Senator explains the need to allow Australia Post branches to act as banks.
Without this it goes without saying that cash will all but disappear from circulation.
I think they will stop Australia Post soon from allowing people to withdraw cash.
Digital currency is coming soon if this is allowed to happen.
This is the most important issue this country has faced in a very long time, perhaps ever.
Have not touched cash for a few years now. Biggest spreader of decease known to man. The only people who like cash have something to hide.
Select to expand quotehilly said..
Have not touched cash for a few years now. Biggest spreader of decease known to man. The only people who like cash have something to hide.
Problem with cards/phone money is that you have to constantly check your account to be sure you haven't been robbed.
And when you do get robbed and the bank alerts you, the first thing they do is cancel the card. It happened to me on a Friday afternoon a few months ago. It took till Thursday for a new card to arrive. If I didn't have cash I would have lost weight over the weekend.
Select to expand quoteMr Milk said..hilly said..
Have not touched cash for a few years now. Biggest spreader of decease known to man. The only people who like cash have something to hide.
Problem with cards/phone money is that you have to constantly check your account to be sure you haven't been robbed.
And when you do get robbed and the bank alerts you, the first thing they do is cancel the card. It happened to me on a Friday afternoon a few months ago. It took till Thursday for a new card to arrive. If I didn't have cash I would have lost weight over the weekend.
No one ever got robbed with cash haha. Fasting is good for you. Maybe a few kilos off is great outcome for you. 
And if there's a cyber attack and the web or electronic transfers goes down....
link.springer.com/article/10.1057/s41283-023-00130-4
Australia Post branches as banks?
What about just ATM's?
I'm no brain surgeon but...
What gets me is that this senator actually believes that government owned anything with create more competition and better service.
Now remember Telecom or queuing at any government office.
'Digital currency will soon happen'? It's the dominant form of currency exchange now.
Same as Hilly, haven't touched cash for ages. Handed over a hundred at a bar yonks ago. Was told by the beautiful young thing standing next to me that only drug dealers use cash and that I didn't look like a drug dealer. I said thanks.
Select to expand quotebjw said..
Australia Post branches as banks?
What about just ATM's?
I'm no brain surgeon but...
I haven't watched the video, but I think the problem is that a lot of smaller communities have a post office, for postal services, but are not worthy enough for banks to setup/stay there. By using Auspost for banking they can provide the service from something that is already there. ATMs need someone to fill them and they are generally armored car services.
There was a story on this the other day where some remote communities rely on Auspost for cash and they ran out due to transport issues.
The other thing is that sometimes businesses need to be able to bank their takings securely. The less people use cash the less this is needed but it is still needed.
Imagine if cash didn't exist, the black and illegal economy would cease to exist. Can't imagine many drug dealers accepting eftpos.
Select to expand quotehilly said..
The only people who like cash have something to hide.
A few years ago the only people who used digital currency - bitcoin - had something to hide.
Maybe someone can do the maths, better than me, on the following post I pulled from Facebook and dispel
"Please understand what NOT using cash is doing. As a former banker, it's very crazy what's happening- yet we continue to be ok with it.
Cash is important. matter of fact, they want to do away with it. For a reason! Don't let them!
Why should we pay cash everywhere we can
with banknotes (cash) instead of a credit or debit card?
Well. I have a $50 banknote ($50 bill) in my pocket. Let's say I am going to a restaurant and paying for dinner with it. The restaurant owner then uses the bill to pay someone to clean. The cleaning service then uses the bill to pay the barber. The barber will then use the bill for shopping for groceries.
After an unlimited number of payments, it will still remain a $50 bill, which has fulfilled it's purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made...
- But if I come to a restaurant and pay digitally - Card, and bank fees for my payment transaction charged to the seller are 3%, so around $1.50 and so will the fee $1.50 for each further payment transaction or owner or payments..... going forward.
Therefore, after 30 transactions, the initial $50 will remain only $5 and the remaining $45 became the property of the bank thanks to all digital transactions and fees.
YEP!!!!
Small businesses need your help and this is one way to help ourselves too.
Pull small draws of cash out at a time and use that instead of tap, credit, etc.
When this is put into perspective, imagine what each retailer is paying on a monthly basis in fees at 3% per transaction through their POS machine????
