SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Gold Price Monitor
GDXJ 97.80+0.9%Nov 19 4:00 PM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: long-gone who wrote (42547)10/10/1999 12:03:00 AM
From: Don Lloyd  Read Replies (1) of 116764
 
Richard -

(Proof "They" just don't get it & never will:
Resisting Electronic Payment Systems: Burning Down the House?
by Ben Craig
Electronic innovations such as smart cards can significantly reduce the cost of payment transactions and increase their accuracy and efficiency ?but only if people use them. This Economic Commentary explores path dependence as a cause of the difficulty in adopting new payment system technologies, even when their advantages are apparent...)

I assume that by 'They' you mean the potential and actual regulators and their analysts who presume that they know what is better for consumers than the consumers themselves do.

I have never understood why anyone would think that a smart card would have any advantage to a consumer that would outweigh all of its disadvantages. If I lose one twenty dollar bill out of several that I am carrying, or if I lose one of a half dozen credit cards, I can still buy gasoline and food and have limited risk. If a smart card comes up empty, whether accurate or not, or lost, I will be stranded hungry with no warning.

Credit cards have significant advantages to the consumer that are the result of competition among the issuers. It is possible that overall system costs would be lower if there was a government mandated system and no competition, but a lack of competition does not ordinarily benefit consumers. Debit cards have considerably less advantages, but still don't try to move critical balance information out into the dangerous real world from the institutionally backed up servers and mainframes.

Regards, Don
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News