COVID-19 / Coronavirus Discussion

[Mark Twain]

35 minutes ago, Darth_Raichu said:

Just on practical level, how does this cashless system work with poor phone reception and/or internet outage or rolling blackouts ?

Currently it doesn't. There's a lot that needs to change nationally and culturally for this to work and there are a number of hurdles people haven't even thought about that would make it impossible for a digital currency to replace all physical cash. Here's a few-- forget black outs and poor coverage, what about the millions of people who rely on cash payments for day to day life, who are unbanked not out of choice but because of poor access or low credit scores, or the people who don't have data plans or smart phones because they can't afford one? This will likely take decades to resolve, if it is even possible. One of the major pushes behind the infrastructure deal is trying to develop low cost fiber across the country to ensure reliable and affordable access to anyone and the supposed promise of the Fed's blockchain system is that anyone can open an account regardless of credit history with no fees and that this might be a more effective way of putting payments into folk's hands when stimulus packages get announced. 

 

[iahawks550]

You can't open an account without a credit history?

[Phil B]

1 minute ago, Mark Twain said:

Currently it doesn't. There's a lot that needs to change nationally and culturally for this to work and there are a number of hurdles people haven't even thought about that would make it impossible for a digital currency to replace all physical cash. Here's a few-- forget black outs and poor coverage, what about the millions of people who rely on cash payments for day to day life, who are unbanked not out of choice but because of poor access or low credit scores, or the people who don't have data plans or smart phones because they can't afford one? This will likely take decades to resolve, if it is even possible. One of the major pushes behind the infrastructure deal is trying to develop low cost fiber across the country to ensure reliable and affordable access to anyone and the supposed promise of the Fed's blockchain system is that anyone can open an account regardless of credit history with no fees and that this might be a more effective way of putting payments into folk's hands when stimulus packages get announced. 

 

The big question for all of us is .... are YOU, as a LEGO reseller, ready to accept digital cash once the masses get their universal basic income paid in FedCoin in 2 years from now? ;-)

[Darth_Raichu]

10 minutes ago, Mark Twain said:

Currently it doesn't. There's a lot that needs to change nationally and culturally for this to work and there are a number of hurdles people haven't even thought about that would make it impossible for a digital currency to replace all physical cash. Here's a few-- forget black outs and poor coverage, what about the millions of people who rely on cash payments for day to day life, who are unbanked not out of choice but because of poor access or low credit scores, or the people who don't have data plans or smart phones because they can't afford one? This will likely take decades to resolve, if it is even possible. One of the major pushes behind the infrastructure deal is trying to develop low cost fiber across the country to ensure reliable and affordable access to anyone and the supposed promise of the Fed's blockchain system is that anyone can open an account regardless of credit history with no fees and that this might be a more effective way of putting payments into folk's hands when stimulus packages get announced. 

 

With subsidized / free microchips implanted in the arms to allow transactions without the need of personal phones or PCs?  They may live in areas where owning smartphones might endanger their lives.

12 minutes ago, Phil B said:

The big question for all of us is .... are YOU, as a LEGO reseller, ready to accept digital cash once the masses get their universal basic income paid in FedCoin in 2 years from now? 😉

All you need is a scanner (free from Amazon?) to read those microchips and you are good to go.  

[Alpinemaps]

1 hour ago, Mark Twain said:

Going cashless certainly has its drawbacks, but moving to a secure blockchain for transactions like FedNow and using FedCoin for zero transaction fees will certainly curtail most digital hackers. And remember, organized crime exists because physical currency is difficult to track and trace. I don’t see how the mob or countless other organized crime outfits will survive this transition.


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I'm sure those digital currencies will still allow for purchases on other blockchains.  Just buy Bitcoin or Doge and let the laundering go.  It's been happening up to this point, no reason to think it wouldn't continue.

[iahawks550]

2 hours ago, Goofball814 said:

The fees that WE PAY so you can have the privilege to use your credit / debit card are F---in' Insane.  This year alone I will pay between $35-40k.  I could employ 1 more person, or give everyone bonuses AND raises with that kind of money...

