Keyser
Keyser
Joined: Apr 16, 2010
  • Threads: 34
  • Posts: 1805
November 4th, 2018 at 8:51:33 AM permalink
Quote: DRich

Those same regulations will be coming to the U.S. shortly. Even today in the U,S, casinos are required to report the source of funds where the patron is getting the cash from if it is over $10,000. It is called the KYP program (Know Your Patron) and the patrons occupation needs to be entered on the CTR that is filed.



Yes we have CTRs and have had the system for a long time. They've tried pushing a more aggressive methods, but the push back has prevented it from being successful.
And there's no way that a program as strict as the back ass backward program in Canada would work here. Can you just imagine the inevitable chaos in the poker rooms here in the US? Do you know how much cash is in play?

For what it's worth, CTRs aren't always a bad thing. They help substantiate wins and losses. But having to identify the bank, teller and time of day is absurd.
Keyser
Keyser
Joined: Apr 16, 2010
  • Threads: 34
  • Posts: 1805
November 4th, 2018 at 9:02:46 AM permalink
Quote: terapined

We should go to a cashless system and end money Laundering
I cant remember the last time I used cash



Every time you use a bank card you're introducing a third part into your transactions. Meaning, you're paying more than you normally would have to pay. About two or three percent more. Even on the "cash back cards" you're forcing the merchants to pay extra for the transactions. In order to compensate for this service the merchants have to raise the cost of the goods/services being sold to everyone.

A cashless system seems like a neat and progressive idea...until it's not. Anytime there's an extended power outage or internet drop you'll come to realize that relying on electronic currency is foolish. Electronic currency isn't always secure or reliable. The world needs to experience another Carrington Event.
Face
Administrator
Face
Joined: Dec 27, 2010
  • Threads: 49
  • Posts: 4082
Thanks for this post from:
RogerKint
November 4th, 2018 at 10:28:54 AM permalink
Quote: Keyser

Every time you use a bank card you're introducing a third part into your transactions. Meaning, you're paying more than you normally would have to pay. About two or three percent more. Even on the "cash back cards" you're forcing the merchants to pay extra for the transactions. In order to compensate for this service the merchants have to raise the cost of the goods/services being sold to everyone.

A cashless system seems like a neat and progressive idea...until it's not. Anytime there's an extended power outage or internet drop you'll come to realize that relying on electronic currency is foolish. Electronic currency isn't always secure or reliable. The world needs to experience another Carrington Event.



I am horrible at all things math including finances, yet I still find myself staggered at the idiocy many people engage in. $20 from the ATM every single day? You're throwing a tenner away every single week, ya mong. You can't take a hundo for the week or 2 for the pay period? Idiocy.

I recently made a faux pas deriding "those idiots who buy on credit and only make minimum payments". Offended the whole lunch party because the WHOLE LUNCH PARTY is on credit making minimum payments. It's 2018, ferchrissake.

Thanks at least for referencing Carrington. Everyone seems to live as though modern, 1st world, USA#1 life is a guarantee. And no amount of Irma's, Harvey's or Katrina's can seem to penetrate their brains. Ah well. Come TEOTWAWKI, at least I'll have odiousgambit to keep me company.
The opinions of this moderator are for entertainment purposes only.
Doc
Doc
Joined: Feb 27, 2010
  • Threads: 45
  • Posts: 6768
November 4th, 2018 at 11:42:02 AM permalink
Quote: Keyser

Every time you use a bank card you're introducing a third part into your transactions. Meaning, you're paying more than you normally would have to pay. About two or three percent more.

Quote: Face

I am horrible at all things math including finances, yet I still find myself staggered at the idiocy many people engage in. $20 from the ATM every single day? You're throwing a tenner away every single week, ya mong. You can't take a hundo for the week or 2 for the pay period? Idiocy.

I recently made a faux pas deriding "those idiots who buy on credit and only make minimum payments". Offended the whole lunch party because the WHOLE LUNCH PARTY is on credit making minimum payments. It's 2018, ferchrissake.


I guess I stand somewhere in between the people who want to use cash for everything and those folks who make minimum payments on their credit card balances.

