Apple CEO Tim Cook: 'We're Going To Kill Cash' (cnet.com) 394
At a media event on Thursday, Apple CEO Tim Cook said that the Touch ID on the new MacBook Pros will make it incredibly easy for people to do online money transactions. After the event, speaking to reporters Cook made a bold statement about how he sees Apple Pay. CNET reports: "We're going to kill cash," he said. "Nobody likes to carry around cash." He makes most of his purchases with Apple Pay (which is not surprising).Cook's comment comes days after Australia's top banks refused to support Apple Pay, saying that the company has been 'intransigent, closed and controlling'.
Sorry, Tim... (Score:5, Insightful)
But you're wrong. There are a metric crapton of us out here who like to carry cash.
Re:Sorry, Tim... (Score:5, Insightful)
Does he really think we all want all of our purchase data tracked and monetized?
Because no, I don't.
Re:Sorry, Tim... (Score:5, Insightful)
It has nothing to do with tracking it has to do with freedom in a capitalist society. With cash in pocket you are free in a capitalist society without cash you are asking permission to exist. You buy nothing without cash, you only ask permission and a distant faceless corporation decides whether to grant you permission to access the essentials of life or starve you to death.
Capitalism and cash or capitalism must go. I am not going to be a fucking slave to corporations asking 24/7/365 for permission to survive. Cook is an idiot.
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Introducing your own currency is the kind of thing that gets the goon squad rappelling down from your roof and crashing through your windows at 3 AM.
Re:Sorry, Tim... (Score:4, Insightful)
What do you think happens with credit cards?
And how is that relevant to the argument that some people do like to carry cash around? If someone is using cash instead of Apple Pay then they are also using cash instead of a credit card.
Re:Sorry, Tim... (Score:5, Insightful)
The convenience vs. using a credit/cash card which doesn't depend on batteries, which is both smaller and lighter than a phone, is accepted in many more places than a vendor unique RFID payment "solution," and comes with long established and legally enforced protections against abuse? Or simply carrying cash, which takes almost no space, weighs next to nothing, and is accepted everywhere?
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If your Android payment app uses SecureElement, some phones will still work for payments with no battery.
Unfortunately that's mostly Samsung devices and HCE appears to be winning the race as it is much more prevalent
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Re:Sorry, Tim... (Score:4, Insightful)
Cash is amazingly convenient. People only want this because it's Apple and their cult leaders tell them that they want it.
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Wow, really?
I find cash to be perfectly convenient.
I am assuming that other things you might find a huge pain in the ass:
- Engaging the turn signal in your car or otherwise paying attention while driving
- Bending over to pick up a piece of trash you accidently dropped on the ground
- Washing your hands after using the bathroom
- Turning off your cell phone in a movie theater
- Waiting more than a day for someone to deliver stuff to your door step
- Calling your mom on mother's day
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My cynical understanding is we still have pennies because the zinc manufacturers lobby Congress to keep them around
I just did a little research. Globally, most zinc is used to galvanize steel and make other metal alloys. Coinage accounts for a few percent of global zinc usage. If lobbying is what's keeping zinc coins around, that's really lame. The zinc industry doesn't need pennies to keep themselves afloat.
Re:Sorry, Tim... (Score:5, Informative)
Today's dime was 1970's penny. 1970 prices:
McDonald's Hamburger 12 cents
Pepsi 10 cents
candy bar 5 cents
Cigarettes 25 cents
Gasoline 25 cents
Ajax Cleaner 15 cents
Alka Selzer 39 cents
Apples 14 cents per pound
Bananas 12 cents per pound
Bathroom Tissue 13 cents
Birds Eye Cool whip 38 cents
Campbells Tomato Soup 10 cents
Clorox bleach 38 cents
Dogs Food $1.00 for 12 cans
Fresh Beef Liver 49 Cents per pound
Frozen Vegetables 25 cents for 2 pks
Ground Round 79 Cents per pound
Head and Shoulder Shampoo 79 cents
Heinz ketchup 19 cents
Idaho Potatoes 98 cents for 10 pounds
Miniimum wage was $1.40. So why is it not $14 today? And why do pennies and nickles still exist? ...