Any business has shipping costs/rent/lights/utlities/etc, and those are passed on to the customer, in one way or the other. Yes, it's a lot of fees, and yes the CC companies make bank off of being the middle-man. But, they also have a ton of risk involved in their business.

You have the option of becoming a cash only business but don't. We know why.

[Mathew]

Small businesses don’t get all the tax breaks that large businesses do.  They also can’t compete on volume.  Walmart can absorb transaction fees for a candy bar and still sell it for 75 cents. A mom and pop shop can’t do that. 

Edited August 9, 2021 by Mathew

[Mathew]

30 minutes ago, iahawks550 said:

Any business has shipping costs/rent/lights/utlities/etc, and those are passed on to the customer, in one way or the other. Yes, it's a lot of fees, and yes the ... (making excuses for the billionaire corporations)

You have the option of becoming a cash only business but don't. We know why.

I see a lot of resellers like you who clearly have no idea how small businesses operate and succeed. 

[keymomachine]

2 minutes ago, Mathew said:

I see a lot of resellers like you who clearly have no idea how small businesses operate and succeed. 

Buy things for less than you sell them for. It's not rocket science, bud. Also, lots of spreadsheets, which as I understand it from the rocket scientists I know, is what rocket science mostly is. So I stand corrected, running a small business is a lot like rocket science.

[iahawks550]

We've been transitioning to a cashless society for 40 years. But, a person can still function fine without using credit.

With credit cards, much of the risk is transferred to the credit card companies, isn't it? These businesses aren't going to give a $40 loan to someone for each purchase, payable at the end of the month.

[iahawks550]

19 minutes ago, Mathew said:

Small businesses don’t get all the tax breaks that large businesses do.  They also can’t compete on volume.  Walmart can absorb transaction fees for a candy bar and still sell it for 75 cents. A mom and pop shop can’t do that. 

If you want to argue that big business has an advantage over small business, that's not exactly new.

Mom and Pop shops don't succeed for many other reasons than credit card fees.

[Mathew]

2 minutes ago, iahawks550 said:

We've been transitioning to a cashless society for 40 years. But, a person can still function fine without using credit.

With credit cards, much of the risk is transferred to the credit card companies, isn't it? These businesses aren't going to give a $40 loan to someone for each purchase, payable at the end of the month.

It’s not all about risk. It’s about day to day credit card transactions that eat away at profit. 

4 minutes ago, keymomachine said:

Buy things for less than you sell them for. It's not rocket science, bud. Also, lots of spreadsheets, which as I understand it from the rocket...   Blah, blah, irrelevant nonsense  

🤦‍♂️My post concerned how it’s a rigged system against small businesses. For some reason you start babbling on about rocket science.  

 

2 minutes ago, iahawks550 said:

If you want to argue that big business has an advantage over small business, that's not exactly new.

Mom and Pop shops don't succeed for many other reasons than credit card fees.

When profit margins are as slim as it is then every cent counts for a small business that has employees. But most resellers are sole proprietors operating out of their basements. It doesn’t surprise me that you don’t understand how credit card fees can negatively impact profit.  And it’s not as simple as buying low and selling high. Trolling Walmart for clearance deals is not running a day to day business. 

[redghostx]

I believe some of the fancy credit card fees with fancy points and shiny crystals are 4-5%, whereas your basic card is 2-3%. Someone else can correct me on this.

Yay LEGO!

[iahawks550]

24 minutes ago, Mathew said:

 It doesn’t surprise me that you don’t understand how credit card fees can negatively impact profit. 

and take away a customer's ability to use a credit card at your business.Will that negatively impact profit more?

[Mathew]

6 minutes ago, iahawks550 said:

and take away a customer's ability to use a credit card at your business.Will that negatively impact profit more?

I never said that. We were arguing why cash is king. Depends on what you’re selling and where.  For local transactions I try to do cash only. Especially for high dollar items to avoid fees or possibly the customer filing a cc dispute. For eBay I basically have no choice but digital. 

