If only we had a decentralized distributed network for peer to peer payments that avoided banks and allowed for verified transactions of value amongst distrusting parties.

“This planet has - or rather had - a problem, which was this: most of the people living on it were unhappy for pretty much of the time. Many solutions were suggested for this problem, but most of these were largely concerned with the movement of small green pieces of paper, which was odd because on the whole it wasn't the small green pieces of paper that were unhappy.”

Moving the actual pieces of paper around is more expensive than moving bits around. This should be obvious. Sometimes you're paying an armored truck to move cash or somebody to count it. Other times you're accepting that tonight's deposit was stolen from you on the way to the bank.

I'm all for physical currency and we should vote and campaign to keep that part of our financial system but this isn't a conspiracy. Cashless will out-compete cash almost every time. The only exceptions are local businesses trying to avoid taxes.

An excellent article, especially given the analysis of the social engineering tools used against the general public.

Sadly, I'm certain it will be read like as a too academical alarmist piece and forgotten soon.

My personal assessment of the situation, from someone that finds cash extremely inconvenient, and the cash I do have will sit in my money jar for years before I use it.

# Digital

Disadvantages:

- Possibility of a major provider going down (VISA and MasterCard both have recently) and leaving you stranded for a day

- Increased risk of fraud and scams

- Easy tracking of money

Neutral:

- Harder to pay for illegal items without risk (drugs, prostitution, etc.), possibly fewer to less of those things

Advantages:

- Contactless payments are fast and convenient

- Large money transfers from bank to bank

- Insurance on money up to £85k (UK) if the bank goes bust

- Ability to buy and sell different FIAT currencies quickly

- Need to carry fewer things, on the bleeding edge in a big city you don't even need a wallet or card, just your phone will do

Mitigations:

1. Have multiple banks with different providers, one VISA, another MasterCard, etc. The chances of two going down simultaneously is very low.

2. Use a credit card for purchases and never use a debit card online. Credit cards are protected from fraud and you won't be on the line to pay for fraudulent purchases

# Cash

Disadvantages:

- Lack of security, if you hoard cash and you get robbed, that's on you.

- Cash rot: If you keep it around for a long time and it's no longer legal tender, it's possible you will reach a point where you will never be able to exchange it (UK)

- Possibility of getting fake cash. £50 notes in particular are not accepted in many places.

- (personal) more to carry, coins are a real pain and can pile up quickly (we really need a £1 note or something)

Advantages:

- Easier to give people money in person - Arguably easier to budget - Easier to buy illegal items safely

Did I miss anything?