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Covid19-The death of cash deals?
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50 posts in this topic

55 minutes ago, Rick2you2 said:

Cash is legal tender for all transactions. In NJ, and NYC, it is now illegal to refuse to take cash (the laws are being phased in over the next few months). I happen to like to pay cash. It makes budgeting easier. When you run out, you are over budget.

You will just have to take my word on this. But, there are parts of the business world which will always operate on a cash basis so long as they make paper money. Do you really think all those unemployed people are really unemployed?

I don't know about NJ or NYC, but I just read a Los Angeles Times article that mentioned it's a misconception in California that a business establishment is required by law to accept cash as payment for goods or services. It went on to say that more and more cashless transactions are on the rise and more popular than ever before, spurred on by people not wanting to touch potentially "contaminated" Covid19 cash. This is what inspired my question to this group in the first place.

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32 minutes ago, stinkininkin said:

I can't tell if you are just messing with me or not.(shrug)

Not messing with you. You asked what one does with cash upon receipt in the event that other parties stop accepting cash as payment. For some reason I got responses about poor people and the Patriot Act. 

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4 minutes ago, Ryan. said:

Not messing with you. You asked what one does with cash upon receipt in the event that other parties stop accepting cash as payment. For some reason I got responses about poor people and the Patriot Act. 

Gotcha. No harm, no foul, and yeah, some of the answers can sound a bit obtuse if you aren't seeing the big picture.

I guess I would just ask you this question-why do you suppose many sellers would prefer green cash to other forms of payment? To the point that they will actually take a lessor amount, for such a cash deal? Hint-depositing said cash in the bank would defeat the purpose of preferring cash in the first place. 

3...2...1...go!

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24 minutes ago, stinkininkin said:

I don't know about NJ or NYC, but I just read a Los Angeles Times article that mentioned it's a misconception in California that a business establishment is required by law to accept cash as payment for goods or services. It went on to say that more and more cashless transactions are on the rise and more popular than ever before, spurred on by people not wanting to touch potentially "contaminated" Covid19 cash. This is what inspired my question to this group in the first place.

That won’t last. The usefulness of cash will outweigh the risk, just like the risk of infection is giving way to protests. Legally, I think NYC and NJ were the first in the nation to impose this requirement.

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7 minutes ago, stinkininkin said:

Gotcha. No harm, no foul, and yeah, some of the answers can sound a bit obtuse if you aren't seeing the big picture.

I guess I would just ask you this question-why do you suppose many sellers would prefer green cash to other forms of payment? To the point that they will actually take a lessor amount, for such a cash deal? Hint-depositing said cash in the bank would defeat the purpose of preferring cash in the first place. 

3...2...1...go!

You already know a major reason is tax avoidance. This fear of cash will fade; it is simply too useful. But, there are other reasons.

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4 hours ago, stinkininkin said:

That's not my point at all. When art that is sold for 5 or 6 figures is transacted with cash, how does the recipient of said cash actually spend it when cash transactions (outside of buying more art) are becoming less and less an option?

Ahh, gotcha. Misunderstood a little. Still don’t see anything changing, partially because I haven’t noticed cash payments being less of an option. Maybe that’ll change a bit with covid reopenings, but I prefer to use cash more the older I get. 

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3 hours ago, Bill C said:

Whew. Looking at that picture, I thought for a second I actually saw a plastic straw among all those heroin needles strewn about the pavement. That would have been very unsettling. Carry on. 

PLASTIC STRAW?!?!?! WHAT TYPE OF MONSTERS DO YOU TAKE THEM FOR!?!?!

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3 hours ago, stinkininkin said:
3 hours ago, Ryan. said:

Can't the cash just be deposited into a bank account? ???

I can't tell if you are just messing with me or not.(shrug)

I'm guessing he's never actually tried depositing six figures of cash at a US bank and received queries from the bank and/or the IRS when he did so. 

Edited by tth2
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1 hour ago, Taylor G said:

Surprised that nobody has mentioned Bitcoin.

So have people figured out that a blockchain, which is after all a publicly verifiable ledger of financial transactions, is not actually anonymous?

There are so many issues with Bitcoin, but the biggest ones are that (i) not everyone takes Bitcoin, so to actually buy many things with your new Bitcoin wealth, you'd have to convert your Bitcoin into old-fashioned money, and (ii) the value of Bitcoin fluctuates (sometimes a lot), so the $100k payment you receive in Bitcoins might be worth only $50k when you actually want to use it to buy something.

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3 hours ago, Rick2you2 said:

Cash is legal tender for all transactions. In NJ, and NYC, it is now illegal to refuse to take cash (the laws are being phased in over the next few months).

Personally, I'd like to see the federal government effectively phase out the use of cash by getting rid of all denominations larger than $1.

Then states like NJ and NYC can pass all the laws they want to protect the use of cash, it'll die out soon enough under its own weight (literally). 

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1 minute ago, Unstoppablejayd said:

Cash will always be king because it allows for the government to not get a piece... you just need to know how and how much to deposit into accounts without getting the questions or flags. 

+1 - the list of things to pay cash for is a large one - home renovations being a huge one, land scaping, comics or other OA.

Everyone is clamoring for a cashless society yet many value cash, especially now with lots of fraud, hacking and email scams.

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6 hours ago, Jordysnordy said:

+1 - the list of things to pay cash for is a large one - home renovations being a huge one, land scaping, comics or other OA.

Everyone is clamoring for a cashless society yet many value cash, especially now with lots of fraud, hacking and email scams.

The poor don’t necessarily have bank accounts, nor can they afford the fees to maintain one. Cash transactions also preserve their funds. It is similar to the stink raised when some people were getting paid via debit card, and had to pay a fee to get the use of their money.

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10 hours ago, stinkininkin said:

Gotcha. No harm, no foul, and yeah, some of the answers can sound a bit obtuse if you aren't seeing the big picture.

I guess I would just ask you this question-why do you suppose many sellers would prefer green cash to other forms of payment? To the point that they will actually take a lessor amount, for such a cash deal? Hint-depositing said cash in the bank would defeat the purpose of preferring cash in the first place. 

3...2...1...go!

Well, I think we already know the answer to that soooo... 

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15 hours ago, Unstoppablejayd said:

Cash will always be king because it allows for the government to not get a piece... you just need to know how and how much to deposit into accounts without getting the questions or flags. 

could you elaborate on the ways to avoid the government piece? lol

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1 hour ago, timguerrero said:

could you elaborate on the ways to avoid the government piece? lol

I think, hypothetically, a dealer could accept an all-cash transaction and report it as having sold for whatever they want to say it sold for, or even not report the sale at all. This is of course purely in the realm of the theoretical and not something anyone would dream of actually doing.

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