MDawg
MDawg
Joined: Sep 27, 2018
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August 2nd, 2020 at 6:11:22 PM permalink
Quote: ChumpChange


BTW, Australia is going cashless. How do you buy-in when everybody is losing their credit cards due to the pandemic?

Australia is also looking to make checks obsolete. Really. One bank posted a note saying they won't take deposits above $7500 in cash after July 1st (a month ago), and they won't take any cash deposits after the end of August (this month), and they won't take any checks after the end of this year.



Could you post some online articles about this? About how Australia is looking to make checks obsolete?

Also about how a bank won't take more than $7500. in cash? and no cash deposits at all after August 31st?

Are you referring to this?
Australia to ban cash payments over AU$10,000 in the name of thwarting crime
The law making it illegal to make or accept cash payments over AU$10,000 was meant to come into force on January 1, but the Bill is still being probed by a Senate committee.
https://www.zdnet.com/article/australia-to-ban-cash-payments-over-au10000-in-the-name-of-thwarting-crime/#:~:text=ZDNet%20Academy-,Australia%20to%20ban%20cash%20payments%20over%20AU%2410%2C000%20in%20the,probed%20by%20a%20Senate%20committee.
what happened to that anyway, did it pass? which in any case <<The Government has said the measure would not apply to individual-to-individual transactions, such as private sales where the seller does not have an ABN, or cash payments to financial institutions.>>
Last edited by: MDawg on Aug 2, 2020
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people.
ChumpChange
ChumpChange
Joined: Jun 15, 2018
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August 2nd, 2020 at 8:48:42 PM permalink
Australia is increasingly moving cashless and concerns are emerging - YouTube
https://www.youtube.com/watch?v=3LAGj5wY_Is&fbclid=IwAR3KRuwBc3fE1-DB8oBeA1feOTOE9LVk4fh5JZxDJrktayVshI4exe1WB_c

RBA to phase out cheques in favour of electronic cash economy
https://www.smh.com.au/politics/federal/rba-signals-cheque-s-days-are-numbered-20191210-p53ifo.html

Is Australia ready to go cashless? New survey reveals Aussies embracing mobile wallets
https://itbrief.com.au/story/is-australia-ready-to-go-cashless-new-survey-reveals-aussies-embracing-mobile-wallets

Digital Wallets VS Mobile Wallets | Merchant Maverick
https://www.merchantmaverick.com/digital-wallets-vs-mobile-wallets/

Changes-to-making-deposits-through-Westpac-Branches.pdf - Nothing to do with the $10,000 legislation, and this is the bank banning cash deposits at the end of August and not accepting checks at the end of the year, but they don't say that here.
https://anglicanchurchsq.org.au/wp-content/uploads/2020/06/Changes-to-making-deposits-through-Westpac-Branches.pdf
Westpac is one of Australia's "big four" banks and is Australia's first and oldest banking institution.

[Is Westpac going broke?
Westpac is accused of 23 million breaches. That means it could potentially be fined more than A$1 trillion. The actual fine is likely to be bargained down, as Commonwealth Bank did in agreeing to pay A$700 million in 2018 for its own breaches of anti-money-laundering provisions. Nov 24, 2019]

Time to watch The Dark Tower (2017) on FX.
Last edited by: ChumpChange on Aug 2, 2020
MDawg
MDawg
Joined: Sep 27, 2018
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August 2nd, 2020 at 9:29:03 PM permalink

I see where you might have gotten that impression but the actual title of the article is
"RBA signals cheques are on the way out" not "RBA to phase out cheques in favour of electronic cash economy"
and indeed the words "phase" or "phase out" do not appear anywhere in the article, which is more along the lines of - that people are not using checks much anymore so they may fall into disuse, versus that checks are going to be banned.

Your YouTube report is as well more commentary on ongoing trends, such bank branches closing temporarily due to coronavirus, and indeed mentions that
"we're talking about hundreds of thousands of people who still want to use cash" which is a very far cry from "Australia is going cashless."

I actually don't see anything in your quoted sources or online that I found that substantiates that "Australia is going cashless." If anything, during the pandemic many people, increasingly distrustful of institutions, have started to stash currency to the point where it is becoming scarcer in circulation. There are many online article about that.