Lame filter encountered. Post aborted!
Filter error: Please use fewer 'junk' characters.
Stupid slashdot, those were spacers to make the post more readable. Now gone, idiots. Happy?
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In Canada and Australia they have $2 coins too (both countries got rid of bills below $5) - and both have similar tipping culture to the US. Also, there's $2 bills if we're too lazy to come up with a $2 coin (Singapore does this) so at most we'd only be getting one dollar coin in our change, not four. All 3 countries have gotten rid of their 1 cent coin, so your pockets end up carrying less change overall. Singapore took things a bit differently, also axing the nickel and using a 20 cent coin instead of
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Australia does not in any way have a tipping culture. We pay proper wages instead, minimum is around $20/hour.
Never once had to tip anyone in the 46 years I have lived here.
Re:Sorry, Tim... (Score:4, Insightful)
Are you high? Seriously, are you high?
The government would LOVE to see cash end. You think they need to run an actual printing press to give themselves more money? What, they can't log into the computer and simply add more zeros to their bank account balance?
Now, with all cash gone, if "they" decide you are a problem, they can simply freeze your bank account. No cash, no way to get around it.
The end of cash is the end of freedom. Right now the government has no idea how much cash I have. I work side jobs in addition to my main employment. One they know about, one they don't. Side work is almost always cash. Said cash goes in the stash. Don't give me any b.s. about taxes. They get enough from me on the legit work. The side work is perhaps 5% of my yearly income. They don't know and they can go fuck themselves. Cash is freedom. They freeze an account.. I'm not fucked. I still have enough to live on for a while.
Re:Sorry, Tim... (Score:5, Informative)
One valuable lesson from the power failiure in South Australia, was the need to keep cash. All forms of electronic payment wete useless.
Re:Sorry, Tim... (Score:5, Insightful)
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But you're wrong. There are a metric crapton of us out here who like to carry cash.
And non-US citizens. I would much rather carry cash than a card. It's convenient. It's anonymous. It's universal. It doesn't need power or an internet connection to use. It takes up less pocket space than a card (and is physically more flexible). And if I get robbed it automatically limits losses.
Re:Sorry, Tim... (Score:5, Funny)
Re:Sorry, Tim... (Score:4, Insightful)
If I were to use an alternative to cash, it would not be with a company that's going to skim some off of the top, requires using only certain high priced devices, and was Apple. If I don't have the cash then I have the credit card. If I don't have either then I don't actually need to buy the item anyway.
(Yes they're not charging the users they claim, but they are charging banks and that cost will come back to the consumers in some way.)
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Re: Sorry, Tim... (Score:5, Insightful)
I agree. I don't even usually pay in cash and my credit card offers me the luxury of spending way more cash than I would ever like to carry around, but $300 is about right. If for some reason my credit card stops working or I lose it (both of which have happened to me before), $300 should be more than enough to see me through to whenever I can fix it.
I've lost cash before too, but it's only cash and I can only lose as much as I carry on me.
I'm sure Tim Cook has a different financial outlook and views on spending than I do. I am down to one credit card. I used to have two, but I never used the other one so the bank refused to renew it. I don't trust debit cards and I'm not going to use my (android) phone to pay so it's credit card or cash. Everybody still takes cash.
There's a commercial that asks "What's in your wallet?". I'm curious. What's in Tim Cook's wallet? Does he even need a wallet or is there an app for everything from his driver's license to his credit cards. Okay, he doesn't need credit cards because he can use Apple Pay.
But you can't use Apple Pay everywhere, can you?
Oh right, the summary says he only makes most of his purchases with Apple Pay.
I have no idea what Tim Cook is worth, but the idea that someone as rich as he probably is thinks he knows how the common man spends money is laughable.
And I also bet he keeps some cash on hand, just in case.
Re: Sorry, Tim... (Score:5, Funny)
Tim Cook has people to buy things for him.
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But he pays those people with Apple Pay, so his statement holds up.