If they have, for example, $50,000 in sales & 90% are by CARD, they are paying $1500 in fees in ONE Month. $18,000 in a year!
That comes out of their income every month.
That would go a long way to helping that small business provide for it's family!"
Not to forget, it can curb the costs passed on to us also!
Did you know I almost always carry cash?
Not tons putting me at risk or stupid amounts, but enough for what I need!!
I see the big picture."
Select to expand quoteairsail said..
Imagine if cash didn't exist, the black and illegal economy would cease to exist. Can't imagine many drug dealers accepting eftpos.
You ought to think that one through. For starters anything can be used as a medium for exchange and throughout history many things have.
The "black economy"? What you consider the black economy pales when weighed up against international money laundering and tax evasion.
Panama papers?
Select to expand quotemyscreenname said..
When this is put into perspective, imagine what each retailer is paying on a monthly basis in fees at 3% per transaction through their POS machine????
If they have, for example, $50,000 in sales & 90% are by CARD, they are paying $1500 in fees in ONE Month. $18,000 in a year!
That comes out of their income every month.
I wonder if this is correct. The following suggests that the actual bank charges are less than this, although my guess is that businesses are charging more than they need to.
www.sbs.com.au/news/article/being-hit-with-card-surcharges-everywhere-you-go-these-are-the-rules-around-them/0i0ipzr5v
That suggests an average of between 1 and 1.5% for credit cards.
You would think that if there is real competition that consumers/businesses would go for the cheapest provider for EFT transactions.
Banks do incur costs for cash, so for them the electronic systems should be cheap.
Select to expand quoteBrent in Qld said..
'Digital currency will soon happen'? It's the dominant form of currency exchange now.
Same as Hilly, haven't touched cash for ages. Handed over a hundred at a bar yonks ago. Was told by the beautiful young thing standing next to me that only drug dealers use cash and that I didn't look like a drug dealer. I said thanks.
It's been a long time between me and drug dealing. Just trying to keep up appearances now.
Select to expand quoteFormulaNova said..
I wonder if this is correct. The following suggests that the actual bank charges are less than this, although my guess is that businesses are charging more than they need to.
www.sbs.com.au/news/article/being-hit-with-card-surcharges-everywhere-you-go-these-are-the-rules-around-them/0i0ipzr5v
That suggests an average of between 1 and 1.5% for credit cards.
You would think that if there is real competition that consumers/businesses would go for the cheapest provider for EFT transactions.
Banks do incur costs for cash, so for them the electronic systems should be cheap.
I think you are right, many retailers exploit these fees forced on them by banks. But do you also think Banks really need to charge 0.5 - 1.5% for every cashless transaction, to cover their costs?
Banks and governments love the idea of digital currency, that's why it's being pushed on us, disguised as convenience. Ask yourself WHO it's really more convenient for.
CBDC === way more control over sheepies.
Pete is right about this.
Select to expand quotemyscreenname said..FormulaNova said..
I wonder if this is correct. The following suggests that the actual bank charges are less than this, although my guess is that businesses are charging more than they need to.
www.sbs.com.au/news/article/being-hit-with-card-surcharges-everywhere-you-go-these-are-the-rules-around-them/0i0ipzr5v
That suggests an average of between 1 and 1.5% for credit cards.
You would think that if there is real competition that consumers/businesses would go for the cheapest provider for EFT transactions.
Banks do incur costs for cash, so for them the electronic systems should be cheap.
I think you are right, many retailers exploit these fees forced on them by banks. But do you also think Banks really need to charge 0.5 - 1.5% for every cashless transaction, to cover their costs?
Banks and governments love the idea of digital currency, that's why it's being pushed on us, disguised as convenience. Ask yourself WHO it's really more convenient for.
CBDC === way more control over sheepies.
Pete is right about this.
Banks are about making money. I think someone pointed out here, or somewhere else I read, that over the last few years banks have made great profits, no matter what is happening.
Banks don't need to charge that, but there are only a handful of big players here, and I suspect that they only compete to a degree.
Banks don't care whether you use cash or EFT, they just care about profit.
I still remember the days where the banks would charge you a discrete fee for using an ATM instead of a teller. Then at some point more people were using ATMs and then the banks started arguing that they need to start charging for using tellers.