First of all, in contrast to the comment that I am paying 2% or 3% more when I use a card, I find very few places (other than a few gas stations and my dry cleaners) that charge a different price to cash and credit customers. Yes, the use of cards increases the merchants' expenses, and they have to make up for that. But in almost all cases, I am going to pay that increased price whether I pay by cash or credit myself. I don't recall ever encountering a restaurant or furniture store or whatever that charges me a fee for using the credit card.

I have no interest at all in carrying large amounts of cash on my person and inviting a mugging. I also don't care to keep a few thousand in cash in an envelope stuck in a drawer around my place, just to cover purchases that I might make this month. That would seem to encourage burglary.

My typical withdrawal from an ATM is $100, unless I anticipate an upcoming larger use of cash, such as a trip to a casino. I frequently keep a few hundred in cash at home to perhaps save me a trip to the ATM if something comes up, but that money is locked in a safe, unlike the way most people store their money around the house.

As for everyday expenditures, I almost always use a credit card for purchases above $10 or so. No, I don't "make minimum payments on my balances." I haven't paid interest on a credit card balance since the summer of 1971, when I found out I was being transferred to a different city by my employer just a couple of days after purchasing a washer and drier -- I decided to extend payments on those items just in case I needed cash for something. Turns out that I did. Couldn't find a suitable house for rent and wound up having to purchase a home for the first time. Really had to scrimp for funds for the downpayment.

I purchase almost everything on credit and have the credit card balances auto-debited in full from my bank account each month. Recurring payments (mortgages, utilities, insurance, etc.) are also auto-debited from the bank account. So long as I maintain an adequate balance in that account, I could just sit back and have most everything be taken care of without my personal involvement. Of course, I am a nerd, so I track the expected charges, deposits, debits, etc. on a daily basis, just to make sure everything is flowing properly.

Yes, if there were a sudden and complete failure of our technology systems, I would be in a bind, like almost everyone else. My income streams would never reach me, and my bills wouldn't get paid, though the people I am supposed to be paying might have one hell of a time figuring that out on their end. The limited amount of currency I keep on hand wouldn't keep me alive very long, but if the situation continued, I'd just be in the zombie apocalypse along with everyone else. Who around here keeps cash on hand to cover their next year's worth of expenditures?
DrawingDead
DrawingDead
Joined: Jun 13, 2014
  • Threads: 9
  • Posts: 2231
November 4th, 2018 at 1:23:18 PM permalink
Quote: DRich

...<SNIP>... and the patrons occupation needs to be entered on the CTR that is filed.

Well that's interesting. And different than my experience with occasionally cashing out "signers" from the most exotic types of high-odds parimutual racetrack wagers on some multi-race or multi-horse bets that can have large payouts, both on-track and in the casino's books. But I'm not routinely cashing five figure plus Pick-6 or Superfecta tickets every day, so I might not be up to date on the very latest procedures for that either. And I do understand that you were referring above specifically to buying in for > $10K, and not necessarily also for cashing out, whether it involves a brick or more of Benjamins at the casino or the track.

I think it would be a useful public service for someone here (who is not DrawingDead) to do some noble experimental field research on the matter for the rest of us, earning the gratitude of your fellow man when they report back on the results from a few major Las Vegas casinos of their choice. I'd really like to hear about some other nice gambling degen forum fellow's experiences upon entering the following in that "occupation" line on their form or whatever to see what happens:

3. Panhandler;
2. Sorcerer's Apprentice;
1. Whore.

Thank-you in advance to the admirable volunteer.
odiousgambit
odiousgambit
Joined: Nov 9, 2009
  • Threads: 287
  • Posts: 7905
November 4th, 2018 at 1:30:52 PM permalink
Quote: Face

Come TEOTWAWKI, at least I'll have odiousgambit to keep me company.

That's when the foraging knowledge pays off? It might be when you find out foraging doesn't cut it and instead the "Pb investing" Face does turns out to be what's critical - that and that stash of gold coins the lead inventory is protecting?!

The coronal mass ejections are the scariest of all the possible things to teotwawki us as it seems inevitable and probably frequent, as in every 100-300 yrs or something. You could say a comet/asteroid hitting is inevitable but we can pretend that is very infrequent, thus unlikely, more easily.
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
Face
Administrator
Face
Joined: Dec 27, 2010
  • Threads: 49
  • Posts: 4082
November 4th, 2018 at 2:20:55 PM permalink
Quote: odiousgambit

That's when the foraging knowledge pays off? It might be when you find out foraging doesn't cut it and instead the "Pb investing" Face does turns out to be what's critical - that and that stash of gold coins the lead inventory is protecting?!



