Quote (BleedTheFreak @ Wed, Jan 21 2009, 04:48pm)
I'm not saying this won't happen but it would require EVERYONE to have a phone and have them all be compatible with each other. I actually had this discussion a few months ago with my friends when we were talking about the debit card version of Monopoly. My main point was how easy to take out my wallet and hand somebody $10. The transaction begins and ends within a few seconds and there is no chance for an error to occur with any electronics. The money will never get lost in limbo because of a poor connection or buggy software. Anything that replaced it would have to be available to everybody. This includes 5 year olds buying their lunches at school and so forth.
Yeah, a small technical problem could cause much frustration and inconvenience to people, or even worse, cause people to lose money.
Even then, there could be security problems. If someone had enough know-how, perhaps they could just create credit at will, or steal other people's credit. To expand on the above point about technical problems, perhaps someone could sabotage the computer in a shop that stores the money, causing the shop to lose all their takings.
And if the system was centralised enough, someone could bring it to a standstill, or even do something to get rid of large sums ofl money. It's a bit like a database. If all your data is centralised, one error could cause you to lose it all, just like the money could be lost.
This post was edited by Vio-Lewis on Jan 21 2009 11:06am