash really helped me get my spending on track. With a card it deducts the amount and it just doesn't feel real until you check your account later. Also I like collecting coins and that's only possible if you're getting change back.
It’s true! Cash really is king especially when your watching the budget closely to get out of debt or save for something like vacation, a new car, a home renovation or holidays.
I remember. And want Scotty to beam me back. I'm not interested in Vinmo or any other app. We just spent cash 20 minutes ago. I might make a non cash payment once a month. Cash will always be king in our home, right behind The King, Jesus.
I can’t be the only one who leaves money in the bank for bills to take out and maybe some to eat out a night or 2 as well while the rest is pulled out and in my wallet..🧐 and yes I am paid by check every Friday, I have to cash it. Everything I do is old fashioned but it works and there’s nothing to bite me in my ah… yea 😂😂
Imagine a government limiting what you can purchase because of "climate change" or a low social credit score. The coming digital currency isn't just numbers. It's a programable blockchain ledger.
Blind people and the poor largely depend on cash payments. Also what about bus fare and coin operated machines? Or if you've gotta pay a bill at a kiosk and you only have cash? My lights almost got cut off because I only had cash once and the place I usually used to pay DTE removed the kiosk
Not for me! I always use cash. I don't own a cell phone, don't want one. Cash is freedom from the government, and others. No one tracking my spending. Americans will never go cashless.
"The US still values personal freedom" ...Sure it does as long as you have the "correct" opinion. I think we will see it used for control more than anything else. For example, the government could put limits on what you buy by category. You have bought your meat allotment for the month so your currency will no longer work for meat purchases. The government needs to stimulate the economy but too many citizens are saving towards their future? No problem, just put expiration dates on the currency.
Even though for the most part mainly use debit or credit for my payment methods (I pay the credit cards off every month), I still like to have the option of cash. Cause what would happen if the credit card machines go down? Well then it's cash to the rescue. Even though cashless payments are quicker and faster, cash will always be king!
You made reference to "Scotty" from Star Trek. By coincidence, I was reading about James Doohan only yesterday. I had no idea that he had served in WWII, or that he had been injured during the D-Day invasion, getting shot a half-dozen times and losing a finger (visibly missing in a few Star Trek scenes).
Yeah, wait until a weather emergency with no power. Try to used your digital currency to buy stuff that is essentials. Or the news about bank in China doesn't return your money in their care. I do use debt card they always charge you service fee. Or credit card charge you interest on your purchase. Using your own money from a bank or third party business loan. The bank doesn't really care about their customers they own care about profits.
I was thinking about how the US dollar won't be the world reserve currency soon, if it already isn't. Anyway there was a great video made by the channel Valuetainment - he gave the history of world reserve currencies. Paper currencies only last about 100 years. There have been 6 previous world reserve currencies. The value of our dollar is already down, but will it really become worthless if/when BRICS takes over? Not sure. If the US dollar value plummets, we will lose a lot of our retirement values, and my emergency fund could be worth half what it is today, or even less. We could end up seeing hyperinflation. And I know for sure our wages will not be raised to match. We need to keep staying out of debt, and not buying cars. If you have a car that's paid off, keep driving it. Live a frugal lifestyle, stay on your budget, do cheap/free things for fun. Staying out of debt is really hard but so worth it.
I don’t eat popcorn at the movies. But I do bring my own drink. Usually one of those Cascade Ice zero sugar sodas that has like 5 calories and doesn’t taste like seltzer water (I hate sparkling water, plain and flavored). I usually put it in a blanket that I legitimately use to stay warm when sitting in the seats in my summer clothes for 2-3 hours (sitting makes me cold). In the winter, it fits under my coat. In all fairness, if they sold it at the theater, I’d be willing to pay $3-4 a bottle to get one. But I pay anywhere from $.88-1.25 at the store (depending which one), and I don’t feel guilty.
Looks like some have sucralose and some don't on Cascade "Original and Original with Caffeine contain sucralose. USDA Organic, USDA Organic with Caffeine and Naturals HAVE NO Sweeteners in them." Which ones do you use?
Except for a cash-only bar I like (and any bar I go to), I use a debit card you can tap. Some bars have switched to the run a tab on your card system only. I like using cash at a bar because you can organize your money and keep track of how many drinks you had. That way you can avoid getting TOO drunk, though you NEVER want to attempt to drive!
I wonder what Timo would think of that attempt at German at the end. 🤔 Last night I had dinner with a Ramsey Solutions employee and I told him that I watch that George Kamel on RU-vid. 🤣
I use cash literally every day. I tip my servers in cash. I buy &un$ with cash. Same with freedom seeds...nothing but cash. I'm totally against a cashless society. I'm not playing their game.