Re: Sorry, Tim... (Score:5, Funny)
*How does semi-blind grandma aged 90 use Applepay? Should your 4 yr old be given an iPhone to store her pocket money? Should the government give free broadband and laptops to the unemployed just so they can shop for essentials?
If you're Apple - yes, frankly, everyone should have an iPhone. Even the four year old who needs to learn about money by spending a 10c piece at the grocery store for a paper bag of cheap lollies. She definitely needs a $700 phone.
If you're Apple.
For the rest of us it is just a mindless statement by an out of touch rich white guy stroking himself (stroking his ego, get your mind out of the gutter) on stage for applause.
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10c won't even cover the Apple transaction fee.
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The other, is that the banks ultimately get to decide what cash-related technology becomes almost universally used, and just like the Australian banks, no banks will touch something they can't control.
The day after the /. discussion about Aussie banks being against Apple's payment system, I saw an advertisement at a bus stop from ANZ for Apple Pay [anz.com]. It seems that some banks will be willing to touch something that they can't control.
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I am an Aussie and I know a fair bit about the banks in this country. The other banks (other than ANZ) dont like Apple Pay not because of control but because they dont like the idea that they have to give Apple money out of it (something they dont have to do with their contactless payment apps on various Android handsets).
The ANZ has adopted Apple Pay because it can use it as a marketing tool and a way to get customers (and it isn't as annoyed at the money that goes to Apple as the others are I guess)
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Credit cards cost money to use. You don't normally see it so people forget that it's not free. But the stores have to pay to process transactions and that cost gets passed to the consumers. At some places the price difference is made obvious (ie, gasoline is usually cheaper with cash). So when I use a credit card it is for things where cash is more inconvenient than normal, or for large transactions. But you can use credit cards for most things in the US, even grocery stores.
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When there is a credit card fee, I pay with a debit card.
Does the Land of the Free not have any free electronic payment systems?
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Is there such a thing as a truly free electronic payment system? What company would build up such a system with no expectation of reaping huge profits? Even the bitcoin founders did it so that they could be at the top of the pyramid and start mining before anyone else.
Do not want (Score:5, Insightful)
Closing the loop on cash transactions is just another way to ensure everything we do is tracked.
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.... And making sure we *always* the banking transaction tax that ranges anywhere from 1.5 to 3% per transaction.
The fuckers bleating loudest about "taxes" are dead silent about the transaction taxes they extract to buy supercars to add to their collections.
Says Apple, sitting on billions in cash (Score:2)
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If my bank statement's more than one page long, it's too long. I hate reviewing the things so I like to keep them simple. I've had fraudelent activity on my credit cards, I've had cards stolen when overseas and struggled to remembered all the recent transactions when I've called the bank, and I've been a victim of identity theft.
Budgeting is a lot easier with cash too, especially as you have a physical sense of it leaving your wallet. I'm speaking as somebody who went almost cashless and did even the sma
I love to carry cash... (Score:2)
I use cash for almost everything...
The only thing I usually use my card for is the gas pump (because it is so much more convenient).
Hi Tim (Score:5, Funny)
I'm sorry but my dealer disagrees.
I'm his dealer (Score:5, Funny)
And I endorse that message!
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Your dealer is behind the times. Mine takes credit cards and ApplePay thanks to Square.
There's something else he's going to kill - Apple (Score:5, Insightful)
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Apple's standard lead time for a hardware device from commencement through design and prototyping and production to launch is 8 years.
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The iPhone 6/6+ was pretty great and something Jobs was opposed to. It was also obvious and proven in the market already, but it was still great.
Chances are good that if there was Jobs instead of Cook, we wouldn't have seen anything even as good as the 6.
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It was a no brainer since a large share of their user base was wanting a phone with a larger screen. They ended up with a pretty decent implementation to handle the different screen sizes and resolutions from a developers perspective.
There's two things that I hated about their implementation though. The first is that they are installing better features in the bigger phones. I think that they should have all the sizes equivalent in feature sets and the only difference be the display size (and possibly bat
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So he's the Ballmer of Apple? Hard to argue with that thus far.
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Bleh (Score:2)
I *like* cash for many things.
Sometimes I like cards, too.
