Warning: Dont Put All Your Eggs In The Digital Basket...

[thedigger]

https://www.youtube.com/watch?v=y2lSwqwyiZk

 

[Outback]

Got to agree !
So many people don't have any cash to fall back on when this stuff happens :bomb:

Jack

 

[Greenhornet_au]

I also agree, during the Covid 2020 year there were significant $ withdrawn from Banks, as people wanted 'cash on hand'.

A forced digital banking system is dangerous, I had this debate with a Bank Manager recently, nice lady, but she lost the debate when I asked her what would happen to my 'digital funds' in her Bank if the Bank was bankrupted.... (long pause)

"That would never happen, our Bank is VERY large !"

But what would happen to all my funds ???
My understanding is the Bank would convert them to 'Shares' and they would be worth nothing as the Bank would lose it to Creditors pockets.
My funds are essentially 'unsecured loans' to the Bank, arent they ? That is why I am paid interest ?

She thought about it and said - "Yes"

It was a civil discussion, but she was quite comfortable in the knowledge we would all lose our money if things went sour with the Bank(s) or the digital systems we use.

I dont have much cash, my 16yr old ( Kato ) has more than me, but it is a serious thing to be aware of.

My mattress needs more padding.....

:lol: :lol: :lol:

 

[davsgold]

yes exactly right, why do you think the banks and Governments are trying to convince people that a cashless way is best, the only ones it's best for is not the individual people that's for sure.

 

[HippyProspecting]

I don't think it's a good idea to put all your cash into any one investment

 

[Jaros]

True!!!!!

 

[Swinging & digging]

I also agree, during the Covid 2020 year there were significant $ withdrawn from Banks, as people wanted 'cash on hand'.

A forced digital banking system is dangerous, I had this debate with a Bank Manager recently, nice lady, but she lost the debate when I asked her what would happen to my 'digital funds' in her Bank if the Bank was bankrupted.... (long pause)

"That would never happen, our Bank is VERY large !"

But what would happen to all my funds ???
My understanding is the Bank would convert them to 'Shares' and they would be worth nothing as the Bank would lose it to Creditors pockets.
My funds are essentially 'unsecured loans' to the Bank, arent they ? That is why I am paid interest ?

She thought about it and said - "Yes"

It was a civil discussion, but she was quite comfortable in the knowledge we would all lose our money if things went sour with the Bank(s) or the digital systems we use.

I dont have much cash, my 16yr old ( Kato ) has more than me, but it is a serious thing to be aware of.

My mattress needs more padding.....

:lol: :lol: :lol:

Media reports are saying Big decline in cash transactions during Co-vid pandemic. :/

 

[maxwell4]

Just to clarify I believe money you deposit to a bank is guaranteed by the government to a certain limit. Which I would be well under?

 

[thedigger]

Several years ago, on our trip back from the west,filling up at Norseman,one customer was complaining that he had been stuck on the way back to the west,because the credit cards would not work,the woman at the BP replyed,I always have cash when I am travelling.

 

[Swinging & digging]

The so called government guarantee is for deposits up to 250K.
I think its a silly policy as if a major bank where to go bankrupt I can't see taxpayers footing the bill for those rich enough to have big sums of money in the bank.

 

[Keitzy]

TLDR... cash has its place in society....eg. being 300km from a tower with no reception for an eftpos/card machine to work to fill your tank or to buy a bacon sandwich. Which you factor in and go to an atm prior to departure.... but the technology itself isnt going to fail. I havent used cash in over 18 months, prob 2 years.... exception being a gold coin in the coles or woolies trolleys.
All my money, investments, cryptos and savings are all in ones and zeros and I have no worries or qualms about it at all.

Scaremongering

 

[Mike678]

You can get plastic shopping trolley keys on E-bay . They are reusable . I have not used coin on a trolley for years . My plastic key is on my key ring . Buy a few and give them to the relos. and friends .

Some do not work on Aldi trolleys .

 

[Outback]

Sheeze ''''some here don't understand the BAIL in LAWS that came in to effect a couple of years back . :argh:

Jack