As far as Vegas, I think it will be a long time before chips are banned. The chip lulls people into forgetting that they are wagering actual money (moreso, I think, than electronic wagering which seems more like real funds), and is probably here to stay. This is my opinion, but I find no evidence to the contrary yet.

I really try to be careful not to say anything unless I am certain, which is why I asked if you had any evidence to support your claim.
Last edited by: MDawg on Aug 2, 2020
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people.
AlanMendelson
AlanMendelson
Joined: Oct 5, 2011
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August 3rd, 2020 at 1:11:57 AM permalink
Quote: coachbelly

I don't understand why the number of chips is a factor, $6K in cash can be exchanged for 2 chips.



Dealers, to the best of my knowledge, are not permitted to put money into a drop box. If anyone knows of a casino where this is done, please tell me.

Dealers will accept $100 or $200 cash without a boxman or floornan to okay it, but the cash will be placed in front of the boxman position to be recorded for the player's account and to be verified and dropped.

In the case of large amounts, dealers cannot disperse chips. That's to protect the casino as well as the player.

The money is spread and counted by the box to verify not only for the player, and for the table but also for the eye.

So no, it's not a simple matter of throwing a wad of cash on the table and giving two chips... a 5k and a 1k.

If there were a casino without boxman verification of large transactions just imagine how much hanky panky there could be between a player and a dealer. It would make the Bellagio hop bet ring look like peanuts.

$100 or $200 waiting for a boxman to verify and drop is a usual limit for dealers to handle on their own. Certainly if you needed $40 to place the hardways it would not be an issue.
WatchMeWin
WatchMeWin
Joined: May 20, 2011
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August 3rd, 2020 at 6:17:56 AM permalink
Quote: MDawg

When I first started playing I played a little craps. I was playing, and mostly losing, pulling a hundred dollar bill out of my pocket at a time to buy more chips. I rolled the dice out of the pit twice.

The pit boss, a gravelly voiced East Coast type, told me that if I did that again he was going to ask me to leave.

I rolled some more and got frustrated, pulled out about six grand from my pocket and threw it on the table for chips. I noticed the pit boss typing on his computer and he must have then realized that I additionally had a credit line that was fully open and unused.

And then he came over to me put his arm around me, gave me his business card and assured me that "Anything you want, you got it!"

Money talks in Vegas, or in any casino. He had assumed I was just some teenage looking kid until he caught wind of the deng. A little (or a lot) of cash purges most any Vegas transgression.

If Charlie Manson checked into the Sahara tomorrow morning, nobody would hassle him as long as he tipped big.



haha.... i love this story. It exemplifies my slogan 'its all about the money, all of the time' `tm-wmw`.

As far as the roller taking minutes between rolls and playing with the dice and talking between rolls..... well, this is every day at the inner city casinos in philly. The only thing missing is the yelling, arguing, and banging the rails in frustration.

Perhaps the dude at the Red Rock was an AP just looking for an extra sandwich in comp time.
'Winners hit n run... Losers stick around'
Givag327
Givag327
Joined: Jul 1, 2013
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September 8th, 2020 at 2:24:57 PM permalink
Quote: AlanMendelson

Dealers, to the best of my knowledge, are not permitted to put money into a drop box. If anyone knows of a casino where this is done, please tell me.



Correct. Unless told otherwise.

Quote: AlanMendelson

Dealers will accept $100 or $200 cash without a boxman or floornan to okay it, but the cash will be placed in front of the boxman position to be recorded for the player's account and to be verified and dropped.



Most will not need approval up to like $450 (unless its a Title31 thing, thats a totally diff issue) but then again, the boxman is at the table 95% of the time anyways so usually isn't a issue too often.

Others are correct though, depending on the pace of the table, there can be plenty of time to get a quick buy-in without delaying the shooter. I personally, think 4 rows can be done in plenty of time.
stephencmarvin
stephencmarvin
Joined: Sep 23, 2020
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September 23rd, 2020 at 10:36:32 PM permalink
Thanks for your detailed info.
Stephan M.

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