Cards that get input into the electronic device so I can try to use that in place of the card? Well, it's better than writing a check, but is otherwise completely unappealing.
So: bleh.
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Banks charge a fee for using a credit cards, and banks charge a fee for Apple Pay transactions. So you're paying the bank twice to fill up your Apple Pay by credit card. And all that double filling up can be more inconvenient than the stop at the ATM. Not to mention all that wasted time trying to find a store dumb enough to take Apply Pay, and time wasted while the clerk tries to make it work and the line behind you gets angry.
Cash-money (Score:2)
Clearly, the taxing entity that is your overlord would be against this tool of the tax scoundrel, right? What gives?
Oh yeah, the rich people like it, too.
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All large deposits and withdrawals are tracked - all serial numbers on all bills, scanned by the counting machine. I suspect many banks just go ahead and scan everything, rather than have 2 systems.
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Somebody else already beat him to it (Score:2)
NSA Says..... (Score:2)
And I do like cash.
I agree (Score:5, Insightful)
What's next (Score:3)
So Tim Cook wants to take away headphone jacks, magsafe and now cash. What's next? Christmas?
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The only real loss there is MagSafe. It's removal is a major negative against these new MacBooks as far as I'm concerned. For that matter, I really wish they'd rolled out MagSafe across all their ports and adapters rather than just the power connection. It just makes so much damn sense, particularly on any mobile device. For the life of me, I've no idea why they didn't.
macbook pro? (Score:2, Funny)
Why carry a wallet with cash when you can lug around your macbook pro instead.
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So like with the NSA (Score:3)
Removing more anonymity and privacy and replacing it with more currency transaction reporting, suspicious activity reporting and monetary instrument logs.
Adjusting the tempo of Slashdot? (Score:2)
Lately it feels like looking for insight on Slashdot has become quite difficult, though I miss the humor more. I think that may be a problem with tempo. Not certain, but I speculate that the traffic volume is down, but the story tempo has remained unchanged. If that speculation is correct, then most stories fail to reach critical mass for discussion before they fall off the front page and effectively become invisible. Even worse, it would appear to be a negative feedback loop, in that less interesting discu
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Lately it feels like looking for insight on Slashdot has become quite difficult, though I miss the humor more. I think that may be a problem with tempo. Not certain, but I speculate that the traffic volume is down, but the story tempo has remained unchanged. If that speculation is correct, then most stories fail to reach critical mass for discussion before they fall off the front page and effectively become invisible. Even worse, it would appear to be a negative feedback loop, in that less interesting discussions drives the traffic volume even lower.
I've seen the same. Slashdot has too many stories per day for the size of its reader base. Post count is starting to look like Soylent these days.
Read "The War on Cash" article... (Score:3, Interesting)
Interesting take and background on this idea, and some why it's a bad idea: http://thelongandshort.org/soc... [thelongandshort.org]
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I like the info which I had heard before about Germans preferring cash. I was thinking this whole cashless hipsterism was everywhere in Europe, but I guess not. Mostly just a subset of Europeans exercising another opportunity to laugh at American barbarians.
And the reasons why Germans prefer cash are indeed very great reasons. First, you know how much money you have on you if you have cash. When you run out of cash then you stop paying. With a credit card you don't necessarily stop when you hit your li
Apple and cash (Score:2)
Are they going to bring their billions back into the USA and pay the tax thats owing on it?
And nobody accepts cheques these days.
Apple "intransigent" (Score:2)
Not to defend Apple here but in this case it's the banks complaining that Apple Pay doesn't let them abuse their customers.
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Not to defend Apple here but in this case it's the banks complaining that Apple Pay doesn't let them abuse their customers.
So why do banks support Paypal, Squareup, Bitcoin and lots other non-bank payment methods?
Sorry but Apple are so used to pushing around impressionable teens that they thought they could pull the same tricks on big banks and get away with it. Stupid Apple...
Asinine. (Score:3, Insightful)
We have a system already whereby you can carry a little tiny card of plastic around with you to buy things. It works almost universally. It's already somewhat "killed cash".
And this idiot thinks that now being able to use something that's slightly more difficult to use at best is somehow going to "kill cash" more than it already is?
