When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Monday, November 3, 2014

Why Bitcoins and Apple Pay Can Not Kill Off Cash

Why Bitcoins and Apple Pay Can't Kill Off Cash - Bloomberg: "... cash is still used more often than either option [credit cards and debit cards]. It’s most often used for transactions under $25, even by those who claim to prefer credit or debit cards overall. And 40 percent of 18- to 24-year-olds say cash is their preferred form of payment. Some $1.2 trillion in cash circulates outside of banks -- 15,000 tons worth. That’s up 20 percent since 2011, and is the equivalent of $3,836 squeezed under the mattresses of every U.S. man, woman and child. The location of all these "Benjamins" -- it's mostly in $100 bills -- is a puzzle to economists and currency experts. When asked how much money they kept in their wallet or house, the average U.S. respondent said a little more than $40 in the wallet and $100 in the house, according to a 2013 Tufts University study. Some of the money may be overseas. Less than a quarter of U.S. currency resides abroad, estimates University of Wisconsin economist Edgar Feige. Where’s the rest? Legitimate business owners and those without bank accounts rely heavily on cash...."

The Big Picture

Financial Crisis - The Telegraph

JohnTheCrowd.com | The Sailing Website

Craig Newmark - craigconnects