I used to work for a telco and one of the projects we worked on was to provide ATM/EFT connections using DSL instead of the leased lines that were common at the time. If I recall correctly, one provider pretty much had the market to themselves and charged accordingly. Other third party companies were jumping over themselves to provide terminals that connected to the existing EFT machines and then to the DSL network and sometimes 3G backup.
I don't know where that ended up, but I wouldn't be surprised if the banks starting switching to these connection methods to reduce costs, and when you were talking about dedicated leased lines into some remote locations, the costs were high.
The question becomes what are you going to trust as currency and what is currency.
Currency is just a belief system.
Bitcoin, some people believe in it but many do not.
Cash, most people believe in it but some do not.
Ever been looking to buy something and said to the seller "I can pay you in gold and or silver." Most people will back away from that at a million miles per hour.
That is insane because cash is losing value all the time whereas you cannot print more gold or silver. Go figure.
Nah mate, the question is what are drug dealers going to do without cash for their day to day expenses?
Asking for a friend...
Select to expand quoteBrent in Qld said..
Nah mate, the question is what are drug dealers going to do without cash for their day to day expenses?
Asking for a friend...
Nah mate, the question is will the masses accept digital currency if they are spin a yarn about contracting convid 19 from touching paper currency.
Based on your post above I'd say there's a damn good chance they are going to fall for their second big con in a matter of years.
Yeah mate. Everyone else is already living in the future you are so fearfully paranoid about.
Anyways... suns out, springs in the air and it's Friday arvo I'm off to the pub to get rid of the my folding, ill-gotten gains before plod comes knocking.
Have a good weekend breezers!
Select to expand quotecisco said..
Currency is just a belief system.
It's all It's ever been. I believe in cash and bitcoin, even if I don't use it often enough. I don't want to see it go.
Banks want it gone, as they don't profit from it. They like the profits from every digital transactions they make. Government want it gone as they are aiming to link their CBDC with our digital IDs, giving them total control.
Select to expand quotemyscreenname said..
Banks want it gone, as they don't profit from it. They like the profits from every digital transactions they make. Government want it gone as they are aiming to link their CBDC with our digital IDs, giving them total control.
I guess this is a good belief system. Whether its true or not, it keeps demand going for bitcoin by people that believe it.
Select to expand quotemyscreenname said..cisco said..
Currency is just a belief system.
It's all It's ever been. I believe in cash and bitcoin, even if I don't use it often enough. I don't want to see it go.
Banks want it gone, as they don't profit from it. They like the profits from every digital transactions they make. Government want it gone as they are aiming to link their CBDC with our digital IDs, giving them total control.
My understanding is that block chain technology is totally secure. Ie it cannot be ****ed with. If that is the case, ( I don't know much about it), it is the first time in history that we have a currency that cannot be manipulated.
That's a threat to the central bankers who are intent on locking the global population into their CBDC. Banking is permeated by skulduggery and the sooner they are all gone the better off we will all be.
Select to expand quotejapie said..
My understanding is that block chain technology is totally secure. Ie it cannot be ****ed with. If that is the case, ( I don't know much about it), it is the first time in history that we have a currency that cannot be manipulated.
That's a threat to the central bankers who are intent on locking the global population into their CBDC. Banking is permeated by skulduggery and the sooner they are all gone the better off we will all be.
Both CBDC and Bitcoin use blockchain technology. The difference is CBDC is centralized and Bitcoin is decentralized.
Select to expand quotemyscreenname said..japie said..
My understanding is that block chain technology is totally secure. Ie it cannot be ****ed with. If that is the case, ( I don't know much about it), it is the first time in history that we have a currency that cannot be manipulated.
That's a threat to the central bankers who are intent on locking the global population into their CBDC. Banking is permeated by skulduggery and the sooner they are all gone the better off we will all be.
Both CBDC and Bitcoin use blockchain technology. The difference is CBDC is centralized and Bitcoin is decentralized.
That was my understanding.
So CBDC can be controlled by The Fat Controller whilst Bitcoin cannot.
In a sane world government spending would be on the blockchain.
Select to expand quotejapie said..
That was my understanding.
So CBDC can be controlled by The Fat Controller whilst Bitcoin cannot.
In a sane world government spending would be on the blockchain.
Correct. And when it's linked to your digital ID you may find that your insurance may go up, as the fat controller finds you have too many transactions with liquorland or you may find travel to some destinations mysteriously become unavailable, or your CBDC is switched off.
Total control.
Select to expand quotejapie said..
My understanding is that block chain technology is totally secure. Ie it cannot be ****ed with. If that is the case, ( I don't know much about it), it is the first time in history that we have a currency that cannot be manipulated.
That's a threat to the central bankers who are intent on locking the global population into their CBDC. Banking is permeated by skulduggery and the sooner they are all gone the better off we will all be.
Of course Bitcoin can be manipulated, just not in the exact same ways.
If someone were to dump a fair bit of bitcoin then the price would go down. If someone buys up, it goes up.
If say a tech entrepreneur made wild posts about how bitcoin is the answer and the government is going to steal their cash, then demand goes up, whether the claim is true or not.
For all the arguments people have about 'fiat currency' not being backed by anything, here we have a currency that clearly is not backed by anything and just relies on supply and demand. The only thing that changes is that no particular government can arbitrarily change the price.
Select to expand quoteFormulaNova said..
Of course Bitcoin can be manipulated, just not in the exact same ways.
If someone were to dump a fair bit of bitcoin then the price would go down. If someone buys up, it goes up.
If say a tech entrepreneur made wild posts about how bitcoin is the answer and the government is going to steal their cash, then demand goes up, whether the claim is true or not.
For all the arguments people have about 'fiat currency' not being backed by anything, here we have a currency that clearly is not backed by anything and just relies on supply and demand. The only thing that changes is that no particular government can arbitrarily change the price.
OMFG are you serious or just have NFI of how money works?
There are many good primer videos about what money is, and how it came into being a thing. google it. It's pretty basic and has an interesting history, that many - including you - can't quite grasp.
I'll let someone else punch the info into you again.
Take a look at the above image and explain to me, like I'm 10 years old, that "no particular government can arbitrarily change the price."
Select to expand quoteFormulaNova said..
Of course Bitcoin can be manipulated, just not in the exact same ways.
If someone were to dump a fair bit of bitcoin then the price would go down. If someone buys up, it goes up.
If say a tech entrepreneur made wild posts about how bitcoin is the answer and the government is going to steal their cash, then demand goes up, whether the claim is true or not.
For all the arguments people have about 'fiat currency' not being backed by anything, here we have a currency that clearly is not backed by anything and just relies on supply and demand. The only thing that changes is that no particular government can arbitrarily change the price.
Select to expand quotemyscreenname said..FormulaNova said..
Of course Bitcoin can be manipulated, just not in the exact same ways.
If someone were to dump a fair bit of bitcoin then the price would go down. If someone buys up, it goes up.
If say a tech entrepreneur made wild posts about how bitcoin is the answer and the government is going to steal their cash, then demand goes up, whether the claim is true or not.
For all the arguments people have about 'fiat currency' not being backed by anything, here we have a currency that clearly is not backed by anything and just relies on supply and demand. The only thing that changes is that no particular government can arbitrarily change the price.
OMFG are you serious or just have NFI of how money works?
There are many good primer videos about what money is, and how it came into being a thing. google it. It's pretty basic and has an interesting history, that many - including you - can't quite grasp.
I'll let someone else punch the info into you again.
Take a look at the above image and explain to me, like I'm 10 years old, that "no particular government can arbitrarily change the price."
You proceed from a fundamentally mistaken belief that Bitcoin is money. It isn't.
You might as well say that shares being traded on the stock exchange are money too.
Select to expand quoteMr Milk said..
You proceed from a fundamentally mistaken belief that Bitcoin is money. It isn't.
You might as well say that shares being traded on the stock exchange are money too.
Bitcoin is a currency, shares in a company are not - google the difference. So you are way off the mark. The value of one currency can only be compared to another to determine its value or buying power.
Besides, I was only pointing out the unbelievable stupidity in FN's post about money or a currency being unable to be manipulated by government.
Sounds like you are very confused also, and need a primer on what purpose currency and money is and the purpose it serves.
Cisco summed it up - it's a belief system.