I hope so. I need you more than you need me. I might have jerky by the ton and enough skin to outfit a lodge, but I'd also have scurvy by sundown of the first day lol.

Quote: OG

The coronal mass ejections are the scariest of all the possible things to teotwawki us as it seems inevitable and probably frequent, as in every 100-300 yrs or something. You could say a comet/asteroid hitting is inevitable but we can pretend that is very infrequent, thus unlikely, more easily.



If scary = best thing ever, then I agree.

It's wild that when talking of TEOTWAWKI things, this never gets mentioned. The only reason Carrington wasn't the greatest disaster humanity has ever seen was simply timing. Just happened to be 100 years too early. Imagine waking up, those north of the Mason Dixon but south of the Medicine line, and being greeted by northern lights. It's 0400 but daylight, because every transformer on your street is on fire. Cell and water towers crackle, sizzle, and throw sparks. And every single thing electronic, which is to say "every single thing", just stops working. All satellites toasted. All mass transit, ALL of it, grounded. Your personal car, gone. All databases, from the DMV to your bank to medical, gone. All commerce, gone. Food production, medicine production, water purification, all of it gone. Who you gonna call? No one, because phones are gone. Who's coming to save you? No one, because nothing works.

In the snap of a finger the entire world goes from the Tech Age to Pre-Industrial. The M1A1, the AH-64 Longbow, the F-35, nothing but piles of scrap. The US military now consists of all the Shermans and Hueys parked in front of all the VFW's and whatever basic weapons they've got stockpiled and have extra parts and ammo for, because no more is getting made (just kidding, even the Sherms are grounded). Everything is gone, nothing works, and the only way to fix it is to rebuild every single thing over again. The entire grid, all the satellites, all the ECU's and GPU's in every computer from home to kitchen to car, hospital to laboratory to school, ALL OF IT. Gone.

The water thing gets me the most. How many here have never had water but from a tap or bottle? Do you know how to make potables? In a snap of a finger the world crumbles, and while it crumbles, you have 3 days to figure it out. Figure it out without Google, mind you. Without being able to get to the library, without a newspaper coming with vital info, without anything but the knowledge in your head, the books in your home, and/or those and that of your immediate neighbor. It's a f#$%ing wild idea.

A CME of similar extent to the Carrington event happened again in 2012. We missed it by NINE DAYS.
The opinions of this moderator are for entertainment purposes only.
ChumpChange
ChumpChange
Joined: Jun 15, 2018
  • Threads: 15
  • Posts: 267
November 4th, 2018 at 2:43:34 PM permalink
This movie was on TV within the past 48 hours. They found my 45 collection from 1967: SEEKING A FRIEND FOR THE END OF THE WORLD (2012) THE WALKER BROTHERS
https://www.youtube.com/watch?v=nPLgL1jT0Q0
Keyser
Keyser
Joined: Apr 16, 2010
  • Threads: 34
  • Posts: 1805
November 4th, 2018 at 3:31:40 PM permalink
Quote: Doc

I guess I stand somewhere in between the people who want to use cash for everything and those folks who make minimum payments on their credit card balances.

First of all, in contrast to the comment that I am paying 2% or 3% more when I use a card, I find very few places (other than a few gas stations and my dry cleaners) that charge a different price to cash and credit customers. Yes, the use of cards increases the merchants' expenses, and they have to make up for that. But in almost all cases, I am going to pay that increased price whether I pay by cash or credit myself. I don't recall ever encountering a restaurant or furniture store or whatever that charges me a fee for using the credit card.

I have no interest at all in carrying large amounts of cash on my person and inviting a mugging. I also don't care to keep a few thousand in cash in an envelope stuck in a drawer around my place, just to cover purchases that I might make this month. That would seem to encourage burglary.

My typical withdrawal from an ATM is $100, unless I anticipate an upcoming larger use of cash, such as a trip to a casino. I frequently keep a few hundred in cash at home to perhaps save me a trip to the ATM if something comes up, but that money is locked in a safe, unlike the way most people store their money around the house.