[gmpirate]

1 hour ago, iahawks550 said:

With credit cards, much of the risk is transferred to the credit card companies, isn't it? These businesses aren't going to give a $40 loan to someone for each purchase, payable at the end of the month.

Much of the risk is taken on by small business.  Have one of your kids use your credit card to have dinner delivered to your house.  Then call your credit card company and tell them you didn't authorize your kids to place the order.  What happens?  The credit card company credits your account and the restaurant gets the payment voided and slapped with a $25 penalty.

[Mark Twain]

I'm sure those digital currencies will still allow for purchases on other blockchains.  Just buy Bitcoin or Doge and let the laundering go.  It's been happening up to this point, no reason to think it wouldn't continue.

That may be true, but that’s also traceable on public ledgers. This also assumes that the Fed is going to continue to allow deregulated crypto in the alt coin market—I’m betting the opposite. Regulation is coming. Certain people will still want a decentralized solution for their finances but my guess is that the Fed isn’t going to play nicely with others.


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[iahawks550]

16 minutes ago, gmpirate said:

Much of the risk is taken on by small business.  Have one of your kids use your credit card to have dinner delivered to your house.  Then call your credit card company and tell them you didn't authorize your kids to place the order.  What happens?  The credit card company credits your account and the restaurant gets the payment voided and slapped with a $25 penalty.

Yes, there is that risk, but if a person puts $5,000 worth of furniture on the card and doesn't pay it off, that risk goes to the CC

[Voltron]

1 hour ago, redghostx said:

I believe some of the fancy credit card fees with fancy points and shiny crystals are 4-5%, whereas your basic card is 2-3%. Someone else can correct me on this.

Yay LEGO!
 

Yep this is one of the reasons why points and miles cards are so big in North America , with huge sign up bonuses. In the UK / EU, interchange fees are capped to 0.3% of the transaction for AMEX / Visa etc credit cards, hence why the sign up bonuses are alot less.

[Mark Twain]

You can't open an account without a credit history?

At a credit union, yes. At a bank, possibly. At a bank with bad credit, likely not.


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The big question for all of us is .... are YOU, as a LEGO reseller, ready to accept digital cash once the masses get their universal basic income paid in FedCoin in 2 years from now? ;-)

Why not? We assume that we’re going to have this choice when in reality it is the major marketplaces that resellers us that decide for us how we will be paid and when.


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[gmpirate]

12 minutes ago, iahawks550 said:

Yes, there is that risk, but if a person puts $5,000 worth of furniture on the card and doesn't pay it off, that risk goes to the CC

Well, as someone else pointed out earlier, that risk is anticipated and passed on.

[BricksBrotha]

7 hours ago, iahawks550 said:

Who is "they"

7 hours ago, Mathew said:

I’ve known enough dope heads to see that weed eats away at your personality and ability to rationalize. 

I currently know sober people who listen to fox news so often they actually believe it.

[Mathew]

52 minutes ago, BricksBrotha said:

 

I currently know sober people who listen to fox news so often they actually believe it.

Online liberal 101:  If you've got nothing to add to the debate just bring out the Fox News Trump card.  But at least I don't wear a mask while driving in the car by myself.  

Edited August 10, 2021 by Mathew

[elmaslıefendi]

1 hour ago, Mathew said:

Online liberal 101:  If you've got nothing to add to the debate just bring out the Fox News Trump card.  But at least I don't wear a mask while driving in the car by myself.  

Wearing a mask is idiotic, wearing one whilst driving with no one in the car is plain braindead.

I guess a zombie apocalypse isn't that far fetched afterall, we already got braindead zombies within 2 years without an actual zombie virus. Whoever achieved this state we're in right now: pure class. I mean it. You guys are the ultimate joksters. Keep up the work, it'll only get funnier as time goes on.

 

[Migration]

The catchiest **** You to cancer you’ll ever hear.