He's a moron and he's talking stupidly. Debit and credit cards "killed cash" already about as much as it will be killed anytime soon.
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Banking technology is more advanced than Apple Pay (at least where I live), so their offering is harder to use and more restrictive, and years late.
Apple should kill itself (Score:2)
Seriously, no cash? (Score:3)
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Swipe the iphone on the hooker, and make little lines of blow on the phone's screen.
"Australia's top banks" (Score:2)
Australia's top banks refused to support Apple Pay, saying that the company has been 'intransigent, closed and controlling'.
Correction: a prima facie illegal cartel of some Australian banks are refusing to support Apple Pay because their "rape the customer and give shitty service" gravy train will be over.
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You're right, Apple is much better at that.
Sorry, turns out cash is immortal (Score:2)
Here in New Zealand cash was all but killed many years ago. We were early adopters of POS cards and for decades now even the smallest stores have relied almost entirely on card transactions. A few years ago I tried paying for coffee with cash and the young lady behind the counter looked at the notes as if I'd just handed her a fish as payment. She had to ask her manager how to process cash.
Like most people I know, I carry a small amount of cash in my wallet just in case, but it's the same two $20 notes I've
Bullshit. (Score:3)
No (Score:2)
For the single reason that is all reasons when it comes to whether something catches on or not:
Porn
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HD-DVD would like a word with you.
What a prick (Score:2)
We? (Score:2)
I assume that's a "We, and we alone..."
(why open the door to those other competing payment methods).
Nobody likes to carry around cash (Score:5, Informative)
Nobody likes to carry around cash
Well, I prefer to carry cash rather than to disclose what I buy and where I am to banks and others that piggy back on them.
He's talking out his ass (Score:2)
Kill cash (Score:2)
Sure thing Tim... the cash on your wallet and on Apple's safes perhaps.
Just keep going with this stint of minor improvements at high prices with anti consumer stuff for some more years.
Nothing against the company and it's products but every keynote or event from the past couple of years or so I see an increasing number of Apple fans talking about switching to either Android or Microsoft. And on the reverse, every Microsoft event and in several Android phone launches I hear Apple fans thinking about giving a
Stupid Apple (Score:2)
I have money (Score:3)
When I was a kid, my dad told me how one day all you'll have to do is convince a computer you have money, and boom! You could be a millionaire.
I'll Take It (Score:2)
Anyone who does not want cash any more can just send it to me. Then I can live comfortably when we transition further to smaller CGA based local economies.
CGA = Cash/Grass/Ass, of course.
casino use will be billed at advance rates vs just (Score:2)
casino use will be billed at advance rates vs just the basic rate for other usages and look out do to the way some toll road and citys have there billing setup changes may be billed at government cash advance rates.
Earthquake, tornado, hurricane? (Score:2)
I usually have between $100-$200 cash on me. When it drops to $100 I hit the ATM to get back to $200.
Then again
I must be a nobody (Score:2)
I like to carry around a bit of cash.
Not everyone accepts electronic payments.
Not everyone likes paying the electronic payment fees for parking and other small expenses either.
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Because it takes courage to give up anonymity.
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Don't forget full size USB ports, DisplayPort, and HDMI connectors!
One thing that Apple certainly isn't killing: adapter cables.
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Profits.
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Three cash transactions can be done in the time it takes for you to use your slow-ass method.
I don't know where you shop for groceries, but where I live the "slow-ass method" consists of: Slide card into reader, enter PIN, wait for cashier to finish ringing everything up, hit OK, remove card.
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Apple shipments always follow this pattern. As shown by your graphic. New hardware sells well, > 6 months, not so well. It finally slows to a crawl just before the new release right as Apple haters are proclaiming this is the end for Apple. If they would release twice a year they'd stop getting so slow just before the new stuff.
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I guess there's always room for one more colour change.
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Literally, I'll not be able to buy food after Apple kills cash. Then I'll die.
You'll still be able to buy apples with cash. Unless Apple has the courage to abandon an obsolete, thousand-year-old technology, and refuses to accept cash for their products.