SCREU PayPal

tonyb

Eh, you missed the point Brock, and the bigger picture but lets save that for another time.

Cigs and booze ?? Isn't that all we buy now anyway ? lol

maximillian

Frank Abagnale, the subject of the movie "Catch Me If You Can" was great at fraud especially check fraud. He now runs a business advising how to protect yourself against fraud, and he has advised banks against fraud. Many of the security features on checks are due to him.

He mentions that using credit cards is one of the best methods to pay for stuff. You only have to write one check at the end of the month. And the credit card companies have basic fraud protection. Using checks on the other hand is one of the least security methods to pay. There is your name and address, your account number, your signature, and sometimes people put their driver's license number on there. And cash, although convenient and necessary, is easily lost and can't be recovered.

I found this guide using Google. Although he seems to be advertising some services, there is a Top 10 list of some practices to protecting your credit. You would be surprised as how many people do not follow these basic guidelines.

http://www.abagnale.com/pdf/27169_final.pdf


As mentioned previously, using Paypal for paying stuff has been super-convenient for me. I don't trust them with my bank account, but I can have a credit card dedicated to this service. Then I don't need to give out my CC number to many different merchant site since I can use Paypal. It's like an extra buffer layer of protection. I haven't had a problem in over 10 years of use.

tonyb

Frank was a master at it, loved the movie too.

Digital money is not the same as physical money, was my point. Do some research on credit within our banking and financial institutions. The problems become apparent.

I could argue about cash once lost is gone for good. While certain credit cards and such offer fraud protection, which is a good thing, it is still no guarantee that your identity can't be stolen and poof. This is the area that most criminals today focus on and they wouldn't focus on it if it wasn't the easiest or the rewards not as great. The thought of being able to rob thousands in one shot is too tempting over the risk of holding up a 7-11 for a couple hundred bucks.

Seriously, do some research on the differences of digital money vs. physical. Digital money, as in credit, can be created with the push of a button, it can also disappear in the same fashion.

Imagine if the only way to support unpopular causes was with easily controlled e-money. Certain transactions could be disallowed by law, political pressure or corporate fiat, and anonymous giving would be impossible. Each of your transactions would be tied to your identity. One could not make a purchase at a **** bookstore or a pregnancy clinic without knowing that somewhere there's a permanent record of the transaction. And there might not be any transaction that couldn't be subpoenaed in a divorce or other legal proceeding.

That's the flip side to digital currency, every transaction, spending, is tied to your identity and can further be subject to laws governing it's use. Again, is it convenient....yes, but within limits. Whoever controls the flow of money controls everything.

I'm reminded of an old saying again...."Be careful what you wish for."

tonyb

But there is yet more. If you've ever wondered why you seem to always be in perpetual debt, why there never seems to be a sense of urgency to pay off our national debt, take a look at this video. It describes our monetary system fairly well and how digital currency fits into the modern mold. It's sort of long, but stay with it. It gives a good grasp on how things work and may put into focus why other things happen.

https://www.quora.com/What-percentage-of-the-worlds-money-is-digital

After viewing this, maybe some questions you have will be answered, maybe more created, but one thing should be evident....it's a Ponzi scheme if you ever saw one....and the whole world is in on it.

I'm not suggesting we all start walking around with wads of cash in our pockets, all I'm saying is the system is rigged and digital money is made especially for that type of system. The system needs to change, and I have a feeling after the next big crash it just may, but not in the way that benefits the masses.

heiney9

So Tony, if I go to website like Land's End because I want some new shirts for work, how do you propose I pay for them? Send them a check? Drive to the nearest brick and mortar location and hand the clerk some cash?

It's all about moderation and blaming Paypal and digital currency for our money problems is rather ludicrous. People need to be responsible for themselves. Why should I be penalized or limited to technology because my neighbor can't control his spending?

Just sayin'. And I don't totally disagree with you. The biggest problem is society makes us continually feel inadequate if we don't have the latest and greatest thing. It compels us (because of perceived or real insecurities) to constantly consume, consume, consume. There's a false promise of satisfaction if we only buy this or that or do this or that. THAT IS THE REAL ISSUE. But that's a much larger discussion.

H9