Comments on: Cashless crepes

By: Damien

Damien — Thu, 12 Oct 2006 06:24:29 +0000

I would consider this a major loss and a travesty because the only things I pay ‘virtually’ are bills and online purchases. Everything else is paid in cash because nothing quite says “you’re done buying useless crap for the week” better than an empty wallet… Not to mention the fact that cash, as a physical possession, is not subject to the whims of corrupt bankers, hackers, or government confiscation. None are a big concern, but they cannot be 100% eliminated from a cashless capitalist driven society.

By: Joshua

Joshua — Thu, 12 Oct 2006 00:48:02 +0000

wj: It seems to me that wouldn’t necessarily prevent cash from being abolished as a legal form of payment in the future as Sean suggests. It would come down to the specifics of the legislation (for example it could specify that the “legal tender for all debts” notice on the printed currency is now null and void).

Another way they could phase out physical money would be to keep it legal but just shut down the U.S. Mints, and not replace currency and coins that are retired from circulation. Of course, this could have an interesting effect on the value of a physical dollar (at least unofficially, and relative to the value of an e-dollar) as the physical money supply dwindles.

By: pennywit

pennywit — Thu, 12 Oct 2006 00:26:47 +0000

No more bills? I guess they got tired of “crepe” paper.

–|PW|–

By: pennywit

pennywit — Thu, 12 Oct 2006 00:25:16 +0000

I don’t know my currency law, but I do know that it’s possible to specify, for example, that payment only be rendered by check in some transactions.

–|PW|–

By: Mikkel

Mikkel — Wed, 11 Oct 2006 22:42:35 +0000

According to wikipedia, someone can say what type of payment they want before the debt is incured. Once you eat the food they would have to take money as payment, but the can refuse to give you food in the first place (hence there is no debt) if you insist on paying in cash.

By: wj

wj — Wed, 11 Oct 2006 22:34:06 +0000

Last I looked, the currency still says: “This note is legal tender for all debts, public and private.”

Maybe a lawyer out there can correct me, but this is the way I learned it long ago: If you go to this cafe, eat, and then “tender” (offer) cash to pay for it, you have paid. If they refuse to take cash, you just got a free meal. You tendered, which legally pays the debt — whether they accept it or not.

By: Justin Gardner

Justin Gardner — Wed, 11 Oct 2006 22:24:12 +0000

This trend will bring about massive debt loads for Americans, and already has by the way, unless we get some education talking about to be responsible with credit.

Still, it’s intriguing. I mainly just use my debit card and stay far away from credit cards. I find it a much easier way to keep track of what I spend and where. If I use cash, I have to save receipts, and that’s a pain.