by Dylan Charles, November 23rd 2016
“Every revolution needs a good crisis in order to germinate its seed. The cashless revolution is no different.” ~Patrick Henningsen
“It seems the acceleration toward a cashless society is becoming like one of an amusement arcade amid the range of novel payment devices coming onto the market. These innovative payment devices are yet another novelty enticing customers toward fully traceable and trackable digital transactions, indeed cultivating user familiarity with a variety of cashless and contactless methods of payment.” ~Steven Tritton
A cashless society is “no longer an illusion but a vision that can be fulfilled within a reasonable time frame,” said Michael Busk-Jepsen, executive director of the Danish Bankers Association. [Source]
Is Resistance Futile, or Just Inconvenient?
False Flags in the War on Cash
Cyber criminals have remotely attacked cash machines in more than a dozen countries across Europe this year, using malicious software that forces machines to spit out cash, according to Russian cyber security firm Group IB.Diebold Nixdorf and NCR Corp, the world’s two largest ATM makers, said they were aware of the attacks and have been working with customers to mitigate the threat. The newly disclosed heists across Europe follow the hacking of ATMs in Taiwan and Thailand that were widely reported over the summer.Although cyber criminals have been attacking cash machines for at least five years, the early campaigns mostly involved small numbers of ATMs because hackers needed to have physical access to cash out machines.The recent heists in Europe and Asia were run from central, remote command centers, enabling criminals to target large numbers of machines in “smash and grab” operations that seek to drain large amounts of cash before banks uncover the hacks.“They are taking this to the next level in being able to attack a large number of machines at once,” said Nicholas Billett, Diebold Nixdorf’s senior director of core software and ATM Security. “They know they will be caught fairly quickly, so they stage it in such a way that they can get cash from as many ATMs as they can before they get shut down.” [Source]
“In Taiwan and Thailand earlier this year, the criminals programmed bank ATMs to spew cash. Gang members stood in front of the machines at the appointed hour and collected millions of dollars.Earlier this month, the Federal Bureau of Investigation warned U.S. banks of the potential for similar attacks. The FBI said in a bulletin that it is “monitoring emerging reports indicating that well-resourced and organized malicious cyber actors have intentions to target the U.S. financial sector.”” [Source]
“Liberated from the burden of physical currency, consumers could make purchases from the convenience of a mobile device. Every transaction would come equipped with fraud protection, reward points and a digital record of its time and location. Comprehensive tracking could help the Internal Revenue Service reclaim billions of tax dollars lost to unreported income, like the $80 I made selling a used refrigerator on Craigslist. Drug dealers, helpless without an anonymous medium of exchange, would acquire wholesome professions. El Chapo might become a claims adjuster.
But this universe is missing one of the fundamental aspects of human civilization. A world without paper money is a world without money. Money belongs to its current holder. It doesn’t matter if a banknote was lost or stolen at some point in the past. Money is current; that’s why it’s called currency! A bank deposit, however, grants custody of money to the bank. An account balance is not actually money, but a claim on money.This is an important distinction. A claim is only as good as its enforceability, and in a cashless society every transaction must pass through a financial gatekeeper. Banks, being private institutions, have the right to refuse transactions at their discretion. We can’t expect every payment to be given due process.” ~Elaine Ou
“Large currency denominations are associated with crime. They also make it easier to withdraw large cash sums from banks.” [Source]
About the Author
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