Android Rollin' with Digital Plastic Cash

[kodiak799]

I'd def love this feature.... sync it with a pre-paid card (to prevent major damages in the event of theft) and I'd be all over this.

How does having to constantly go an add more funds to a pre-paid card make it more convenient? Does not a credit card (which has protections against fraud, anyway) provide the same loss minimization with credit limits?

Does it really take that long to remove a credit card from your wallet and swipe it? A lot of stores don't even require signatures anymore for purchases under $50.

The fact that it could avoid signatures and ID verification is interesting. But it's not that convenient if you have to turn on the "transmit CC rif" every time, nor does it seem to be a good idea walking around with your phone broadcasting your CC info, no matter how small the range and encrypted.

 

[texanmike]

I'm not a fan of a cashless society. Two problems with it if you ask me.

First, fiat currency and fractional banking have done enough to ruin the value of currency, what happens when there is zero incentive to print money? It would seem that there is absolutely ZERO motivation to not just magically "produce" more money.

Second, I like the idea of dealing in cash with personal stuff and don't know that I want a record kept of every transaction that I ever make.

Mike

 

[kodiak799]

First, fiat currency and fractional banking have done enough to ruin the value of currency, what happens when there is zero incentive to print money? It would seem that there is absolutely ZERO motivation to not just magically "produce" more money.

An excellent point. Credit has played a large role in expanding the money supply.

Companies can actually create "money": Bank gives me $1000. I buy materials and labor to make a widget and then sell that widget on credit for $1200 to another company. I can then use that receivable to get more credit from the Bank or my supplier.

Haircuts and reserve requirements prevent the money supply from expanding infinitely, but the financial crisis illustrates the risk. Asset values were grossly inflated and this led to losses because the recoveries were insufficient to cover the liabilities.

 

[Sayid]

...is that Pepper Potts in the picture?

 

[Abby Normal]

Well now that ya'll have made all your points, especially about security and how you would rather just take a few seconds and pull your credit card out of your wallet etc etc etc

Take a look at this.....

Video -- WREG

I have been working in Tech all my life and I can tell you this.....

Whatever is invented today will be hacked by next week...

So IMHO, if you think this new chip on your phone will make your life a bit easier, then go for it..

If you don't, then just don't get it.....

something will be invented to stop this from happening and immediately after that a new way to break through the stopped will happen......

When pc's first came out, you didn't anything but an operating system but now you had better have anti virus, anti spyware/malware, a firewall and security set up on your wireless connections.....

Will this stop someone bent on getting into your system, probably not but it will keep out 90 some percent of the other folks who want in...

They are after the easy computer to make a zombie out of...

So do whatever makes you happy and take the best precautions to protect your info....

 

[Inverse]

Forget hacking, I worry about carrying my phone in public as it is. Most of you have probably never gotten mugged before, and mugging someone for a phone isn't exactly the most cashable thing for everyone (though it's still a worthy endeavor for some), but I hate having even more money theoretically attached to my phone. It's already a valuable commodity in itself.

 

[jntdroid]

I'm no expert on this rfid stuff, so maybe someone else can chime in... but won't this be a concern:

[video=youtube;vmajlKJlT3U]http://www.youtube.com/watch?v=vmajlKJlT3U&feature=email]YouTube - How to hack RFID-enabled Credit Cards for $8 (BBtv)[/video]

 

[Martin030908]

jnt good post. I could def see that as a major concern.

But there will always be thieves..... that are successful no matter what the 'security' applied is.

 

[kodiak799]

Is it that different that now you can get mugged and forced to go to an ATM and empty your account? I guess the difference is here they don't have to drag you to an ATM, but doesn't seem that different.

My concern is if you have to turn it on or off then it's not really any more convenient. And I'd be worried walking around with my phone broadcasting my account info.