As for everyday expenditures, I almost always use a credit card for purchases above $10 or so. No, I don't "make minimum payments on my balances." I haven't paid interest on a credit card balance since the summer of 1971, when I found out I was being transferred to a different city by my employer just a couple of days after purchasing a washer and drier -- I decided to extend payments on those items just in case I needed cash for something. Turns out that I did. Couldn't find a suitable house for rent and wound up having to purchase a home for the first time. Really had to scrimp for funds for the downpayment.

I purchase almost everything on credit and have the credit card balances auto-debited in full from my bank account each month. Recurring payments (mortgages, utilities, insurance, etc.) are also auto-debited from the bank account. So long as I maintain an adequate balance in that account, I could just sit back and have most everything be taken care of without my personal involvement. Of course, I am a nerd, so I track the expected charges, deposits, debits, etc. on a daily basis, just to make sure everything is flowing properly.

Yes, if there were a sudden and complete failure of our technology systems, I would be in a bind, like almost everyone else. My income streams would never reach me, and my bills wouldn't get paid, though the people I am supposed to be paying might have one hell of a time figuring that out on their end. The limited amount of currency I keep on hand wouldn't keep me alive very long, but if the situation continued, I'd just be in the zombie apocalypse along with everyone else. Who around here keeps cash on hand to cover their next year's worth of expenditures?



I'm not saying that everyone should rely on just cash. Even I use my credit card for some things in order to get the "buyer protection" and I use online transactions to make stock trades. What I believe though is that people are way to reliant on electronic currency/cards. You'll find that you're robbed of electronic currency/bank cards far, far, far, far, more frequently than the real thing. And yes, you usually get it back, but it can be one hell of a pain in the ass to sort out. Then there's the periodic notification that the card doesn't work because of a security breach.
Keyser
Keyser
Joined: Apr 16, 2010
  • Threads: 34
  • Posts: 1805
November 4th, 2018 at 3:35:09 PM permalink
Quote: Face

I hope so. I need you more than you need me. I might have jerky by the ton and enough skin to outfit a lodge, but I'd also have scurvy by sundown of the first day lol.



If scary = best thing ever, then I agree.

It's wild that when talking of TEOTWAWKI things, this never gets mentioned. The only reason Carrington wasn't the greatest disaster humanity has ever seen was simply timing. Just happened to be 100 years too early. Imagine waking up, those north of the Mason Dixon but south of the Medicine line, and being greeted by northern lights. It's 0400 but daylight, because every transformer on your street is on fire. Cell and water towers crackle, sizzle, and throw sparks. And every single thing electronic, which is to say "every single thing", just stops working. All satellites toasted. All mass transit, ALL of it, grounded. Your personal car, gone. All databases, from the DMV to your bank to medical, gone. All commerce, gone. Food production, medicine production, water purification, all of it gone. Who you gonna call? No one, because phones are gone. Who's coming to save you? No one, because nothing works.

In the snap of a finger the entire world goes from the Tech Age to Pre-Industrial. The M1A1, the AH-64 Longbow, the F-35, nothing but piles of scrap. The US military now consists of all the Shermans and Hueys parked in front of all the VFW's and whatever basic weapons they've got stockpiled and have extra parts and ammo for, because no more is getting made (just kidding, even the Sherms are grounded). Everything is gone, nothing works, and the only way to fix it is to rebuild every single thing over again. The entire grid, all the satellites, all the ECU's and GPU's in every computer from home to kitchen to car, hospital to laboratory to school, ALL OF IT. Gone.

The water thing gets me the most. How many here have never had water but from a tap or bottle? Do you know how to make potables? In a snap of a finger the world crumbles, and while it crumbles, you have 3 days to figure it out. Figure it out without Google, mind you. Without being able to get to the library, without a newspaper coming with vital info, without anything but the knowledge in your head, the books in your home, and/or those and that of your immediate neighbor. It's a f#$%ing wild idea.

A CME of similar extent to the Carrington event happened again in 2012. We missed it by NINE DAYS.



If we have a Carrington event then chances are your car will still work. There is some protection there and it's unlikely to trash your car.

A few years ago when in Florida, a small part of Tampa experienced an extended internet outage. A local strip Subway didn't have internet for three days and consequently couldn't process cards. While eating there on two of the days I watched patron after patron walk in and back out because they didn't even have enough cash for the sandwich! It was also interesting to see how many people didn't' read the sign on the door saying that they couldn't take cards because of the outage.

  • Jump to: