On Cash | Hacker News Reader

On Cash

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27 pointskawera14 comments

dupe of https://news.ycombinator.com/item?id=18206868

Some stores have stopped accepting cash and made receipts opt-in. What's the meaning of legal tender if you can't use it?

On the plus side, stores that refuse cash provide a useful social signal about management. One more reason to support local independents.

Widening the digital divide and discriminating against people.

I'm told that the strippers in Vegas now have Bitcoin QR tattoos. What a time to be alive

That'd actually add a pretty cool cyberpunk aesthetic to an otherwise humdrum stripper scene.

MORE Coin (MORE) https://twitter.com/getmorecoin (previously Legends Room (LGD)) is pushing the dancing industry in that direction. Seeing how bottle service in clubs is marked up 1,000% and dances are, well, expensive by nature, I can see a place for flagrant crypto spending in that space.

A lot of dance clubs label themselves as "restaurants" (Gold Club SF) or funnel money through their Cayman Islands Holding Corporation (Spearmint Rhino in Vegas). Moving impossible to track purchases through crypto may sound enticing to them.

I haven't used Canadian dollars in years. I keep $100 at home and $20 in change in my car for an emergency, but yeah, I just never find myself needing cash. It's nice getting an email within minutes of every single expenditure. For me that's the killer feature.

I had to get money out of the ATM the other day. It had been so long that it took me quite a while to remember my PIN.

For years, the only things I've withdrawn cash for have been farmer's markets and impersonal yet practical wedding gifts.

We could process transactions for so much cheaper than the credit cards and banks currently do. There is so much regulatory capture to protect the banks though. In the US businesses that process peer to peer payments are categorized as money service businesses (MSBs). MSBs have increased scrutiny applied to their accounts. It is very, very difficult to find a bank that services MSB accounts. It makes sense though, why would a bank want a high risk account that competes with it? The situation sucks though, I almost just want to start a bank to rebuild the payment system.

I'm with you 100%. Makes me feel more connected to local businesses. Also, I know they get more when I pay cash.

I've carried thousands of dollars around and no one was none the wiser. So while the security argument is true. It's overblown. At most someone will probably steal $100 from me. And that's never happened, thankfully. (I live in a dodgy part of SF)

Note: Copied from dupe.

I can't take any discussion of cash/payment-networks seriously unless there is also a discussion of fraud, it's prevalence, and impact.

It's all fiat money anyway.

Duplicate.

Reply on news.ycombinator.com