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http://www.koreatimes.co.kr/www/news/biz/2016/03/488_199146.html
Quote:
The Bank of Korea is planning a "cashless society" by 2020. If a shopper buys a 9,500 won item and pays with a 10,000 won banknote, for instance, the shopper will be credited 500 won to his or her prepaid card instead of getting a 500 won coin in change.

The move comes from the expectation that a cashless society will partly solve the problem of the underground economy, according to Kwak Hyun-soo, an analyst at Shinhan Investment Corp.
And so...

The great experiment begins.

If Bitcoin was able to dominate America so quickly, there's a chance this might make it.
whistle.gif
 

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That's, like, even less value than the money we have now. It's literally nothing more than a number tied to an account. You want your account to have the biggest number.

My God, they're turning their economy into a video game!
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Quote:
Originally Posted by frickfrock999 View Post



If Bitcoin was able to dominate America so quickly, there's a chance this might make it.
whistle.gif
Ummm .... Hardly dominate.

However I do foresee a bleak and troubling future ahead.

Edit:
Quote:
Originally Posted by CynicalUnicorn View Post

My God, they're turning their economy into a video game!
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Quote:
Originally Posted by CynicalUnicorn View Post

That's, like, even less value than the money we have now. It's literally nothing more than a number tied to an account. You want your account to have the biggest number.

My God, they're turning their economy into a video game!
eek.gif
Welcome to the real world, where your net worth is literally a number.
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I'd have to become a thief in a cashless society to get by...unless it was a pure barter or post scarcity economy, of course.

Been going the opposite direction for the last 15 years myself. No credit/debt cards and no bank accounts any more. Converted most of my assets to tangibles, and used the rest to pay down some of my wife's student loans. I am nearly non-existent, on paper, now.
Quote:
Originally Posted by Mr357 View Post

Seems like a bad idea to me. It's probably a scheme for the South Korean government to hoard the existing physical currency.
Why would the government need to hoard physical notes for fiat currency that they produce and largely dictate the value of?
 
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Quote:
Originally Posted by frickfrock999 View Post

You're right.

I guess "own" or "reign supreme" would be better terms.
You guys kill me. Only thing bitcoin is used for is buying illegal goodies from naughty sites off Tor. Peeps mostly use their debit cards here. The great experiment has already begin. Flip a switch and all the worlds wealth is frozen.

Edit:
Perhaps I'm missing your meaning. Reign supreme as in better than?
 
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Quote:
Originally Posted by jdstock76 View Post

Flip a switch and all the worlds wealth is frozen.
Legit. Don't care who you are... If that switch flips... you're broke.
 

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Iconoclast
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Quote:
Originally Posted by jdstock76 View Post

Only thing bitcoin is used for is buying illegal goodies from naughty sites off Tor. Peeps mostly use their debit cards here.
Computer in my signature was paid for largely with Bitcoin.
 

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This is fine by me I haven't touched cash for a while now been using my card only for transaction
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Cool, now if the powers that be don't like you, they can turn off your chip.
 

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Quote:
Originally Posted by frickfrock999 View Post

And so...

The great experiment begins.

If Bitcoin was able to dominate America so quickly, there's a chance this might make it.
whistle.gif
Yeah but, the bitcoin had no official backing, wasn't accepted anywhere but the internet and was never adopted as a nationally accepted currency so...Economically speaking those are two completely different things...You know a privatized source of funding and an entire nation going cashless....
 

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Quote:
Originally Posted by Blameless View Post

Why would the government need to hoard physical notes for fiat currency that they produce and largely dictate the value of?
Because if we're talking coins, there's still some tangible value thanks to the metal, and they could potentially get millions of them for almost nothing if they devalue their currency after people "turn in" their coins.
 

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Must admit, been going this way in the EU for awhile now. With Chip+Pin introduced in the early 2000's the only reason I've carried change is for public transport. Not like anyones financial worth has been anything but numbers on a computer for decades anyway?

I don't think I'd miss physical money anyway, muggers are already moving on by stealing phones rather than wallets
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Quote:
Originally Posted by Mr357 View Post

Because if we're talking coins, there's still some tangible value thanks to the metal, and they could potentially get millions of them for almost nothing if they devalue their currency after people "turn in" their coins.
I can't imagine that all of the Korean coinage in circulation has a metal value even a small fraction of enough to justify something like that. It might not even be profitable to collect them just to melt them down.
 

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Quote:
Originally Posted by Blameless View Post

I can't imagine that all of the Korean coinage in circulation has a metal value even a small fraction of enough to justify something like that. It might not even be profitable to collect them just to melt them down.
Maybe so, but if they're bringing in truckloads of them and paying almost nothing in return, it could be worth it.
 

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This will never work wholesale especially in Korea.

There are simply too many storefronts that still prefer cash transactions (often guaranteed discounts as a result) for using cash instead of a card. Now maybe if the banks paid for the transaction fees, you may have a fighting chance.

Yeongsang, Busan, gangnam, and essentially every myeongdeong* of every city in Korea are THE places to go for bartering with cash because of the vast amounts of street vendors. 2 of which reside in the capital, 1 of which is the second largest city in the country.

*essentially can be thought of as a main street, it's a go to spot for shopping. For Americans it's where you can find evidence of McDonald's that delivers.
 

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This could be very handy if you wanted to keep a tight leash on your unruly husband. Or if you wanted to tax savings. Or stop side jobs or stop unlicensed startups. Or NCAA pools. Or control anything currency related. It could all come up in a google like search. Gov parties have already used the irs to punish those not favored. How would a kid get a tip for a good job?
Don't like it. My debit/credit cards already give me all the convenience I want. Being able to carry cash has more benefits than drawbacks imo. It's not that much of a hassle.
 
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